# EDGAR Filing Document

**Accession Number:** 0001027263
**File Stem:** 0001193125-23-083537
**Filing Date:** 2023-3
**Character Count:** 1577579
**Document Hash:** 09a4ac2813ed48b9f476bdbce3716640
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-083537.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001193125-23-083537

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 49

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**EFFECTIVENESS DATE**: 20230403

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQ ADVISORS TRUST
- **CENTRAL INDEX KEY:** 0001027263
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07953
- **FILM NUMBER:** 23774690

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 787 TRUST
- **DATE OF NAME CHANGE:** 19961125
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQ ADVISORS TRUST
- **CENTRAL INDEX KEY:** 0001027263
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-17217
- **FILM NUMBER:** 23774689

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 787 TRUST
- **DATE OF NAME CHANGE:** 19961125

## Series and Classes Contracts Data

### EQ/Intermediate Corporate Bond Portfolio (Series ID: S000079925)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241405 | Class IB     |  |
| C000241406 | Class K      |  |

?xml version='1.0' encoding='ASCII'? EQ ADVISORS TRUST

**Registration Nos. 333-17217 and 811-07953**

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 29, 2023**

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**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM N-1A**

**REGISTRATION STATEMENT** 

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| | |
|:---|:---|
| &nbsp;&nbsp; ***UNDER***<br> ***The Securities Act of 1933***<br>| ☐ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 166 | ☒ |

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**and/or**

**REGISTRATION STATEMENT** 

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| | |
|:---|:---|
| &nbsp;&nbsp; ***UNDER***<br> ***The Investment Company Act of 1940***<br>| ☐ |
| Amendment No. 168 | ☒ |

---

**(Check appropriate box or boxes)**

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**EQ ADVISORS TRUST**

**(formerly 787 Trust)**

**(Exact name of registrant as specified in charter)**

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**1290 Avenue of the Americas**

**New York, New York 10104**

**(Address of principal executive offices)**

**Registrant's Telephone Number, including area code: (212) 554-1234**

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**Shane Daly**

**Executive Vice President, General Counsel and Secretary**

**Equitable Investment Management Group, LLC**

**1290 Avenue of the Americas**

**New York, New York 10104**

**(Name and address of agent for service)**

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***Please send copies of all communications to:***

**Mark C. Amorosi, Esq.**

**K&L Gates LLP**

**1601 K Street N.W.**

**Washington, D.C. 20006**

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**Approximate Date of Proposed Public Offering:** Effective Date of this Post-Effective Amendment

Title of Securities Being Registered: Class IB and Class K Shares of Beneficial Interest

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| | |
|:---|:---|
| It is proposed that this filing will become effective: | It is proposed that this filing will become effective: |
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☒ | on April 3, 2023 pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a) |
| ☐ | on (date) pursuant to paragraph (a) |
| ☐ | 75 days after filing pursuant to paragraph (a) of Rule 485 |
| if appropriate, check the following box: | if appropriate, check the following box: |
| ☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

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**EQ ADVISORS TRUST**

CONTENTS OF REGISTRATION STATEMENT

This registration statement is comprised of the following:

Cover Sheet

Contents of Registration Statement

Part A – Prospectus for EQ/Intermediate Corporate Bond Portfolio

Part B – Statement of Additional Information for EQ/Intermediate Corporate Bond Portfolio

Part C – Other Information

Signature Page

Exhibits

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EQ ADVISORS TRUST<sup>SM</sup>

**EQ/Intermediate Corporate Bond Portfolio** 

**Prospectus dated April 3, 2023** 

This Prospectus describes EQ/Intermediate Corporate Bond Portfolio (the "Portfolio"), a series of EQ Advisors Trust (the "Trust"), and the Class IB and Class K Shares offered by the Trust on behalf of the Portfolio. This Prospectus contains information you should know before investing. Please read this Prospectus carefully before investing and keep it for future reference.

The Securities and Exchange Commission and the Commodities Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **1.** | **[About the Portfolio](#xx_b5d41407-2c77-482d-8ac8-b0dc8117618c_1)** |  |
|  | [EQ/Intermediate Corporate Bond Portfolio](#xx_b5d41407-2c77-482d-8ac8-b0dc8117618c_1) | 2 |
| **2.** | **[More information on fees and expenses](#xx_b5a521bb-3c23-4e2a-944a-84a2472339cb_1)** |  |
|  | [Advisory Fees](#xx_b5a521bb-3c23-4e2a-944a-84a2472339cb_1) | 8 |
|  | [Administration Fees](#xx_b5a521bb-3c23-4e2a-944a-84a2472339cb_1) | 8 |
|  | [Expense Limitation Agreement](#xx_b5a521bb-3c23-4e2a-944a-84a2472339cb_2) | 9 |
| **3.** | **[More information on strategies and risks](#xx_639e0d14-a27e-4584-9b3c-217221532da3_1)** |  |
|  | [Strategies](#xx_639e0d14-a27e-4584-9b3c-217221532da3_1) | 10 |
|  | [Risks](#xx_639e0d14-a27e-4584-9b3c-217221532da3_2) | 11 |
| **4.** | **[Management of the Trust](#xx_1777a4ad-02e2-4bde-a717-df5c4e559075_1)** |  |
|  | [The Trust](#xx_1777a4ad-02e2-4bde-a717-df5c4e559075_1) | 23 |
|  | [The Adviser](#xx_1777a4ad-02e2-4bde-a717-df5c4e559075_1) | 23 |
|  | [The Sub-Adviser](#xx_1777a4ad-02e2-4bde-a717-df5c4e559075_2) | 24 |
|  | [Conflicts of Interest](#xx_1777a4ad-02e2-4bde-a717-df5c4e559075_3) | 25 |
| **5.** | **[Shareholder information](#xx_6949693a-e989-45bd-8f5a-36ec81a3c457_1)** |  |
|  | [Buying and Selling Shares](#xx_6949693a-e989-45bd-8f5a-36ec81a3c457_1) | 28 |
|  | [How Shares are Priced](#xx_6949693a-e989-45bd-8f5a-36ec81a3c457_3) | 30 |
|  | [Dividends and Distributions](#xx_6949693a-e989-45bd-8f5a-36ec81a3c457_4) | 31 |
|  | [Tax Consequences](#xx_6949693a-e989-45bd-8f5a-36ec81a3c457_4) | 31 |
| **6.** | **[Distribution arrangements](#xx_ead633e9-85a2-4395-8eba-5bbfd4e03ed9_1)** | 32 |
| **7.** | **[Financial highlights](#xx_afcb67ed-24d2-4a84-8c1f-8eabd9c86b6f_1)** | 34 |

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*Table of Contents 1*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. About the Portfolio

**EQ/Intermediate Corporate Bond Portfolio — Class IB and Class K Shares**

**Investment Objective:** Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. 5-10 Year Corporate Bond Index ("Corporate Bond Index" or "Index"), including reinvestment of dividends, at a risk level consistent with that of the Index.

**Fees and Expenses of the Portfolio**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ("Contracts"), which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.

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**Shareholder Fees**

(fees paid directly from your investment)

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Not applicable.

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**Annual Portfolio Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
| **EQ/Intermediate Corporate Bond Portfolio** | **Class IB Shares** | **Class K Shares** |
| Management fee | 0.35% | 0.35% |
| Distribution and/or service (12b-1) fees | 0.25% | 0.00% |
| Other expenses<sup>1</sup> | 0.61% | 0.61% |
| Total annual portfolio operating expenses | 1.21% | 0.96% |
| Fee waiver and/or expense reimbursement<sup>2</sup> | -0.56% | -0.56% |
| Total annual portfolio operating expenses after fee waiver and/or expense reimbursement | 0.65% | 0.40% |

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<sup>1</sup>

Based on estimated amounts for the current fiscal year.

<sup>2</sup>

Pursuant to a contract, Equitable Investment Management Group, LLC (the "Adviser") has agreed to make payments or waive its and its affiliates' management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2024 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) ("Expense Limitation Arrangement") so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses, and extraordinary expenses not incurred in the ordinary course of the Portfolio's business) do not exceed an annual rate of average daily net assets of 0.65% for Class IB shares and 0.40% for Class K shares of the Portfolio. The Expense Limitation Arrangement may be terminated by the Adviser at any time after April 30, 2024. The Adviser may be reimbursed the amount of any such payments or waivers in the future provided that the payments or waivers are reimbursed within three years of the payments or waivers being recorded and the Portfolio's expense ratio, after the reimbursement is taken into account, does not exceed the Portfolio's expense cap at the time of the waiver or the Portfolio's expense cap at the time of the reimbursement, whichever is lower.

**Example**

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated, that your investment has a 5% return each year, that the Portfolio's operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions, whether you redeem or hold your shares, your costs would be:

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| | | |
|:---|:---|:---|
|  | **1 Year** | **3 Years** |
| Class IB Shares | $66 | $329 |
| Class K Shares | $41 | $250 |

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**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund

*2 EQ/Intermediate Corporate Bond Portfolio*

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operating expenses or in the Example, affect the Portfolio's performance. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, it does not have portfolio turnover information for the most recent fiscal year to report.

**Investments, Risks, and Performance**

**Principal Investment Strategy**

Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities.

The Portfolio uses a strategy that is commonly referred to as an index strategy. In seeking to achieve the Portfolio's investment objective, the Sub-Adviser generally will employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Corporate Bond Index, which means that the Portfolio is not required to purchase all of the securities represented in the Index. A stratified sampling approach seeks to match the return and characteristics of a particular index without having to purchase every security in that index by selecting a representative sample of securities for the Portfolio based on the characteristics of the index and the particular securities included therein. With respect to the Corporate Bond Index, such characteristics may include interest rate sensitivity, credit quality and sector diversification.

Individual securities holdings may differ from those of the Corporate Bond Index, and the Portfolio may not track the performance of the Index due to expenses and transaction costs, the size and frequency of cash flow into and out of the Portfolio, and differences between how and when the Portfolio and the Index are valued.

The Corporate Bond Index measures the performance of U.S. investment grade, taxable corporate bonds with maturities between 5 and 10 years that have $300 million or more of outstanding face value. The securities in the Index must be U.S. dollar-denominated and must be fixed-rate. The Index includes securities publicly issued by U.S. and non-U.S. industrial, utility, and financial companies. The Index is rebalanced monthly, and its components are weighted based on market value, taking into account the component security's price, accrued interest and par amount outstanding. Securities may be added to or removed from the Index in connection with the month-end rebalancing process. As of December 31, 2022, there were approximately 2,065 securities in the Index. The investment grade securities in the Index are listed and traded on U.S. exchanges and are rated BBB or higher by Standard & Poor's Global Ratings ("S&P") or Fitch Ratings Ltd. ("Fitch") or Baa or higher by Moody's Investors Service, Inc. ("Moody's").

The Portfolio will normally maintain a dollar-weighted average maturity between 5 and 10 years, which is consistent with that of the Index. The Portfolio will normally maintain an average duration consistent with that of the Index. As of February 28, 2023, the average duration of the Index was 6.1 years.

The Portfolio also may invest up to 10% of its assets in exchange-traded funds ("ETFs") that seek to track the Corporate Bond Index.

**Principal Risks**

An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Portfolio. There can be no assurance that the Portfolio will achieve its investment objective.

The following risks can negatively affect the Portfolio's performance. The most significant risks as of the date of this Prospectus are presented first, followed by additional principal risks in alphabetical order.

**Market Risk —** The Portfolio is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Portfolio performance. Securities markets also may experience long periods of decline in value. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, recessions, or adverse investor sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Changes in the financial condition of a single issuer can impact a market as a whole.

Geopolitical events, including terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term

*EQ/Intermediate Corporate Bond Portfolio 3*

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effects. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental and natural disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments' reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Impacts from climate change may include significant risks to global financial assets and economic growth. The extent and duration of such events and resulting market disruptions could be substantial and could magnify the impact of other risks to the Portfolio. The value and liquidity of the Portfolio's investments may be negatively affected by developments in other countries and regions, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries or regions directly affected.

The U.S. Federal Reserve ("Fed") has invested or otherwise made available substantial amounts of money to keep credit flowing through short-term money markets and has signaled that it will continue to adjust its operations as appropriate to support short-term money markets. Amid these efforts, concerns about the markets' dependence on the Fed's provision of liquidity have grown. Policy changes by the U.S. government and/or the Fed and political events within the United States may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. government debt obligations, or concerns about the U.S. government's credit quality in general, could have a substantial negative effect on the U.S. and global economies. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In addition, markets and market participants are increasingly reliant on information data systems. Inaccurate data, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.

**Index Strategy Risk —** The Portfolio employs an index strategy and generally will not modify its index strategy to respond to changes in market trends or the economy, which means that the Portfolio may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track the relevant index, the Portfolio may not invest in all of the securities in the index. Therefore, there can be no assurance that the performance of the index strategy will match that of the relevant index. Because the Portfolio utilizes a representative sampling approach, it may experience greater tracking error than it would if the Portfolio sought to replicate the index.

To the extent that the Corporate Bond Index has a significant weighting in a particular sector, the Portfolio will be subject to the risks associated with that sector and may experience greater performance volatility than a portfolio that seeks to track the performance of an index that is more broadly diversified. The Corporate Bond Index typically has a significant weighting in the financial services sector, therefore, the value of the Portfolio's shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation and price competition.

**Credit Risk —** The Portfolio is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, or defaults completely, which may cause the Portfolio's holdings to lose value. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly. The Portfolio may experience a significant or complete loss on a fixed income security or a transaction.

**Interest Rate Risk —** Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of the Portfolio's debt securities generally declines. Conversely, when interest rates decline, the value of the Portfolio's debt securities generally rises. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Portfolio's debt securities to interest rate risk will increase the greater the duration of those securities. A significant or rapid rise in interest rates could result in losses to the Portfolio.

**Investment Grade Securities Risk —** Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may possess certain speculative characteristics.

**ETFs Risk —** The Portfolio's shareholders will indirectly bear fees and expenses paid by the ETFs in which it invests, in addition to the Portfolio's direct fees and expenses. The cost of investing in the Portfolio, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, the Portfolio's net asset value will be subject to fluctuations in the market values of the ETFs in which it invests. The Portfolio is also subject to the risks associated with the securities

*4 EQ/Intermediate Corporate Bond Portfolio*

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or other investments in which the ETFs invest, and the ability of the Portfolio to meet its investment objective will directly depend on the ability of the ETFs to meet their investment objectives. A passively managed (or index-based) ETF's performance may not match that of the index it seeks to track. An actively managed ETF's performance will reflect its manager's ability to make investment decisions that are suited to achieving the ETF's investment objective. Furthermore, it is possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of the Portfolio's investment in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Portfolio correlate to those of a particular ETF will depend upon the extent to which the Portfolio's assets are allocated from time to time for investment in the ETF, which will vary.

**Liquidity Risk —** From time to time, there may be little or no active trading market for a particular investment in which the Portfolio may invest or is invested. In such a market, the value of such an investment and the Portfolio's share price may fall dramatically. Illiquid investments may be difficult or impossible to sell or purchase at an advantageous time or price or in sufficient amounts to achieve the Portfolio's desired level of exposure. To meet redemption requests during periods of illiquidity, the Portfolio may be forced to dispose of investments at unfavorable times or prices and/or under unfavorable conditions, which may result in a loss or may be costly to the Portfolio. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The Portfolio also may not receive its proceeds from the sale of certain investments for an extended period of time. Certain investments that were liquid when purchased may later become illiquid, sometimes abruptly, particularly in times of overall economic distress or adverse investor perception. An inability to sell a portfolio position can adversely affect the Portfolio's value or prevent the Portfolio from being able to take advantage of other investment opportunities. During periods of market stress, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Portfolio's ability to limit losses. In addition, a reduction in the ability or willingness of dealers and other institutional investors to make a market in certain securities may result in decreased liquidity in certain markets.

**New Portfolio Risk —** The Portfolio is newly or recently established and has limited operating history. The Portfolio may not be successful in implementing its investment strategy, and there can be no assurance that the Portfolio will grow to or maintain an economically viable size, which could result in the Portfolio being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Until the Portfolio is fully capitalized, it may be unable to pursue its investment objective or execute its principal investment strategies.

**Non-U.S. Issuer Risk —** The Portfolio may invest in U.S.-registered, dollar-denominated bonds of non-U.S. corporations. Investments in bonds of non-U.S. issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs.

**Portfolio Management Risk —** The Portfolio is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. An investment manager's judgments or decisions about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, may be incorrect or otherwise may not produce the intended results, which may result in losses to the Portfolio. In addition, many processes used in Portfolio management, including security selection, rely, in whole or in part, on the use of various technologies. The Portfolio may suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by an investment manager, or if such tools, resources, information or data are used incorrectly, fail to produce the desired results, or otherwise do not work as intended. There can be no assurance that the use of these technologies will result in effective investment decisions for the Portfolio.

**Redemption Risk —** The Portfolio may experience periods of heavy redemptions that could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Portfolio's performance.

Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. The market-making capacity of dealers has been reduced in recent years, in part as a result of structural changes, such as fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. In addition, significant securities market disruptions related to the coronavirus disease (COVID-19) pandemic have led to dislocation in the market for a variety of fixed income securities (including, without limitation, commercial paper, corporate debt securities, certificates of deposit, asset-backed debt securities and municipal obligations), which has decreased liquidity and sharply reduced returns in certain cases. Increased redemptions from mutual funds that hold large amounts of fixed income securities, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

*EQ/Intermediate Corporate Bond Portfolio 5*

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**Risk/Return Bar Chart and Table**

Performance information will be available in the Prospectus after the Portfolio has been in operation for one full calendar year.

**Who Manages the Portfolio** 

**Investment Adviser: Equitable Investment Management Group, LLC ("EIM" or the "Adviser")** 

**Portfolio Managers:** The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the Portfolio's Sub-Adviser are:

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| | | |
|:---|:---|:---|
| **Name** | **Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date Began**<br> **Managing**<br> **the Portfolio**<br>|
| Kenneth T. Kozlowski, CFP<sup>®</sup>, CLU, ChFC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and Chief Investment <br> Officer of EIM<br>| April 2023 |
| Alwi Chan, CFA<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Deputy Chief <br> Investment Officer of EIM<br>| April 2023 |

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**Sub-Adviser: AllianceBernstein L.P. ("AllianceBernstein" or the "Sub-Adviser")** 

**Portfolio Managers:** The members of the team that are jointly and primarily responsible for the securities selection, research and trading for the Portfolio are:

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| | | |
|:---|:---|:---|
| **Name** | **Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date Began**<br> **Managing**<br> **the Portfolio**<br>|
| Tiffanie Wong, CFA<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Director – <br> U.S. Investment Grade of AllianceBernstein<br>| April 2023 |
| Sonam Dorji | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Portfolio Manager of <br> AllianceBernstein<br>| April 2023 |

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The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an "affiliated person" of the Adviser unless the sub-advisory agreement is approved by the Portfolio's shareholders. The relief does not extend to any increase in the advisory fee paid by the Portfolio to the Adviser; any such increase would be subject to shareholder approval.

**PURCHASE AND REDEMPTION OF PORTFOLIO SHARES** 

The Portfolio's shares are currently sold only to insurance company separate accounts in connection with Contracts issued by Equitable Financial Life Insurance Company ("Equitable Financial") or other affiliated or unaffiliated insurance companies and The Equitable 401(k) Plan. Shares also may be sold to other portfolios managed by EIM that currently sell their shares to such accounts and to other investors eligible under applicable federal income tax regulations. Class K shares may be sold only to other portfolios of the Trust, portfolios of EQ Premier VIP Trust and certain group annuity plans.

The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

**TAX INFORMATION** 

The Portfolio's shareholders are (or may include) insurance company separate accounts and other investors eligible under applicable federal income tax regulations. Distributions made by the Portfolio to such an account, and exchanges and redemptions of Portfolio shares made by such an account, ordinarily do not cause the holders of underlying Contracts to recognize income or gain for federal income tax purposes at the time of the distributions, exchanges or redemptions; the

*6 EQ/Intermediate Corporate Bond Portfolio*

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holders generally are taxed only on amounts they withdraw from their Contract. See the prospectus for your Contract for further tax information.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

The Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to sponsoring insurance companies (and their affiliates) or other financial intermediaries for distribution and/or other services. These payments may create a conflict of interest by influencing an insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary's website for more information.

*EQ/Intermediate Corporate Bond Portfolio 7*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. More information on fees and expenses

**Advisory Fees** 

The Portfolio pays a fee to the Adviser for advisory services. The contractual rate of the advisory fee (as a percentage of the Portfolio's average daily net assets) payable by the Portfolio is:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **First**<br> **$2 Billion**<br>| **Next**<br> **$4 Billion**<br>| **Next**<br> **$2 Billion**<br>| **Thereafter** |
| EQ/Intermediate Corporate Bond Portfolio | 0.350% | 0.300% | 0.275% | 0.250% |

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The Sub-Adviser is paid by the Adviser. Changes to the sub-advisory fee may be negotiated, which could result in an increase or decrease in the amount of the advisory fee retained by the Adviser, without shareholder approval. However, any amendment to an investment advisory agreement between EIM and the Trust that would result in an increase in the advisory fee rate specified in that agreement (*i.e.*, the aggregate advisory fee) charged to the Portfolio will be submitted to shareholders for approval.

A discussion of the basis for the decision by the Trust's Board of Trustees to approve the investment advisory and sub-advisory agreements with respect to the Portfolio will be available in the Trust's Semi-Annual Report to Shareholders for the period ending June 30, 2023.

**Administration Fees** 

Equitable Investment Management, LLC ("Administrator"), 1290 Avenue of the Americas, New York, New York 10104, serves as the Administrator of the Trust. The Administrator is an affiliate of the Adviser. The administrative services provided to the Trust by the Administrator include, among others, coordination of the Trust's audit, financial statements and tax returns; expense management and budgeting; legal administrative services and compliance monitoring; portfolio accounting services, including daily net asset value accounting; operational risk management; and assistance with the administration of the Trust's proxy voting policies and procedures and anti-money laundering program. For these administrative services, the Portfolio pays the Administrator its proportionate share of an asset-based administration fee of 0.100% of the first $30 billion of the aggregate average daily net assets of the Single-Advised Portfolios (as defined in the paragraph immediately below); 0.0975% of the next $10 billion; 0.0950% of the next $5 billion; 0.0775% of the next $10 billion; 0.0750% of the next $30 billion; and 0.0725% thereafter. The asset-based administration fee is calculated and billed monthly, and the Portfolio is subject to a minimum annual fee of $30,000.

For purposes of calculating the asset-based administration fee, the assets of the Portfolio are aggregated with the assets of the following portfolios of the Trust, which are also managed by EIM and which are offered in other prospectuses: EQ/AB Short Duration Government Bond Portfolio, EQ/AB Sustainable U.S. Thematic Portfolio, EQ/ClearBridge Large Cap Growth ESG Portfolio, EQ/Janus Enterprise Portfolio, EQ/Loomis Sayles Growth Portfolio, EQ/Value Equity Portfolio, EQ/Capital Group Research Portfolio, EQ/Common Stock Index Portfolio, EQ/Core Bond Index Portfolio, EQ/Equity 500 Index Portfolio, EQ/lnternational Equity Index Portfolio, EQ/lntermediate Government Bond Portfolio, EQ/lnvesco Comstock Portfolio, EQ/JPMorgan Value Opportunities Portfolio, EQ/Large Cap Growth Index Portfolio, EQ/Large Cap Value Index Portfolio, EQ/Long-Term Bond Portfolio, EQ/MFS International Growth Portfolio, EQ/Mid Cap Index Portfolio, EQ/Money Market Portfolio, EQ/Invesco Global Portfolio, EQ/PIMCO Global Real Return Portfolio, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Small Company Index Portfolio, EQ/T. Rowe Price Growth Stock Portfolio, EQ/American Century Mid Cap Value Portfolio, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio, EQ/Franklin Rising Dividends Portfolio, EQ/Goldman Sachs Mid Cap Value Portfolio, EQ/Invesco Global Real Assets Portfolio, EQ/Wellington Energy Portfolio, EQ/MFS Mid Cap Focused Growth Portfolio, EQ/Lazard Emerging Markets Equity Portfolio, EQ/MFS International Intrinsic Value Portfolio, EQ/MFS Technology Portfolio, EQ/MFS Utilities Series Portfolio, EQ/T. Rowe Price Health Sciences Portfolio, EQ/PIMCO Real Return Portfolio, EQ/PIMCO Total Return ESG Portfolio, 1290 VT Convertible Securities Portfolio, 1290 VT DoubleLine Opportunistic Bond Portfolio, 1290 VT Equity Income Portfolio, 1290 VT GAMCO Mergers & Acquisitions Portfolio, 1290 VT GAMCO Small Company Value Portfolio, 1290 VT Multi-Alternative Strategies Portfolio, 1290 VT Natural Resources Portfolio, 1290 VT Real Estate Portfolio, 1290 VT SmartBeta Equity ESG Portfolio, and 1290 VT Socially Responsible Portfolio (collectively, the "Single-Advised Portfolios").

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**Expense Limitation Agreement** 

In the interest of limiting through April 30, 2024 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) the expenses of the Portfolio, the Adviser has entered into an expense limitation agreement with the Trust with respect to the Portfolio ("Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, the Adviser has agreed to make payments or waive its and its affiliates' management, administrative and other fees to limit the expenses of the Portfolio so that the annual operating expenses of the Portfolio (other than interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses on securities sold short, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Portfolio's business) as a percentage of average daily net assets do not exceed the following expense ratios:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Total Annual Operating Expenses Limited to**<br> **(% of average daily net assets)** | &nbsp;&nbsp; **Total Annual Operating Expenses Limited to**<br> **(% of average daily net assets)** |
| **Portfolio** | **Class IB**<br> **Shares**<br>| **Class K**<br> **Shares**<br>|
| EQ/Intermediate Corporate Bond Portfolio | 0.65% | 0.40% |

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The Adviser may be reimbursed the amount of any such payments or waivers in the future provided that the payments or waivers are reimbursed within three years of the payments or waivers being recorded and the Portfolio's expense ratio, after the reimbursement is taken into account, does not exceed the Portfolio's expense cap at the time of the waiver or the Portfolio's expense cap at the time of the reimbursement, whichever is lower. If the actual expense ratio is less than the expense cap and the Adviser has recouped any eligible previous payments or waivers made, the Portfolio will be charged such lower expenses.

Payments or waivers will increase returns and yield, and reimbursement of payments or waivers will decrease returns and yield.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. More information on strategies and risks

**Strategies** 

**Changes in Investment Objective and Investment Strategies** 

As described in this Prospectus, the Portfolio has its own investment objective, policies and strategies. There is no assurance that the Portfolio will achieve its investment objective. The investment objective of the Portfolio may be changed without shareholder approval. Except as otherwise noted, the investment policies and strategies of the Portfolio are not fundamental policies and may be changed without a shareholder vote. In addition, to the extent the Portfolio is new or is undergoing a transition (such as a reorganization or rebalancing, or experiences large inflows or outflows) or takes a temporary defensive position, it may not be pursuing its investment objective or executing its principal investment strategies.

**80% Policy** 

The Portfolio has a policy that it will invest at least 80% of its net assets, plus borrowings for investment purposes, in a particular type of investment connoted by its name, as described in the section of the Prospectus entitled "About the Portfolio". The policy is subject to change only upon at least sixty (60) days' prior notice to shareholders of the Portfolio. To the extent the Portfolio invests in securities of other investment companies or investment vehicles (such as exchange-traded funds), it takes into consideration the investment policies of such investment companies and investment vehicles at the time of investment in determining compliance with its 80% policy. The 80% investment requirement is applied at the time the Portfolio invests its assets. If, subsequent to an investment by the Portfolio, this requirement is no longer met, the Portfolio's future investments will be made in a manner consistent with bringing the Portfolio into compliance with this requirement.

**Indexing Strategies** 

As described in this Prospectus, the Portfolio seeks to track the total return performance (before fees and expenses) of a particular index. The following provides additional information regarding the management strategies employed by the Portfolio's Sub-Adviser in pursuing this objective.

The sub-adviser to a portfolio that seeks to track the total return performance (before fees and expenses) of a particular index does not utilize customary economic, financial or market analyses or other traditional investment techniques to manage the portfolio. Rather, the sub-adviser may employ a full replication technique or a sampling technique in seeking to track the total return performance (before fees and expenses) of the index. A full replication technique generally involves holding each security in a particular index in approximately the same weight that the security represents in the index. Conversely, a sampling technique strives to match the characteristics of a particular index without having to purchase every security in that index by selecting a representative sample of securities for the portfolio based on the characteristics of the index and the particular securities included therein. Such characteristics may include, with respect to fixed income indexes, interest rate sensitivity, credit quality and sector diversification. The Portfolio's Sub-Adviser is expected to employ a sampling technique.

In addition, during any period when the Adviser or the Sub-Adviser to the Portfolio determines that it would be impracticable or uneconomical for the Portfolio to invest its assets in accordance with its primary investment policies (e.g., the Portfolio does not have sufficient assets to buy all of the securities in a particular broad-based index and to manage those assets in an efficient manner), the Portfolio may pursue its investment strategy by investing in other portfolios, as consistent with the Portfolio's investment policies and strategies, including portfolios managed by the Adviser to the extent permitted by statute or regulation.

**Additional Information about the Investment Strategies** 

The following provides additional information regarding the principal investment strategies discussed in the "About the Portfolio — Investments, Risks, and Performance — Principal Investment Strategy" section of the Prospectus, and information regarding additional investment strategies that the Portfolio may employ. The Portfolio also may make other types of investments to the extent permitted by applicable law. For further information about investment strategies, please see the Statement of Additional Information ("SAI").

**Exchange Traded Funds ("ETFs") —** The Portfolio may invest in ETFs. ETFs are investment companies or other investment vehicles whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market and may be purchased and sold throughout the trading day based on their market price. Generally, an index-based ETF seeks to track a securities index or a basket of securities that an "index provider" (such as Standard & Poor's, Dow Jones, Russell or Morgan Stanley Capital International)

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selects as representative of a market, market segment, industry sector, country or geographic region. An index-based ETF generally holds the same stocks or bonds as the index it seeks to track (or it may hold a representative sample of such securities). Accordingly, an index-based ETF is designed so that its performance, before fees and expenses, will correspond with that of the index it seeks to track. ETFs also may be actively managed. If the Portfolio invests in ETFs, you will indirectly bear fees and expenses charged by the ETFs in which the Portfolio invests in addition to the Portfolio's direct fees and expenses.

Generally, the Portfolio's investments in other investment companies are subject to statutory limitations in the Investment Company Act of 1940, as amended ("1940 Act"), including in certain circumstances a prohibition against acquiring shares of another investment company if, immediately after such acquisition, the Portfolio (i) would hold more than 3% of such other investment company's total outstanding shares, (ii) would have invested more than 5% of its total assets in such other investment company, or (iii) would have invested more than 10% of its total assets in investment companies in the aggregate. However, there are regulatory exemptions from these restrictions under the 1940 Act on which the Portfolio may rely to invest in ETFs in excess of these limits, subject to certain conditions.

**Fixed Income Securities —** The Portfolio may invest in short- and long-term fixed income securities in pursuing its investment objective and for other fund management purposes, such as to manage cash. Fixed income securities are debt securities such as bonds, notes, debentures and commercial paper. Domestic and foreign governments, banks and companies raise cash by issuing or selling debt securities to investors. Most debt securities pay fixed or adjustable rates of interest at regular intervals until they mature, at which point investors receive their principal back.

**Investment Grade Securities —** The Portfolio may invest in investment grade debt securities. Investment grade securities are rated in one of the four highest rating categories by Moody's, S&P or Fitch, comparably rated by another rating agency or, if unrated, determined by the Adviser or the Sub-Adviser to be of comparable quality.

**Non-Investment Grade Securities —** If an investment grade security held by the Portfolio is downgraded to a rating below investment grade (i.e., BB or lower by S&P or Fitch, Ba or lower by Moody's or deemed to be of comparable quality by the Adviser or the Sub-Adviser), the Portfolio may hold the non-investment grade security until it is eliminated from the Index.

**Zero Coupon and Pay-in-Kind Securities —** The Portfolio may invest in zero coupon and pay-in-kind securities. Zero coupon securities are debt securities that do not pay regular interest at regular intervals, but are issued at a discount from face value. The discount approximates the total amount of interest the security will accrue from the date of issuance to maturity. Pay-in-kind securities normally give the issuer an option to pay cash at a coupon payment date or to give the holder of the security a similar security with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made. Corporate debt securities, foreign securities and other types of debt instruments may be structured as zero coupon or pay-in-kind securities.

**Risks** 

Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of the Portfolio's shares may be affected by the Portfolio's investment objective, principal investment strategies and particular risk factors. Some of the risks of investing in the Portfolio are discussed below, including the principal risks of the Portfolio as discussed in "About the Portfolio — Investments, Risks, and Performance — Principal Risks." However, other factors may also affect the Portfolio's investment results. There is no assurance that the Portfolio will achieve its investment objective or that it will not lose value.

**Principal Investment Risks** 

As indicated in "About the Portfolio — Investments, Risks, and Performance — Principal Risks," the Portfolio may be subject to the following principal risks. The risks, which are described in alphabetical order and not in order of perceived importance or potential exposure, can negatively affect the Portfolio's performance.

**Credit Risk —** The Portfolio is subject to the risk that the issuer or the guarantor (or other obligor, such as a party providing insurance or other credit enhancement) of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely interest and/or principal payments or otherwise honor its obligations, or defaults completely, which may cause the Portfolio's holdings to lose value. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Higher credit ratings correspond to lower perceived credit risk, and lower credit ratings correspond to higher perceived credit risk. However, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a credit rating may become stale in that it fails to reflect changes in an issuer's financial condition. Credit ratings also may be influenced by conflicts of interest. Credit ratings represent a rating agency's opinion regarding the quality of

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a security and are not a guaranty of quality. Credit ratings do not protect against a decline in the value of a security. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly. The Portfolio may experience a significant or complete loss on a fixed income security or a transaction. When a fixed income security is not rated, an investment manager may have to assess the risk of the security itself. In addition, legislation and regulations to reform rating agencies could adversely impact the Portfolio's investments or investment process.

**Exchange-Traded Funds ("ETFs") Risk —** The Portfolio's shareholders will indirectly bear fees and expenses paid by the ETFs in which it invests, in addition to the Portfolio's direct fees and expenses. The cost of investing in the Portfolio, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, the Portfolio's net asset value will be subject to fluctuations in the market values of the ETFs in which it invests. The Portfolio is also subject to the risks associated with the securities or other investments in which the ETFs invest, and the ability of the Portfolio to meet its investment objective will directly depend on the ability of the ETFs to meet their investment objectives. The extent to which the investment performance and risks associated with the Portfolio correlate to those of a particular ETF will depend upon the extent to which the Portfolio's assets are allocated from time to time for investment in the ETF, which will vary. The Portfolio does not control the investments of the ETFs, which may have different investment objectives and may engage in investment strategies that the Portfolio would not engage in directly. The ETFs may change their investment objectives or policies without the approval of the Portfolio. If that were to occur, the Portfolio might be forced to sell its investment in an ETF at a time and price that is unfavorable to the Portfolio.

In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that such an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. Imperfect correlation between an ETF's securities and those in the index it seeks to track, rounding of prices, changes to the indices and regulatory policies may cause an ETF's performance not to match the performance of its index. An ETF's use of a representative sampling approach will result in its holding a smaller number of securities than are in the index it seeks to track. As a result, an adverse development respecting an issuer of securities held by the ETF could result in a greater decline in net asset value than would be the case if the ETF held all of the securities in the index. To the extent the assets in the ETF are smaller, these risks will be greater. No ETF fully replicates its index, and an ETF may hold securities not included in its index. Therefore, there is a risk that the investment strategy of the ETF manager may not produce the intended results.

Moreover, there is the risk that an ETF may value certain securities at a price higher than the price at which it can sell them. Secondary market trading in shares of ETFs may be halted by a national securities exchange because of market conditions or for other reasons. In addition, trading in these shares is subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules. There can be no assurance that the requirements necessary to maintain the listing of the shares will continue to be met or will remain unchanged. In addition, although ETFs are listed for trading on national securities exchanges, certain foreign exchanges and in over-the-counter markets, there can be no assurance that an active trading market for such shares will develop or be maintained, in which case the liquidity and value of the Portfolio's investment in the ETFs could be substantially and adversely affected. In addition, because ETFs are traded on these exchanges and in these markets, the purchase and sale of their shares involve transaction fees and commissions. The market price of an ETF may be different from the net asset value of such ETF (i.e., an ETF may trade at a discount or premium to its net asset value). The performance of the Portfolio as an investor in such an ETF could be adversely impacted.

**Index Strategy Risk —** The Portfolio employs an index strategy and generally invests in all of the securities included in (or "replicates") an index or invests in a representative sampling of such securities, regardless of market trends, to seek to track the performance of an unmanaged index of securities, whereas an actively managed portfolio typically seeks to outperform a benchmark index. The Portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. To the extent that the index has a significant weighting in a particular sector, the Portfolio will be subject to the risks associated with that sector and may experience greater performance volatility than a portfolio that seeks to track the performance of an index that is more broadly diversified. In addition, although the index strategy attempts to closely track the relevant index, the Portfolio may not invest in all of the securities in the index. Also, unlike index performance, the Portfolio's performance will be reduced by its fees and expenses. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that constitute the index, and the Portfolio's valuation procedures also may affect the Portfolio's performance. Therefore, there can be no assurance that the performance of the index strategy will match or achieve a high degree of correlation to that of the relevant index. Tracking error (that is, the divergence, positive or negative, between the performance of the Portfolio and the relevant index) may cause the Portfolio's performance to be less than expected. To the extent the Portfolio's investments track the relevant index, the Portfolio may underperform other portfolios that invest more broadly. In addition, errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time, and market disruptions could cause delays in the index's rebalancing schedule. Such errors and/or market disruptions may result in losses for the Portfolio.

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To the extent that the Portfolio utilizes a representative sampling approach, it may experience greater tracking error than it would if the Portfolio sought to replicate the index. The Portfolio's use of a representative sampling approach will result in its holding a smaller number of securities than are in the index it seeks to track. As a result, an adverse development with respect to an issuer of securities held by the Portfolio could result in a greater decline in net asset value than would be the case if the Portfolio held all of the securities in the index.

**Interest Rate Risk —** Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of the Portfolio's debt securities generally declines. Conversely, when interest rates decline, the value of the Portfolio's debt securities generally rises. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security's price. For example, if a debt security has a duration of five years and interest rates increase by 1%, the debt security's price typically would be expected to decline by approximately 5%. Thus, the sensitivity of the Portfolio's debt securities to interest rate risk will increase the greater the duration of those securities. Greater sensitivity to changes in interest rates may increase the volatility of a debt security's value and may lead to losses. Interest rate changes can be sudden and unpredictable, and are influenced by a number of factors, including government policy, monetary policy, inflation rates and/or investor expectations concerning such rates, perceptions of risk, and supply and demand of bonds. Changes in government monetary policy, including changes in federal tax policy or changes in a central bank's implementation of specific policy goals, may have a substantial and immediate impact on interest rates. However, there can be no guarantee that any particular government or central bank policy will be continued, discontinued or changed, or that any such policy will have the desired effect on interest rates. Short-term and long-term interest rates, and interest rates in different countries, do not necessarily move in the same direction or by the same amount.

Interest rates were unusually low in recent years in the United States and abroad; however, due to concerns regarding high inflation in many sectors of the U.S. and global economies, the U.S. Federal Reserve and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives in an effort to control inflation, and they may continue to do so. It is difficult to predict accurately the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of any such further increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Rising interest rates may present a greater risk than has historically been the case due to the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives. As such, fixed-income and related markets may continue to experience heightened levels of interest rate volatility. A significant or rapid rise in interest rates could result in losses, which could be substantial, to the Portfolio.

During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, the Portfolio may be subject to a greater risk of principal decline from rising interest rates. Certain countries have experienced negative interest rates on certain fixed-income instruments. Very low or negative interest rates may magnify interest rate risk by, among other things, reducing or eliminating interest income and causing declines in the value of investments in income producing or debt securities. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates.

**Investment Grade Securities Risk —** Debt securities generally are rated by national bond ratings agencies. A Portfolio considers securities to be investment grade if they are rated BBB or higher by S&P or Fitch, or Baa or higher by Moody's, or, if unrated, determined by the investment manager to be of comparable quality. Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may possess certain speculative characteristics.

**Liquidity Risk —** From time to time, there may be little or no active trading market for a particular investment in which the Portfolio may invest or is invested due to a variety of circumstances, including but not limited to deterioration in the financial condition of an issuer or issuers in a particular industry or market segment, periods of economic and market stress, changes in investor perceptions regarding an issuer or industry, periods of market volatility that trigger market circuit breakers that halt trading in securities or close markets entirely, planned market closures, shortened trading hours, extended market holidays, and other reasons. In such a market, the value of such investments and the Portfolio's share price may fall dramatically. Illiquid investments may be difficult or impossible to sell or purchase at an advantageous time or price or in sufficient amounts to achieve the Portfolio's desired level of exposure. To meet redemption requests during periods of illiquidity, the Portfolio may be forced to dispose of investments at unfavorable times or prices and/or under unfavorable conditions, which may result in a loss or may be costly to the Portfolio. Judgment plays a greater role in valuing illiquid investments than investments with more active markets, and there is a greater risk that the investments may not be sold for the price at which the Portfolio is carrying them. The Portfolio also may not receive its proceeds from the sale of certain

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investments for an extended period of time. Certain investments that were liquid when purchased may later become illiquid, sometimes abruptly, particularly in times of overall economic distress or adverse investor perception. In addition, the trading market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. An inability to sell a portfolio position can adversely affect the Portfolio's value or prevent the Portfolio from being able to take advantage of other investment opportunities. Market participants attempting to sell the same or a similar investment at the same time as the Portfolio could decrease the liquidity of such an investment, especially during periods of market stress. During periods of market stress, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Portfolio's ability to limit losses. In addition, a reduction in the ability or willingness of dealers and other institutional investors to make a market in certain securities may result in decreased liquidity in certain markets.

The SEC has instituted various requirements for open-end funds, including the Portfolio, to establish, and the Portfolio has established, a program to manage liquidity risks. These requirements are intended to reduce liquidity risk, but they may not work as intended. Analyses, judgments and decisions made in connection with administering the liquidity risk management program may be incorrect or otherwise may not produce the desired results. In addition, changes in market conditions, which may occur rapidly and unpredictably, may adversely affect the administration of the program. Changes related to the requirements may increase the Portfolio's expenses, may negatively affect the Portfolio's yield and return potential, and may not reduce the Portfolio's liquidity risk.

Additional legislative or regulatory actions to address perceived liquidity or other issues in markets generally, or in particular markets such as the fixed income securities markets, may alter or impair the Portfolio's ability to pursue its investment objectives or utilize certain investment strategies and techniques.

**Market Risk —** The Portfolio is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Portfolio performance. Securities markets also may experience long periods of decline in value. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, recessions, global demand for particular products or resources, lack of liquidity in the markets, or adverse investor sentiment generally. In some cases, for example, the stock prices of individual companies have been negatively impacted even though there may be little or no apparent degradation in the financial condition or prospects of the issuers. The value of a security may also decline due to factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry.

Equity securities generally have greater price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Changes in value may be temporary or may last for extended periods. Changes in the financial condition of (or other event affecting) a single issuer can impact a market as a whole. The Portfolio may experience a substantial or complete loss on any individual security. Even when securities markets perform well, there is no assurance that the investments held by the Portfolio will increase in value along with the broader market. Market factors, such as the demand for particular portfolio securities, may cause the price of certain portfolio securities to fall while the prices of other securities rise or remain unchanged. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses. Additionally, market speculation focused on profiting from fluctuations in the value of one or more securities or asset classes over a short period of time may result in large-scale and sudden purchases and sales of those securities or asset classes, which can significantly affect the value of those securities and asset classes as well as the market more broadly in unexpected ways, and cause significant share price volatility and losses for the Portfolio.

Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region or events affecting a single or small number of issuers might adversely impact issuers in a different country or region. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental, natural or man-made disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, widespread and prolonged power outages, and cybersecurity incidents, and governments' reactions (or failure to react) to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Geopolitical and other events, including terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. As a result, the value and liquidity of the Portfolio's investments may be negatively affected by developments in other countries and regions, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries or regions directly affected. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments

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riskier and more volatile. Moreover, systemic market dislocations of the kind that occurred during the global financial crisis that began in 2008, if repeated, would be highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Portfolio's investments.

Impacts from climate change may include significant risks to global financial assets and economic growth. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

In addition, the U.S. Federal Reserve ("Fed") has invested or otherwise made available substantial amounts of money to keep credit flowing through short-term money markets and has signaled that it will continue to adjust its operations as appropriate to support short-term money markets. Amid these efforts, concerns about the markets' dependence on the Fed's provision of liquidity have grown.

Policy changes by the U.S. government and/or the Fed and political events within the United States may affect investor and consumer confidence and may increase uncertainty in or impair the operation of the U.S. or other securities markets, perhaps suddenly and to a significant degree.

In addition, markets and market-participants are increasingly reliant on both publicly available and proprietary information data systems. Inaccurate data, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at-large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Portfolio being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**New Portfolio Risk —** The Portfolio is newly or recently established and has limited operating history. A new Portfolio's performance may not represent how the Portfolio is expected to or may perform in the long-term and the Portfolio may not be successful in implementing its investment strategies. Portfolio performance may be lower or higher during this "ramp-up" period, and may also be more volatile, than would be the case after the Portfolio is fully invested. In addition, investment positions may have a disproportionate impact (negative or positive) on performance in a new Portfolio. There can be no assurance that the Portfolio will grow to or maintain an economically viable size, which could result in the Portfolio being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.

**Non-U.S. Issuer Risk —** The Portfolio may invest in U.S.-registered, dollar-denominated bonds of non-U.S. corporations. Investments in bonds of non-U.S. issuers involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. In certain countries, non-U.S. issuers may be subject to less governmental regulation than U.S. issuers and legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and at times more volatile than securities of comparable U.S. companies. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position, and the prices of foreign bonds and U.S. bonds have, at times, moved in opposite directions. Changes to the financial condition or credit rating of a non-U.S. issuer may also adversely affect the value of the non-U.S. issuer's securities held by the Portfolio. These risks may be heightened in connection with bonds issued by non-U.S. corporations and entities in emerging markets.

**Portfolio Management Risk —** The Portfolio is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. An investment manager's judgments or decisions about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, may be incorrect or otherwise may not produce the intended results, which may result in losses to the Portfolio. In addition, many processes used in Portfolio management, including security selection, rely, in whole or in part, on the use of various technologies, some of which are created or maintained by an investment manager or its affiliates and some of which are created or maintained by third parties. The Portfolio may suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by an investment manager, or if such tools, resources, information or data are used incorrectly, fail to produce the desired results, or otherwise do not work as intended. Imperfections, errors or limitations may go undetected for long periods of time or may never be detected, which could adversely affect decision making for the Portfolio, as well as the Portfolio's operations or performance, and may result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, the failure to properly gather and organize

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available data and/or the failure to take certain hedging or risk-reducing actions. There can be no assurance that the use of these technologies will result in effective investment decisions for the Portfolio.

**Redemption Risk —** The Portfolio may experience periods of heavy redemptions that could cause the Portfolio to sell assets at inopportune times, which could have a negative impact on the Portfolio's overall liquidity, or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Redemption risk also is greater to the extent that one or more investors control a large percentage of investments in the Portfolio, have short investment horizons, or have unpredictable cash flow needs. Heavy redemptions could hurt the Portfolio's performance and increase transaction costs.

Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. The market-making capacity of dealers has been reduced in recent years, in part as a result of structural changes, such as fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. In addition, significant securities market disruptions related to the COVID-19 pandemic have led to dislocation in the market for a variety of fixed income securities (including, without limitation, commercial paper, corporate debt securities, certificates of deposit, asset-backed debt securities and municipal obligations), which has decreased liquidity and sharply reduced returns in certain cases. Increased redemptions from mutual funds that hold large amounts of fixed income securities, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

**General Investment Risks** 

The Portfolio is subject to the following general risks. The risks, which are described in alphabetical order and not in order of perceived importance or potential exposure, can negatively affect the Portfolio's performance.

**Asset Class Risk —** The Portfolio is subject to the risk that the returns from the asset classes, or types of securities, in which it invests will underperform the general securities markets or different asset classes. Different asset classes tend to go through cycles of outperformance and underperformance in comparison to each other and to the general securities markets.

**Cybersecurity and Operational Risk —** The Portfolio and its service providers, and shareholders' ability to transact with the Portfolio, may be negatively impacted due to operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to Portfolio assets, customer data, or proprietary information, or cause the Portfolio or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks (e.g., malicious software coding, ransomware, or "hacking") or unintentional events (e.g., inadvertent release of confidential information, including by the Portfolio or its service providers). Recently, geopolitical tensions may have increased the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems ("denial of services"), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs. Any of these results could have a substantial adverse impact on the Portfolio and its shareholders.

The occurrence of any of these problems could result in a loss of information, the inability to process Portfolio transactions or calculate the Portfolio's net asset value, violations of applicable privacy and other laws, regulatory scrutiny, penalties, fines, reputational damage, additional compliance costs or other consequences, any of which could have a material adverse effect on the Portfolio or its shareholders. The Adviser, through its monitoring and oversight of Portfolio service providers, seeks to determine that service providers take appropriate precautions to avoid and mitigate risks that could lead to such problems. However, it is not possible for the Adviser or Portfolio service providers to identify all of the cybersecurity or other operational risks that may affect the Portfolio or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Technology is continuously changing, and new ways to carry out cyber attacks are always developing.

Among other situations, disruptions (for example, pandemics or health crises) or other developments that cause prolonged periods of remote work or significant employee absences at the Portfolio's service providers could impact the ability to conduct the Portfolio's operations. Most issuers in which the Portfolio invests are heavily dependent on computers for data storage and operations and require ready access to the internet to conduct their businesses. Thus, cybersecurity incidents could also affect issuers of securities in which the Portfolio invests, leading to significant loss of value. The Portfolio may incur substantial costs to prevent or address cybersecurity incidents in the future.

**Insurance Fund Risk —** The Portfolio is available through Contracts offered by insurance company affiliates of the Adviser, and the Portfolio may be used to fund all or a portion of certain benefits and guarantees available under the Contracts. To the extent

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the assets in the Portfolio are insufficient to fund those benefits and guarantees, the Adviser's insurance company affiliates might otherwise be obligated to fulfill them out of their own resources. The Adviser is subject to conflicts of interest in connection with providing advice to, or developing strategies and modeling tools used to manage, the Portfolio. The performance of the Portfolio may impact the obligations and financial exposure of the Adviser's insurance company affiliates under any death benefit, income benefit and other guarantees provided through Contracts that offer the Portfolio as an investment option, and the ability of an insurance company affiliate to manage (e.g., through the use of various hedging techniques) the risks associated with these benefits and guarantees. The Adviser's investment decisions and the design of the Portfolio may be influenced by these factors. For example, the Portfolio or modeling tools and strategies may be managed or designed in a manner (e.g., using more conservative or less volatile investment styles) that could reduce potential losses and/or mitigate financial risks to insurance company affiliates that provide the benefits and guarantees and offer the Portfolio as investment options in their products, and also could facilitate such an insurance company's ability to provide benefits and guarantees under its Contracts, including by making more predictable the costs of the benefits and guarantees and by reducing the regulatory capital needed to provide them. The financial benefits to the Adviser's insurance company affiliates may be material. The performance of the Portfolio also may adversely impact the value of Contracts that offer the Portfolio as an investment option and could suppress the value of the benefits and guarantees offered under a Contract. Please refer to your Contract prospectus for more information about any benefits and guarantees offered under the Contract. Consistent with its fiduciary duties, the Adviser seeks to implement the Portfolio's investment program in a manner that is in the best interests of the Portfolio and that is consistent with the Portfolio's investment objective, policies and strategies described in detail in this Prospectus.

**Issuer-Specific Risk —** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. The value of a security may decline for a number of reasons which directly relate to the issuer, such as poor management performance; reduced demand for the issuer's goods or services; investigations or other controversies related to the issuer; strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives; and the historical and prospective earnings of the issuer and the value of its assets. Certain unanticipated events, such as litigation or natural disasters, can have a dramatic adverse effect on the value of an issuer's securities. A change in the financial condition of a single issuer may affect securities markets as a whole.

**Large Transaction Risk —** A significant percentage of the Portfolio's shares may be owned or controlled by the Adviser and its affiliates, other portfolios advised by the Adviser (including funds of funds), or other large shareholders, including primarily insurance company separate accounts. Accordingly, the Portfolio is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders, including in connection with substitution and other transactions by affiliates of the Adviser. These inflows and outflows may be frequent and could negatively affect the Portfolio's net asset value and performance, and could cause the Portfolio to purchase or sell securities at a time when it would not normally do so. It would be particularly disadvantageous for the Portfolio if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. These inflows and outflows also could negatively affect the Portfolio's ability to meet shareholder redemption requests or could limit the Portfolio's ability to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. During periods of declining or illiquid markets, the Adviser or its affiliates also may be subject to conflicts of interest in selecting shares of the Portfolio for redemption and in deciding whether and when to redeem such shares. In addition, these inflows and outflows could increase the Portfolio's brokerage or other transaction costs, and large-scale outflows could cause the Portfolio's actual expenses to increase, or could result in the Portfolio's current expenses being allocated over a smaller asset base, which, depending on any applicable expense caps, could lead to an increase in the Portfolio's expense ratio.

**Recent Market Conditions Risk —** U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region.

Interest rates were unusually low in recent years in the United States and abroad, but the interest rate environment changed dramatically in 2022 as interest rates moved significantly higher. Aggressive stimulus measures in 2020 and 2021, rising demand for goods and services, tight labor markets, and supply chain disruptions contributed to a surge of inflation in many sectors of the U.S. and global economies. Due to concerns regarding high inflation, the U.S. Federal Reserve (the "Fed") and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives in an effort to control inflation, and they may continue to do so. It is difficult to predict accurately the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of any such further increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Rising interest rates may present a greater risk than has historically been the case due to the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives. As such, fixed-income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. The Portfolio's investments may not keep pace with inflation, and the

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value of an investment in the Portfolio may be eroded over time by inflation. Changes in government or central bank policies could negatively affect the value and liquidity of the Portfolio's investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful.

The Fed's or foreign central banks' actions may result in an economic slowdown in the United States and abroad. There are concerns that monetary policy may provide less support should economic growth slow. An economic slowdown may negatively affect national and global economies, as well as national and global securities and commodities markets, and may continue for an extended period of time and have unforeseen impacts. Any deterioration in economic fundamentals may increase the risk of default or insolvency of particular companies, negatively impact market values, increase market volatility, cause credit spreads to widen, and reduce liquidity.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Portfolio has exposure to Russian investments or investments in countries affected by the invasion, the Portfolio's ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that the Portfolio may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Portfolio's investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact the Portfolio's performance and the value of an investment in the Portfolio beyond any direct exposure the Portfolio may have to Russian issuers or issuers in other countries affected by the invasion.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy and have material adverse impacts on the Portfolio. The impact of the novel coronavirus (COVID-19) pandemic caused significant volatility and severe losses in global financial markets. The COVID-19 pandemic and efforts to contain its spread resulted, and may continue to result, in significant disruptions to business operations, supply chains and customer activity, higher default rates, widespread business closures and layoffs, travel restrictions and border closings, extended quarantines and stay-at-home orders, event and service cancellations, labor shortages, and significant challenges in healthcare service preparation and delivery, as well as general concern, uncertainty and social unrest. Other outbreaks of infectious diseases or other public health issues that may arise in the future may have similar or worse effects. The impact of any outbreak may last for an extended period of time.

Public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, may exacerbate other pre-existing economic, political, and social tensions and risks, disrupt market conditions and operations and economies around the world, and negatively affect market performance and the value of investments in individual companies in significant and unforeseen ways. The impact of infectious diseases may be greater in countries that do not move effectively to control them or that have limited access to or popular uptake of vaccines, which may occur because of a lack of health care or economic resources or for political or other reasons.

Additionally, public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, could impair the information technology and other operational systems upon which the Adviser relies, and could otherwise disrupt the ability of the Portfolio's service providers to perform essential tasks. Such impacts could impair the Portfolio's ability to maintain operational standards (including with respect to satisfying redemption requests), disrupt the operations of the Portfolio's service providers, and negatively impact the Portfolio's performance.

High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and there has been a significant increase in the amount of debt due to the economic effects of the COVID-19 pandemic and ensuing economic relief and public health measures. Economic, political and other developments may result in a further increase in the amount of public debt, including in the United States. The long-term consequences of high public debt are not known, but high levels of public debt may negatively affect economic conditions and the value of markets, sectors and companies in which the Portfolio invests.

Political and diplomatic events within the United States, including a contentious domestic political environment, changes in political party control of one or more branches of the U.S. government, the U.S. government's inability at times to agree on a long-term

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budget and deficit reduction plan, the threat of a U.S. government shutdown, and disagreements over, or threats not to increase, the U.S. government's borrowing limit (or "debt ceiling"), as well as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. government debt obligations, or concerns about the U.S. government's credit quality in general, could have a substantial negative effect on the U.S. and global economies. Moreover, although the U.S. government has honored its credit obligations, there remains a possibility that the United States could default on its obligations. The consequences of such an unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Portfolio's investments.

Slowing global economic growth, the rise in protectionist trade policies, and changes to some major international trade agreements could affect the economies of many countries in ways that cannot necessarily be foreseen at the present time. For example, the full impact of the United Kingdom's ("UK") withdrawal from the European Union (the "EU"), commonly referred to as "Brexit," and the nature of the future relationship between the UK and the EU remain unclear. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, the EU and globally, which could negatively impact the value of the Portfolio's investments. The United States has developed increasingly strained relations with a number of foreign countries. If relations with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. Financial markets in the United States and China have been sensitive to the outlook for resolving ongoing U.S.-China trade disputes, a trend that may continue in the future.

In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels, an increase in powerful storms and/or an increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value. Large wildfires have devastated, and in the future may devastate, entire communities and may be very costly to any business found to be responsible for the fire or conducting operations in affected areas. Regulatory changes and divestment movements in the United States and abroad tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. Losses related to climate change could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. Because property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these effects might unfold.

All of these risks may have a material adverse effect on the performance and financial condition of the companies and other issuers in which the Portfolio invests, and on the overall performance of the Portfolio.

**Regulatory Risk —** The Portfolio is subject to extensive laws and regulations that govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission ("SEC") and is also subject to regulations imposed by other governmental regulatory authorities and self-regulatory organizations. Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. These laws and regulations are subject to change. Extensive regulation or a change in existing laws or regulations may have unpredictable and unintended effects and may materially impact the Portfolio, a security, business, sector or market. For example, extensive regulation or a change in existing laws or regulations made by the government or a regulatory body may limit or preclude the Portfolio's ability to achieve its investment objective, impact the Portfolio's investment policies or strategies, adversely affect the Portfolio's efficiency in implementing its investment strategies, reduce the attractiveness or increase the cost of an investment, and/or adversely affect the Portfolio's performance. The Portfolio also may incur additional costs to comply with any new requirements as well as to monitor for compliance with any new requirements going forward. The Portfolio also may be adversely affected by changes in the interpretation or enforcement of existing laws or regulations.

**Risk Management —** The Adviser and Sub-Adviser undertake certain analyses with the intention of identifying particular types of risks and reducing the Portfolio's exposure to them. However, risk is an essential part of investing, and the degree of return an investor might expect is often tied to the degree of risk the investor is willing to accept. By its very nature, risk involves exposure to the possibility of adverse events. Accordingly, no risk management program can eliminate the Portfolio's exposure to such events; at best, it can only reduce the possibility that the Portfolio will be affected by adverse events, and especially those risks that are not intrinsic to the Portfolio's investment program. While the prospectus describes material risk factors associated with the Portfolio's investment program, there is no assurance that as a particular situation unfolds in the markets, the Adviser or Sub-Adviser will identify all of the risks that might affect the Portfolio, rate their probability or potential magnitude correctly, or be able to take appropriate measures to reduce the Portfolio's exposure to them. Measures taken with the intention of decreasing exposure to identified risks might have the unintended effect of increasing exposure to other risks.

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**Sub-Adviser Selection Risk —** The Portfolio is subject to the risk that the Adviser's process for selecting or replacing a Sub-Adviser and its decision to select or replace a Sub-Adviser does not produce the intended results.

In addition, the Adviser is subject to certain conflicts of interest in connection with recommending the appointment and continued service of Sub-Advisers. If the Adviser is affiliated with a Sub-Adviser, the Adviser will benefit not only from the net advisory fees the Adviser retains, but also from the sub-advisory fees paid by the Adviser to the affiliated Sub-Adviser. Since the Adviser pays fees to the Sub-Advisers from the advisory fees that it earns from the Portfolio, any increase or decrease in the sub-advisory fees negotiated with proposed or current Sub-Advisers will result in a corresponding decrease or increase, respectively, in the amount of the advisory fees retained by the Adviser. The Adviser or its affiliates also have distribution relationships with certain Sub-Advisers or their affiliates under which the Sub-Advisers or their affiliates distribute or support the distribution of investment products issued or sold by the Adviser or its affiliates, (including those in which the Portfolio serves as an investment option), which could financially benefit the Adviser and its affiliates or provide an incentive to the Adviser in selecting one Sub-Adviser over another. In addition, the Adviser's and/or its affiliates' other existing or potential business relationships, including with Sub-Advisers and/or their affiliates, or other financial or personal relationships, could influence the Adviser's selection and retention or termination of Sub-Advisers. When recommending the appointment or continued service of a Sub-Adviser, consistent with its fiduciary duties, the Adviser relies primarily on the qualitative and quantitative factors described in detail in the Prospectus.

**Valuation Risk —** The price at which the Portfolio sells any particular investment may differ from the Portfolio's valuation of the investment. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market or other conditions make it difficult to value some investments, SEC rules and applicable accounting protocols may require the Portfolio to value these investments using more subjective methods, such as fair value methodologies. Using fair value methodologies to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by other mutual funds to calculate their net asset values. An investment's valuation may differ depending on the method used for determining value. Investors who purchase or redeem Portfolio shares on days when the Portfolio is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the Portfolio had not held fair-valued securities or had used a different valuation methodology. The value of foreign securities, certain futures and fixed income securities, and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded but before the Portfolio determines its net asset value. The Portfolio may use pricing services to provide values for certain securities, and there is no assurance that the Portfolio will be able to sell an investment at the price established by such pricing services. Different pricing services use different valuation methodologies, potentially resulting in different values for the same investments. As a result, if the Portfolio were to change pricing services, or if a pricing service were to change its valuation methodology, the value of the Portfolio's investments could be impacted. The Portfolio's ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents.

**Additional Information about Risks** 

Additional information that may be associated with the Portfolio's principal risks but that may not be principal to the Portfolio's investment strategies follows. The risks, which are described in alphabetical order and not in order of perceived importance or potential exposure, can negatively affect the Portfolio's performance.

**LIBOR Risk —** Trillions of dollars' worth of financial products and contracts around the world, including some of the Portfolio's investments, utilize the London Interbank Offered Rate (or "LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR is produced daily by averaging the rates reported by a number of banks. LIBOR may be a significant factor in determining the Portfolio's payment obligations under a derivative investment, the cost of financing to the Portfolio, or an investment's value or return to the Portfolio, and may be used in other ways that affect the Portfolio's investment performance. The publication of various LIBOR settings either has been, or is in the process of being, discontinued. Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones to be phased out on June 30, 2023.

The Secured Overnight Financing Rate ("SOFR") has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a reference or benchmark rate in the United States. Other countries have undertaken similar initiatives to identify replacement reference or benchmark rates in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new reference or benchmark rate, as well as risks associated with using a new reference or benchmark rate with respect to new investments and transactions. The transition process, or a failure to transition properly, might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates, a reduction in the values of some LIBOR-based investments, and reduced effectiveness of certain hedging strategies, which may adversely affect the Portfolio's performance or net asset value. While some LIBOR-based instruments may contemplate a scenario where LIBOR becomes unreliable or is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness

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of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to LIBOR ceasing to be published. In addition, the SOFR or other alternative reference or benchmark rate may be an ineffective substitute with respect to an existing or new investment or transaction, resulting in prolonged adverse market conditions for the Portfolio, which could negatively affect the Portfolio's performance and/or net asset value.

SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and has been published by the Federal Reserve Bank of New York since April 2018. The Federal Reserve Bank of New York also has been publishing historical indicative Secured Overnight Financing Rates from 2014. Historical changes or trends in SOFR may not be reliable as indicators of future changes in SOFR. The composition and characteristics of SOFR are not the same as those of LIBOR, and SOFR is fundamentally different from LIBOR because (1) SOFR is a secured rate, while LIBOR is an unsecured rate, and (2) SOFR is an overnight rate, while LIBOR is a forward-looking rate that represents interbank funding over different maturities. As a result, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, market volatility, or global or regional economic, financial, political, regulatory, judicial or other events. In addition, there can be no assurance that "Term SOFR," which would be available for different maturities, develops and can be implemented under current documentation as a successor to LIBOR or currently-available SOFR methodologies.

Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates, such as LIBOR. The return on and value of an investment in notes or other investments linked to SOFR may fluctuate more than the value of investments that are linked to less volatile rates. In addition, the volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repo market. The Federal Reserve Bank of New York has at times conducted operations in the overnight U.S. Treasury repo market in order to help maintain the federal funds rate within a target range. There can be no assurance that the Federal Reserve Bank of New York will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could result in losses to the Portfolio.

SOFR is published by the Federal Reserve Bank of New York based on data that it receives from various sources. There can be no guarantee, particularly given its relatively recent introduction, that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the Portfolio. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the amount of interest payable on the Portfolio's investments and the trading prices of those investments. In addition, the Federal Reserve Bank of New York may withdraw, modify or amend published SOFR data in its sole discretion and without notice. The interest rate for any interest period typically will not be adjusted for any modifications or amendments to SOFR data that may be published after the interest rate for that interest period has been determined.

Since SOFR is a relatively new reference rate, the Portfolio's investments in debt securities and other instruments linked to SOFR may not have an established trading market, and an established trading market may never develop or may not be very liquid. Market terms for instruments linked to SOFR, such as the spread over the base rate reflected in interest rate provisions or the manner of compounding the base rate, may evolve over time, and trading prices for such instruments may be lower than those of later-issued SOFR-based debt instruments as a result. Similarly, if SOFR does not prove to be widely used, the trading price of investments linked to SOFR may be lower than those of investments linked to reference rates that are more widely used. The Portfolio may not be able to sell the investments at all or may not be able to sell them at prices that will provide a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.

**Non-Investment Grade Securities Risk —** Bonds rated below BBB by S&P or Fitch, or below Baa by Moody's or, if unrated, determined by the investment manager to be of comparable quality, are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyze than that of issuers of investment grade debt securities, and the reliance on credit ratings may present additional risks. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Portfolio's net asset value. The Portfolio may also be subject to greater credit risk because it may hold debt securities not current in the payment of interest or principal or in default. If the issuer of a security is in default with respect to interest or principal payments, the Portfolio may lose its entire investment. The credit rating of a below investment grade security does not necessarily address its market value risk and may not reflect its actual credit risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

**Sector Risk —** To the extent the Portfolio invests more heavily in one sector, industry, or sub-sector of the market, its performance will be especially sensitive to developments that significantly affect that sector, industry, or sub-sector. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Portfolio's performance could also be affected

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if the sector, industry, or sub-sector does not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

**Securities Lending Risk —** The Portfolio may lend its portfolio securities to brokers, dealers, and other financial institutions to seek income. Generally, any such loan of portfolio securities will be continuously secured by collateral at least equal to the value of the security loaned. Such collateral will be in the form of cash, marketable securities issued or guaranteed by the U.S. government or its agencies, or a standby letter of credit issued by qualified banks. The Portfolio could lose money on its investment of cash collateral. To the extent that portfolio securities acquired with such collateral have decreased in value, it may result in the Portfolio realizing a loss at a time when it would not otherwise do so. As such, securities lending may introduce leverage into the Portfolio. The risks of lending portfolio securities, as with other extensions of secured credit, also consist of possible delay in receiving additional collateral (to cover an increase in the market value of the loaned securities or a decrease in the value of any securities collateral) or in the recovery of the loaned securities or possible loss of rights in the collateral should the borrower fail financially. There is a risk that a borrower may default on its obligations to return loaned securities. Securities loans are subject to termination by the Portfolio (lender) or a borrower at any time. If the Portfolio terminates a securities loan, it will forego any income on the loan after the termination. Loans will be made only to firms deemed by the Adviser to be of good standing and approved by the Board and will not be made unless, in the judgment of the Adviser, the consideration to be earned from such loans would justify the risk. In addition, securities on loan may not be voted by the Portfolio, and there is a risk that the Portfolio may not be able to recall loaned securities in sufficient time to vote on material proxy matters.

**Zero Coupon and Pay-in-Kind Securities Risk —** Zero coupon and pay-in-kind securities are debt securities that do not make periodic cash interest payments. Zero coupon securities are issued at a significant discount from their face value. Zero coupon and pay-in-kind securities tend to be subject to greater fluctuations in market value in response to changing interest rates than securities of comparable maturities that pay interest periodically and in cash. Pay-in-kind securities generally carry higher interest rates compared to debt securities that make cash payments of interest to reflect the increased risks associated with the deferral of interest payments. Pay-in-kind securities also generally involve significantly greater credit risk than coupon bonds because the Portfolio receives no cash payments until the maturity date or a specified cash payment date. Even if accounting conditions are met for accruing income payable at a future date under a pay-in-kind security, the issuer could still default when the collection date occurs at the maturity of or payment date for the security. If the issuer of a pay-in-kind security defaults, the Portfolio may lose its entire investment. Pay-in-kind securities also may be difficult to value accurately because they involve ongoing judgments as to the collectability of the deferred payments and the value of any associated collateral.

In addition, current federal income tax law requires the holder of a zero coupon security or certain pay-in-kind securities to accrue income with respect to these securities on a current basis, even though it does not receive that income currently in cash. To maintain its qualification as a regulated investment company under the Internal Revenue Code and avoid federal tax liability at the entity (Portfolio) level, the Portfolio may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Management of the Trust

**The Trust** 

The Trust is organized as a Delaware statutory trust and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company. The Trust's Board of Trustees is responsible for the overall management of the Trust and the Portfolio. The Trust issues shares of beneficial interest that are currently divided among ninety-nine (99) Portfolios, forty-eight (48) of which are authorized to issue Class IA, Class IB and Class K shares, forty-seven (47) of which are authorized to issue Class IB and Class K shares, and four (4) of which are authorized to issue Class K shares. This Prospectus describes the Class IB and Class K shares of one (1) Portfolio. The Portfolio has its own investment objective, investment strategies and risks, which have been previously described in this Prospectus.

The Trust's Board of Trustees oversees generally the operations of the Portfolio. The Trust enters into contractual arrangements with various parties, including among others, the Adviser, Administrator, Sub-Adviser, custodian, and accountants, who provide services to the Portfolio. Shareholders are not parties to any such contractual arrangements and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Portfolio that you should consider in determining whether to purchase Portfolio shares. Neither this Prospectus nor the Statement of Additional Information is intended, or should be read, to be or create an agreement or contract between the Trust or the Portfolio and any shareholder, or to create any right in any shareholder or other person other than any rights under federal or state law that may not be waived.

**The Adviser** 

Equitable Investment Management Group, LLC ("EIM"), 1290 Avenue of the Americas, New York, New York 10104, is the Adviser to the Portfolio. EIM is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. EIM also is registered with the Commodity Futures Trading Commission ("CFTC") as a commodity pool operator ("CPO") under the Commodity Exchange Act, as amended. EIM currently claims an exclusion (under CFTC Rule 4.5) from registration as a CPO with respect to the Portfolio. Being subject to dual regulation by the SEC and the CFTC may increase compliance costs and may affect Portfolio returns. EIM is a wholly-owned subsidiary of Equitable Financial Life Insurance Company ("Equitable Financial"). Equitable Financial is a wholly-owned subsidiary of Equitable Holdings, Inc. ("Equitable Holdings"), which is a publicly-owned company. EIM serves as the investment adviser to mutual funds and other pooled investment vehicles, and had approximately $105 billion in assets under management as of December 31, 2022. The Trust is part of a fund complex that also includes EQ Premier VIP Trust, for which the Adviser serves as investment adviser, and the 1290 Funds, for which Equitable Investment Management, LLC, an affiliate of the Adviser, serves as investment adviser.

The Adviser provides or oversees the provision of all investment advisory, portfolio management and administrative services to the Portfolio. The Adviser has supervisory responsibility for the management and investment of the Portfolio's assets and develops the investment objectives and investment policies for the Portfolio. The Adviser also has full discretion to make all determinations with respect to the investment of the Portfolio's assets that are not then managed by a Sub-Adviser. As further discussed below, the Adviser's management responsibilities include the selection and monitoring of Sub-Advisers.

The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Adviser selects Sub-Advisers to manage the Portfolio's assets by utilizing a due diligence process covering a number of key factors which include, but are not limited to, the Sub-Adviser's reputation, organizational stability, investment personnel, long-term performance, investment philosophy and style and correlation with other Sub-Advisers (if any) retained for other allocated portions of the Portfolio.

The Adviser plays an active role in monitoring the Portfolio and Sub-Adviser and uses portfolio analytics systems to strengthen its evaluation of performance, style, risk levels, diversification and other criteria. The Adviser also monitors the Sub-Adviser's portfolio management team to determine whether its investment activities remain consistent with the Portfolio's investment style and objectives.

Beyond performance analysis, the Adviser monitors significant changes that may impact the Sub-Adviser's overall business. The Adviser monitors continuity in the Sub-Adviser's operations and changes in investment personnel and senior management. The Adviser performs due diligence reviews with the Sub-Adviser no less frequently than annually.

*Management of the Trust 23*

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The Adviser obtains detailed, comprehensive information concerning Portfolio and Sub-Adviser performance and Portfolio operations that is used to supervise and monitor the Sub-Adviser and Portfolio operations. The Adviser has a team responsible for conducting ongoing investment reviews with the Sub-Adviser and for developing the criteria by which performance is measured.

The Adviser selects Sub-Advisers from a pool of candidates, including its affiliates, to manage the Portfolio. The Adviser may hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Trust's Board of Trustees. The Adviser also may allocate the Portfolio's assets to additional Sub-Advisers subject to the approval of the Trust's Board of Trustees. The Adviser recommends Sub-Advisers for the Portfolio to the Trust's Board of Trustees based upon its continuing quantitative and qualitative evaluation of each Sub-Adviser's skills in managing assets pursuant to specific investment styles and strategies. Short-term investment performance, by itself, is not a significant factor in selecting or terminating a Sub-Adviser, and the Adviser does not expect to recommend frequent changes of Sub-Advisers.

If the Adviser hires, terminates or replaces a Sub-Adviser to the Portfolio or adjusts the asset allocation among Sub-Advisers to the Portfolio, the Portfolio may experience a period of transition during which the securities held in the Portfolio may be repositioned in connection with the change in Sub-Adviser. The Portfolio may not pursue its principal investment strategies during such a transition period and may incur increased brokerage commissions and other transaction costs in connection with the change. Generally, transitions may be implemented before or after the effective date of the new Sub-Adviser's appointment as a sub-adviser to the Portfolio, and may be completed in several days to several weeks, depending on the particular circumstances of the transition. In addition, the past performance of the Portfolio is not an indication of future performance. This may be particularly true if the Portfolio has undergone Sub-Adviser changes and/or changes to its investment objective or policies.

Kenneth T. Kozlowski, the Adviser's Chief Investment Officer, and Alwi Chan, the Adviser's Deputy Chief Investment Officer, are primarily responsible for the selection, monitoring and oversight of the Portfolio's Sub-Adviser.

**Kenneth T. Kozlowski, CFP**<sup>®</sup>**, ChFC, CLU** has served as Executive Vice President and Chief Investment Officer of the Adviser since June 2012 and as Signatory Officer of Equitable Financial since November 2021. He has been an employee of Equitable Financial since 1999.

**Alwi Chan, CFA**<sup>®</sup> has served as Senior Vice President and Deputy Chief Investment Officer of the Adviser since June 2012. He has been an employee of Equitable Financial since 1999.

Information about the portfolio managers' compensation, other accounts they manage and their ownership of securities of the Portfolio is available in the Trust's SAI.

The Adviser has been granted relief from the SEC that permits the Adviser, subject to the approval of the Trust's Board of Trustees, to hire, terminate and replace Sub-Advisers and to amend the sub-advisory agreements between the Adviser and the Sub-Advisers without obtaining shareholder approval. If a new Sub-Adviser is retained for the Portfolio, shareholders will receive notice of such action. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an "affiliated person" of the Adviser (as that term is defined in the 1940 Act) ("Affiliated Sub-Adviser"), such as AllianceBernstein L.P., unless the sub-advisory agreement with the Affiliated Sub-Adviser, including compensation, is also approved by the Portfolio's shareholders (in the case of a new Portfolio, the initial sole shareholder of the Portfolio, typically the Adviser or an affiliate, may provide this approval). The relief does not extend to any increase in the advisory fee paid by the Portfolio to the Adviser; any such increase would be subject to the approval of the Portfolio's shareholders.

**The Sub-Adviser** 

The Portfolio's investments are selected by the Sub-Adviser. The following describes the Portfolio's Sub-Adviser and portfolio managers and each portfolio manager's business experience. Information about the portfolio managers' compensation, other accounts they manage and their ownership of securities of the Portfolio is available in the SAI. The Sub-Adviser is subject to the oversight of the Adviser.

**AllianceBernstein L.P.** ("AllianceBernstein"), 501 Commerce Street, Nashville, TN 37203, serves as Sub-Adviser to the EQ/Intermediate Corporate Bond Portfolio. AllianceBernstein manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2022, AllianceBernstein had approximately $646 billion in assets under management.

The management of and investment decisions for the EQ/Intermediate Corporate Bond Portfolio are the joint and primary responsibility of **Tiffanie Wong** and **Sonam Dorji.** 

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**Tiffanie Wong, CFA** is a Senior Vice President and Director of US Investment Grade Credit, responsible for the management and strategy implementation of the firm's US Investment Grade Credit portfolios, including total-return and income-oriented credit strategies for institutional and retail clients. Prior to joining AllianceBernstein's fixed income portfolio management team, Ms. Wong served as an associate portfolio manager on the credit team. Ms. Wong joined AllianceBernstein in 2012.

**Sonam Dorji** is a Senior Vice President and Portfolio Manager, primarily focusing on Global Multi-Sector Income strategies. Ms. Dorji joined AllianceBernstein in 2012.

**Conflicts of Interest** 

The Adviser currently serves as the investment adviser for the Trust and one other investment company that is registered under the 1940 Act (i.e., EQ Premier VIP Trust) and as the investment adviser for two private investment trusts that are exempt from such registration. In addition to currently serving as the administrator for the Trust, Equitable Investment Management, LLC currently serves as the administrator for EQ Premier VIP Trust and as the investment adviser and the administrator for the 1290 Funds, another investment company that is registered under the 1940 Act. The Adviser and its affiliates (including Equitable Financial, Equitable Distributors, LLC, Equitable Holdings, Equitable Investment Management, LLC and AllianceBernstein L.P.) and their respective managers, partners, directors, trustees, officers, and employees (collectively, for purposes of this Conflicts of Interest discussion, "Affiliates") are insurance and related financial services companies engaged in life insurance, property and casualty insurance and reinsurance activities, as well as asset management, investment banking, securities trading, brokerage, real estate and other financial services activities, providing a broad range of services to a substantial and diverse client base. The broad range of activities, services, and interests of the Adviser and its Affiliates gives rise to actual, potential and/or perceived conflicts of interest, and may introduce certain investment or transactional restrictions, that could disadvantage the Portfolio and its shareholders.

Certain actual and potential conflicts of interest are discussed below and elsewhere in this Prospectus, and a further discussion of conflicts of interest appears in the SAI. Investors should carefully review these discussions. These discussions are not, and are not intended to be, a complete discussion of all of the actual and potential conflicts of interest that may arise. Additional or unanticipated conflicts of interest may arise from time to time in the ordinary course of the Adviser's and its Affiliates' various businesses.

The Adviser and the Trust have adopted practices, policies and procedures that are intended to identify, monitor, and mitigate conflicts of interest. These practices, policies and procedures include, among others, information barriers, codes of ethics, pre-clearance and reporting of securities transactions by certain persons, and the use of independent persons to review certain types of transactions. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures also may limit the Portfolio's investment activities and affect its performance.

*Certain Conflicts Related to Fees and Compensation* 

The Adviser and certain of its Affiliates provide services including investment advisory, administration, shareholder servicing, distribution and transfer agency services to the Portfolio and earn fees from these relationships with the Portfolio. The Adviser and its Affiliates face conflicts of interest when the Portfolio selects affiliated service providers because the Adviser and its Affiliates receive greater compensation when they are used. Although these fees are generally based on asset levels, the fees are not directly contingent on Portfolio performance and the Adviser and its Affiliates would still receive significant compensation from the Portfolio even if shareholders lose money. In addition, the Adviser and certain of its Affiliates manage or advise funds or accounts, including the Portfolio, with different fee rates and/or fee structures. Differences in fee arrangements may create an incentive for the Adviser and/or its Affiliates to favor higher-fee funds or accounts.

*Certain Conflicts Related to the Adviser and its Affiliates Acting in Multiple Commercial Capacities* 

The Adviser and/or one or more Affiliates act or may act in various commercial capacities, including as investment manager, investment adviser, administrator, investor, commodity pool operator, underwriter, distributor, transfer agent, insurance company, investment banker, research provider, market maker, trader, lender, agent or principal, and may have direct and indirect interests in securities, commodities, currencies, derivatives and other instruments in which the Portfolio may directly or indirectly invest. Thus, it is likely that the Portfolio will have business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities with which the Adviser and/or an Affiliate has developed or is trying to develop business relationships or in which the Adviser and/or an Affiliate has significant investments or other interests. For example, the Adviser may have an incentive to hire as a Sub-Adviser or other service provider an entity with which the Adviser or one or more Affiliates have, or would like to have, significant or other business dealings or arrangements. In addition, when Affiliates act in various commercial capacities in relation to the Portfolio, the Affiliates may take commercial steps in their own interests, which may have an adverse effect on the Portfolio.

*Management of the Trust 25*

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*Certain Conflicts Related to the Use of Sub-Advisers* 

The Adviser is subject to certain conflicts of interest in connection with recommending the appointment and continued service of Sub-Advisers. Since the Adviser pays fees to the Sub-Advisers from the advisory fees that it earns from the Portfolio, any increase or decrease in the sub-advisory fees negotiated with proposed or current Sub-Advisers will result in a corresponding decrease or increase, respectively, in the amount of the advisory fees retained by the Adviser. If the Adviser is affiliated with a Sub-Adviser, the Adviser will benefit not only from the net advisory fee the Adviser retains, but also from the sub-advisory fee paid by the Adviser to the affiliated Sub-Adviser. The Adviser or its Affiliates also may have distribution relationships with certain Sub-Advisers or their affiliates under which the Sub-Advisers or their affiliates distribute or support the distribution of investment products issued or sold by the Adviser or its Affiliates (including those in which the Portfolio serves as an investment option), which could financially benefit the Adviser and its Affiliates or provide an incentive to the Adviser in selecting one Sub-Adviser over another or a disincentive for the Adviser to recommend the termination of such Sub-Advisers. In addition, the Adviser's and/or its Affiliates' other existing or potential business relationships (e.g., distribution, sub-administration, or custody arrangements), including with Sub-Advisers and/or their affiliates, or other financial or personal relationships or investments or other interests, could influence the Adviser's selection and retention or termination of Sub-Advisers as well as sub-advisory or other fee negotiations.

The Adviser may allocate the Portfolio's assets among multiple Sub-Advisers. While the Adviser seeks to allocate the Portfolio's assets among the Portfolio's Sub-Advisers in a manner that it believes is consistent with achieving the Portfolio's investment objective, the Adviser is subject to conflicts of interest in allocating the Portfolio's assets among Sub-Advisers, including affiliated Sub-Advisers, because the Adviser pays different fees to the Sub-Advisers and due to other factors that could impact the Adviser's and/or its Affiliates' revenues and profits.

The aggregation of assets of multiple Portfolios or other funds or accounts for purposes of calculating breakpoints in sub-advisory fees may create an incentive for the Adviser to select Sub-Advisers where the selection may serve to lower a sub-advisory fee and possibly increase the advisory fee retained by the Adviser or may provide a disincentive for the Adviser to recommend the termination of a Sub-Adviser from the Portfolio if the termination may cause the sub-advisory fee payable by the Adviser to increase on the Portfolio or other fund or account that aggregates its assets with the Portfolio. The aggregation of assets, or the potential to aggregate assets, also may influence the Adviser's and/or its Affiliates' sub-advisory or other fee negotiations.

The Adviser is a fiduciary for the shareholders of the Portfolio and must put their interests ahead of its own interests (or the interests of its Affiliates). When recommending the appointment or continued service of a Sub-Adviser, consistent with its fiduciary duties, the Adviser relies primarily on the qualitative and quantitative factors described in detail in this Prospectus.

Furthermore, the range of activities, services, and interests of a Sub-Adviser may give rise to actual, potential and/or perceived conflicts of interest that could disadvantage the Portfolio and the Portfolio's shareholders. In addition, a Sub-Adviser's portfolio managers may manage multiple funds and accounts for multiple clients. In addition to the Portfolio, these funds and accounts may include, for example, other mutual funds, separate accounts, collective trusts, and offshore funds. Managing multiple funds and accounts may give rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. In addition, a Sub-Adviser's portfolio managers may manage or advise funds or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements may create an incentive for a portfolio manager to favor higher-fee funds or accounts. The Sub-Adviser has adopted practices, policies and procedures that are intended to identify, monitor, and mitigate conflicts of interest. There is no assurance, however, that a Sub-Adviser's practices, policies and procedures will be effective, and a Sub-Adviser's practices, policies and procedures also may limit the investment activities of the Portfolio and affect the Portfolio's performance. Please see the Portfolio's Statement of Additional Information for a further discussion of Sub-Adviser conflicts of interest.

*Certain Conflicts Related to the Adviser's Insurance Company Affiliates* 

The Portfolio is available through Contracts offered by insurance company Affiliates of the Adviser. The performance of the Portfolio may impact the obligations and financial exposure of the Adviser's insurance company Affiliates under any death benefit, income benefit and other guarantees provided through Contracts that offer the Portfolio as an investment option, and the ability of an insurance company Affiliate to manage (e.g., through the use of various hedging techniques) the risks associated with these benefits and guarantees. The Adviser's investment decisions and the design of the Portfolio may be influenced by these factors. For example, the Portfolio or models and strategies may be managed or designed in a manner (e.g., using more conservative or less volatile investment styles) that could reduce potential losses and/or mitigate financial risks to insurance company Affiliates that provide the benefits and guarantees and offer the Portfolio as an investment option in their products, and also could facilitate such an insurance company's ability to provide benefits and guarantees under its Contracts, including by making more predictable the costs of the benefits and guarantees and by reducing the regulatory capital needed to provide them. The financial benefits to the Adviser's insurance company Affiliates may be material.

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A significant percentage of the Portfolio's shares may be owned or controlled by the Adviser and/or its Affiliates or other portfolios advised by the Adviser (including funds-of-funds), or other large shareholders, including primarily insurance company separate accounts and qualified plans. Accordingly, the Portfolio is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders, including in connection with substitution and other transactions by Affiliates of the Adviser. These inflows and outflows could negatively affect the Portfolio's net asset value, performance, and ability to meet shareholder redemption requests and could cause the Portfolio to purchase or sell securities at a time when it would not normally do so. In addition, large-scale outflows could result in the Portfolio's current expenses being allocated over a smaller asset base, which, depending on any applicable expense caps, could lead to an increase in the Portfolio's expense ratio. The Adviser or its Affiliates may be subject to potential conflicts of interest in selecting shares of the Portfolio for redemption and in deciding whether and when to redeem such shares.

The Portfolio, or other portfolios advised by the Adviser, may be used as variable insurance trusts for unaffiliated insurance companies' insurance products. These unaffiliated insurance companies have financial arrangements (which may include revenue sharing arrangements) or other business relationships with the Adviser's insurance company Affiliates. These financial arrangements or other business relationships could create an incentive for the Adviser, in its selection process, to favor Sub-Advisers that are affiliated with these unaffiliated insurance companies.

Consistent with its fiduciary duties, the Adviser seeks to implement the Portfolio's investment program in a manner that is in the best interests of the Portfolio and that is consistent with the Portfolio's investment objective, policies and strategies described in detail in this Prospectus.

*Certain Conflicts Related to Sales Incentives and Relationships with Financial Intermediaries* 

Sales incentives and certain related conflicts arising from the Adviser's and its Affiliates' financial and other relationships with financial intermediaries are described in the sections entitled "Payments to Broker-Dealers and Other Financial Intermediaries" and "Compensation to Financial Intermediaries."

*Management of the Trust 27*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shareholder information

**Buying and Selling Shares** 

All shares are purchased and sold at their net asset value without any sales load. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. The Portfolio typically expects to meet redemption requests by paying out available cash or proceeds from selling portfolio holdings, which may include cash equivalent portfolio holdings. Redemption methods also may include redeeming in kind under appropriate circumstances, such as in connection with transactions involving the substitution of shares of one Portfolio (the replacement portfolio) for shares of another Portfolio (the replaced portfolio) held by insurance company separate accounts to fund Contracts. The Portfolio reserves the right to suspend or change the terms of purchasing shares.

The Trust may suspend the right of redemption for any period or postpone payment for more than seven days when the New York Stock Exchange is closed (other than a weekend or holiday) or when trading is restricted by the SEC or the SEC declares that an emergency exists. Redemptions also may be suspended and payments may be postponed for more than seven days during other periods permitted by the SEC. The Portfolio may pay the redemption price in whole or part by a distribution in kind of readily marketable securities in lieu of cash or may take up to seven days to pay a redemption request in order to raise capital, when it is detrimental for the Portfolio to make cash payments as determined in the sole discretion of EIM.

The Trust, on behalf of the Portfolio, believes that it is in the best interests of its long-term investors to discourage frequent purchases, redemptions, exchanges and transfers (referred to collectively as "frequent trading") of Portfolio shares. If you intend to trade frequently and/or use market timing investment strategies, you should not purchase the Portfolio.

Frequent trading of Portfolio shares, including market timing and other program trading or short-term trading strategies, may be disruptive to the Portfolio. Frequent trading may adversely affect Portfolio performance and the interests of long-term investors by, among other things, requiring the Portfolio to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, the Portfolio may have to sell its holdings to have the cash necessary to redeem the market timer's shares. This can happen when it is not advantageous to sell any securities, so the Portfolio's performance may be hurt. When large dollar amounts are involved, frequent trading can also make it difficult to use long-term investment strategies because the Portfolio cannot predict how much cash it will have to invest, and the Portfolio's portfolio management team may have to allocate a significant amount of assets to cash and other short-term investments or sell investments, rather than maintaining investments selected to achieve the Portfolio's investment objective. In addition, frequent trading of Portfolio shares may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to effect more frequent purchases and sales of portfolio securities. Similarly, the Portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of frequent trading.

To the extent that the Portfolio invests in securities that are, or may be, restricted, unlisted, traded infrequently, thinly traded, or relatively illiquid, the Portfolio may be vulnerable to market timing and short-term trading strategies. Traders using such strategies may seek to take advantage of a possible differential between the last available market prices for one or more of those relatively illiquid securities that are used to calculate the value of the Portfolio's shares and the latest indications of market values for those securities. One of the objectives of the Trust's fair value pricing procedures, as described in "How Shares are Priced" below, is to minimize the possibilities of this type of arbitrage; however, there can be no assurance that the Trust's valuation procedures will be successful in eliminating it.

The Trust has adopted certain policies and procedures discussed below to discourage what it considers to be frequent trading. For Contractholders who have invested in shares of the Portfolio through an insurance company separate account, frequent trading includes frequent transfers between the portfolios available through the policy or contract. The Trust and the Portfolio discourage frequent trading of Portfolio shares by Contractholders and will not make special arrangements to accommodate such trading. As a general matter, the Trust and the Portfolio reserve the right to reject any transfer request that they believe, in their sole discretion, is disruptive (or potentially disruptive) to the management of the Portfolio.

If EIM, on behalf of the Trust, determines that a Contractholder's transfer patterns are disruptive to the Portfolio, EIM or an affiliate (including the Administrator) may, among other things, restrict the availability of personal telephone requests, facsimile transmissions, automated telephone services, internet services or any electronic transfer services. The Administrator is generally responsible for monitoring, testing and maintaining compliance policies, procedures and other items for the Trust, and thus assists in monitoring the Trust's compliance with applicable requirements pursuant to the policies and procedures described below. EIM or an affiliate may also refuse to act on transfer instructions of an agent acting under a power of attorney who is acting on behalf of more than one owner. In making these determinations, EIM or an affiliate may consider the combined transfer activity of Contracts that it believes are under common ownership, control or direction.

*28 Shareholder information*

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The Trust currently considers transfers into and out of (or vice versa) the same Portfolio within a five-business day period as potentially disruptive trading activity. In order to reduce disruptive trading activity, the Trust monitors the frequency of transfers, including the size of transfers in relation to portfolio assets, in the Portfolio. The Trust aggregates inflows and outflows for the Portfolio on a daily basis. When a potentially disruptive transfer into or out of the Portfolio occurs on a day when the Portfolio's net inflows and outflows exceed an established monitoring threshold, EIM or an affiliate sends a letter to the Contractholder explaining that there is a policy against disruptive trading activity and that if such activity continues, EIM or an affiliate may take the actions described above to restrict the availability of voice, fax and automated transaction services. If such Contractholder is identified a second time as engaging in potentially disruptive trading activity, EIM or an affiliate currently will restrict the availability of voice, fax and automated transaction services. EIM or an affiliate currently will apply such action for the remaining life of each affected Contract. Because EIM or an affiliate exercises discretion in determining whether or not to take the actions discussed above, some Contractholders may be treated differently than others, resulting in the risk that some Contractholders may be able to engage in frequent transfer activity while others will bear the effect of the frequent transfer activity. Although Contractholders who have engaged in disruptive trading activity currently receive letters notifying them of EIM's or an affiliate's intention to restrict access to communication services, such letters may not continue to be provided in the future.

The policies and procedures described above also apply to retirement plan participants.

The policies and procedures described above do not apply to funds of funds managed by EIM. The Trust generally does not consider trading activity by any funds of funds managed by EIM or trading activity associated with approved asset allocation programs to be disruptive trading activity.

The Trust seeks to apply its policies and procedures to all Contractholders, including Contractholders whose accounts are held through any omnibus accounts, uniformly. It should be recognized, however, that such policies and procedures are subject to limitations:

&nbsp;&nbsp;&nbsp;&nbsp;• There is no assurance that the methods described above will prevent frequent trading or other trading that may be deemed disruptive. The Trust's procedures do not eliminate the possibility that frequent trading will occur or that Portfolio performance will be affected by such activity.

&nbsp;&nbsp;&nbsp;&nbsp;• The design of such policies and procedures involves inherently subjective judgments, which EIM and its affiliates, on behalf of the Trust, seek to make in a fair and reasonable manner consistent with the interests of all Contractholders.

&nbsp;&nbsp;&nbsp;&nbsp;• The limits on the ability to monitor potentially disruptive trading mean that some Contractholders may be treated differently than others, resulting in the risk that some Contractholders may be able to engage in frequent trading while others will bear the effect of such trading.

Consistent with seeking to discourage potentially disruptive trading, EIM, or an affiliate thereof, or the Trust also may, in its sole discretion and without further notice, change what it considers potentially disruptive trading and its monitoring procedures and thresholds, as well as change its procedures to restrict such trading. You should consult the Contract prospectus that accompanies this Prospectus for information on other specific limitations on the transfer privilege.

Notwithstanding our efforts, we may be unable to detect or deter market timing activity by certain persons, which can lead to disruption of management of, and excess costs to, the Portfolio.

*Shareholder information 29*

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**How Shares are Priced**

"Net asset value" is the price of one share of the Portfolio without a sales charge, and is calculated each business day using the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Net asset value =** | **Total market value of securities** | **+** | **Cash and other assets** | **Liabilities** |
| **Net asset value =** | **Number of outstanding shares** | **Number of outstanding shares** | **Number of outstanding shares** | **Number of outstanding shares** |

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The net asset value of Portfolio shares is determined according to this schedule:

&nbsp;&nbsp;&nbsp;&nbsp;• A share's net asset value is normally determined each day the New York Stock Exchange ("Exchange") is open for trading as of 4:00 p.m. Eastern Time. In the event of an emergency or other disruption in trading on the Exchange, a share's price would still normally be determined as of 4:00 p.m. Eastern Time.

&nbsp;&nbsp;&nbsp;&nbsp;• The price for purchasing or redeeming a share will be based upon the net asset value next calculated after an order is received and accepted by the Portfolio or its designated agent.

Generally, portfolio securities are valued as follows:

**Debt securities —** valued on the basis of prices provided by an approved pricing service; however, when the prices of the securities cannot be obtained from an approved pricing service, such securities are generally valued at a bid price estimated by a broker.

**Securities Issued by ETFs –** valued at the last quoted sale price or official closing price or, if there is no sale or official closing price, latest available bid price provided by a pricing service.

**Convertible bonds and unlisted convertible preferred stocks —** valued at prices obtained from a pricing service for such instruments or, if a pricing service price is not available, at bid prices obtained from one or more of the major dealers in such bonds or stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

**Repurchase agreements and reverse repurchase agreements —** valued at original cost (par) plus accrued interest. Other pricing methods such as amortized cost may be utilized depending on the features of the instrument.

Pursuant to applicable law, the Board of Trustees of the Trust has designated the Adviser as the Portfolio's valuation designee. As the Portfolio's valuation designee, and subject to the Board's oversight, the Adviser is responsible for determining in good faith the fair value of Portfolio investments for which market quotations are not readily available or are believed by the Adviser to be unreliable. In these circumstances, the Portfolio may use a fair value estimate made according to methods the Adviser has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. For example, a security whose trading has been halted during the trading day may be fair valued based on the available information at the time of the close of the trading market. Similarly, securities for which there is no ready market (e.g., securities of certain small capitalization issuers, high yield securities, and securities of certain issuers located in emerging markets) also may be fair valued. Some methods for valuing these securities may include: fundamental analysis (earnings multiple, etc.), matrix pricing, discounts from market prices of similar securities, or discounts applied due to the nature and duration of restrictions on the disposition of the securities. In addition, if events or circumstances affecting the values of portfolio securities occur between the closing of their principal markets and the time the Portfolio's net asset value is determined, such as with respect to foreign securities trading on foreign exchanges that may close before the time the net asset value of Portfolio shares is determined, the Adviser may ascertain a fair value for such securities when it deems that the event or circumstance would materially affect the Portfolio's net asset value. Such events or circumstances may be company specific, such as an earnings report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.

The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by a fair valuation method established by the Adviser that relies on other available pricing inputs. As such, fair value pricing is based on subjective judgments and it is possible that the fair valuations reached may differ materially from the value realized on a sale and from the prices used by other registered funds to calculate their net asset values. The fair value pricing policy is intended to assure that the Portfolio's net asset value fairly reflects security values as of the time of pricing. Also, fair value pricing of the Portfolio's portfolio securities can help to protect the Portfolio by reducing arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing will completely prevent dilution of the Portfolio's net asset value by such traders.

*30 Shareholder information*

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**Dividends and Distributions** 

The Portfolio generally distributes most or all of its net investment income and net realized gains, if any, annually. Dividends and other distributions by the Portfolio are automatically reinvested at net asset value in shares of the distributing class of the Portfolio.

**Tax Consequences** 

The Portfolio is treated as a separate corporation and intends to qualify each taxable year to be treated as a regulated investment company ("RIC"), for federal income tax purposes. The Portfolio will be so treated if it meets specified federal income tax requirements, including requirements regarding types of investments, diversification limits on investments, types of income, and distributions. To comply with all these requirements may, from time to time, necessitate the Portfolio's disposition of one or more investments when it might not otherwise do so. A RIC that satisfies the federal tax requirements is not taxed at the entity (Portfolio) level to the extent it passes through its net income and net realized gains to its shareholders by making distributions. Although the Trust intends that the Portfolio will be operated to have no federal tax liability, if the Portfolio does have any federal tax liability, that would hurt its investment performance.

It is important for the Portfolio to achieve its RIC status (and to satisfy certain other requirements), because the shareholders of the Portfolio that are insurance company separate accounts will then be able to use a "look-through" rule in determining whether those accounts meet the investment diversification rules applicable to them. If the Portfolio failed to meet those diversification rules, owners of non-pension plan Contracts indirectly funded through the Portfolio would be taxed immediately on the accumulated investment earnings under their Contracts and would lose any benefit of tax deferral. Therefore, the Trust's Adviser and Administrator carefully monitor the Portfolio's compliance with all of the RIC requirements and separate account investment diversification rules.

Contractholders seeking to more fully understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their Contract or refer to their Contract prospectus.

*Shareholder information 31*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Distribution arrangements

The Portfolio is distributed by Equitable Distributors, LLC (the "Distributor"), an affiliate of EIM. The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Trust's Class IB shares. Under the Distribution Plan, Class IB shares are charged a distribution and/or service (12b-1) fee to compensate the Distributor for promoting, selling and servicing shares of the Portfolio. The distribution and/or service (12b-1) fee may be retained by the Distributor or used to pay financial intermediaries for similar services. The maximum distribution and/or service (12b-1) fee for the Portfolio's Class IB shares is equal to an annual rate of 0.25% of the average daily net assets of the Portfolio attributable to Class IB shares. Because these fees are paid out of the Portfolio's assets on an ongoing basis, over time, these fees for Class IB shares will increase the cost of your investment and may cost you more than paying other types of charges.

The Distributor also may receive payments from certain Sub-Advisers to the Portfolio or their affiliates to help defray expenses for sales meetings, seminar sponsorships and similar expenses that may relate to the Contracts and/or the Portfolio. These sales meetings or seminar sponsorships may provide the Sub-Advisers with increased access to persons involved in the distribution of the Contracts. The Distributor also may receive other marketing support from the Sub-Advisers in connection with the distribution of the Contracts. These payments may provide an incentive to the Adviser in selecting one Sub-Adviser over another or a disincentive for the Adviser to recommend the termination of a Sub-Adviser.

**Compensation to Financial Intermediaries** 

In addition to the distribution and service fees paid by the Portfolio, the Distributor or the Adviser (or one of their affiliates) may make payments out of its own resources to provide additional compensation to selected affiliated and unaffiliated sponsoring insurance companies (or their affiliates) or other financial intermediaries (collectively, "financial intermediaries"). These payments may create an incentive for a financial intermediary or its representatives to recommend or offer shares of the Portfolio or insurance products for which the Portfolio serves as an underlying investment. Such payments, which are sometimes referred to as "revenue sharing," may be calculated by reference to the gross or net sales by such person, the average net assets of shares held by the customers of such person, the number of accounts of the Portfolio attributable to such person, on the basis of a flat fee or a negotiated lump sum payment for services provided, or otherwise.

The additional payments to such financial intermediaries are negotiated based on a number of factors including, but not limited to, quality of service, reputation in the industry, ability to attract and retain assets, target markets, customer relationships, and relationship with the Distributor or its affiliates. No one factor is determinative of the type or amount of additional compensation to be provided. The amount of these payments, as determined from time to time by the Distributor or the Adviser (or an affiliate) in its sole discretion, may be different for different financial intermediaries. The compensation arrangements described in this section are not mutually exclusive, and a single financial intermediary may receive multiple types of compensation. These additional payments are made by the Adviser, the Distributor or their respective affiliates and do not increase the amount paid by you or the Portfolio as shown under the heading "Fees and Expenses of the Portfolio" in this Prospectus.

Payments by the Distributor and/or the Adviser (and their affiliates) to financial intermediaries may include payments for providing recordkeeping services with respect to certain groups of investors in the Portfolio, including Contract owners that allocate contract value indirectly to one or more portfolios (collectively referred to as "subaccounting" services, and Contract owners and other investors as "investors"). The subaccounting services typically include: (i) maintenance of master accounts with the Portfolio (e.g., recordkeeping for insurance company separate accounts investing in the Portfolio); (ii) tracking, recording and transmitting net purchase and redemption orders for Portfolio shares; (iii) establishing and maintaining investor accounts and records; (iv) recording investor account balances and changes thereto; (v) distributing redemption proceeds and transmitting net purchase payments and arranging for the wiring of funds; (vi) reconciling purchase and redemption activity and dividend and distribution payments between a master account and the Portfolio; (vii) maintaining and preserving records related to the purchase, redemption and other account activity of investors; (viii) providing statements to investors; (ix) furnishing proxy materials, periodic fund reports, prospectuses and other communications to investors as required; (x) assisting with proxy solicitations on behalf of the Portfolio, including soliciting and compiling voting instructions from Contract owners; (xi) responding to inquiries from investors about the Portfolio and (xii) providing information in order to assist the Portfolio in their compliance with state securities laws.

Such payments also may be made to provide additional compensation to financial intermediaries for various marketing support services, including, without limitation, providing periodic and ongoing education and training and support of financial intermediary

*32 Distribution arrangements*

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personnel regarding the Portfolio and the financial planning needs of investors who purchase through financial intermediaries; adding the Portfolio to the list of underlying investment options in an insurance company's variable products; disseminating to financial intermediary personnel information and product marketing materials regarding the Portfolio; explaining to financial intermediaries' clients the features and characteristics of the Portfolio; conducting due diligence regarding the Portfolio; granting access (in some cases on a preferential basis over other competitors) to sales meetings, sales representatives and management representatives of the financial intermediary; and providing business planning assistance, marketing support, advertising and other services. The Distributor and its affiliates may make other payments or allow other promotional incentives to financial intermediaries to the extent permitted by SEC and FINRA rules and by other applicable laws and regulations.

The Distributor and its affiliates may make the payments described above in order to promote the sale of Portfolio shares and the retention of those investments by clients of insurance companies and other qualified investors. To the extent these financial intermediaries sell more shares of the Portfolio or retain shares of the Portfolio in their customers' accounts, the Adviser, the Distributor and their affiliates may directly or indirectly benefit from the incremental management and other fees paid to the Adviser and the Distributor by the Portfolio with respect to those assets.

The Portfolio's portfolio transactions are not used as a form of sales-related compensation to financial intermediaries that promote or sell shares of the Portfolio and the promotion or sale of such shares is not considered as a factor in the selection of broker-dealers to execute the Portfolio's portfolio transactions. The Adviser places, and each Sub-Adviser is required to place, the Portfolio's portfolio transactions with broker-dealer firms based on the firm's ability to provide the best net results from the transaction to the Portfolio. To the extent that the Adviser or a Sub-Adviser determines that a financial intermediary can provide the Portfolio with the best net results, the Adviser or a Sub-Adviser may place the Portfolio's portfolio transactions with the financial intermediary even though it sells or has sold shares of the Portfolio.

You can find further information in the SAI about the payments made by the Distributor, the Adviser, or their affiliates and the services provided by your financial intermediary. You can also ask your financial intermediary about any payments it receives from the Distributor, the Adviser, or their affiliates (and any conflicts of interest that such payments may create) and any services your financial intermediary provides, as well as about fees and/or commissions it charges. Your financial intermediary may charge you fees or commissions in addition to those disclosed in this Prospectus. Financial intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this Prospectus and the SAI.

*Distribution arrangements 33*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Financial highlights

Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, financial highlights are not yet available for the Portfolio.

*34 Financial highlights*

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If you would like more information about the Portfolio, the following documents (including a copy of this Prospectus)

are available at the Trust's website: **www.equitable-funds.com**, free of charge.

**Annual and Semi-Annual Reports —** Include more information about the Portfolio's investments and performance. The reports usually include performance information, a discussion of market conditions and the investment strategies that significantly affected the Portfolio's performance during the most recent fiscal period.

**Statement of Additional Information (SAI) —** Provides more detailed information about the Portfolio, has been filed with the SEC and is incorporated into this Prospectus by reference.

**Portfolio Holdings Disclosure —** A description of the Portfolio's policies and procedures with respect to the disclosure of its portfolio securities holdings is available in the SAI, which is available on the Trust's website.

**To order a free copy of the SAI and/or Annual and Semi-Annual Reports, request other information about the Portfolio, or make shareholder inquiries, contact your financial professional, or the Trust at:** 

**EQ Advisors Trust**

**1290 Avenue of the Americas**

**New York, New York 10104**

**Telephone: 1-877-222-2144** 

Your financial professional or the Trust will also be happy to answer your questions or to provide any additional information that you may require.

Reports and other information about the Portfolio are available on the EDGAR database on the SEC's Internet site at:

**http://www.sec.gov** 

Investors may also obtain copies of this information, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov

Each business day, the Portfolio's net asset values are transmitted electronically to insurance companies that use the Portfolio as an underlying investment option for Contracts.

**EQ Advisors Trust** 

(Investment Company Act File No. 811-07953)

<sup>©</sup> 2023 EQ Advisors Trust

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**EQ ADVISORS TRUST**<sup>SM</sup>

**EQ/Intermediate Corporate Bond Portfolio** 

**Class IB and Class K Shares** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**April 3, 2023** 

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the prospectus for the EQ/Intermediate Corporate Bond Portfolio (the "Portfolio") dated April 3, 2023, as supplemented from time to time (the "Prospectus"), which may be obtained without charge by calling Equitable Financial Life Insurance Company ("Equitable Financial") toll-free at 1-877-222-2144 or writing to EQ Advisors Trust (the "Trust") at 1290 Avenue of the Americas, New York, New York 10104. Unless otherwise defined herein, capitalized terms have the meanings given to them in the Prospectus.

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**Table of Contents** 

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| | |
|:---|:---|
|  | **Page** |
| Description of the Trust | 3 |
| Trust Investment Policies | 5 |
| Investment Strategies and Risks | 7 |
| Portfolio Holdings Disclosure Policy | 20 |
| Management of the Trust | 23 |
| Investment Advisory and Other Services | 34 |
| Brokerage Allocation and Other Strategies | 42 |
| Proxy Voting Policies and Procedures | 44 |
| Conflicts of Interest | 44 |
| Purchase, Redemption and Pricing of Shares | 53 |
| Taxation | 55 |
| Other Information | 58 |
| Other Services | 61 |
| Appendix A — Ratings of Corporate Debt Securities | A-1 |
| Appendix B — Portfolio Manager Information | B-1 |
| Appendix C — Proxy Voting Policies and Procedures | C-1 |

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**Description of the Trust**

EQ Advisors Trust is an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust was organized as a Delaware statutory trust on October 31, 1996 under the name "787 Trust." The Trust changed its name to "EQ Advisors Trust" effective November 25, 1996. (See "Other Information.")

Equitable Investment Management Group, LLC (the "Adviser" or "EIM") serves as the investment adviser for the Trust.

This SAI contains information with respect to shares of the EQ/Intermediate Corporate Bond Portfolio ("Portfolio"), which is authorized to offer only Class IB and Class K shares.

The assets of the Trust received for the issue or sale of shares of the Portfolio and all income, earnings, profits and proceeds thereof, subject to the rights of creditors, are allocated to the Portfolio, and constitute the assets of the Portfolio. The assets of the Portfolio are charged with the liabilities and expenses attributable to the Portfolio, except that liabilities and expenses may be allocated to a particular class. Any general expenses of the Trust are allocated between or among any one or more of its portfolios or classes.

Class K shares are offered at net asset value and are not subject to distribution fees imposed pursuant to a distribution plan. Class IB shares are offered at net asset value and are subject to fees imposed under a distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1 Distribution Plan"). Each class of shares is offered under the Trust's multi-class distribution system, which is designed to allow promotion of insurance products investing in the Trust through alternative distribution channels. Under the Trust's multi-class distribution system, shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and, generally, will have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class bears its "Class Expenses"; (c) each class has exclusive voting rights on any matter submitted to shareholders that relates solely to its distribution arrangements; (d) each class has separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class; (e) each class may have separate exchange privileges, although exchange privileges are not currently contemplated; and (f) each class may have different conversion features, although a conversion feature is not currently contemplated. Expenses currently designated as "Class Expenses" by the Board under the Trust's multiple-class plan pursuant to Rule 18f-3 under the 1940 Act are currently limited to payments made to the Distributor, as defined later in this SAI, for the Class IB shares pursuant to the Rule 12b-1 Distribution Plan.

The Trust's shares may be sold to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts (collectively, "Contracts") issued or to be issued by Equitable Financial or other affiliated or unaffiliated insurance companies and, to the extent permitted by applicable law, to tax-qualified retirement plans ("Retirement Plans"), and other series of the Trust and series of EQ Premier VIP Trust, a separate registered investment company managed by the Adviser that currently sells its shares to such accounts and plans. Shares of the Portfolio also may be sold to any other person who may hold such shares and not preclude a separate account that invests in the Portfolio from using a certain "look-through" rule set forth in the Internal Revenue Code of 1986, as amended ("Code"), and the regulations thereunder (described in the section of this SAI entitled "Taxation"). Class K shares of the Portfolio are sold only to other portfolios of the Trust, portfolios of EQ Premier VIP Trust, and certain group annuity and Retirement Plans.

The Trust does not currently foresee any disadvantage to Contract owners arising from offering the Trust's shares to separate accounts of insurance companies that are unaffiliated with one another or the Equitable 401(k) Plan (the "Equitable Plan") or other Retirement Plans. However, it is theoretically possible that the interests of owners of various Contracts participating in the Trust through separate accounts or the Equitable Plan or other Retirement Plan participants might at some time be in conflict. In the case of a material irreconcilable conflict, one or more separate accounts or the Equitable Plan or other Retirement Plan might withdraw its investments in the Trust, which might force the Trust to sell portfolio securities at disadvantageous prices. The Board will monitor the Portfolio for the existence of any material irreconcilable conflicts between or among such separate accounts, the Equitable Plan and other Retirement Plans and will take whatever remedial action may be necessary.

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The Portfolio is classified as a "diversified" portfolio under the 1940 Act. Currently under the 1940 Act, a diversified portfolio may not, with respect to 75% of its total assets, invest in a security if, as a result of such investment, more than 5% of the portfolio's total assets would be invested in the securities of any one issuer or the portfolio would hold more than 10% of the outstanding voting securities of any one issuer. These percentage limitations do not apply to securities issued or guaranteed by the U.S. government, its agencies and instrumentalities or to securities issued by other investment companies. With respect to the remaining 25% of its total assets, a diversified portfolio may invest more than 5% of its total assets in the securities of one issuer. Repurchase agreements will not be considered to be subject to the above-stated 5% limitation if the collateral underlying the repurchase agreements consists exclusively of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities. In addition, mortgage- and asset-backed securities will not be considered to have been issued by the same issuer by reason of the securities having the same sponsor, and mortgage- and asset-backed securities issued by a finance or other special purpose subsidiary that are not guaranteed by the parent company will be considered to be issued by a separate issuer from the parent company. The 1940 Act provides that a portfolio may not change its classification from diversified to non-diversified unless authorized by the vote of a majority of the outstanding voting securities of the portfolio.

The diversification requirement is applied at the time the Portfolio invests its assets in an issuer. If, subsequent to an investment by the Portfolio, the value of the Portfolio's position in the issuer increases above the 5% or 10% thresholds described above, the Portfolio may continue to hold the investment and this generally will not result in a violation of the diversification policy. However, appreciation in the value of the position above these thresholds could negatively affect the Portfolio's flexibility in making additional investments in securities of the applicable issuer. In addition, appreciation in the value of the position could cause the Portfolio to be subject to additional risks. For example, the Portfolio's performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence. In addition, to the extent that this results in the Portfolio investing more heavily in one sector, industry, or sub-sector of the market, the Portfolio's performance will be especially sensitive to developments that significantly affect that sector, industry, or sub-sector. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market.

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**Trust Investment Policies**

**Fundamental Restrictions** 

The Portfolio has adopted certain investment restrictions that are fundamental and may not be changed without approval by a "majority" vote of the Portfolio's shareholders. Such majority is defined in the 1940 Act as the lesser of: (i) 67% or more of the voting securities of the Portfolio present in person or by proxy at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of the Portfolio.

Set forth below are each of the fundamental restrictions adopted by the Portfolio.

The Portfolio will not:

(1) issue senior securities to the extent such issuance would violate the 1940 Act, and the rules thereunder, as interpreted or modified by regulatory authority having jurisdiction from time to time, and any applicable exemptive relief.

(2) borrow money, except as permitted under the 1940 Act, and the rules thereunder, as interpreted or modified by regulatory authority having jurisdiction from time to time, and any applicable exemptive relief.

(3) engage in the business of underwriting securities issued by others, except to the extent that the sale of portfolio securities by the Portfolio may be deemed to be an underwriting or as otherwise permitted by the 1940 Act, and the rules thereunder, as interpreted or modified by regulatory authority having jurisdiction from time to time, and any applicable exemptive relief.

(4) concentrate its investments in a particular industry or group of industries, as the term "concentration" is used in the 1940 Act, and the rules thereunder, as interpreted or modified by regulatory authority having jurisdiction from time to time, and any applicable exemptive relief.

(5) purchase or sell real estate, except that the Portfolio may purchase and sell securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business, and the Portfolio may purchase and sell real estate acquired as a result of the ownership of securities or other instruments.

(6) purchase or sell physical commodities to the extent prohibited by the 1940 Act and other applicable laws, and the rules thereunder, as interpreted or modified by regulatory authorities having jurisdiction from time to time, and any applicable exemptive relief.

(7) make loans to other persons to the extent prohibited by the 1940 Act, and the rules thereunder, as interpreted or modified by regulatory authority having jurisdiction from time to time, and any applicable exemptive relief.

**Notations Regarding the Portfolio's Fundamental Restrictions** 

The Portfolio's fundamental restrictions are written and will be interpreted broadly. From time to time, the Securities and Exchange Commission ("SEC") and members of its staff, and others, issue formal or informal views on various provisions of the 1940 Act and the rules thereunder, including through no-action letters and exemptive orders. For flexibility, the Portfolio's fundamental restrictions will be interpreted with regard to these interpretations or modifications, as they are given from time to time. Therefore, it is possible that the interpretation of the Portfolio's fundamental restrictions could change in the future.

The following notations are not considered to be part of the Portfolio's fundamental restrictions and are subject to change without shareholder approval.

**Senior Securities and Borrowing** (notations regarding the fundamental restrictions set forth in (1) and (2) above)

"Senior securities" generally are obligations that have a priority over a portfolio's shares with respect to the distribution of portfolio assets or the payment of dividends. Borrowings are viewed as involving the creation of a senior security. Under the 1940 Act, an open-end fund currently may not issue senior securities, except that a portfolio is permitted to borrow money in an amount not in excess of 33 1/3% of the portfolio's total assets (including the amount of the senior securities issued but reduced by any

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liabilities not constituting senior securities) at the time of the issuance or borrowing, and except that a portfolio may borrow up to an additional 5% of its total assets (not including the amount borrowed) for temporary purposes, such as clearance of portfolio transactions and share redemptions. Any Portfolio borrowings that come to exceed these amounts will be reduced in accordance with applicable law.

Rule 18f-4 under the 1940 Act ("Rule 18f-4") governs the use of derivatives by registered investment companies. Rule 18f-4 imposes limits on the amount of derivatives a portfolio can enter into and replaces the asset segregation framework previously used by portfolios to comply with the limitations on the issuance of senior securities imposed by Section 18 of the 1940 Act. Rule 18f-4 permits a portfolio, provided that the conditions imposed by the rule are met, to engage in derivatives transactions and certain other transactions that might otherwise be considered to create senior securities.

**Underwriting** (notations regarding the fundamental restriction set forth in (3) above)

A portfolio engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an "underwriter" under certain federal securities laws. Although it is not believed that the application of the federal securities laws so described would cause the Portfolio to be engaged in the business of underwriting, the fundamental restriction will be interpreted not to prevent the Portfolio from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Portfolio may be considered to be within the technical definition of an underwriter under the federal securities laws or is otherwise engaged in the underwriting business to the extent permitted under applicable law.

**Concentration** (notations with respect to the fundamental restriction set forth in (4) above)

While the 1940 Act does not define what constitutes "concentration" in an industry, the SEC staff has taken the position that investment of 25% or more of a portfolio's total assets in one or more issuers conducting their principal business activities in the same industry or group of industries constitutes concentration. The fundamental restriction does not apply to securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or obligations the interest on which is excludable from gross income for federal income tax purposes issued or guaranteed by a U.S. territory or possession or a state or local government, or a political subdivision of any of the foregoing. Private activity municipal securities are not included within the exclusion for political subdivisions. In addition, investments in other investment companies are not considered an investment in any particular industry for purposes of the fundamental restriction. Industries generally are determined by reference to the classifications of industries set forth in the Portfolio's shareholder reports. With respect to the Portfolio's investments in options, futures, swaps and other derivative transactions, industries may be determined by reference to the industry of the reference asset. The Portfolio may invest in securities of other investment companies or investment vehicles that may concentrate their assets in one or more industries. The Portfolio may consider the concentration of such investment companies and investment vehicles in determining compliance with the fundamental restriction.

**Commodities** (notations with respect to the fundamental restriction set forth in (6) above)

The 1940 Act generally does not prohibit a portfolio from investing in commodities or commodity-related instruments. A portfolio is, however, limited in the amount of illiquid assets it may purchase, and certain commodities, especially physical commodities, may be considered to be illiquid. The Portfolio may purchase or sell currencies and securities or other instruments backed by physical commodities and may purchase, sell or enter into options, futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments, including commodity-linked derivative instruments. The Portfolio may, consistent with the fundamental restriction, transact in securities of exchange-traded funds ("ETFs") or similar instruments that provide exposure to physical commodities. The Portfolio will not qualify as a "regulated investment company" under Section 851(a) of the Code (a "RIC") in any taxable year, however, for which more than 10% of its gross income consists of certain "non-qualifying" income, which includes gains from selling physical commodities (or options or futures contracts thereon unless the gain is realized from certain hedging transactions). To remain within that limitation, the Portfolio may need to limit its purchases of commodity-related investments that generate non-qualifying income, hold such an investment to avoid realizing non-qualifying income, sell such an investment at a loss, or take other actions, such as sell other investments, when for investment reasons it would not otherwise do so. The Portfolio would not intend to sell commodity-related investments when doing so would cause it to fail to qualify as a RIC.

**Loans** (notations with respect to the fundamental restriction set forth in (7) above)

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The fundamental restriction allows the Portfolio to engage in all forms of lending (including loans of cash and portfolio securities) — and thus become a creditor — to the full extent permitted under the 1940 Act and related interpretations, as in effect from time to time. For purposes of the fundamental restriction, the acquisition of bonds, debentures, other debt securities or instruments, or participations or other interests therein and investments in government obligations, commercial paper, certificates of deposit, bankers' acceptances or similar instruments and repurchase agreements will not be considered the making of a loan. In addition, the fundamental restriction would allow the Portfolio to engage in interfund lending, subject to SEC approval of an exemptive application. Interfund lending would allow the Portfolio to temporarily lend cash to another portfolio, subject to certain conditions of the exemptive relief. An interfund borrowing and lending program may provide the opportunity for a borrowing portfolio to pay an interest rate lower than what would be typically available from a bank, and the opportunity for a lending portfolio to receive an interest rate higher than what could be typically expected from investing cash in short-term instruments for cash management purposes. While the Portfolio has not applied for interfund lending relief, it may do so in the future.

**Non-Fundamental Restrictions** 

The following investment restrictions generally apply to the Portfolio (unless otherwise indicated) but are not fundamental. They may be changed by the Board and without a vote of the Portfolio's shareholders.

The Portfolio will not purchase any investment if, as a result, more than 15% of its net assets would be invested in illiquid investments as such term is defined by Rule 22e-4 of the 1940 Act. If, through a change in values, net assets, or other circumstances, the Portfolio were in a position where more than 15% of its net assets were invested in illiquid investments, the Portfolio, in accordance with Rule 22e-4(b)(1)(iv), will report the occurrence to both the Board and the SEC and take steps to bring the aggregate amount of illiquid investments back within the prescribed limitation within a reasonable period of time.

The Portfolio will not invest more than 15% of its net assets in collateralized debt obligations or non-agency collateralized mortgage obligations.

If shares of the Portfolio are purchased by another portfolio in reliance on Section 12(d)(1)(G) of the 1940 Act, for so long as shares of the Portfolio are held by such portfolio, the Portfolio will not purchase securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act.

The Portfolio may, notwithstanding any fundamental or non-fundamental investment policy or limitation, invest all of its assets in the securities of a single open-end management investment company with substantially the same investment objective, policies and limitations as the Portfolio.

The Portfolio has a policy that it will invest at least 80% of its net assets, plus borrowings for investment purposes, in a particular type of investment, as more fully set forth in the Prospectus. Such policy is subject to change only upon at least sixty (60) days' prior notice to shareholders of the Portfolio to the extent required by SEC rules.

The Portfolio has investment policies, limitations, or practices that are applicable "normally" or under "normal circumstances" or "normal market conditions" (as stated above and elsewhere in this SAI or in the Portfolio's Prospectus). Pursuant to the discretion of EIM and the Portfolio's sub-adviser(s), these investment policies, limitations, or practices may not apply during periods of abnormal purchase or redemption activity or during periods of unusual or adverse market, economic, political or other conditions. Such market, economic or political conditions may include periods of abnormal or heightened market volatility, strained credit and/or liquidity conditions, or increased governmental intervention in the markets or industries. These conditions may impact the markets or economy broadly or may be more focused in impacting particular industries, groups or parties, including impacting the Trust alone. During such periods, the Portfolio may not invest according to its principal investment strategies or in the manner in which its name may suggest, and may be subject to different and/or heightened risks. It is possible that such unusual or adverse conditions may continue for extended periods of time.

**Investment Strategies and Risks**

In addition to a Portfolio's principal investment strategies and principal risks discussed in its Prospectus, a Portfolio may engage in other types of investment strategies and may be subject to additional risks as further described below. A Portfolio may invest in or utilize any of these investment strategies and instruments or engage in any of these practices except where otherwise prohibited by law, by the Portfolio's own investment policies and restrictions listed in the Prospectus, or under the "Fundamental Restrictions" in this SAI. However, a Portfolio is not required to engage in any particular transaction or purchase any particular type of securities

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or investment even if to do so might benefit the Portfolio. Unless otherwise stated herein, all investment policies of a Portfolio may be changed by the Board without shareholder approval or notice. In addition, a Portfolio may be subject to restrictions on its ability to utilize certain investments or investment techniques. Unless otherwise stated herein, these additional restrictions may be changed with the consent of the Board but without approval by or notice to shareholders.

**Bankruptcy, Workout and Other Restructurings.** In bankruptcy, restructuring, or other workout proceedings, a Portfolio's Adviser or Sub-Adviser may cause the Portfolio to make new investments in a company if it believes it is in the Portfolio's best interest to do so, including through the acquisition of new or additional debt or equity securities or the acquisition or the making of new or additional loans. Such proceedings may result in a Portfolio providing or supporting new financing or capital to the existing or a restructured company, including in the form of debtor-in-possession loans, exit financings, a committed credit facility, rights offerings, and/or back-stop agreements related to new financings or securities issuances. Participation by a Portfolio in such processes may involve the Portfolio bearing fees and expenses and expose the Portfolio to potential liabilities under the federal bankruptcy laws or other applicable laws. If the Adviser or Sub-Adviser's assessment of the eventual recovery value of a security proves incorrect or if the actions taken by an Adviser or Sub-Adviser or its designee prove unsuccessful, a Portfolio may be required to accept cash or instruments worth less than originally anticipated. In addition, events, including unexpected or unforeseeable events, may occur during bankruptcy, restructuring, or other workout proceedings, which may adversely affect the value of the Portfolio's investment and/or its recovery in the proceedings. A Portfolio could potentially lose more than its original investment to the extent, for example, the Portfolio makes new or additional investments or indemnifies its agents or other third parties for losses they incur in connection with their representation of the Portfolio in a bankruptcy, restructuring, or other workout proceeding.

**Bonds.** Bonds are fixed or variable rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. Mortgage- and asset-backed securities are types of bonds, and certain types of income-producing, non-convertible preferred stocks may be treated as bonds for investment purposes. Bonds generally are used by corporations, governments and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Many preferred stocks and some bonds are "perpetual" in that they have no maturity date.

Bonds are subject to interest rate risk and credit risk. In addition, significant securities market disruptions related to outbreaks of the coronavirus disease (COVID-19) pandemic have led, and may continue to lead, to dislocation in the market for a variety of fixed income securities (including, without limitation, commercial paper, corporate debt securities, certificates of deposit, asset-backed debt securities and municipal obligations), which has decreased liquidity and sharply reduced returns. To the extent that a Portfolio purchases illiquid corporate debt securities or securities which are restricted as to resale, such Portfolio may incur additional risks and costs.

Interest rate risk is the risk that interest rates will rise and that, as a result, bond prices will fall, lowering the value of a Portfolio's investments in bonds. If interest rates move sharply in a manner not anticipated by a Portfolio's management, the Portfolio's investments in bonds could be adversely affected. In general, bonds having longer durations are more sensitive to interest rate changes than are bonds with shorter durations. Duration is a measure of a bond's price sensitivity to a change in its yield. The change in the value of a fixed income security or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, if a bond has a 5-year duration and its yield rises 1%, the bond's value is likely to fall about 5%. Similarly, if a bond portfolio has a 5-year average duration and the yield on each of the bonds held by the portfolio rises 1%, the portfolio's value is likely to fall about 5%. For portfolios with exposure to foreign markets, there are many reasons why all of the bond holdings do not experience the same yield changes. These reasons include: the bonds are spread off of different yield curves around the world and these yield curves do not move in tandem; the shapes of these yield curves change; and sector and issuer yield spreads change. Other factors can influence a bond portfolio's performance and share price. Accordingly, a bond portfolio's actual performance will likely differ from the example. During periods of rising interest rates, the average life of certain bonds is extended because of slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of these bonds, especially mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and lose value. This is known as extension risk.

Credit risk is the risk that an issuer will not make timely payments of principal and interest on the bond. The degree of credit risk depends on the issuer's financial condition and on the terms of the debt securities. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Portfolio's investment in that issuer.

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**Cybersecurity and Operational Risks.** With the increased use of technologies such as the Internet to conduct business, a Portfolio is susceptible to operational, information security and related risks, including potential damage to computer systems (including shareholder computer systems). Operational risks include processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology errors or malfunctions, changes in personnel, and errors caused by a Portfolio's Adviser, Sub-Adviser(s), third-party service providers or counterparties. A Portfolio attempts to mitigate such risks; however, it is not possible to identify all of the risks that may affect a Portfolio.

In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches by a Portfolio's Adviser, Sub-Adviser(s) and other service providers (including, but not limited to, Portfolio accountants, custodians, transfer agents and administrators), and the issuers of securities in which a Portfolio invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a Portfolio may have established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. There is also a risk that cyber attacks are not detected. Furthermore, a Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio and issuers in which the Portfolio invests. In certain situations, a Portfolio, the Adviser, a Sub-Adviser, or a service provider may be required to comply with law enforcement in responding to a cybersecurity incident, which may prevent the Portfolio from fully implementing its cybersecurity plans and systems, and (in certain situations) may result in additional information loss or damage. A Portfolio and its shareholders could be negatively impacted as a result.

**Forward Commitments, When-Issued and Delayed Delivery Securities.** Forward commitments including "TBA" (to be announced), when-issued and delayed delivery transactions arise when securities are purchased by a Portfolio with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Portfolio at the time of entering into the transaction. However, the price of or yield on a comparable security available when delivery takes place may vary from the price of or yield on the security at the time that the forward commitment or when-issued or delayed delivery transaction was entered into. Agreements for such purchases might be entered into, for example, when a Portfolio anticipates a decline in interest rates and is able to obtain a more advantageous price or yield by committing currently to purchase securities to be issued later. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, which risk is in addition to the risk of decline in the value of a Portfolio's other assets. Where such purchases are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer's failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal Reserve Bank of New York, a Portfolio or its counterparty generally is required to post collateral when entering into certain forward-settling transactions, including without limitation TBA transactions.

A Portfolio will only enter into forward commitments and make commitments to purchase securities on a when-issued or delayed delivery basis with the intention of actually acquiring the securities. However, a Portfolio may sell these securities before the settlement date if it is deemed advisable as a matter of investment strategy. Forward commitments and when-issued and delayed delivery transactions are generally expected to settle within three months from the date the transactions are entered into, although a Portfolio may close out its position prior to the settlement date by entering into a matching sales transaction. In general, a Portfolio does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date.

A Portfolio may purchase forward commitments and make commitments to purchase securities on a when-issued or delayed-delivery basis for any number of reasons, including to protect the value of portfolio investments, as a means to adjust the Portfolio's overall exposure, and to enhance the Portfolio's return. Purchases made in an effort to enhance a Portfolio's return may involve more risk than purchases made for other reasons. For example, by committing to purchase securities in the future, a Portfolio subjects itself to a risk of loss on such commitments as well as on its portfolio securities. Also, a Portfolio may have to sell assets that have been set aside in order to meet redemptions. In addition, if a Portfolio determines it is advisable as a matter

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of investment strategy to sell the forward commitment or when-issued or delayed delivery securities before delivery, that Portfolio may incur a gain or loss because of market fluctuations since the time the commitment to purchase such securities was made. When the time comes to pay for the securities to be purchased under a forward commitment or on a when-issued or delayed delivery basis, a Portfolio will meet its obligations from the then available cash flow or the sale of securities, or, although it would not normally expect to do so, from the sale of the forward commitment or when-issued or delayed delivery securities themselves (which may have a value greater or less than a Portfolio's payment obligation).

**Illiquid Securities or Non-Publicly Traded Securities.** A Portfolio may invest in illiquid securities or non-publicly traded securities. The inability of a Portfolio to dispose of illiquid or not readily marketable investments promptly or at a reasonable price could impair a Portfolio's ability to raise cash for redemptions or other purposes. Generally, an illiquid security is any investment that may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid securities may include unregistered securities, securities subject to contractual or legal restrictions on resale or other restricted securities and repurchase agreements maturing in greater than seven days. Illiquid securities may also include commercial paper under section 4(2) of the 1933 Act, and Rule 144A securities (restricted securities that may be traded freely among qualified institutional buyers pursuant to an exemption from the registration requirements of the securities laws); these securities generally are considered illiquid unless the Adviser or Sub-Adviser determines they are liquid. Most such securities held by a Portfolio are deemed liquid. Generally, foreign securities freely tradable in their principal market are not considered restricted or illiquid even if they are not registered in the United States. Illiquid securities may be difficult for a Portfolio to value or dispose of due to the absence of an active trading market. The sale of some illiquid securities by a Portfolio may be subject to legal restrictions, which could be costly to the Portfolio.

A Portfolio may invest in "restricted securities," which generally are securities that may be resold to the public only pursuant to an effective registration statement under the 1933 Act or an exemption from registration. Regulation S under the 1933 Act is an exemption from registration that permits, under certain circumstances, the resale of restricted securities in offshore transactions, subject to certain conditions, and Rule 144A under the 1933 Act is an exemption that permits the resale of certain restricted securities to qualified institutional buyers.

Rule 144A is designed to facilitate trading of restricted securities among qualified institutional investors. To the extent restricted securities held by a Portfolio qualify under Rule 144A and an institutional market develops for those securities, the Portfolio expects that it will be able to dispose of the securities without registering the resale of such securities under the 1933 Act. However, to the extent that a robust market for such 144A securities does not develop, or a market develops but experiences periods of illiquidity, investments in Rule 144A securities could increase the level of a Portfolio's illiquidity. A Portfolio may find these investments difficult to value. In addition, a Portfolio might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

There is a large institutional market for certain securities that are not registered under the 1933 Act, which may include markets for repurchase agreements, commercial paper, foreign securities, municipal securities, loans and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

To the extent that a Portfolio acquires shares of a registered investment company in accordance with Section 12(d)(1)(F) of the 1940 Act, the registered investment company is not obligated to redeem its shares in an amount exceeding 1% of its shares outstanding during any period of less than 30 days. Shares held by a Portfolio in excess of 1% of a registered investment company's outstanding securities therefore may, under certain circumstances, be considered not readily marketable securities, which, together with other such securities, are subject to the 15% limitation described above.

**Investment Company Securities.** A Portfolio may invest in the securities of other investment companies to the extent permitted by the 1940 Act and the rules thereunder and by any applicable exemptive orders issued by the SEC. Investment company securities include securities of other open-end, management investment companies (commonly called mutual funds), ETFs, closed- end investment companies, and unit investment trusts. Section 12(d)(1)(A) of the 1940 Act, in relevant part, prohibits a registered investment company (such as a Portfolio) from acquiring shares of an investment company if after such acquisition the securities represent more than 3% of the total outstanding voting stock of the acquired company, more than 5% of the total assets of the acquiring company, or, together with the securities of any other investment companies, more than 10% of the total assets of the acquiring company, except in reliance on certain exceptions contained in the 1940 Act and the rules and regulations thereunder.

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The 1940 Act further prohibits an investment company from acquiring in the aggregate more than 10% of the total outstanding voting shares of any registered closed- end investment company. Notwithstanding the foregoing restrictions, Rule 12d1-4 under the 1940 Act permits a Portfolio to invest in other investment companies beyond the statutory limits discussed above, subject to certain conditions. Rule 12d1-4 includes conditions related to (i) limits on control and voting; (ii) required evaluations and findings related to investments in other investment companies; (iii) agreements between an acquiring and an acquired investment company; and (iv) limits on complex structures. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level will be reduced by the operating expenses and fees of such other investment companies, including advisory fees. In addition, certain types of investment companies, such as closed-end investment companies and ETFs, trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value per share. Such a premium or discount may impact the performance of a Portfolio's investment. Further, the securities of other investment companies may be leveraged. As a result, a Portfolio may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies that use leverage may expose a Portfolio to higher volatility in the market value of such securities and the possibility that the Portfolio's long-term returns on such securities will be diminished.

**ETFs.** ETFs are a type of investment company (or similar entity) the shares of which are bought and sold on a securities exchange and that hold a portfolio of securities or other financial instruments. An index-based ETF represents a portfolio of securities (or other assets) generally designed to track a particular market index or other referenced asset. The risks of owning an index-based ETF generally reflect the risks of owning the underlying securities it is designed to track, although lack of liquidity in an ETF could result in it being more volatile, and ETFs have fees which increase their costs. In addition, there is the risk that an index-based ETF may fail to closely track the index, if any, that it is designed to replicate. ETFs may also be actively managed. Actively managed ETFs are subject to management risk and may not achieve their objective if the ETFs manager's expectations regarding particular securities or markets are not met. By investing in a Portfolio that invests in ETFs, you will indirectly bear fees and expenses charged by the ETFs in which the Portfolio invests in addition to the Portfolio's direct fees and expenses.

**Investment Grade Securities.** Investment grade securities are securities rated Baa or higher by Moody's Investors Service, Inc. ("Moody's"), BBB or higher by Standard & Poor's Global Ratings ("S&P"), or BBB or higher by Fitch Ratings Ltd. ("Fitch"), securities that are comparably rated by another rating agency, or unrated securities determined by the Adviser or Sub-Adviser to be of comparable quality. Bonds rated in the lower investment grade rating categories (or determined to be of comparable quality by the Adviser or Sub-Adviser) have speculative characteristics. This means that changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case for higher rated debt securities. If a security is downgraded, the Adviser or Sub-Adviser will reevaluate the holding to determine what action, including the sale of such security, is in the best interests of a Portfolio.

**Non-Investment Grade Securities or "Junk Bonds."** Non-investment grade securities are securities rated Ba1 or lower by Moody's or BB+ or lower by S&P or Fitch, securities that are comparably rated by another rating agency, or unrated securities determined by the Adviser or Sub-Adviser to be of comparable quality. Non-investment grade securities are commonly known as "junk bonds" and are considered predominantly speculative with respect to the issuer's ability to pay interest and repay principal. Junk bonds may be issued as a consequence of corporate restructuring, such as leveraged buyouts, mergers, acquisitions, debt recapitalizations, or similar events or by smaller or highly leveraged companies and in other circumstances.

Non-investment grade securities generally offer a higher current yield than that available for investment grade securities; however, they involve greater risks than investment grade securities in that they are especially sensitive to, and may be more susceptible to, real or perceived adverse changes in general economic conditions and in the industries in which the issuers are engaged, changes in the financial condition of, and individual corporate developments of, the issuers, and price fluctuations in response to changes in interest rates. Because a Portfolio's investments in non-investment grade securities involve greater investment risk than its investments in higher rated securities, achievement of the Portfolio's investment objective will be more dependent on the Adviser's or Sub-Adviser's analysis than would be the case if the Portfolio were investing in higher rated securities.

Non-investment grade securities generally will be susceptible to greater risk when economic growth slows or reverses and when inflation increases or deflation occurs. Lower rated securities may experience substantial price declines when there is an expectation that issuers of such securities might experience financial difficulties. As a result, the yields on lower rated securities can rise dramatically. However, those higher yields may not reflect the value of the income stream that holders of such securities expect.

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Rather, those higher yields may reflect the risk that holders of such securities could lose a substantial portion of their value due to financial restructurings or defaults by the issuers. There can be no assurance that those declines will not occur.

During periods of economic downturn or rising interest rates, highly leveraged issuers may experience financial stress that could adversely affect their ability to make payments of interest and principal and increase the possibility of default. In addition, such issuers may not have more traditional methods of financing available to them and may be unable to repay debt at maturity by refinancing. The risk of loss due to default by such issuers is significantly greater because such securities frequently are unsecured by collateral and will not receive payment until more senior claims are paid in full. Non-investment grade securities may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, a Portfolio would have to replace the security with a lower yielding security, resulting in a decreased return. Conversely, a non-investment grade security's value will decrease in a rising interest rate market, as will the value of a Portfolio's investment in such securities. If a Portfolio experiences unexpected net redemptions, this may force it to sell its non-investment grade securities, without regard to their investment merits, thereby decreasing the asset base upon which the Portfolio's expenses can be spread and possibly reducing the Portfolio's rate of return.

In addition, the market for non-investment grade securities generally is thinner and less active than that for higher rated securities, which may limit a Portfolio's ability to sell such securities at fair value in response to changes in the economy or financial markets. This potential lack of liquidity may make it more difficult for the Adviser or Sub-Adviser to value accurately certain portfolio securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of non-investment grade securities, especially in a thinly traded market. In periods of reduced market liquidity, junk bond prices may become more volatile and may experience sudden and substantial price declines. Also, there may be significant disparities in the prices quoted for junk bonds by various dealers. Under such conditions, a Portfolio may find it difficult to value its junk bonds accurately. Under such conditions, a Portfolio may have to use subjective rather than objective criteria to value its junk bond investments accurately and rely more heavily on the judgment of the Adviser. It is the policy of the Adviser and Sub-Adviser not to rely exclusively on ratings issued by credit rating agencies but to supplement such ratings with their own independent and ongoing review of credit quality.

Prices for junk bonds also may be affected by legislative and regulatory developments. For example, the Tax Cuts and Jobs Act includes a provision limiting the deductibility of "business interest" expense, and from time to time, Congress has considered legislation to regulate corporate restructuring such as takeovers, mergers or leveraged buyouts. Such legislation could depress the prices of outstanding junk bonds.

**Credit Ratings.** Moody's, S&P, Fitch and other rating agencies are private services that provide ratings of the credit quality of bonds, including municipal bonds, and certain other securities. A description of the ratings assigned to commercial paper and corporate bonds by Moody's, S&P and Fitch is included in Appendix A to this SAI. The process by which Moody's, S&P and Fitch determine ratings generally includes consideration of the likelihood of the receipt by security holders of all distributions, the nature of the underlying assets, the credit quality of the guarantor, if any, and the structural, legal and tax aspects associated with these securities. Not even the highest such rating represents an assessment of the likelihood that principal prepayments will be made by obligors on the underlying assets or the degree to which such prepayments may differ from that originally anticipated, nor do such ratings address the possibility that investors may suffer a lower than anticipated yield or that investors in such securities may fail to recoup fully their initial investment due to prepayments.

Credit ratings attempt to evaluate the safety of principal and interest payments, but they do not evaluate the volatility of a bond's value or its liquidity and do not guarantee the performance of the issuer. Rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer's current financial condition may be better or worse than the rating indicates. There is a risk that rating agencies may downgrade a bond's rating. Subsequent to a bond's purchase by a Portfolio, it may cease to be rated or its rating may be reduced below the minimum rating required for purchase by the Portfolio. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed to be of comparable quality), or change in the percentage of portfolio assets invested in certain securities or other instruments, or change in the average duration of a Portfolio's investment portfolio, resulting from market fluctuations or other changes in a Portfolio's total assets will not require a Portfolio to dispose of an investment. A Portfolio may use these ratings in determining whether to purchase, sell or hold a security. It should be emphasized, however, that ratings are general and are not absolute standards of quality. Consequently, bonds with the same maturity, interest rate and rating may have different market prices.

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In addition to ratings assigned to individual bond issues, the Adviser or the applicable Sub-Adviser will analyze interest rate trends and developments that may affect individual issuers, including factors such as liquidity, profitability and asset quality. The yields on bonds are dependent on a variety of factors, including general money market conditions, general conditions in the bond market, the financial condition of the issuer, the size of the offering, the maturity of the obligation and its rating. There is a wide variation in the quality of bonds, both within a particular classification and between classifications. An issuer's obligations under its bonds are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of bond holders or other creditors of an issuer; litigation or other conditions may also adversely affect the power or ability of issuers to meet their obligations for the payment of interest and principal on their bonds.

**LIBOR Rate Risk.** Many debt securities, derivative instruments and other financial instruments have historically used LIBOR as the reference or benchmark rate for variable interest rate calculations. However, concerns have arisen regarding LIBOR's viability as a benchmark, due to manipulation allegations beginning in 2012 and, subsequently, reduced activity in the financial markets that it measures. Publication of LIBOR benchmarks for most maturities and currencies ceased as of December 31, 2021, and publication of the remaining benchmarks is scheduled to be phased out on June 30, 2023.

The Adjustable Interest Rate (LIBOR) Act was signed into law on March 15, 2022. It provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate ("SOFR") for certain contracts that reference LIBOR and contain no or insufficient fallback provisions. The effect of this law is uncertain. The transition of investments from LIBOR to a replacement rate, whether as a result of amendments, the application of fallback language, laws or otherwise, may result in a reduction in the value of certain instruments or a reduction in the effectiveness of related transactions, including hedges. Any such effects of the transition away from LIBOR, including unforeseen effects, could result in losses to a Portfolio.

Since the announcement that most tenors of U.S. dollar LIBOR would continue to be published through June 30, 2023, the Alternative Reference Rates Committee, including its ex officio members from the Federal Reserve Board and New York Federal Reserve, has emphasized that the extension to June 2023 does not alter the regulatory perspective on new loan issuances and that market participants should already be using language that provides for an automatic switch from LIBOR to a replacement in new loan agreements (or should start immediately), and that June 30, 2023 should be the target for the cessation of new loans based on LIBOR.

The SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a reference or benchmark rate in the United States. SOFR is discussed in further detail below. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate ("SONIA") in England.

Various financial industry groups are transitioning away from LIBOR, but there are obstacles to converting certain longer term securities and transactions to a new benchmark, as well as risks associated with using a new reference or benchmark rate with respect to new investments and transactions. Transition planning is ongoing, and neither the effect of the transition process nor its ultimate success can yet be known. While some LIBOR-based instruments may contemplate a scenario in which LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for a Portfolio. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to LIBOR ceasing to be published. Additionally, the transition away from LIBOR also introduces operational complexities that may require market participants to make significant changes to their IT systems or operational processes, including enhancements or modifications to systems, controls, procedures, and risk or valuation models associated with the transition to a new reference rate or benchmark. Market participants that have fallen behind on software releases may need to undertake systems upgrades, convert to new systems, or outsource the work in advance of vendor changes for LIBOR. Such efforts may take a significant amount of time and resources to complete.

SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. treasury securities, and has been published by the Federal Reserve Bank of New York since April 2018. The Federal Reserve Bank of New York has also been publishing historical

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indicative Secured Overnight Financing Rates from 2014. Historical changes or trends in SOFR may not be reliable as indicators of future changes in SOFR. While term SOFR for various maturities has begun to be adopted by some parties and for some types of transactions, the composition and characteristics of SOFR are not the same as those of LIBOR, and SOFR is fundamentally different from LIBOR because (1) SOFR is a secured rate, while LIBOR is an unsecured rate, and (2) SOFR is an overnight rate, while LIBOR is a forward-looking rate that represents interbank funding over different maturities. As a result, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events. Certain existing contracts provide for a spread adjustment when transitioning to SOFR from LIBOR, but there is no assurance that it will provide adequate compensation. Term SOFR rates for various maturities may not be available, recommended, or operationally feasible at the applicable benchmark replacement date.

Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates, such as LIBOR. The return on and value of an investment in notes or other investments linked to SOFR may fluctuate more than the value of investments that are linked to less volatile rates. In addition, the volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repo market. The Federal Reserve Bank of New York has at times conducted operations in the overnight U.S. Treasury repo market in order to help maintain the federal funds rate within a target range. There can be no assurance that the Federal Reserve Bank of New York will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could result in losses to a Portfolio.

SOFR is published by the Federal Reserve Bank of New York based on data that is receives from various sources. There can be no guarantee, particularly given its relatively recent introduction, that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in a Portfolio. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the amount of interest payable on a Portfolio's investments and the trading prices of those investments. In addition, the Federal Reserve Bank of New York may withdraw, modify or amend published SOFR data in its sole discretion and without notice. The interest rate for any interest period typically will not be adjusted for any modifications or amendments to SOFR data that may be published after the interest rate for that interest period has been determined.

Since SOFR is a relatively new reference rate, a Portfolio's investments in debt securities and other instruments linked to SOFR may not have an established trading market, and an established trading market may never develop or may not be very liquid. Market terms for instruments linked to SOFR, such as the spread over the base rate reflected in interest rate provisions or the manner of compounding the base rate, may evolve over time, and trading prices for such instruments may be lower than those of later-issued SOFR-based debt instruments as a result. Similarly, if SOFR does not prove to be widely used, the trading price of investments linked to SOFR may be lower than those of investments linked to reference rates that are more widely used. A Portfolio may not be able to sell the investments at all or may not be able to sell them at prices that will provide a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.

**Non-U.S. Issuer Risk.** Investments in debt securities of non-U.S. issuers involve additional risks because they are issued by foreign entities, such as foreign corporations. Foreign entities issuing these securities may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. corporations. In addition, there may be less publicly available information about foreign entities. Foreign economic, political and legal developments, as well as a compromise in public health and safety, could have more dramatic effects on the value of foreign securities. For example, conditions within and around foreign countries, such as the possibility of expropriation or confiscatory taxation, political or social instability, diplomatic developments, currency blockage, the imposition of sanctions and other similar measures, change of government or war could affect the value of foreign investments. Additionally, a country could experience a public health threat, such as an infectious illness, which could reduce consumer demand or economic output and/or result in market closures, travel restrictions or quarantines, all of which could affect the value of that country's securities and impact global markets. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position.

Securities of non-U.S. issuers typically have less volume and are generally less liquid and more volatile than securities of U.S. companies. There may be difficulties in obtaining or enforcing judgments against foreign issuers as well. Bankruptcy laws in some foreign countries are sometimes biased to the borrowers and against the creditors. In addition, a Portfolio's investments

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in securities of foreign issuers may be subject to economic sanctions or other government restrictions. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is difficult to ascertain. The imposition of sanctions and other similar measures could, among other things, result in a decline in the value and/or liquidity of securities issued by companies located in or economically tied to a sanctioned country, downgrades in the credit ratings of securities issued by companies located in or economically tied to a sanctioned country, and increased market volatility and disruption in the sanctioned country and throughout the world. These factors and others may increase the risks with respect to the liquidity of a Portfolio's investments and a Portfolio's ability to meet a large number of shareholder redemption requests.

International trade tensions may arise from time to time which could result in trade tariffs, embargos or other restrictions or limitations on trade. The imposition of any actions on trade could trigger a significant reduction in international trade, an oversupply of certain manufactured goods, substantial price reductions of goods, and possible failure of individual companies or industries, which could have a negative impact on a Portfolio's performance. Events such as these are difficult to predict and may or may not occur in the future.

During the 2008-2009 global financial crisis, financial markets in Europe experienced significant volatility due, in part, to concerns about rising levels of government debt and the prevalence of increased budget deficits. As a result, many economies in the region suffered through prolonged economic downturns. Due to the economic integration of the region, another economic downturn in one European country may have a negative impact on the economies of other European countries. As a Portfolio may hold investments in issuers that are located in Europe or that depend on revenues generated from operations in Europe, any material negative developments in Europe could have a negative impact on the value and liquidity of these investments, which could harm the Portfolio's performance.

In a 2016 referendum, citizens of the United Kingdom (the "UK") voted to withdraw from the European Union (the "EU"), which caused significant volatility in global financial markets. On January 31, 2020, the UK officially withdrew from the EU (commonly referred to as "Brexit"). A transition phase followed, which concluded on December 31, 2020. On December 30, 2020, the EU and the UK signed the EU-UK Trade and Cooperation Agreement, which governs certain aspects of the EU's and the UK's relationship. There is significant uncertainty regarding the final consequences of Brexit. During this period of uncertainty, the UK and European economies and the broader global economy may experience increased volatility and illiquidity, and companies that conduct a significant amount of business in the UK or Europe may experience lower revenue and/or profit growth, all of which may adversely affect the value of a Portfolio's investments. Brexit also may cause additional member states to contemplate departing the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets.

A Portfolio's investments in securities of issuers in emerging markets can be considered speculative, and therefore may offer higher potential for gains and losses than investments in developed markets of the world. With respect to an emerging country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war) that could affect adversely the economies of such countries or investments in such countries. The economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

**Recent Market Conditions.** U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region.

Interest rates were unusually low in recent years in the United States and abroad, but the interest rate environment changed dramatically in 2022 as interest rates moved significantly higher. Aggressive stimulus measures in 2020 and 2021, rising demand for goods and services, tight labor markets, and supply chain disruptions contributed to a surge of inflation in many sectors of the U.S. and global economies. Due to concerns regarding high inflation, the U.S. Federal Reserve ("Fed") and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives in an effort to control inflation, and they may continue to do so. It is difficult to predict accurately the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of any such further increases, and the evaluation of

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macro-economic and other conditions could cause a change in approach in the future. Rising interest rates may present a greater risk than has historically been the case due to the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives. As such, fixed-income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Portfolio's investments may not keep pace with inflation, and the value of an investment in a Portfolio may be eroded over time by inflation. Changes in government or central bank policies could negatively affect the value and liquidity of a Portfolio's investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful. The Fed's or foreign central banks' actions may result in an economic slowdown in the United States and abroad. There are concerns that monetary policy may provide less support should economic growth slow. An economic slowdown may negatively affect national and global economies, as well as national and global securities and commodities markets, and may continue for an extended period of time and have unforeseen impacts. Any deterioration in economic fundamentals may increase the risk of default or insolvency of particular companies, negatively impact market values, increase market volatility, cause credit spreads to widen, and reduce liquidity.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Portfolio has exposure to Russian investments or investments in countries affected by the invasion, the Portfolio's ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a Portfolio may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Portfolio's investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a Portfolio's performance and the value of an investment in a Portfolio beyond any direct exposure a Portfolio may have to Russian issuers or issuers in other countries affected by the invasion.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy and have material adverse impacts on a Portfolio. The impact of the novel coronavirus (COVID-19) pandemic caused significant volatility and severe losses in global financial markets. The COVID-19 pandemic and efforts to contain its spread resulted, and may continue to result, in significant disruptions to business operations, supply chains and customer activity, higher default rates, widespread business closures and layoffs, travel restrictions and border closings, extended quarantines and stay-at-home orders, event and service cancellations, labor shortages, and significant challenges in healthcare service preparation and delivery, as well as general concern, uncertainty and social unrest. Other outbreaks of infectious diseases or other public health issues that may arise in the future may have similar or worse effects. The impact of any outbreak may last for an extended period of time.

Public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, may exacerbate other pre-existing economic, political, and social tensions and risks, disrupt market conditions and operations and economies around the world, and negatively affect market performance and the value of investments in individual companies in significant and unforeseen ways. The impact of infectious diseases may be greater in countries that do not move effectively to control them or that have limited access to or popular uptake of vaccines, which may occur because of a lack of health care or economic resources or for political or other reasons. Additionally, public health crises caused by outbreaks of infectious diseases or other public health issues, such as the COVID-19 pandemic, could impair the information technology and other operational systems upon which the Adviser relies, and could otherwise disrupt the ability of a Portfolio's service providers to perform essential tasks. Such impacts could impair a Portfolio's ability to maintain operational standards (including with respect to satisfying redemption requests), disrupt the operations of a Portfolio's service providers, and negatively impact a Portfolio's performance.

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High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and there has been a significant increase in the amount of debt due to the economic effects of the COVID-19 pandemic and ensuing economic relief and public health measures. Economic, political and other developments may result in a further increase in the amount of public debt, including in the United States. The long-term consequences of high public debt are not known, but high levels of public debt may negatively affect economic conditions and the value of markets, sectors and companies in which a Portfolio invests.

Political and diplomatic events within the United States, including a contentious domestic political environment, changes in political party control of one or more branches of the U.S. government, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S. government shutdown, and disagreements over, or threats not to increase, the U.S. government's borrowing limit (or "debt ceiling"), as well as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. government debt obligations, or concerns about the U.S. government's credit quality in general, could have a substantial negative effect on the U.S. and global economies. Moreover, although the U.S. government has honored its credit obligations, there remains a possibility that the United States could default on its obligations. The consequences of such an unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Portfolios' investments.

Slowing global economic growth, the rise in protectionist trade policies, and changes to some major international trade agreements could affect the economies of many countries in ways that cannot necessarily be foreseen at the present time. For example, the full impact of the United Kingdom's ("UK") withdrawal from the European Union (the "EU"), commonly referred to as "Brexit," and the nature of the future relationship between the UK and the EU remain unclear. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, the EU and globally, which could negatively impact the value of a Portfolio's investments. The United States has developed increasingly strained relations with a number of foreign countries. If relations with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. Financial markets in the United States and China have been sensitive to the outlook for resolving ongoing U.S.-China trade disputes, a trend that may continue in the future.

In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels, an increase in powerful storms and/or an increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value. Large wildfires have devastated, and in the future may devastate, entire communities and may be very costly to any business found to be responsible for the fire or conducting operations in affected areas. Regulatory changes and divestment movements in the United States and abroad tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. Losses related to climate change could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. Because property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these effects might unfold.

Certain countries have experienced negative interest rates. Extremely low or negative interest rates may persist or become more prevalent. In that event, to the extent a Portfolio has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Portfolio would generate a negative return on that investment. Similarly, negative rates on investments by a fund that is a money market fund would make it difficult, if not impossible, for the fund to maintain a stable $1.00 net asset value per share without financial support from the fund's sponsor or other persons. There is no assurance that such support would be provided, which could lead to losses on investments in the fund, including on investments by a Portfolio to the extent that it uses the fund as an investment option for the Portfolio's uninvested cash. While negative yields may reduce the demand, liquidity and valuation of fixed income investments, investors may be willing to continue to purchase such investments for a number of reasons, including, but not limited to, price insensitivity, arbitrage opportunities across fixed income markets or rules-based investment strategies. If negative interest rates persist or become more prevalent, investors may over time seek to reallocate assets to other income-producing assets or equity investments that pay a dividend, which may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time.

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All of these risks may have a material adverse effect on the performance and financial condition of the companies and other issuers in which a Portfolio invests, and on the overall performance of a Portfolio.

**Sectors.** From time to time, based on market or economic conditions, a Portfolio may have significant positions in one or more sectors of the market. To the extent a Portfolio invests more heavily in one sector, industry, or sub-sector of the market, its performance will be especially sensitive to developments that significantly affect those sectors, industries, or subsectors. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. A Portfolio's performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

Communication Services Sector — The communication services sector, particularly telephone operating companies, are subject to both federal and state government regulations. Many telecommunications companies intensely compete for market share and can be impacted by technology changes within the sector such as the shift from wired to wireless communications. In September 2018, the communication services sector was redefined to also include media, entertainment and select internet-related companies. Media and entertainment companies can be subject to the risk that their content may not be purchased or subscribed to. Internet-related companies may be subject to greater regulatory oversight given increased cyberattack risk and privacy concerns. Additionally, internet-related companies may not achieve investor expectations for higher growth levels, which can result in stock price declines.

Consumer Discretionary Sector — The consumer discretionary sector can be significantly affected by the performance of the overall economy, interest rates, competition, and consumer confidence. Success can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products.

Consumer Staples Sector — The consumer staples sector can be significantly affected by demographic and product trends, competitive pricing, food fads, marketing campaigns, and environmental factors, as well as the performance of the overall economy, interest rates, consumer confidence, and the cost of commodities. Regulations and policies of various domestic and foreign governments affect agricultural products as well as other consumer staples.

Energy Sector — The energy markets have experienced significant volatility in recent periods, including a historic drop in 2020 in the price of crude oil and natural gas prices, and may continue to experience relatively high volatility for a prolonged period. To the extent that energy markets continue to experience these adverse conditions, this will adversely affect the ability of MLPs and energy companies to sustain their historical distribution levels, which in turn, may adversely affect a Portfolio that invests in such companies. The energy sector is cyclical and highly dependent on commodities prices. The market values of companies in the energy sector may fluctuate widely and could be adversely affected by, among other factors, the levels and volatility of global energy prices, commodity price volatility, energy supply and demand, changes in exchange rates and interest rates, imposition of import controls, increased competition, capital expenditures on and the success of exploration and production, depletion of resources, development of alternative energy sources and energy conservation efforts, technological developments, tax treatment and labor relations. Companies in this sector are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies' earnings, and a significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of companies in this industry. Energy companies may also operate in or engage in transactions involving countries with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. The Middle East, where many companies in the energy sector may operate, has historically and recently experienced widespread social unrest. Energy companies also face a significant risk of liability from accidents resulting in injury or loss of life or property, pollution or other environmental mishaps, equipment malfunctions or mishandling of materials and a risk of loss from terrorism, political strife, natural disasters or other catastrophes. Any such event could result in a material adverse impact to a Portfolio's holdings and the performance of a Portfolio. In addition, there is growing political pressure to reduce the use of fossil fuels, which could begin to impact the securities of companies in the fossil fuel industry and the prices of related commodities. Energy companies also may have relatively high levels of debt and may be more likely than other companies to restructure their businesses if there are downturns in energy markets or in the global economy. In addition, since the terrorist attacks in the United States on September 11, 2001, the U.S. government has issued public warnings indicating that energy assets,

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specifically those related to pipeline infrastructure and production, transmission, and distribution facilities, might be future targets of terrorist activity.

Financials Sector — The financials sector is subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

Health Care Sector — The health care sector is subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability. Furthermore, the types of products or services produced or provided by health care companies quickly can become obsolete. In addition, pharmaceutical companies and other companies in the health care sector can be significantly affected by patent expirations.

Industrials Sector — The industrials sector can be significantly affected by general economic trends, including employment, economic growth, and interest rates, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, and worldwide competition. Companies in this sector also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

Information Technology Sector — The information technology sector can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. The issuers of technology securities also may be smaller or newer companies, which may lack depth of management, be unable to generate funds necessary for growth or potential development, or be developing or marketing new products or services for which markets are not yet established and may never become established.

Materials Sector — The materials sector can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, and worldwide competition. At times, worldwide production of materials has exceeded demand as a result of over-building or economic downturns, which has led to commodity price declines and unit price reductions. Companies in this sector also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

Utilities Sector — The utilities sector can be significantly affected by government regulation, interest rate changes, financing difficulties, supply and demand of services or fuel, changes in taxation, natural resource conservation, intense competition, and commodity price fluctuations.

**Securities Lending.** A Portfolio may lend securities to brokers, dealers or other institutional investors needing to borrow securities to complete certain transactions. In connection with such loans, a Portfolio remains the owner of the loaned securities and continues to be entitled to payments in amounts equal to the interest, dividends or other distributions payable on loaned securities. A Portfolio has the right to terminate a loan at any time. If a Portfolio terminates a loan, it will forgo any income on the loan after the termination. A Portfolio does not have the right to vote on securities while they are on loan, but the Portfolio's Adviser or Sub-Adviser may attempt to terminate loans in time to vote those proxies the Adviser or Sub-Adviser has determined are material to the Portfolio's interests. A Portfolio has the right to call each loan and obtain the securities on one standard settlement period's notice or, in connection with the securities trading on foreign markets, within such longer period for purchases and sales of such securities in such foreign markets. A lending Portfolio will receive collateral consisting of cash, U.S. government securities, letters of credit or such other collateral as may be permitted under a Portfolio's investment program and applicable law, which will be maintained at all times in an amount at least equal to 100% of the current market value of the loaned securities. If the collateral consists of cash, a Portfolio will reinvest the cash and pay the borrower a pre-negotiated fee or "rebate" from any return earned on investment. If the collateral consists of a letter of credit or securities, the borrower will pay a Portfolio a loan premium fee. A Portfolio may participate in securities lending programs operated by financial institutions, which act as lending agents ("Lending Agent"). The Lending Agent will receive a percentage of the total earnings of a Portfolio derived from lending the Portfolio's securities. Should the borrower of securities fail financially, a Portfolio may experience delays in recovering the loaned securities or in exercising its rights in the collateral. Additional risks include the possible decline of the value of the securities acquired with cash collateral.

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This risk is increased when a Portfolio's loans are concentrated with a single borrower or a limited number of borrowers. A Portfolio seeks to minimize this risk by limiting the investment of cash collateral to high quality instruments with short maturities, repurchase agreements, money market funds or similar private investment vehicles.

**Short-Term Investments.** Short-term investments include investments in various types of U.S. government securities and high-quality, short-term debt securities with remaining maturities of one year or less ("money market instruments"). This type of short-term investment generally is made to provide liquidity for the purchase of new investments and to effect redemptions of shares. The money market instruments in which a Portfolio may invest include but are not limited to: government obligations, certificates of deposit, time deposits, bankers' acceptances, commercial paper, short-term corporate securities and repurchase agreements. A Portfolio may invest in both foreign and domestic money market instruments, including foreign currency, foreign time deposits and foreign bank acceptances of domestic branches of foreign banks and savings and loan associations and similar institutions. For cash management purposes, a Portfolio also may invest in money market funds, including money market funds managed by the Adviser. Generally, these investments offer less potential for gains than other types of investments.

**Zero-Coupon Bonds and Payment in-Kind Bonds.** Zero-coupon bonds are issued at a significant discount from their principal amount (referred to as "original issue discount" or "OID"), generally pay interest only at maturity rather than at intervals during the life of the security, and are redeemed at face value when they mature. Payment-in-kind bonds allow the issuer, at its option, to make current interest payments on the bonds in additional bonds rather than in cash. Zero-coupon and payment-in-kind bonds thus allow an issuer to avoid the need to generate cash to meet current interest payments. Accordingly, those bonds may involve greater credit risks, and their value is subject to greater fluctuation in response to changes in market interest rates, than bonds that pay current interest in cash. Even though such bonds do not pay current interest in cash, a Portfolio that invests in them is nonetheless required annually to accrue as interest income a portion of the OID on zero-coupon bonds and to include in gross income the "interest" on payment-in-kind bonds for federal income tax purposes and generally to distribute the amount of that interest at least annually to its shareholders. See the "Taxation" section of this SAI. Thus, each Portfolio that invests in such bonds could be required, at times, to liquidate other investments in order to satisfy its distribution requirements.

**Portfolio Turnover.** The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as "portfolio turnover." High portfolio turnover may result from the strategies of the Adviser or a Sub-Adviser, or when one Sub-Adviser replaces another, necessitating changes in the Portfolio it advises. Portfolio turnover may vary significantly from year to year due to a variety of factors, within and outside the control of a Portfolio, the Adviser and a Sub-Adviser, including a fluctuating volume of shareholder purchase and redemption orders, market conditions, investment strategy changes, changes in the Adviser's or a Sub-Adviser's investment outlook or changes in the Sub-Adviser managing a Portfolio. A high turnover rate (100% or more) increases transaction costs (e.g., brokerage commissions) which must be borne by a Portfolio and its shareholders. A Portfolio's Adviser or Sub-Adviser will consider the economic effects of portfolio turnover but generally will not treat a Portfolio's annual portfolio turnover rate as a factor preventing a sale or purchase when the Adviser or the Sub-Adviser believes investment considerations warrant such sale or purchase. Decisions to buy and sell securities for a Portfolio are made by the Adviser or a Sub-Adviser, as applicable, independently.

**Portfolio Holdings Disclosure Policy**

The Trust has adopted a Portfolio Holdings Disclosure Policy (the "Policy") to govern the disclosure of the portfolio holdings of each series of the Trust (each, a "Portfolio" and together, the "Portfolios"). It is the policy of the Trust to protect the confidentiality of material, non-public information about a Portfolio's portfolio holdings and to prevent the selective disclosure of such information. Each Portfolio will publicly disclose its holdings in accordance with regulatory requirements in filings with the SEC, including (i) the annual and semi-annual reports to shareholders, which are transmitted to shareholders within 60 days after the end of each fiscal year and fiscal half-year, respectively, for which the reports are made, and filed with the SEC on Form N-CSR within ten days after the reports are transmitted to shareholders; (ii) monthly portfolio holdings reports on Form N-PORT, which are filed with the SEC within 60 days after the end of each fiscal quarter (a Portfolio's complete portfolio holdings as of its first and third fiscal quarter ends are made publicly available 60 days after the end of each quarter); and (iii) for EQ/Money Market Portfolio, monthly schedules of portfolio holdings on Form N-MFP, which are filed with the SEC within five business days after month end. Reports on Forms N-CSR, N-PORT and N-MFP are available on the SEC's website at http://www.sec.gov. The Trust's annual and semi-annual reports to shareholders are also available without charge on its website at www.equitable-funds.com.

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The Trust generally makes publicly available on its website (www.equitable-funds.com) portfolio holdings information for each Portfolio as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• **All Portfolios —** Each Portfolio will disclose its top portfolio holdings (typically, the Portfolio's top fifteen (15) holdings) on a quarterly basis. Copies of such information are also available upon request to the Trust. Except as noted below, all such information generally is released with a 15-day lag time, meaning the top fifteen (15) portfolio holdings information as of the end of the quarter generally is not released until the 15th day following such quarter-end.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fund-of-Funds Portfolios —** Each fund-of-funds Portfolio that invests in affiliated funds and exchange traded funds will disclose the Portfolio's complete portfolio holdings information on a daily basis. Copies of such information are also available upon request to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;• **EQ/Money Market Portfolio —** In accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended, for a period of not less than six months, beginning no later than the fifth business day of the month, the EQ/Money Market Portfolio will disclose complete portfolio holdings information as of the last business day or subsequent calendar day of the preceding month. A copy of such information is also available upon request to the Trust.

The Trust, through the Adviser, may provide non-public portfolio holdings information to certain third parties prior to the release of such information to the public as described herein. Subject to the limitations described in this Policy, the Trust may provide non-public portfolio holdings information upon request provided that such information is released with a 30-day lag time. In addition, the Adviser currently has ongoing arrangements with the Trust's Administrator, Sub-Administrator and Custodian (JPMorgan Chase Bank, N.A.), a provider of execution management services (Neovest, Inc.), certain third-party data services (Thomson Reuters Vestek, Bloomberg PLC), mutual fund evaluation services (Broadridge Financial Solutions, Inc. and Morningstar, Inc.) and consultants (Rocaton Investment Advisors, LLC). Each of these third parties receives portfolio holdings information at month end, with the exception of the Adviser, JPMorgan Chase Bank, N.A., Neovest, Inc. and Thomson Reuters Vestek, which receive such information daily. Third parties receiving non-public portfolio holdings information, either by explicit agreement or by virtue of its respective duties to the Trust, are subject to a duty to treat non-public portfolio holdings information confidentially and a duty not to trade on such information.

Current non-public portfolio holdings information also may be provided as frequently as daily as part of the legitimate business purposes of each Portfolio to service providers that have contracted to provide services to the Trust, and other organizations, which may include, but are not limited to: Equitable Financial Life Insurance Company; the Adviser; the Sub-Advisers; Administrator; transition managers; the independent registered public accounting firm (PricewaterhouseCoopers LLP); the transfer agent; counsel to the Portfolios or the non-interested trustees of the Trust (K&L Gates LLP and Morgan, Lewis & Bockius LLP, respectively); regulatory authorities and courts; the Investment Company Institute; pricing services (Pricing Direct Inc., ICE Data Services, Investment Technology Group, Inc., Bank of America Merrill Lynch, Bloomberg L.P, Thomson Reuters Markets PLC, MarkIt Group Limited); peer analysis services; performance review services (eVestment Alliance); back office services (SunGard Financial, The Bank of New York Mellon Corporation, FIS Global); research tool/quote system (Thomson Reuters); trade execution management and/or analysis (Elkins McSherry Inc., FX Transparency, LLC); data consolidator (Electra); trade order management services (Investment Technology Group Inc., Macgregor XIP, Charles River); books and records vendor; GIPS auditor; marketing research services (Strategic Insight); portfolio analysis services (Barra TotalRisk System); commission tracking; accounting systems or services (Advent Software, Eagle Investment Systems Corp., Portia); transition management/brokerage services software vendors (CDS/Computer, The Abernathy MacGregor Group, OMGEO LLC, Radianz); analytic services or tools (Confluence Technologies, Inc., FactSet Research Systems Inc., Investment Technology Group, Inc., MSCI Inc., Citigroup Analytics, Inc., Wilshire Analytics/Axiom, Wilshire (Compass)); legal services (Financial Recovery Technologies); compliance services (TerraNua); corporate actions and trade confirmation (Brown Brothers Harriman & Co.); over the counter derivative products and portfolio holdings (State Street Bank and Trust Company); ratings agencies (Standard & Poor's Financial Services LLC (a division of The McGraw-Hill Companies), Moody's Investor Service, Inc.); index providers; consulting firms (Ernst & Young, ACA Compliance); data providers (InvestorForce); broker-dealers who provide execution or research services to the Portfolios; broker-dealers who provide quotations that are used in pricing; financial printers (Donnelley Financial Solutions); proxy voting services (Riskmetrics Group, Inc., Broadridge Financial Solutions, Inc., Glass Lewis & Co., Institutional Shareholder Services, Inc.); marketing services (Primelook, Inc.); 401(k) administrator (Hewitt Associates); tax services (Wolters Kluwer Financial Services, Deloitte, KPMG); and liquidity risk management services (State Street Bank and Trust Company, BlackRock, Inc.). The Sub-Advisers may contract with additional third parties to provide services to the Trust.

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The entities to which each Portfolio voluntarily provides portfolio holdings information, either by explicit agreement or by virtue of their respective duties to each Portfolio, are subject to a duty to treat non-public portfolio holdings information confidentially and a duty not to trade on such information.

In addition, as part of investment strategies for certain Portfolios that utilize managed volatility strategies (including through investments in other Portfolios) (the "Managed Volatility Portfolios"), the Trust has adopted strategies to seek to manage the volatility of returns for the Managed Volatility Portfolios while limiting the magnitude of potential portfolio losses (the "Volatility Management Strategies," investments in furtherance of this strategy are referred to as "Volatility Management Investments"). In connection with the Volatility Management Strategy, the Adviser may at the request of an insurance company that utilizes a Managed Volatility Portfolio as an investment option for its variable annuity or variable life products (the "Insurance Companies") provide certain analytical non-public information (but not actual portfolio holdings or specific trade information) regarding each Managed Volatility Portfolio's Volatility Management Investments and other holdings to the Insurance Companies for use in managing their risk under certain guarantees provided under the variable contracts. This information may include information about aggregate long and short exposure and changes in aggregate exposure to types of securities or other instruments, which may be broken down by type of security (e.g., equities, debt, cash, etc.), sector, index (e.g., large-cap, mid-cap, small-cap or foreign securities), country, or other characteristics, and which reflect completed transactions in futures contracts or other derivatives that are part of the Volatility Management Investments. The information may be provided as frequently as reasonably requested by an Insurance Company, including on an intra-day basis, and there need not be any lag between the effective time of the analytical information and the disclosure to an Insurance Company. While information shall not be provided about specific holdings, trades or pending transactions, the Insurance Companies may be able to deduce information about prior trades from the analytical information that is provided. Under procedures approved by the Board, the analytical information shall be provided to the Insurance Companies solely for the limited purpose of helping the Insurance Companies in a hedging program they use for their own accounts to help manage their risks under the guarantees on the variable contracts, and only if each Insurance Company implements procedures that prohibit it and its employees, officers, agents and affiliates who receive such information from disclosing it or using it in any unauthorized fashion, including for personal trading or benefit. The procedures allow the analytical information to be provided under circumstances that are designed to ensure there is no harm to the Managed Volatility Portfolios or other Portfolios, but there is a risk that the Insurance Companies' hedging programs may adversely affect securities prices and the performance of the Managed Volatility Portfolio or other Portfolios. The release of exposure information described in this paragraph shall be subject to the Trust's "Portfolio Information Disclosure Procedures" and shall not be governed by this Policy.

On a case-by-case "need to know" basis, the Trust's Chief Financial Officer or any Vice President, subject to the approval of the Adviser's and Administrator's Legal and Compliance Group and the Trust's Chief Compliance Officer, may disclose additional portfolio holdings information if the disclosure of such information is in the best interests of Portfolio shareholders. In all cases, the approval of the release of non-public portfolio holdings information by the Adviser's Legal and Compliance Group must be based on a determination that such disclosure is in the best interests of the Portfolios and their shareholders, that there is a legitimate business purpose for such disclosure, and that the party receiving such information is subject to a duty to treat the information confidentially and a duty not to trade on such information. The Trust does not disclose non-public portfolio holdings to the media. The receipt of compensation by a Portfolio, the Adviser, a Sub-Adviser or an affiliate as consideration for disclosing a Portfolio's non-public portfolio holdings information is not deemed a legitimate business purpose. In addition to obtaining approval of Legal and Compliance prior to providing non-public portfolio holdings information under this paragraph, Adviser personnel shall include Legal and Compliance on the communication on such information (e.g., by "cc" on an email).

The Adviser, with the assistance of the Administrator, is responsible for administering the release of portfolio holdings information with respect to the Portfolios. Until particular portfolio holdings information has been released to the public, and except with regard to the third parties described above, no such information may be provided to any party without the approval of the Adviser's Legal and Compliance Group, which approval is subject to the conditions described above.

The Adviser's and Administrator's Legal and Compliance Group and the Trust's Chief Compliance Officer monitor and review any potential conflicts of interest between the Portfolios' shareholders and the Adviser, distributor and their affiliates that may arise from the potential release of portfolio holdings information. The Trust's Board has approved this Policy and determined that it is in the best interest of the Portfolios. The Board must also approve any material change to the Policy. The Board oversees implementation of this Policy and receives from the Trust's Chief Compliance Officer quarterly reports regarding any violations of the Policy or exceptions to the Policy that were granted by the Adviser's Legal and Compliance Group.

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**Management of the Trust**

**The Board of Trustees** 

The Trust's Board is responsible for the overall management of the Trust and its Portfolios, including general supervision and review of the Portfolios' investment activities and their conformity with federal and state law as well as the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust's day-to-day operations. The Trustees of the Trust are identified in the table below along with information as to their principal business occupations held during the last five years and certain other information. The registered investment companies in the fund complex include the Trust, EQ Premier VIP Trust, and the 1290 Funds. All of the Trustees are also Trustees of the two other registered investment companies in the fund complex.

**The Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s)**<br> **Held With**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of**<br> **Office\*\* and**<br> **Length of**<br> **Time Served**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Other Directorships**<br> **Held by Trustee**<br>|
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Steven M. Joenk\*<br> 1290 Avenue of the <br> Americas, New York, <br> NY, 10104<br> (1958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Trustee and <br> Chief <br> Executive <br> Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp; Trustee from <br> September <br> 2004 to <br> present; Chief <br> Executive <br> Officer from <br> December <br> 2002 to <br> present; <br> President <br> from <br> December <br> 2002 to <br> February <br> 2023; <br> Chairman of <br> the Board <br> from <br> September <br> 2004 through <br> September 30, <br> 2017<br>| &nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board <br> and Chief Executive <br> Officer of EIM (May 2011 <br> to present); President of <br> EIM (May 2011 to <br> November 2021); <br> Chairman of the Board <br> and Chief Executive <br> Officer of Equitable <br> Investment <br> Management, LLC <br> (January 2023 to <br> present); Senior Vice <br> President and Chief <br> Investment Officer of <br> AXA Financial, Inc. (April <br> 2017 to 2019); and Chief <br> Investment Officer (April <br> 2017 to present) and <br> employee (September <br> 1999 to present) of <br> Equitable Financial.<br>| 125 |  |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Mark A. Barnard<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1949)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; April 2017 to <br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Previously, <br> Managing Director – <br> Private Investments, <br> Howard Hughes Medical <br> Institute, 2001 to 2016 <br> (and, prior thereto, <br> Director of Private <br> Investments from 1998 <br> to 2001, and Manager of <br> Private Investments from <br> 1995 to 1998).<br>| 125 | None. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s)**<br> **Held With**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of**<br> **Office\*\* and**<br> **Length of**<br> **Time Served**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**<sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Other Directorships**<br> **Held by Trustee**<br>|
| Thomas W. Brock<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1947)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2016 <br> to present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Previously, <br> Director, President and <br> Chief Executive Officer of <br> Silver Bay Realty Trust <br> Corp., June 2016 to May <br> 2017 (and, prior thereto, <br> Director and interim <br> President and Chief <br> Executive Officer from <br> January 2016 to June <br> 2016); Chief Executive <br> Officer and Co-Founder <br> of Stone Harbor <br> Investment Partners, <br> 2006 to 2012.<br>| 125 | Liberty All-Star Funds (2) |
| Michael B. Clement<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1957)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2019 <br> to present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Professor of Accounting, <br> University of Texas, from <br> 1997 to 2002 and from <br> 2004 to present <br> (Department of <br> Accounting Chair from <br> 2018 to 2022); Visiting <br> Professor, Harvard <br> Business School, 2023 to <br> present.<br>| 125 | New York Mortgage Trust |
| Donald E. Foley<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1951)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2014 <br> to present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Previously, <br> Chairman of the Board <br> and Chief Executive <br> Officer, Wilmington Trust <br> Corporation, 2010 to <br> 2011; Senior Vice <br> President, Treasurer and <br> Director of Tax, ITT <br> Corporation, 1996 to <br> &nbsp;&nbsp;&nbsp;&nbsp;2010.<br>| 125 | &nbsp;&nbsp;&nbsp;&nbsp; BioSig Technologies, Inc.; <br> Wilmington Funds (12)<br>|
| Patricia M. Haverland<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1956)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; April 2022 to <br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Previously, Vice <br> President and Chief <br> Investment Officer North <br> America Pensions, <br> SIEMENS, 2009 to 2018.<br>| 125 | None. |
| H. Thomas <br> McMeekin<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1953)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2014 <br> to present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Managing Partner and <br> Founder, Griffin <br> Investments, LLC, 2000 <br> to present; CEO of Blue <br> Key Services, LLC., 2015 <br> to present; previously, <br> Chief Investment Officer, <br> AIG Life & Retirement <br> and United Guaranty <br> Corporation and Senior <br> Managing Director of <br> AIG Asset Management, <br> 2009 to 2012.<br>| 125 | None. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s)**<br> **Held With**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of**<br> **Office\*\* and**<br> **Length of**<br> **Time Served**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee**<sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Other Directorships**<br> **Held by Trustee**<br>|
| Jeffery S. Perry<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1965)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; April 2022 to <br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Founder and Chief <br> Executive Officer, Lead <br> Mandates LLC (business <br> and leadership advisory <br> firm). Retired, Global <br> Client Service Partner, <br> Ernst & Young LLP, 2004 <br> to 2020.<br>| 125 | &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands <br> Innovations Inc.; <br> MasterBrand, Inc.<br>|
| Gary S. Schpero<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Chairman of <br> the Board<br>| &nbsp;&nbsp;&nbsp;&nbsp; Independent <br> Trustee, May <br> 2000 to <br> present; Lead <br> Independent <br> Trustee, <br> September <br> 2011 to <br> September <br> 2017; <br> Chairman of <br> the Board, <br> October 2017 <br> to present.<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Prior to <br> January 1, 2000, Partner <br> of Simpson Thacher & <br> Bartlett (law firm) and <br> Managing Partner of the <br> Investment Management <br> and Investment <br> Company Practice <br> Group.<br>| 125 | Blackstone Funds (4) |
| Kathleen Stephansen<br> c/o EQ Advisors Trust <br> 1290 Avenue of the <br> Americas New York, <br> NY 10104<br> (1954)<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2019 <br> to present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Economist, Haver <br> Analytics, 2019 to <br> present; Senior <br> Economic Advisor, <br> Boston Consulting <br> Group, 2018 to 2019 <br> and in 2016; Chief <br> Economist, Huawei <br> Technologies USA Inc., <br> 2016 to 2018; various <br> positions at American <br> International Group, <br> including Chief <br> Economist and Senior <br> Managing Director and <br> Senior Investment <br> Strategies and Global <br> Head of Sovereign <br> Research – AIG Asset <br> Management from 2010 <br> to 2016.<br>| 125 | None. |

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\*

Affiliated with the Adviser and/or the Distributor.

\*\*

Each Trustee serves during the lifetime of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Board has adopted a policy that currently provides that each Independent Trustee shall retire from the Board as of the last day of the calendar year in which he or she attains the age of 75 years. The Trust's retirement policy is subject to periodic review by the Trust's Governance Committee, which may recommend for Board approval any changes to the policy that it determines to be appropriate.

<sup>†</sup>

The registered investment companies in the fund complex include the Trust, EQ Premier VIP Trust, and the 1290 Funds. Mr. Joenk serves as Trustee, President and Chief Executive Officer for the Trust and EQ Premier VIP Trust and as Trustee and Chief Executive Officer for the 1290 Funds. Mr. Schpero serves as Chairman of the Board for the Trust, EQ Premier VIP Trust, and the 1290 Funds.

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**Qualifications and Experience of the Trustees** 

In determining that a particular Trustee is qualified to serve as a Trustee, the Board considered a wide variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have diverse and complementary qualifications, experience, attributes, and skills, which allow the Board to operate effectively in governing the Trust and protecting the interests of each Portfolio's shareholders. Information about certain of the specific qualifications and experience of each Trustee relevant to the Board's conclusion that the Trustee should serve as a Trustee of the Trust is set forth in the table above. Set forth below are certain additional qualifications, experience, attributes, and skills of each Trustee that the Board believes support a conclusion that the Trustee should serve as a Trustee of the Trust in light of the Trust's business activities and structure.

**Interested Trustee** 

*Steven M. Joenk —* Mr. Joenk has a background in the financial services industry, senior management experience with multiple insurance companies, investment management firms and investment companies and multiple years of service as an officer, Trustee and former Chairman of the Board of the Trust and other registered investment companies, including other registered investment companies in the fund complex.

**Independent Trustees** 

*Mark A. Barnard —* Mr. Barnard has senior management and investment experience with endowments and foundations, multiple years of service on limited partner advisory boards and on the boards of pension entities and an investment company, and multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex.

*Thomas W. Brock —* Mr. Brock has a background in the financial services industry, senior management experience with financial services and investment management firms and multiple years of service on the boards of public companies and organizations and investment companies, and multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex.

*Michael B. Clement —* Mr. Clement has a background in the financial services industry, background as an accounting scholar and professor, multiple years of service on the board of a real estate investment trust, and multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex.

*Donald E. Foley —* Mr. Foley has a background in the financial services industry, experience in senior management positions with financial services firms, multiple years of service on the boards of public and private companies and organizations, and multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex.

*Patricia M. Haverland —* Ms. Haverland has held senior management positions regarding pension plans for financial services and other companies, experience overseeing outside investment managers for pension plans, serving on an advisory council for the U.S. Department of Labor, and serving on the boards of non-profit organizations. Ms. Haverland holds the Chartered Financial Analyst designation. Prior to her election to the Trust's Board of Trustees, Ms. Haverland served as a consultant to the Boards of Trustees of the Trust and other registered investment companies in the fund complex from October 1, 2021 to March 31, 2022.

*H. Thomas McMeekin —* Mr. McMeekin has a background in the financial services industry, has held senior management positions with insurance companies, has multiple years of service on the boards of public and private companies and organizations, and has multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex.

*Jeffery S. Perry —* Mr. Perry has multiple years of experience as a management consultant, including experience as a partner at a global Big 4 professional services firm, and multiple years of service on the boards of public and non-profit organizations and a college. Prior to his election to the Trust's Board of Trustees, Mr. Perry served as a consultant to the Boards of Trustees of the Trust and other registered investment companies in the fund complex from October 1, 2021 to March 31, 2022.

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*Gary S. Schpero —* Mr. Schpero has experience as the managing partner of the investment management practice group at a large international law firm and multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex, as well as other unaffiliated investment companies.

*Kathleen Stephansen —* Ms. Stephansen has a background in the financial services industry, background as an economist, senior management experience with a large financial services firm, and multiple years of service as a Trustee of the Trust and other registered investment companies in the fund complex.

**Board Structure** 

The Board currently is comprised of 10 Trustees, 9 of whom are not "interested persons" (as that term is defined in the 1940 Act) of the Trust ("Independent Trustees"). The Board has appointed Gary S. Schpero to serve as Chairman of the Board. The Chairman of the Board is recommended by the Trust's Governance Committee and approved by the full Board. The Chairman of the Board presides at meetings of the Trustees and shall have such other powers and perform such other duties as may be from time to time assigned to him by the Trustees or prescribed by the Trust's Declaration of Trust or By-laws.

The Board holds seven regular meetings each year to consider and address matters involving the Trust and its Portfolios. The Board also may hold special meetings to address matters arising between regular meetings. The Independent Trustees also regularly meet outside the presence of management and are advised by independent legal counsel. These meetings may take place in-person, by videoconference, or by telephone.

The Board has established a committee structure that includes an Audit Committee, a Governance Committee, and an Investment Committee (which is divided into sub-committees), discussed in more detail in the "Committees of the Board" section of this SAI. All Independent Trustees are members of each Committee. The Board believes that this structure allows all of the Independent Trustees to participate in the full range of the Board's oversight responsibilities. The Board reviews its structure regularly and believes that its leadership structure, including the appointment of an Independent Trustee to serve in the role of Chairman of the Board, is appropriate given the asset size of the Trust, the number of Portfolios offered by the Trust and the other registered investment companies in the fund complex, the number of Trustees overseeing the Trust and the other registered investment companies in the fund complex, and the Board's oversight responsibilities, as well as the Trust's business activities, manager of managers advisory structure and its use as an investment vehicle in connection with the Contracts and retirement plans.

**Risk Oversight** 

The management of various risks relating to the administration and operation of the Trust and its Portfolios is the responsibility of the Adviser and the other service providers, including any Sub-Advisers, retained by the Trust or the Adviser, many of whom employ professional personnel who have risk management responsibilities. Consistent with its responsibility for oversight of the Trust and its Portfolios, the Board, among other things, oversees risk management of each Portfolio's investment program and business affairs directly and through the committee structure that it has established. Risks to the Portfolios include, among others, investment risk, credit risk, liquidity risk, valuation risk, operational risk, litigation risk, regulatory risk, reputational risk, and compliance risk as well as the overall business and disclosure risks relating to the Portfolios and the Trust and the risk of conflicts of interest affecting the Adviser (or its affiliates) in managing the Portfolios. The Board has adopted, and periodically reviews, policies and procedures designed to address certain risks. Under the overall supervision of the Board, the Adviser and other service providers to the Portfolios also have implemented a variety of processes, procedures and controls to address certain risks. Different processes, procedures and controls are employed with respect to different types of risks. These processes include those that are embedded in the conduct of regular business by the Board and in the responsibilities of officers of the Trust and other service providers. The Board recognizes that not all risks that may affect the Portfolios can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Portfolios' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.

The Board oversees risk management activities in part through receipt and review by the Board or its committees of regular and special reports, presentations and other information from officers of the Trust and from other service providers. The Board requires senior officers of the Trust, including the President, Chief Financial Officer, Chief Investment

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Officer, Chief Compliance Officer ("CCO") and Director of Risk, to report to the full Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Chief Financial Officer also reports regularly to the Board and to the Audit Committee on the Trust's internal controls and accounting and financial reporting policies and practices. The Board and the Audit Committee also receive regular reports from the Trust's independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the Board meets with the Trust's CCO, including meetings in executive session, to discuss issues related to portfolio compliance and, on at least an annual basis, receives a report from the CCO regarding the effectiveness of the Trust's compliance program. In addition, the Board receives reports from the Adviser on the investments and securities trading of the Portfolios, as well as reports from the Valuation Committee (discussed below in the section "Purchase, Redemption and Pricing of Shares") regarding the valuation of those investments. Additionally, the Board meets regularly with the Director of Risk with respect to the Adviser's risk management framework, risk monitoring and reporting. The Board also receives reports from the Trust's primary service providers on a periodic or regular basis, including the Sub-Advisers to the Portfolios, as well as the Trust's custodian, distributor and sub-administrator. The Board also requires the Adviser to report to the Board on other matters relating to risk management on a regular and as-needed basis. Most of the Portfolios' operations are carried out by various service providers; the Board's oversight of the risk management processes of those service providers, including processes to address business continuity, cybersecurity and other operational issues, is inherently limited.

**Committees of the Board** 

The Audit Committee's function is to oversee the Trust's accounting and financial reporting policies and practices and its internal controls, oversee the quality and objectivity of the Trust's financial statements and the independent audit thereof, and act as a liaison between the Trust's independent accountants and the Board. To carry out its function, the Audit Committee, among other things, selects, retains or terminates the Trust's independent accountants and evaluates their independence; meets with the Trust's independent accountants as necessary to review and approve the arrangements for and scope of the audit and to discuss and consider any matters of concern relating to the Trust's financial statements and the Trust's financial reporting and controls; and approves the fees charged by the independent accountants for audit and non-audit services and, to the extent required by applicable law, any non-audit services proposed to be performed for the Trust by the independent accountants. The Audit Committee held 7 meetings during the fiscal year ended December 31, 2022. Mr. Clement serves as the Chair of the Audit Committee.

The Governance Committee's functions are to consider the size and structure of the Board and other governance matters; evaluate and nominate candidates for Independent Trustee membership on the Board and for membership on any Board committees; review the compensation arrangements for each of the Independent Trustees; provide oversight and review the compensation arrangements of the Trust's CCO; and review the independence of counsel to the Independent Trustees. The Governance Committee also assists the Board in selecting, appointing, and evaluating the Trust's CCO, and meets in executive session from time to time with the Adviser to discuss the CCO's performance and the effectiveness of the Trust's compliance program. The Governance Committee will not consider nominees as Trustees recommended by Contract owners. The Governance Committee held 4 meetings during the fiscal year ended December 31, 2022. Mr. McMeekin serves as the Chair of the Governance Committee.

The Investment Committee's function is to assist the Board in its oversight of Portfolio investment operations and performance. The Investment Committee is primarily responsible for overseeing and guiding the process by which the Board reviews Portfolio performance and interfacing with personnel at the Adviser and the Sub-Advisers responsible for portfolio management. In addition, three sub-groups of the Investment Committee, comprised of Independent Trustees, meet individually and engage in extensive discussions, along with management representatives and outside legal counsel, with Sub-Advisers during in-person or videoconference presentations made throughout the year. The Investment Committee held 5 meetings during the fiscal year ended December 31, 2022. Messrs. Barnard and Foley and Ms. Stephansen serve as the co-Chairs of the Investment Committee.

**Compensation of the Trustees** 

For services to the Trust, EQ Premier VIP Trust, and 1290 Funds, each Independent Trustee receives an annual retainer of $435,000, payable quarterly, which covers all regular, committee, and special meetings. In addition, the Chairman of the Board receives an annual retainer of $165,000; the Chair of the Audit Committee receives an annual retainer of $40,000;

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the Chair of the Governance Committee receives an annual retainer of $55,000; and each of the co-Chairs of the Investment Committee receives an annual retainer of $40,000. Independent Trustees also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with serving as an Independent Trustee, including expenses associated with attending Board or Committee meetings. The following table sets forth the aggregate compensation paid to the Trustees by the Trust and the fund complex, which includes the Trust, EQ Premier VIP Trust, and the 1290 Funds, for the year ended December 31, 2022.

**Trustee Compensation**

**for the Year Ended December 31, 2022**<sup>1</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trustee** | **Aggregate**<br> **Compensation**<br> **from the Trust**<br>| **Pension or**<br> **Retirement**<br> **Benefits Accrued**<br> **As Part of**<br> **Trust Expenses**<br>| **Estimated Annual**<br> **Benefits Upon**<br> **Retirement**<br>| **Total**<br> **Compensation**<br> **from Trust and**<br> **Fund Complex Paid**<br> **to Trustees**<sup>2</sup> <br>|
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Steven M. Joenk | $0 | $0 | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Mark A. Barnard | $381044 | $0 | $0 | $441454 |
| Thomas W. Brock | $397046 | $0 | $0 | $460000 |
| Michael B. Clement | $397046 | $0 | $0 | $460000 |
| Donald E. Foley | $397046 | $0 | $0 | $460000 |
| Patricia M. Haverland<sup>3</sup> | $318308 | $0 | $0 | $368750 |
| H. Thomas McMeekin | $400287 | $0 | $0 | $463750 |
| Jeffery S. Perry<sup>3</sup> | $318308 | $0 | $0 | $368750 |
| Gloria Reeg<sup>4</sup> | $196225 | $0 | $0 | $227500 |
| Gary S. Schpero | $501701 | $0 | $0 | $581250 |
| Kathleen Stephansen | $365756 | $0 | $0 | $423750 |

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The compensation reported in this table reflects the compensation arrangements in effect during the year ended December 31, 2022.

The amounts reported in this column reflect the total compensation paid to each Trustee for his or her service as a Trustee of 125 series of the Trust, the 1290 Funds, and EQ Premier VIP Trust.

The compensation reported in this table includes compensation received by Ms. Haverland and Mr. Perry for serving as consultants to the Board during the period January 1, 2022 to March 31, 2022.

Retired from the Board, effective June 13, 2022.

As of December 31, 2022, no Independent Trustee or members of his or her immediate family beneficially owned or owned of record securities representing interests in the Adviser, Sub-Advisers or Distributor of the Trust, or any person controlling, controlled by or under common control with such persons. For this purpose, "immediate family member" includes the Independent Trustee's spouse, children residing in the Independent Trustee's household and dependents of the Trustee. Furthermore, the Trustees of the Trust did not beneficially own shares of any Portfolio of the Trust or of portfolios overseen in the same family of investment companies, except as set forth in the following table:

**Trustee Ownership of Equity Securities**

**as of December 31, 2022** 

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| | |
|:---|:---|
| **Name of Trustee** | **Dollar Range**<br> **of Equity Securities in the Portfolios**<br>|
| **Interested Trustee** | **Interested Trustee** |
| Steven M. Joenk | 1290 VT GAMCO Small Company Value Portfolio<br> E |
| **Independent Trustees** | **Independent Trustees** |
| Mark A. Barnard | None<br> C |

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range**<br> **of Equity Securities in the Portfolios**<br>| **Aggregate Dollar Range of Equity**<br> **Securities in All Portfolios Overseen**<br> **in Family of Investment**<br> **Companies\***<br>|
| Thomas W. Brock | None | C |
| Michael B. Clement | None | D |
| Donald E. Foley | None | C |
| Patricia M. Haverland | None | D |
| H. Thomas McMeekin | None | C |
| Jeffery S. Perry | None | B |
| Gary S. Schpero | None | C |
| Kathleen Stephansen | None | C |

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\*

This column reflects information regarding ownership of equity securities issued by Portfolios in the Trust, the 1290 Funds, and EQ Premier VIP Trust.

A = None; B = $1 - $10,000; C = $10,001 - $50,000; D = $50,001 - $100,000; E = over $100,000

The Independent Trustees are not permitted to invest directly in shares issued by Portfolios of the Trust because the shares are currently sold only to insurance company separate accounts in connection with Contracts issued by Equitable Financial, or other affiliated or unaffiliated insurance companies; to The Equitable 401(k) Plan; and to other tax-qualified retirement plans and other investors eligible under applicable federal tax regulations. Mr. Joenk owns shares of one or more of the Portfolios indirectly through a Contract.

**The Trust's Officers** 

No officer of the Trust, other than the Chief Compliance Officer, receives any compensation paid by the Trust. Each officer of the Trust is an employee of Equitable Financial, EIM, Equitable Investment Management, LLC, and/or Equitable Distributors, LLC ("Equitable Distributors"). The Trust's principal officers are:

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth and Address\*** | **Position(s) Held**<br> **With the Trust\*\***<br>| **Term of Office\*\*\***<br> **and Length of**<br> **Time Served**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>|
| Steven M. Joenk<br> (1958)<br>| Trustee and Chief <br> Executive Officer<br>| Trustee from September 2004 to <br> present; Chief Executive Officer from <br> December 2002 to present; and <br> Chairman of the Board from September <br> 2004 through September 2017<br>| Chairman of the Board and Chief <br> Executive Officer (May 2011 to present) <br> and President (May 2011 to November <br> 2021) of EIM; Chairman of the Board <br> and Chief Executive Officer of Equitable <br> Investment Management, LLC (January <br> 2023 to present); Senior Vice President <br> and Chief Investment Officer of AXA <br> Financial, Inc. (April 2017 to 2019); and <br> Chief Investment Officer (April 2017 to <br> present) and employee (September <br> 1999 to present) of Equitable Financial.<br>|
| Michal Levy<br> (1979)<br>| President | From February 2023 to present | Director (December 2014 to present), <br> President (December 2021 to present), <br> and Chief Operating Officer (March <br> 2017 to present) of EIM; Executive Vice <br> President and Chief Operating Officer <br> of Equitable Investment Management, <br> LLC (January 2023 to present); and <br> Signatory Officer (November 2021 to <br> present) and employee (October 2011 <br> to present) of Equitable Financial.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth and Address\*** | **Position(s) Held**<br> **With the Trust\*\***<br>| **Term of Office\*\*\***<br> **and Length of**<br> **Time Served**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>|
| Brian Walsh<br> (1968)<br>| Chief Financial <br> Officer and Treasurer<br>| From June 2007 to present | Director (February 2011 to present) and <br> Senior Vice President (May 2011 to <br> present) of EIM; Senior Vice President <br> of Equitable Investment Management, <br> LLC (January 2023 to present); and <br> Signatory Officer (November 2021 to <br> present) and employee (February 2003 <br> to present) of Equitable Financial.<br>|
| Joseph J. Paolo\*\*\*\*<br> (1970)<br>| Chief Compliance <br> Officer, Vice <br> President and Anti- <br> Money Laundering <br> Compliance Officer<br>| Chief Compliance Officer from May <br> 2007 to present, Vice President and <br> Anti- Money Laundering Compliance <br> Officer from November 2005 to present<br>| Chief Compliance Officer (June 2007 to <br> present) and Senior Vice President (May <br> 2011 to present) of EIM; Vice President <br> and Chief Compliance Officer of <br> Equitable Investment Management, LLC <br> (January 2023 to present); and <br> Signatory Officer (November 2021 to <br> present) and employee (June 2007 to <br> present) of Equitable Financial.<br>|
| Kenneth Kozlowski<br> (1961)<br>| Senior Vice President <br> and Chief Investment <br> Officer<br>| Vice President from June 2010 to June <br> 2016; Senior Vice President and Chief <br> Investment Officer from June 2016 to <br> present<br>| Executive Vice President and Chief <br> Investment Officer (June 2012 to <br> present) and Director (May 2017 to <br> present) of EIM; Executive Vice <br> President of Equitable Investment <br> Management, LLC (January 2023 to <br> present); and Signatory Officer <br> (November 2021 to present) and <br> employee (February 2001 to present) of <br> Equitable Financial.<br>|
| Alwi Chan<br> (1974)<br>| Vice President and <br> Deputy Chief <br> Investment Officer<br>| Vice President from June 2007 to <br> present; Deputy Chief Investment <br> Officer from June 2016 to present<br>| Senior Vice President and Deputy Chief <br> Investment Officer of EIM (June 2012 to <br> present); and employee of Equitable <br> Financial (June 1999 to present).<br>|
| James Chen<br> (1988)<br>| Vice President and <br> Director of Risk<br>| From August 2022 to present | Vice President of EIM (July 2022 to <br> present); Vice President of Equitable <br> Investment Management, LLC (January <br> 2023 to present); employee of <br> Equitable Financial (2015 to present).<br>|
| James Kelly<br> (1968)<br>| Controller | From June 2007 to present | Vice President of EIM (May 2011 to <br> present); Vice President of Equitable <br> Investment Management, LLC (January <br> 2023 to present); and employee of <br> Equitable Financial (September 2008 to <br> present).<br>|
| Andrew Houston<br> (1990)<br>| Vice President | From September 2022 to present | Vice President of EIM (July 2022 to <br> present), Vice President of Equitable <br> Investment Management, LLC (January <br> 2023 to present); and employee of <br> Equitable Financial (2017 to present).<br>|
| Miao Hu<br> (1978)<br>| Vice President | From June 2016 to present | Assistant Portfolio Manager (May 2016 <br> to present) and Vice President (June <br> 2016 to present) of EIM; and employee <br> of Equitable Financial (November 2013 <br> to present).<br>|
| Kevin McCarthy<br> (1983)<br>| Vice President | From September 2019 to present | Assistant Portfolio Manager (December <br> 2018 to present) and Vice President <br> (July 2022) of EIM; and employee of <br> Equitable Financial (August 2015 to <br> present).<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth and Address\*** | **Position(s) Held**<br> **With the Trust\*\***<br>| **Term of Office\*\*\***<br> **and Length of**<br> **Time Served**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>|
| Xavier Poutas<br> (1977)<br>| Vice President | From June 2016 to present | Assistant Portfolio Manager (May 2011 <br> to present) and Vice President (June <br> 2016 to present) of EIM; and employee <br> of Equitable Financial (August 2002 to <br> present).<br>|
| Shane Daly<br> (1970)<br>| Chief Legal Officer, <br> Senior Vice President <br> and Secretary<br>| From March 2023 to present | Executive Vice President, Secretary and <br> General Counsel of EIM and Equitable <br> Investment Management, LLC (March <br> 2023 to present); employee of <br> Equitable Financial (2011 to present).<br>|
| Maureen E. Kane, Esq.<br> (1962)<br>| Vice President and <br> Assistant Secretary<br>| From March 2023 to present | Senior Vice President, Assistant <br> Secretary and Associate General <br> Counsel of EIM and Equitable <br> Investment Management, LLC (March <br> 2023 to present); employee of <br> Equitable Financial (February 2019 to <br> present); and Managing Director and <br> Managing Counsel of The Bank of New <br> York Mellon (July 2014 to February <br> 2019).<br>|
| Kristina B. Magolis, Esq.<br> (1985)<br>| Vice President and <br> Assistant Secretary<br>| From November 2022 to present | Vice President, Assistant Secretary and <br> Associate General Counsel of EIM <br> (October 2022 to present); Vice <br> President, Assistant Secretary and <br> Associate General Counsel of Equitable <br> Investment Management, LLC (January <br> 2023 to present); employee of <br> Equitable Financial (October 2022 to <br> present); and Vice President, Legal and <br> Compliance, Morgan Stanley <br> Investment Management (August 2017 <br> to September 2022).<br>|
| Nadia Persaud, Esq.<br> (1977)<br>| Vice President and <br> Assistant Secretary<br>| From December 2021 to present | Vice President, Assistant Secretary and <br> Associate General Counsel of EIM <br> (December 2021 to present); Vice <br> President, Assistant Secretary and <br> Associate General Counsel of Equitable <br> Investment Management, LLC (January <br> 2023 to present); employee of <br> Equitable Financial (December 2021 to <br> present); Director and Senior Counsel <br> of ICE Data Services (August 2020 to <br> October 2021); Vice President of <br> BlackRock (July 2019 to July 2020); and <br> Vice President and Associate General <br> Counsel of OppenheimerFunds <br> (January 2017 to May 2019).<br>|
| Cheryl Cherian<br> (1979)<br>| Vice President and <br> Assistant Secretary<br>| From March 2023 to present | Employee of Equitable Financial (April <br> 2019 to present); and Compliance <br> Associate at Manifold Fund Advisors <br> (November 2016 to March 2018).<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth and Address\*** | **Position(s) Held**<br> **With the Trust\*\***<br>| **Term of Office\*\*\***<br> **and Length of**<br> **Time Served**<br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>|
| Artemis Brannigan<br> (1974)<br>| Vice President | From September 2019 to present | Vice President of EIM (August 2019 to <br> present); Vice President of Equitable <br> Investment Management, LLC (January <br> 2023 to present); employee of <br> Equitable Financial (August 2019 to <br> present); and Director of Prudential <br> Financial (January 2016 to July 2019).<br>|
| Aysha Pride<br> (1988)<br>| Vice President | From August 2022 to present | Vice President of EIM (July 2022 to <br> present); Vice President of Equitable <br> Investment Management, LLC (January <br> 2023 to present); and employee of <br> Equitable Financial (2014 to present).<br>|
| Helen Lai<br> (1973)<br>| Assistant Vice <br> President<br>| From June 2016 to present | Employee of Equitable Financial (March <br> 2013 to present).<br>|
| Michelle Gallo<br> (1973)<br>| Assistant Controller | From March 2023 to present | Employee of Equitable Financial (July <br> 2013 to present)<br>|
| Roselle Ibanga<br> (1978)<br>| Assistant Controller | From March 2009 to present | Employee of Equitable Financial <br> (February 2009 to present).<br>|
| Lisa Perrelli<br> (1974)<br>| Assistant Controller | From March 2009 to present | Employee of Equitable Financial <br> (November 2012 to present).<br>|
| Jennifer Mastronardi<br> (1985)<br>| Assistant Vice <br> President<br>| From March 2012 to present | Vice President of EIM (April 2015 to <br> present); Vice President of Equitable <br> Investment Management, LLC (January <br> 2023 to present); and employee of <br> Equitable Financial (February 2009 to <br> present).<br>|
| Helen Espaillat<br> (1963)<br>| Assistant Secretary | From March 2009 to present | Assistant Vice President and Assistant <br> Secretary of EIM (March 2015 to <br> present); Assistant Vice President and <br> Assistant Secretary of Equitable <br> Investment Management, LLC (January <br> 2023 to present); and employee of <br> Equitable Financial (July 2004 to <br> present).<br>|
| Lorelei Fajardo<br> (1978)<br>| Assistant Secretary | From June 2016 to present | Employee of Equitable Financial (July <br> 2013 to present).<br>|
| Monica Giron<br> (1976)<br>| Assistant Secretary | From July 2019 to present | Employee of Equitable Financial (June <br> 2019 to present); and Senior Paralegal <br> at Gemini Fund Services (August 2015 <br> to May 2019).<br>|

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\*

The business address of each officer is 1290 Avenue of the Americas, New York, New York 10104.

\*\*

The officers in the table above hold similar positions with EQ Premier VIP Trust and the 1290 Funds, the other registered investment companies in the fund complex.

\*\*\*

Each officer is elected on an annual basis.

\*\*\*\*

During the fiscal year ended December 31, 2022, the three trusts in the fund complex reimbursed EIM for $290,000 of the Chief Compliance Officer's compensation, including $250,121 reimbursed by the Trust.

As of March 29, 2023, the Trustees and officers of the Trust, as a group, owned less than 1% of the outstanding shares of any class of any Portfolio of the Trust.

**Control Persons and Principal Holders of Securities** 

Equitable Financial may be deemed to be a control person with respect to the Trust by virtue of its ownership of a substantial majority of the Trust's shares as of April 3, 2023. Shareholders owning more than 25% of the outstanding shares of a Portfolio may be able to determine the outcome of most issues that are submitted to shareholders for a vote.

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As a "series" type of mutual fund, the Trust issues separate series of shares of beneficial interest with respect to each Portfolio. Each series resembles a separate fund issuing separate classes of stock. Because of current federal securities law requirements, the Trust expects that its shareholders will offer Contract owners the opportunity to instruct shareholders as to how shares allocable to Contracts will be voted with respect to certain matters, such as approval of investment advisory agreements.

To the Trust's knowledge, as of the date of this SAI, the Adviser owned 100% of the outstanding shares of the Portfolio, which represents the Adviser's seed investment in the Portfolio to facilitate the start of the Portfolio's investment operations. To the Trust's knowledge, as of the date of this SAI, no other person was entitled to give voting instructions regarding 5% or more of the outstanding securities of the Portfolio.

**Investment Advisory and Other Services**

**The Adviser** 

EIM currently serves as the investment adviser for the Portfolio, and AllianceBernstein, L.P. ("AllianceBernstein" or the "Sub-Adviser") currently serves as the investment sub-adviser to the Portfolio.

EIM is a wholly-owned subsidiary of Equitable Financial Life Insurance Company ("Equitable Financial"). Equitable Financial, which is a New York life insurance company and one of the largest life insurance companies in the U.S., is a wholly owned subsidiary of Equitable Holdings, Inc. ("Equitable Holdings"), which is a publicly-owned company. The principal offices of EIM, Equitable Financial and Equitable Holdings are located at 1290 Avenue of the Americas, New York, New York 10104.

The Adviser serves as the investment adviser of the Trust pursuant to an Investment Advisory Agreement with respect to the Portfolio (an "Advisory Agreement"). Subject to the general supervision and control of the Trustees of the Trust, under the Advisory Agreement, the Adviser will provide a continuous investment program for the Portfolio and will determine what securities and other investments will be purchased, retained, sold or loaned by the Portfolio and what portion of such assets will be invested or held uninvested as cash in accordance with the Portfolio's investment objectives, policies and restrictions as stated in the Trust's governing documents and the Portfolio's then-current Prospectus and SAI. The Advisory Agreement also provides that the Adviser will monitor the implementation of the Portfolio's investment program and assess the Portfolio's investment objectives and policies, composition, investment style and investment process. From time to time, as requested by the Trustees of the Trust or deemed necessary or appropriate by the Adviser, the Adviser will (i) develop and evaluate strategic initiatives with respect to the Trust and its Portfolios; (ii) make recommendations to the Trustees of the Trust regarding the investment program of the Trust and its Portfolios, including any changes to Portfolio investment objectives and policies; (iii) coordinate and/or implement strategic initiatives approved by the Trustees of the Trust; and (iv) prepare and provide reports to the Trustees of the Trust on the impact of such strategic initiatives on the Trust and its Portfolios. Additionally, the Advisory Agreement provides that the Adviser, unless and until otherwise directed by the Trustees of the Trust, will exercise all rights of security holders with respect to securities held by the Portfolio, including, but not limited to: voting proxies, converting, tendering, exchanging or redeeming securities; acting as a claimant in class action litigation (including litigation with respect to securities previously held), and exercising rights in the context of a bankruptcy or other reorganization. Under the Advisory Agreement, the Adviser will be responsible for effecting transactions for the Portfolio and selecting brokers or dealers to execute such transactions for the Portfolio. In the selection of brokers or dealers and the placement of orders for the purchase and sale of portfolio investments for the Portfolio, the Adviser will use its best efforts to obtain for the Portfolio the best execution available.

The Advisory Agreement also provides that the Adviser will furnish to the Trustees of the Trust such statistical information and periodic and special reports as the Trustees may reasonably request, and will apprise the Trustees of the Trust of important developments materially affecting the Portfolio (or any portion the Portfolio). The Advisory Agreement also provides that, in accordance with procedures and methods established by the Trustees of the Trust, the Adviser shall provide reasonable assistance in determining the fair value of all securities and other investments/assets in the Portfolio, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price from a party independent of the Adviser for each security or other investment/asset in the Portfolio for which market prices are not readily available. The Advisory Agreement also provides that the Adviser shall cooperate with and provide reasonable assistance to the Trust's administrator, custodian and foreign custodians, transfer agent and pricing agents, and all other

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agents and representatives of the Trust, keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Trust, provide prompt responses to reasonable requests made by such persons and maintain any appropriate interfaces with each so as to promote the efficient exchange of information. The Advisory Agreement also provides that the Adviser will provide information and reasonable assistance, other than services of outside counsel or independent accountants or services to be provided by any Sub-Adviser or otherwise covered under the terms of a separate agreement between the Adviser and the Trust, in connection with the Trust's preparation of all registration statements and prospectuses, prospectus supplements, and SAIs; all annual, semi-annual, and periodic reports to shareholders of the Trust, regulatory authorities, or others; all notices and proxy solicitation materials furnished to shareholders of the Trust or regulatory authorities; and all tax returns.

The Advisory Agreement also permits, subject always to the direction and control of the Trustees of the Trust, the Adviser to delegate any of its duties with respect to the Portfolio to a Sub-Adviser. Under the Advisory Agreement, the Adviser has, with respect to the Portfolio, (i) overall supervisory responsibility for the general management and investment of the Portfolio's assets; (ii) full discretion to select new or additional Sub-Advisers for the Portfolio; (iii) full discretion to enter into and materially modify existing Sub-Advisory Agreements with Sub-Advisers; and (iv) full discretion to terminate and replace any Sub-Adviser. In connection with the Adviser's responsibilities under the Advisory Agreement, the Adviser will oversee the performance of delegated functions by each Sub-Adviser, assess the Portfolio's investment focus, and furnish the Trustees of the Trust with periodic reports concerning the performance of delegated responsibilities by the Sub-Adviser. The Adviser will also allocate and reallocate the assets of the Portfolio, or a portion thereof, to be managed by one or more Sub-Advisers for the Portfolio and coordinate the activities of all Sub-Advisers. In addition, the Adviser will monitor each Sub-Adviser's implementation of the investment program established by the Adviser with respect to the Portfolio (or portions of the Portfolio) under the management of such Sub-Adviser. The Adviser will also cause the appropriate Sub-Adviser (i) to furnish to the Board such statistical information, with respect to the investments that the Portfolio (or portions of the Portfolio) may hold or contemplate purchasing, as the Board may reasonably request, to furnish to the Board such periodic and special reports as the Board may reasonably request; and (iii) to apprise the Board of important developments materially affecting the Portfolio (or any portion of the Portfolio) and furnish the Trust, from time to time, with such information as may be appropriate for this purpose. In addition, the Adviser will take reasonable steps to ensure that the appropriate Sub-Adviser furnishes to third-party data reporting services all currently available standardized performance information and other customary data. The Adviser will also be responsible for compensating the Sub-Adviser in the manner specified in the Sub-Advisory Agreement.

Under the Advisory Agreement, the Adviser also is required to furnish to the Trust, at its own expense and without remuneration from or other cost to the Trust, the following:

• Office space, all necessary office facilities and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;• Necessary executive and other personnel, including personnel for the performance of clerical and other office functions, exclusive of those functions

&nbsp;&nbsp;&nbsp;&nbsp;• related to and to be performed under the Trust's contract or contracts for administration, custodial, accounting, bookkeeping, transfer and dividend disbursing agency or similar services by any entity, including the Adviser or its affiliates, selected to perform such services under such contracts; or

&nbsp;&nbsp;&nbsp;&nbsp;• related to the investment advisory services to be provided by any Sub-Adviser pursuant to a sub-advisory agreement with the Adviser ("Sub-Advisory Agreement").

The Advisory Agreement also requires the Adviser (or its affiliates) to pay all salaries, expenses, and fees of the Trustees and officers of the Trust who are affiliated with the Adviser or its affiliates. However, the Trust pays compensation of the CCO that the Adviser is not obligated to pay under the Advisory Agreement. Amounts paid by the Trust to the CCO during the last fiscal year are described above in the section entitled "The Trust's Officers."

The Advisory Agreement also specifically provides that the Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Advisory Agreement relates, but will be liable only for willful misconduct, bad faith, gross negligence, or reckless disregard of its duties or its failure to exercise due care in rendering its services to the Trust under such Agreement.

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After an initial two year period, the continuance of the Advisory Agreement, with respect to the Portfolio, must be specifically approved at least annually (i) by the Trust's Board or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of such Portfolio and (ii) by vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined in the 1940 Act) of any such party cast in person (or as otherwise permitted under the 1940 Act) at a meeting called for such purpose. The Advisory Agreement with respect to the Portfolio may be terminated at any time, without the payment of any penalty, (i) by the Trust upon the vote of a majority of the Trustees, including a majority of the Independent Trustees, or by vote of the majority of the outstanding voting securities (as defined in the 1940 Act) of such Portfolio upon sixty (60) days' written notice to the Adviser or (ii) by the Adviser upon sixty (60) days' written notice to the Trust. The Advisory Agreement will also terminate automatically in the event of its assignment (as defined in the 1940 Act).

The Portfolio pays a fee to the Adviser for its services. The Adviser and the Trust have also entered into an expense limitation agreement with respect to the Portfolio as set forth in the Prospectus ("Expense Limitation Agreement"), pursuant to which the Adviser has agreed to waive or limit its or its affiliates' management, administration and other fees and to assume other expenses so that the net annual operating expenses (with certain exceptions as set forth in the Prospectus) of the Portfolio are limited to the extent described in the "More Information on Fees and Expenses-Expense Limitation Agreement" section of the Prospectus.

In addition to the investment advisory fees, the Trust pays all expenses not assumed by the Adviser or by a Sub-Adviser, including without limitation: fees and expenses of its independent accountants and of legal counsel for itself and the Trust's Independent Trustees; the costs of preparing, setting in type, printing and mailing of prospectuses, prospectus supplements, statements of additional information, annual, semiannual and periodic reports, and notices and proxy solicitation materials required to be furnished to shareholders of the Trust or regulatory authorities, and all tax returns; compensation of the officers and Trustees of the Trust who are not officers, directors/trustees, partners or employees of the Adviser or its affiliates; the costs of printing registration statements; custodian's fees; filing fees; Trustee expenses (including any special counsel to the Trustees); transfer agent fees; advisory and administration fees; any federal, state or local income or other taxes; any interest; any membership fees of the Investment Company Institute and similar organizations; fidelity bond and Trustees' liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made. All general Trust expenses are allocated among and charged to the assets of the Portfolios of the Trust on a basis that the Trustees deem fair and equitable, which may be on the basis of relative net assets of the Portfolio or the nature of the services performed and relative applicability to the Portfolio. As discussed in greater detail below under "The Distributor," the Class IB shares of the Portfolio may pay for certain distribution-related expenses in connection with activities primarily intended to result in the sale of such shares.

Because the Portfolio had not commenced operations prior to the date of this SAI, no fees have been paid to the Adviser by the Portfolio.

**The Sub-Adviser** 

The Adviser has entered into a Sub-Advisory Agreement with respect to the Portfolio with AllianceBernstein. The Sub-Advisory Agreement obligates the Sub-Adviser to: (i) make investment decisions on behalf of the Portfolio; (ii) place orders for the purchase and sale of investments for the Portfolio with brokers or dealers selected by the Adviser and/or the Sub-Adviser; and (iii) perform certain related administrative functions in connection therewith.

As discussed in the Prospectus, a discussion of the basis of the decision by the Trust's Board to approve the Sub-Advisory Agreement with the Sub-Adviser will be available in the Trust's Semi-Annual Report to Shareholders for the period ending June 30, 2023.

The Adviser pays fees to the Sub-Adviser from the advisory fees that it earns from the Portfolio.

The Adviser recommends Sub-Advisers for the Portfolio to the Trustees based upon the Adviser's continuing quantitative and qualitative evaluation of each Sub-Adviser's skills in managing assets pursuant to specific investment styles and strategies. Short-term investment performance, by itself, is not a significant factor in selecting or terminating a Sub-Adviser, and the Adviser does not expect to recommend frequent changes of Sub-Advisers.

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The Adviser has received from the SEC an exemptive order ("Multi-Manager Order") that permits the Adviser, subject to certain conditions, to enter into sub-advisory agreements with sub-advisers approved by the Trustees, but without the requirement of shareholder approval.

Pursuant to the terms of the Multi-Manager Order, the Adviser is able, subject to the approval of the Trustees, but without shareholder approval, to employ new sub-advisers for new or existing portfolios, change the terms of particular sub-advisory agreements or continue the employment of existing sub-advisers after events that under the 1940 Act and the sub-advisory agreements would cause an automatic termination of the agreement. The Adviser also may allocate a Portfolio's assets to additional sub-advisers subject to approval of the Trust's Board. The Adviser is responsible for overseeing sub-advisers and recommending their hiring, termination and replacement to the Board of Trustees. However, the Adviser may not enter into a sub-advisory agreement with an "affiliated person" of the Adviser (as that term is defined in Section 2(a)(3) of the 1940 Act) ("Affiliated Sub-Adviser"), such as AllianceBernstein L.P., unless the sub-advisory agreement with the Affiliated Sub-Adviser, including compensation payable thereunder, is approved by the affected Portfolio's shareholders, including, in instances in which the sub-advisory agreement pertains to a newly formed Portfolio, the Portfolio's initial shareholder. Although shareholder approval would not be required for the termination of sub-advisory agreements, shareholders of a Portfolio would continue to have the right to terminate such agreements for the Portfolio at any time by a vote of a majority of outstanding voting securities of the Portfolio.

The Adviser reserves the right, subject to approval of the Trust's Board, to appoint more than one Sub-Adviser to manage the assets of the Portfolio. When a Portfolio has more than one Sub-Adviser, the assets of the Portfolio are allocated by the Adviser among the Sub-Advisers selected for the Portfolio.

A Sub-Adviser has discretion, subject to oversight by the Trustees and the Adviser, to purchase and sell portfolio assets, consistent with the Portfolio's investment objectives, policies and restrictions and specific investment strategies developed by the Adviser.

Generally, no Sub-Adviser provides any services to a Portfolio except sub-advisory and related administrative and recordkeeping services as directed by the Adviser. However, a Sub-Adviser or its affiliated broker-dealer may execute portfolio transactions for a Portfolio and receive brokerage commissions in connection therewith as permitted by Section 17(e) of the 1940 Act and the rules thereunder.

The Adviser may also be subject to potential conflicts of interest in recommending or selecting Sub-Advisers. Since the Adviser pays fees to the Sub-Advisers from the advisory fees that it earns from the Portfolio, any increase or decrease in the sub-advisory fees negotiated with proposed or current Sub-Advisers will result in a corresponding decrease or increase, respectively, in the amount of the advisory fee retained by the Adviser. If the Adviser is affiliated with a Sub-Adviser, the Adviser will benefit not only from the net advisory fee the Adviser retains, but also from the sub-advisory fees paid by the Adviser to the Affiliated Sub-Adviser. The Adviser or its affiliates also may have distribution relationships with certain Sub-Advisers or their affiliates under which the Sub-Advisers or their affiliates distribute or support the distribution of investment products issued or sold by the Adviser or its affiliates (including those in which the Trust's Portfolios serve as investment options), which could financially benefit the Adviser and its affiliates or provide an incentive to the Adviser in selecting one Sub-Adviser over another. When recommending the appointment or continued service of a Sub-Adviser, consistent with its fiduciary duties, the Adviser relies primarily on the qualitative and quantitative factors described in detail in the Prospectus. In addition, the appointment of each Sub-Adviser is subject to approval of the Trust's Board, including a majority of the Trust's Independent Trustees.

AllianceBernstein, the Portfolio's current Sub-Adviser, is a limited partnership organized under the laws of the State of Delaware. It is a majority-owned subsidiary of Equitable Holdings, Inc., the holding company for a diversified financial services organization.

Because the Portfolio had not commenced operations prior to the date of this SAI, no fees have been paid by the Adviser to the Sub-Adviser with respect to the Portfolio.

**Personal Trading Policies** 

The Trust, the Adviser, the Administrator (as defined below), and the Distributor (as defined below) each have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, which permits personnel covered by the rule to invest in

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securities that may be purchased or held by the Portfolio but prohibits fraudulent, misleading, deceptive or manipulative acts or conduct in connection with that personal investing. The Sub-Adviser also has adopted a code of ethics under Rule 17j-1. Such codes of ethics may permit personnel covered by the rule to invest in securities that may be purchased or held by the Portfolio for which a Sub-Adviser serves as an investment sub-adviser. The Codes of Ethics of the Trust, the Adviser, the Administrator, the Distributor and the Sub-Adviser have been filed as exhibits to the Trust's Registration Statement.

**The Administrator** 

Pursuant to a Mutual Funds Services Agreement, Equitable Investment Management, LLC (the "Administrator") provides the Trust with necessary administrative, fund accounting, and compliance services, as more fully described in the Prospectus. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Portfolio pays the Administrator its proportionate share of an asset-based administration fee of 0.100% of the first $30 billion of the aggregate average daily net assets of the Single-Advised Portfolios (as defined in the paragraph immediately below); 0.0975% of the next $10 billion; 0.0950% of the next $5 billion; 0.0775% of the next $10 billion; 0.0750% of the next $30 billion; and 0.0725% thereafter. The asset-based administration fee is calculated and billed monthly, and each Single-Advised Portfolio is subject to a minimum annual fee of $30,000.

For purposes of calculating the asset-based administration fee, the assets of the Portfolio are aggregated with the assets of the following portfolios of the Trust, which are also managed by EIM: 1290 VT Convertible Securities Portfolio, 1290 VT DoubleLine Opportunistic Bond Portfolio, 1290 VT Equity Income Portfolio, 1290 VT GAMCO Mergers & Acquisitions Portfolio, 1290 VT GAMCO Small Company Value Portfolio, 1290 VT Multi-Alternative Strategies Portfolio, 1290 VT Natural Resources Portfolio, 1290 VT Real Estate Portfolio, 1290 VT SmartBeta Equity ESG Portfolio, 1290 VT Socially Responsible Portfolio, EQ/AB Short Duration Government Bond Portfolio, EQ/AB Sustainable U.S. Thematic Portfolio, EQ/American Century Mid Cap Value Portfolio, EQ/Capital Group Research Portfolio, EQ/ClearBridge Large Cap Growth ESG Portfolio, EQ/Common Stock Index Portfolio, EQ/Core Bond Index Portfolio, EQ/Equity 500 Index Portfolio, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio, EQ/Franklin Rising Dividends Portfolio, EQ/Goldman Sachs Mid Cap Value Portfolio, EQ/Intermediate Government Bond Portfolio, EQ/International Equity Index Portfolio, EQ/Invesco Comstock Portfolio, EQ/Invesco Global Portfolio, EQ/Invesco Global Real Assets Portfolio, EQ/Janus Enterprise Portfolio, EQ/JPMorgan Value Opportunities Portfolio, EQ/Large Cap Growth Index Portfolio, EQ/Large Cap Value Index Portfolio, EQ/Lazard Emerging Markets Equity Portfolio, EQ/Long-Term Bond Portfolio, EQ/Loomis Sayles Growth Portfolio, EQ/MFS International Growth Portfolio, EQ/MFS International Intrinsic Value Portfolio, EQ/MFS Mid Cap Focused Growth Portfolio, EQ/MFS Technology Portfolio, EQ/MFS Utilities Series Portfolio, EQ/Mid Cap Index Portfolio, EQ/Money Market Portfolio, EQ/PIMCO Global Real Return Portfolio, EQ/PIMCO Real Return Portfolio, EQ/PIMCO Total Return ESG Portfolio, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Small Company Index Portfolio, EQ/T. Rowe Price Growth Stock Portfolio, EQ/T. Rowe Price Health Sciences Portfolio, EQ/Value Equity Portfolio, and EQ/Wellington Energy Portfolio (collectively, the "Single-Advised Portfolios").

Pursuant to a sub-administration arrangement, JPMorgan Chase Bank, N.A. provides the Trust with certain sub-administrative services, including assisting with monitoring of portfolio compliance and portfolio accounting support services, subject to the supervision of the Administrator. The Administrator pays JPMorgan Chase Bank, N.A. a fee for these services.

Because the Portfolio had not commenced operations prior to the date of this SAI, the Portfolio has paid no fees to the Administrator for administrative services.

**The Distributor** 

The Trust has distribution agreements with Equitable Distributors (also referred to as the "Distributor"), by which Equitable Distributors serves as the Distributor for the Trust's Class IB shares and Class K shares. Equitable Distributors is an indirect wholly owned subsidiary of Equitable Financial and an affiliate of EIM, and its address is 1290 Avenue of the Americas, New York, New York 10104.

The Trust's distribution agreements with respect to the Class IB and Class K shares of the Portfolio ("Distribution Agreements") have been approved by the Trust's Board, including a majority of the Independent Trustees, with respect to

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the Portfolio. The Distribution Agreements will remain in effect from year to year provided each Distribution Agreement's continuance is approved annually (i) by a majority of the Independent Trustees who are not parties to such agreement and, if applicable, who have no direct or indirect financial interest in the operation of the Rule 12b-1 Distribution Plans or any such related agreement, by a vote cast in person (or as otherwise permitted under the 1940 Act) at a meeting called for the purpose of voting on such Agreements and (ii) by vote of either a majority of the Trustees or a majority of the outstanding voting securities (as defined in the 1940 Act) of the Trust, as applicable.

The Trust has adopted Rule 12b-1 Distribution Plans in the manner prescribed under Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Distribution Plans, the Portfolio is authorized to pay the Distributor an annual distribution fee of up to 0.25% of the Portfolio's average daily net assets attributable to Class IB shares. There is no distribution plan with respect to Class K shares and the Portfolio pays no service or distribution fees with respect to those shares.

The Board considered various factors in connection with its decision as to whether to approve the Rule 12b-1 Distribution Plan, including: (i) the nature and causes of the circumstances which make approval or continuation of the Rule 12b-1 Distribution Plan necessary and appropriate; (ii) the way in which the Rule 12b-1 Distribution Plan would address those circumstances, including the nature and potential amount of expenditures; (iii) the nature of the anticipated benefits; (iv) the possible benefits of the Rule 12b-1 Distribution Plan to any other person relative to those of the Trust; (v) the effect of the Rule 12b-1 Distribution Plan on existing Contract owners; (vi) the merits of possible alternative plans or pricing structures; (vii) competitive conditions in the variable products industry; and (viii) the relationship of the Rule 12b-1 Distribution Plan to other distribution efforts of the Trust. The Board noted that the overall distribution arrangements would (1) enable investors to choose the purchasing option best suited to their individual situation, thereby encouraging current Contract owners to make additional investments in the Portfolio and attracting new investors and assets to the Portfolio to the benefit of the Portfolio and its Contract owners, (2) facilitate distribution of the Portfolio's shares and (3) maintain the competitive position of the Portfolio in relation to other Portfolios that have implemented or are seeking to implement similar distribution arrangements.

Based upon its review of the foregoing factors and the materials presented to it, and in light of its fiduciary duties under the 1940 Act, the Board, including the Independent Trustees with no direct or indirect financial interest in the Rule 12b-1 Distribution Plan or any related agreements, unanimously determined, in the exercise of its reasonable business judgment, that the Rule 12b-1 Distribution Plan is reasonably likely to benefit the Trust and the shareholders of the Portfolio. As such, the Trustees, including such Independent Trustees, approved the Rule 12b-1 Distribution Plan and its continuance.

Pursuant to the Rule 12b-1 Distribution Plan, the Trust compensates the Distributor from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of that class of shares. Generally, the 12b-1 fees are paid to the Distributor on a monthly basis. A portion of the amounts received by the Distributor will be used to defray various costs incurred or paid by the Distributor in connection with the printing and mailing of Trust prospectuses, statements of additional information, and any supplements thereto and shareholder reports, and holding seminars and sales meetings with wholesale and retail sales personnel designed to promote the distribution of Class IB shares. The Distributor may also use a portion of the amounts received to provide compensation to financial intermediaries and third-party broker-dealers for their services in connection with the distribution of Class IB shares.

The Rule 12b-1 Distribution Plan is of a type known as a "compensation" plan because payments are made for expenses incurred and services rendered to the Trust with respect to Class IB shares regardless of the level of expenditures by the Distributor. The Trustees, however, take into account such expenditures for purposes of reviewing operations under the Rule 12b-1 Distribution Plan and in connection with their annual consideration of the renewal of the Rule 12b-1 Distribution Plan. The Distributor's expenditures include, without limitation: (a) the printing and mailing of Trust prospectuses, statements of additional information, any supplements thereto and shareholder reports for prospective Contract owners with respect to the Class IB shares of the Trust; (b) those relating to the development, preparation, printing and mailing of advertisements, sales literature and other promotional materials describing and/or relating to the Class IB shares of the Trust; (c) holding seminars and sales meetings designed to promote the distribution of Class IB shares; (d) obtaining information and providing explanations to wholesale and retail distributors of Contracts regarding Trust investment objectives and policies and other information about the Trust and its Portfolios, including the

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performance of the Portfolio; (e) training sales personnel regarding the Class IB shares of the Trust; and (f) financing any other activity that the Distributor determines is primarily intended to result in the sale of Class IB shares.

The Distributor does not receive any underwriting discounts or commissions, compensation on redemptions and repurchases, or brokerage commissions from the Trust.

Equitable Financial and the Distributor may use their respective past profits or other resources to pay for expenses incurred in connection with providing services intended to result in the sale of shares of the Trust and/or support services that benefit Contract owners, including payments of significant amounts made to intermediaries that provide those services. These services may include sales personnel training, prospectus review, marketing and related services. The Distributor also may receive payments from Sub-Advisers of the Trust's Portfolios and/or their affiliates to help defray expenses for sales meetings, seminar sponsorships and similar expenses that may relate to the Contracts and/or the Sub-Advisers' respective Portfolios.

The Distributor pays all fees and expenses in connection with its qualification and registration as a broker or dealer under federal and state laws. In the capacity of agent, the Distributor currently offers shares of the Portfolio on a continuous basis to the separate accounts of insurance companies offering the Contracts in all states in which the Portfolio or the Trust may from time to time be registered or where permitted by applicable law. Each Distribution Agreement provides that the Distributor shall accept orders for shares at net asset value without sales commissions or loads being charged. The Distributor has made no firm commitment to acquire shares of the Portfolio.

The Rule 12b-1 Distribution Plan and any Rule 12b-1 related agreement that is entered into by the Trust with the Distributor of the Class IB shares in connection with the Rule 12b-1 Distribution Plan will continue in effect for a period of more than one year only so long as such continuance is specifically approved at least annually by a vote of a majority of the Trust's Board, and a majority of the Independent Trustees, with no direct or indirect financial interest in the operation of the Rule 12b-1 Distribution Plan or Rule 12b-1 related agreement, cast in person (or as otherwise permitted under the 1940 Act) at a meeting called for the purpose of voting on such Plan or agreement. In addition, annual continuance of the Distribution Agreements must be approved by the Trust's Board or a majority of outstanding voting securities (as defined in the 1940 Act), and a majority of Independent Trustees, by a vote cast in person (or as otherwise permitted under the 1940 Act) at a meeting called for the purpose of voting on the Distribution Agreements. In addition, the Rule 12b-1 Distribution Plan and any Rule 12b-1 related agreement may be terminated as to Class IB shares of the Portfolio at any time, without penalty, by vote of a majority of the outstanding Class IB shares of the Portfolio, as applicable, or by vote of a majority of the Independent Trustees, with no direct or indirect financial interest in the operation of the Rule 12b-1 Distribution Plan or Rule 12b-1 related agreement. The Rule 12b-1 Distribution Plan also provides that it may not be amended to increase materially the amount (up to 0.25% of Class IB average daily net assets annually) that may be spent for distribution of Class IB shares of the Portfolio without the approval of Class IB shareholders of the Portfolio.

Because the Portfolio had not commenced operations prior to the date of this SAI, the Class IB shares of the Portfolio have made no payments to the Distributor pursuant to the Rule 12b-1 Distribution Plan.

**Compensation to Financial Intermediaries** 

In addition to the distribution and service fees paid by the Portfolio to the Distributor for the purpose of compensating certain financial intermediaries and for other purposes (described above in the section entitled, "The Distributor"), the Distributor or the Adviser (or one of their affiliates) may make payments out of its own resources to provide additional compensation to selected affiliated and unaffiliated sponsoring insurance companies (or their affiliates) or other financial intermediaries (collectively, "financial intermediaries").

As described in the Prospectus and in more detail below, the Adviser and the Distributor may use their respective past profits or other resources to pay for expenses incurred in connection with providing services intended to result in the sale of shares of the Portfolio and/or support services that benefit Contract owners, plan participants or other investors who purchase through financial intermediaries, to reimburse certain expenses related to processing sales of Portfolio shares and to pay incentives to market the Portfolio, to cooperate with the Distributor's or financial intermediaries' promotional efforts or in recognition of financial intermediaries' marketing support, transaction processing and/or administrative services support (collectively, "revenue sharing payments"). These additional payments are made by the Adviser, the Distributor or their respective affiliates and do not increase the amount paid by the Portfolio, Contract owners, plan

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participants or other investors who purchase through financial intermediaries as shown under the heading "Fees and Expenses of the Portfolio" in the Portfolio summary in the Portfolio's Prospectus.

**Subaccounting and Other Payments.** Payments by the Adviser and/or the Distributor (and their affiliates) to financial intermediaries may include payments for providing recordkeeping services with respect to certain groups of investors in the Portfolio, including Contract owners that allocate contract value indirectly to one or more Portfolios and participants in retirement plans (collectively referred to as "subaccounting" and Contract owners and participants, "investors"). The subaccounting services typically include: (i) maintenance of master accounts with the Trust (e.g., insurance company separate accounts investing in the Trust); (ii) tracking, recording and transmitting net purchase and redemption orders for Portfolio shares; (iii) establishing and maintaining investor accounts and records; (iv) recording investor account balances and changes thereto; (v) distributing redemption proceeds and transmitting net purchase payments and arranging for the wiring of funds; (vi) reconciling purchase and redemption activity and dividend and distribution payments between a master account and the Trust; (vii) maintaining and preserving records related to the purchase, redemption and other account activity of investors; (viii) providing statements to investors; (ix) furnishing proxy materials, periodic fund reports, prospectuses and other communications to investors as required; (x) assisting with proxy solicitations on behalf of the Trust, including soliciting and compiling voting instructions from Contract owners; (xi) responding to inquiries from investors about the Portfolio and (xii) providing information in order to assist the Portfolio in its compliance with state securities laws. In accordance with guidance from the U.S. Department of Labor, retirement and benefit plans, sponsors of qualified retirement plans and/or recordkeepers may be required to use the fees they (or, in the case of recordkeepers, their affiliates) receive for the benefit of the retirement and benefit plans or the investors. This may take the form of recordkeepers passing the fees through to their clients or reducing the clients' charges by the amount of fees the recordkeeper receives from mutual funds.

**Marketing Support Payments.** Payments by the Adviser and/or the Distributor (and their affiliates) to financial intermediaries also may include payments for marketing support services, including: providing periodic and ongoing education and training and support of financial intermediary personnel regarding the Portfolio and the financial planning needs of Contract owners that allocate contract value indirectly to the Portfolio, plan participants or other investors who purchase through financial intermediaries; adding the Portfolio to the list of underlying investment options in an insurance company's variable products; disseminating to financial intermediary personnel information and product marketing materials regarding the Portfolio; explaining to financial intermediaries' clients the features and characteristics of the Portfolio; conducting due diligence regarding the Portfolio; granting access (in some cases on a preferential basis over other competitors) to sales meetings, sales representatives and management representatives of the financial intermediary; and providing business planning assistance, marketing support, advertising and other services.

**Other Payments.** From time to time, the Distributor or the Adviser (or an affiliate) at its expense, may make additional payments to financial intermediaries that sell or provide services in connection with the sale of Portfolio shares. Such payments may include payment or reimbursement to, or on behalf of, financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, as well as conferences or seminars, sales or training programs for financial intermediary representatives and other employees, client entertainment, client and investor events, and other financial intermediary-sponsored events, and travel expenses, including lodging incurred by financial intermediary representatives and other employees in connection with training and educational meetings, client prospecting, retention and due diligence trips. Other compensation or promotional incentives may be offered to the extent not prohibited by federal or state laws or any self-regulatory organization. The Distributor makes payments for entertainment events it deems appropriate, subject to the Distributor's policies and applicable law. These payments may vary depending upon the nature of the event.

**Payment Amounts.** The payments to financial intermediaries as described above generally are negotiated based on a number of factors including, but not limited to, quality of service, reputation in the industry, ability to attract and retain assets, target markets, customer relationships, and relationship with the Adviser or Distributor or its affiliates. No one factor is determinative of the type or amount of additional compensation to be provided. The amount of these payments, as determined from time to time by the Adviser or Distributor (or an affiliate) in its sole discretion, may be different for different financial intermediaries. The compensation arrangements described in this section are not mutually exclusive, and a single financial intermediary may receive multiple types of compensation. Such payments may be calculated by reference to the gross or net sales by such person, the average net assets of shares held by the customers of such person, the number of accounts of the Portfolio attributable to such person, on the basis of a flat fee or a negotiated lump sum payment for services provided, or otherwise.

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The Adviser or Distributor or its affiliates may enter into additional revenue sharing arrangements or change or discontinue existing arrangements with financial intermediaries at any time without notice. For more specific information about any revenue sharing and/or subaccounting payments made to your financial intermediary, investors should contact their investment professionals.

**Brokerage Allocation and Other Strategies**

**Brokerage Commissions** 

The Portfolio may be charged securities brokers' commissions, transfer taxes, and similar fees relating to securities transactions. The Adviser and the Sub-Advisers of the Portfolio, as appropriate, seek to obtain the best net price and execution on all orders placed for the Portfolio, considering all the circumstances. The Adviser and the Sub-Advisers may, as appropriate, in the allocation of brokerage business, take into consideration the receipt of research and other brokerage services, consistent with the obligation to seek to obtain best net price and execution.

Investment company securities generally are purchased directly from the issuer. It is expected that other securities will ordinarily be purchased in the primary markets, whether OTC or listed, and that listed securities may be purchased in the OTC market if that market is deemed the primary market.

Purchases and sales of equity securities on a securities exchange or in the OTC market are effected through brokers who receive compensation for their services. Such compensation varies among different brokers. Generally, compensation relating to securities traded on foreign exchanges will be higher than compensation relating to securities traded on U.S. exchanges and may not be subject to negotiation. However, brokerage commission rates in certain countries in which the Portfolio may invest may be discounted for certain large domestic and foreign investors such as the Portfolio. Foreign banks and brokers may be used for execution of the Portfolio's portfolio transactions. In the case of securities traded in the foreign and domestic OTC markets, there is generally no stated commission, but the price usually includes an undisclosed commission or mark-up. Equity securities may be purchased from underwriters at prices that include underwriting fees.

Purchases and sales of fixed-income securities are generally made with an issuer or a primary market-maker acting as principal. Although there is generally no stated brokerage commission paid by a Portfolio for a fixed-income security, the price paid by a Portfolio to an underwriter includes the disclosed underwriting fee and prices in secondary trades usually include an undisclosed commission or mark-up.

The Adviser and Sub-Advisers of the Portfolio may, as appropriate, in the allocation of brokerage business, take into consideration research and other brokerage services provided by brokers and dealers to the Adviser or Sub-Advisers. The research services include economic, market, industry and company research material. Commissions charged by brokers that provide research services may be somewhat higher than commissions charged by brokers that do not provide research services. As permitted by Section 28(e) of the Securities Exchange Act of 1934, as amended ("1934 Act"), and by policies adopted by the Trustees, the Adviser and Sub-Advisers, as appropriate, may cause the Trust to pay a broker-dealer that provides brokerage and research services to the Adviser and Sub-Advisers an amount of commission for effecting a securities transaction for the Trust in excess of the commission another broker-dealer would have charged for effecting that transaction. To obtain the benefit of Section 28(e), the Adviser or the relevant Sub-Adviser must make a good faith determination that the commissions paid are reasonable in relation to the value of the brokerage and research services provided viewed in terms of either that particular transaction or its overall responsibilities with respect to the accounts for which it exercises investment discretion and that the services provided by a broker provide the Adviser or the Sub-Adviser with lawful and appropriate assistance in the performance of its investment decision-making responsibilities. Accordingly, the price to a Portfolio for any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered.

For futures transactions, the selection of a futures broker is generally based on the overall quality of execution and other services provided by the futures broker. The Adviser and the Sub-Advisers or their affiliates may choose to execute futures transactions electronically.

A Sub-Adviser may also receive research or research credits from brokers that are generated from underwriting commissions when purchasing new issues of fixed income securities or other assets for a Portfolio in underwritten fixed price offerings. In these situations, the underwriter or selling group member may provide a Sub-Adviser with research in addition to selling the securities (at the fixed public offering price) to the Portfolio. Because the offerings are conducted at a fixed price, the ability to obtain research from a broker-dealer in this situation provides knowledge that may benefit the Portfolio, the Sub-Adviser's other clients and the

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Sub-Adviser without incurring additional costs. These arrangements may not fall within the safe harbor of Section 28(e) of the 1934 Act because the broker-dealer is considered to be acting in a principal capacity in underwritten transactions. However, the Financial Industry Regulatory Authority has adopted rules expressly permitting broker-dealers to provide bona fide research to advisers in connection with fixed price offerings under certain circumstances.

A Sub-Adviser may obtain third-party research from broker-dealers or non-broker dealers by entering into commission sharing arrangements ("CSAs"). Under a CSA, the executing broker-dealer agrees that part of the commissions it earns on certain equity trades will be allocated to one or more research providers as payment for research. CSAs allow a Sub-Adviser to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third party research providers for research.

The overall reasonableness of commissions paid will be determined by evaluating brokers on such general factors as execution capabilities, quality of research (that is, quantity and quality of information provided, diversity of sources utilized, nature and frequency of communication, professional experience, analytical ability and professional stature of the broker) and financial standing, as well as the net results of specific transactions, taking into account such factors as price, promptness, confidentiality, size of order and difficulty of execution. The research services obtained will, in general, be used by the Adviser and Sub-Advisers, as appropriate, for the benefit of all accounts for which the responsible party makes investment decisions. As such, research services paid for with the Portfolio's brokerage commissions may not benefit the Portfolio, while research services paid for with the brokerage commissions of other clients may benefit the Portfolio. The receipt of research services from brokers will tend to reduce the Adviser's and Sub-Advisers' expenses in managing the Portfolio.

Securities or other investments held by the Portfolio may also be held by other separate accounts, mutual funds or other accounts for which the Adviser or a Sub-Adviser serves as an investment adviser, or held by the Adviser or a Sub-Adviser for its own account. Because of different investment objectives or other factors, a particular security or other investment may be bought by the Adviser or a Sub-Adviser for one or more clients when one or more clients are selling the same security. If purchases or sales of securities for the Portfolio or other entities for which they act as investment adviser or for their advisory clients arise for consideration at or about the same time, transactions in such securities will be made, insofar as feasible, for the respective entities and clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of the Adviser or a Sub-Adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

When the Adviser or a Sub-Adviser deems the purchase or sale of a security to be in the best interests of the Portfolio as well as other accounts or companies, it may to the extent permitted by applicable laws and regulations, but will not be obligated to, aggregate the securities to be sold or purchased for the Portfolio with those to be sold or purchased for such other accounts or companies in order to obtain favorable execution and lower brokerage commissions. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser or the Sub-Adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Portfolio and to such other accounts or companies. In general, the Adviser and the Sub-Advisers, as appropriate, will make allocations among accounts with the same or similar investment objective based upon a variety of factors which may include, among other things, the account's available cash, investment restrictions, permitted investment techniques, tolerance for risk, tax status, account size, and other relevant considerations. In some cases, this procedure may adversely affect the size of the position obtainable for the Portfolio.

Because the Portfolio had not commenced operations prior to the date of this SAI, no brokerage commissions have been paid by the Portfolio.

**Brokerage Transactions with Affiliates** 

To the extent permitted by law and in accordance with procedures established by the Trust's Board, the Trust may engage in brokerage transactions with brokers that are affiliates of the Adviser or its affiliates, including Sanford C. Bernstein & Co., LLC, Sub-Advisers, brokers who are affiliates of such Sub-Advisers, or unaffiliated brokers who trade or clear through affiliates of the Adviser or the Sub-Advisers. The 1940 Act generally prohibits the Trust from engaging in principal securities transactions with brokers that are affiliates of the Adviser or Sub-Advisers or their respective affiliates, unless pursuant to an exemption from the SEC. The Trust relies on exemptive relief from the SEC that permits a portion of a Portfolio that has multiple portions advised by different Sub-Advisers and/or the Adviser to engage in principal and brokerage transactions with an Adviser (or an affiliate of that Adviser) to another portion of the same Portfolio, subject to certain conditions. The Trust has adopted procedures, prescribed

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by the 1940 Act and the rules thereunder, which are reasonably designed to provide that any commissions or other remuneration it pays to brokers that are affiliates of the Adviser and brokers that are affiliates of a Sub-Adviser to a Portfolio for which that Sub-Adviser provides investment advice do not exceed the usual and customary broker's commission. In addition, the Trust will adhere to the requirements under the 1934 Act governing floor trading. Also, under applicable securities law, the Trust will limit purchases of securities in a public offering, if such securities are underwritten by brokers that are affiliates of the Adviser or Sub-Advisers or their respective affiliates.

Because the Portfolio had not commenced operations prior to the date of this SAI, no brokerage commissions have been paid by the Portfolio to affiliated broker-dealers.

**Brokerage Transactions Relating to Research Transactions** 

Because the Portfolio had not commenced operations prior to the date of this SAI, no portfolio transactions have been directed by the Portfolio to broker-dealers that provide research services.

**Investments in Regular Broker-Dealers** 

Because the Portfolio had not commenced operations prior to the date of this SAI, the Portfolio has not owned securities issued by its regular brokers or dealers.

**Proxy Voting Policies and Procedures**

Pursuant to the Trust's Proxy Voting Policies and Procedures, the Trust has delegated the proxy voting responsibilities with respect to the Portfolio to the Adviser. The Adviser views proxy voting as a function that is incidental and integral to portfolio management; therefore, it has in turn delegated the proxy voting responsibilities for the Portfolio to the Portfolio's Sub-Adviser. The primary focus of the Trust's proxy voting procedures as they relate to a Sub-Advised Portfolio is to seek to ensure that the Sub-Adviser has adequate proxy voting policies and procedures in place and to monitor the Sub-Adviser's proxy voting. Under certain circumstances, for example, when a Sub-Adviser notifies the Adviser that it is unable or unwilling to assume responsibility to vote a proxy for a Sub-Advised Portfolio, due to a potential material conflict of interest of the Sub-Adviser or otherwise, the Adviser has deemed it appropriate to assume responsibility for voting the proxies for shares held by a Sub-Advised Portfolio instead of delegating that responsibility to the Sub-Adviser. Under these circumstances, the Adviser's Proxy Voting Committee will vote such proxies in the best interest of the relevant Sub-Advised Portfolio and its shareholders.

The Adviser may engage an independent proxy voting service to assist with the research and analysis of voting issues, provide voting recommendations or carry out the actual voting process as deemed necessary. If the Adviser becomes aware that a proposal may present an issue as to which the Adviser, the Distributor or their affiliates could be deemed to have a material conflict of interest, the issue will be reviewed by the Trust's CCO, who may take actions deemed appropriate. If the Trust's CCO determines that an affiliated person of the Adviser has a potential material conflict, that affiliated person will not participate in the voting decision.

Information regarding how the Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) on the Trust's website at http://www.equitable-funds.com (go to "EQ Advisors Trust Portfolios" and click on "Proxy Voting Records") and (2) on the SEC's website at http://www.sec.gov. See Appendix C to this SAI for the Trust's Proxy Voting Policies and Procedures. A description of the proxy voting policies and procedures that the Sub-Adviser uses to determine how to vote proxies relating to the Portfolio's portfolio securities is included in Appendix C to this SAI. Because the Portfolio had not commenced operations prior to the date of this SAI, the Portfolio has not voted any proxies relating to portfolio securities.

**Conflicts of Interest**

The Adviser currently serves as the investment adviser for the Trust and one other investment company that is registered under the 1940 Act (i.e., EQ Premier VIP Trust), and as the investment adviser for two private investment trusts that are exempt from such registration. In addition to currently serving as the administrator for the Trust, the Administrator currently serves as the administrator for EQ Premier VIP Trust and as the investment adviser and the administrator for the 1290 Funds, another investment company that is registered under the 1940 Act. The Adviser and its affiliates (including Equitable Financial, Equitable Distributors, LLC, Equitable Holdings, AllianceBernstein L.P., and the Administrator) and their respective managers, partners, directors, trustees, officers, and employees (collectively, for purposes of this Conflicts of Interest discussion, "Affiliates") are insurance and related

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financial services companies engaged in life insurance, property and casualty insurance and reinsurance activities, as well as asset management, investment banking, securities trading, brokerage, real estate and other financial services activities, providing a broad range of services to a substantial and diverse client base. The broad range of activities, services, and interests of the Adviser and its Affiliates gives rise to actual, potential and/or perceived conflicts of interest, and may introduce certain investment or transactional restrictions, that could disadvantage a Portfolio and its shareholders.

Certain actual and potential conflicts of interest are discussed below and elsewhere in this SAI. Investors should carefully review these discussions. These discussions are not, and are not intended to be, a complete discussion of all of the actual and potential conflicts of interest that may arise. Additional or unanticipated conflicts of interest may arise from time to time in the ordinary course of the Adviser's and its Affiliates' various businesses.

The Adviser and the Trust have adopted practices, policies and procedures that are intended to identify, monitor, and mitigate conflicts of interest. These practices, policies and procedures include, among others, information barriers, codes of ethics, pre-clearance and reporting of securities transactions by certain persons, and the use of independent persons to review certain types of transactions. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures also may limit a Portfolio's investment activities and affect its performance.

**Certain Conflicts Related to Fees and Compensation** 

The Adviser and certain of its Affiliates provide services including investment advisory, investment sub-advisory, administration, shareholder servicing, distribution, and transfer agency services to a Portfolio and earn fees from these relationships with a Portfolio. The Adviser and its Affiliates face conflicts of interest when a Portfolio selects affiliated service providers because the Adviser and its Affiliates receive greater compensation when they are used. Although these fees are generally based on asset levels, the fees are not directly contingent on Portfolio performance and the Adviser and its Affiliates would still receive significant compensation from a Portfolio even if shareholders lose money. In addition, the Adviser and certain of its Affiliates manage or advise funds or accounts with different fee rates and/or fee structures. Differences in fee arrangements may create an incentive for the Adviser and/or its Affiliates to favor higher-fee funds or accounts. The Adviser and its Affiliates also face conflicts of interest when a Portfolio selects affiliated service providers because services provided by an affiliated service provider may not be equal to services that could be provided by an unaffiliated service provider.

The Adviser also may have a financial incentive to implement (or not to implement) certain changes to a Portfolio. For example, the Adviser may, from time to time, rebalance a Portfolio or recommend a Portfolio combination or other restructuring. The Adviser will benefit to the extent that a restructuring results in a Portfolio's having a higher net advisory fee payable to the Adviser and/or administration fee payable to the Administrator, and/or a Portfolio's being sub-advised by an Affiliate of the Adviser (or a greater portion of a Portfolio's assets being allocated to an affiliated Sub-Adviser). In addition, the profits derived from the fees payable to the Adviser by a Portfolio after a restructuring may be higher than the profits derived from the fees payable to the Adviser by a Portfolio prior to the restructuring. The Adviser will further benefit to the extent that a Portfolio restructuring eliminates or reduces the Adviser's obligations under an expense limitation arrangement currently in effect for a Portfolio. In addition, in certain cases, the Adviser and/or its Affiliates may own a significant amount of shares of a Portfolio representing the Adviser's and/or its Affiliates' investment of seed money to facilitate the investment operations of the Portfolio. A Portfolio restructuring may increase the size of a Portfolio such that the Adviser and/or its Affiliates could redeem shares held in the Portfolio representing such seed money investments. Redeeming seed money from a Portfolio may enable the Adviser or an Affiliate to reduce its costs associated with providing seed money and/or use the proceeds to provide seed money for other funds and products that it manages or is developing or realize other benefits. In addition, since the Adviser pays fees to a Sub-Adviser from the advisory fee that it earns from a Portfolio, the Adviser will benefit to the extent that a Portfolio restructuring leads to changes to a sub-advisory fee that result in an increase in the amount of the advisory fee retained by the Adviser. Any Portfolio rebalancing or recommendation to the Trust's Board of Trustees concerning a Portfolio combination or other restructuring is subject to the Adviser's fiduciary duty to act in the best interests of an affected Portfolio and its shareholders.

In addition, subject to applicable law, the Adviser or its Affiliates may, from time to time and without notice to a Portfolio's shareholders, in-source or outsource certain processes or functions in connection with a variety of services that they provide to the Portfolio in various capacities. Such in-sourcing or outsourcing may give rise to additional conflicts of interest.

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**Certain Conflicts Related to the Adviser and its Affiliates Acting in Multiple Commercial Capacities** 

The Adviser and/or one or more Affiliates act or may act in various commercial capacities, including as investment manager, investment adviser, administrator, investor, commodity pool operator, underwriter, distributor, transfer agent, insurance company, investment banker, research provider, market maker, trader, lender, agent or principal, and may have direct and indirect interests in securities, commodities, currencies, derivatives and other instruments in which a Portfolio may directly or indirectly invest. Thus, it is likely that a Portfolio will have business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities with which the Adviser and/or an Affiliate has developed or is trying to develop business relationships or in which the Adviser and/or an Affiliate has significant investments or other interests. For example, the Adviser may have an incentive to hire as a Sub-Adviser or other service provider an entity with which the Adviser or one or more Affiliates have, or would like to have, significant or other business dealings or arrangements. In addition, the Adviser and/or its Affiliates may have business dealings or arrangements with entities that are significant investors in, or have business relationships with, or provide services to Equitable Holdings, the Adviser's publicly traded indirect parent company, and these entities may try to influence the Adviser's and/or its Affiliates' existing or other business dealings or arrangements. Furthermore, when Affiliates act in various commercial capacities in relation to a Portfolio, the Affiliates may take commercial steps in their own interests, which may have an adverse effect on the Portfolio. The Adviser and/or an Affiliate will have an interest in obtaining fees or other compensation in connection with such activities that are favorable to it, and any fees or other compensation (which could include advisory fees, underwriting or placement fees, financing or commitment fees, and brokerage and other transaction fees) will not be shared with a Portfolio.

The Adviser and/or its Affiliates also derive ancillary benefits from providing investment advisory, investment sub-advisory, administration, shareholder servicing, distribution, and transfer agency services to a Portfolio, and providing such services to a Portfolio may enhance the Adviser's and/or its Affiliates' relationships with various parties, facilitate additional business development, and enable the Adviser and/or its Affiliates to obtain additional business and generate additional revenue.

Subject to applicable law and regulations, a Portfolio may enter into transactions in which the Adviser and/or its Affiliates, or companies that are deemed to be affiliates of the Portfolio (including other portfolios of the Trust), may have an interest that potentially conflicts with the interests of the Portfolio. Such transactions create an opportunity for the Adviser and/or an Affiliate to engage in self-dealing. The Adviser and its Affiliates face a potentially conflicting division of loyalties and responsibilities to the parties in such transactions, including with respect to a decision to enter into such transactions, as well as with respect to valuation, pricing, and other terms. Any such transactions are executed in accordance with the provisions of Rule 17a-7 and Rule 17e-1, as applicable, under the 1940 Act. Applicable law and regulations also may prevent a Portfolio from engaging in transactions with an affiliate of the Portfolio, which may include the Adviser and/or its Affiliates, or from participating in an investment opportunity in which an affiliate of the Portfolio participates.

The Adviser and/or an Affiliate also faces conflicts of interest if a Portfolio purchases securities during the existence of an underwriting syndicate of which an Affiliate is a member because the Affiliate typically receives fees for certain services that it provides to the syndicate and, in certain cases, will be relieved directly or indirectly of certain financial obligations as a result of the Portfolio's purchase of securities. Any such purchases are executed in accordance with the provisions of Rule 10f-3 under the 1940 Act.

In addition, as a result of the Adviser's Affiliates acting in multiple commercial capacities, the Affiliates, from time to time, may come into possession of information about certain markets and investments that, if known to the Adviser or, as applicable, an affiliated Sub-Adviser, could cause the Adviser or, as applicable, the affiliated Sub-Adviser, to seek to dispose of, retain, or increase interests in investments held by a Portfolio, acquire certain positions on behalf of a Portfolio, or take other actions. The Adviser or, as applicable, an affiliated Sub-Adviser generally will not have access, or will have limited access, to such information, even when it would be relevant to its management of a Portfolio. Such Affiliates can trade differently from a Portfolio potentially based on information not available to the Adviser or, as applicable, an affiliated Sub-Adviser. If the Adviser or, as applicable, an affiliated Sub-Adviser acquires or is deemed to acquire material non-public information regarding an issuer, it will be restricted from purchasing or selling securities of that issuer for its clients, including a Portfolio, until the information has been publicly disclosed or is no longer deemed material.

**Certain Conflicts Related to the Use of Sub-Advisers** 

The Adviser is subject to certain conflicts of interest in connection with recommending the appointment and continued service of Sub-Advisers. Since the Adviser pays fees to the Sub-Advisers from the advisory fees that it earns from a Portfolio, any increase

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or decrease in the sub-advisory fees negotiated with proposed or current Sub-Advisers will result in a corresponding decrease or increase, respectively, in the amount of the advisory fee retained by the Adviser. If the Adviser is affiliated with a Sub-Adviser, the Adviser will benefit not only from the net advisory fee the Adviser retains, but also from the sub-advisory fee paid by the Adviser to the affiliated Sub-Adviser. The Adviser or its Affiliates also may have distribution relationships with certain Sub-Advisers or their affiliates under which the Sub-Advisers or their affiliates distribute or support the distribution of investment products issued or sold by the Adviser or its Affiliates (including those in which a Portfolio serves as an investment option), which could financially benefit the Adviser and its Affiliates or provide an incentive to the Adviser in selecting one Sub-Adviser over another or a disincentive for the Adviser to recommend the termination of such Sub-Advisers. In addition, the Adviser's and/or its Affiliates' other existing or potential business relationships (e.g., distribution, sub-administration, or custody arrangements), including with Sub-Advisers and/or their affiliates (e.g., relationships between Sub-Advisers and the Adviser's Affiliates regarding management of other assets), or other financial or personal relationships or investments or other interests, could influence the Adviser's selection and retention or termination of Sub-Advisers as well as sub-advisory or other fee negotiations.

The Adviser may allocate a Portfolio's assets among multiple Sub-Advisers. While the Adviser seeks to allocate a Portfolio's assets among the Portfolio's Sub-Advisers in a manner that it believes is consistent with achieving the Portfolio's investment objective(s), the Adviser is subject to conflicts of interest in allocating the Portfolio's assets among Sub-Advisers, including an affiliated Sub-Adviser, because the Adviser pays different fees to the Sub-Advisers and due to other factors that could impact the Adviser's and/or its Affiliates' revenues and profits.

The aggregation of assets of multiple portfolios or other funds or accounts for purposes of calculating breakpoints in sub-advisory fees may create an incentive for the Adviser to select Sub-Advisers where the selection may serve to lower a sub-advisory fee and possibly increase the advisory fee retained by the Adviser or may provide a disincentive for the Adviser to recommend the termination of a Sub-Adviser from a Portfolio if the termination may cause the sub-advisory fee payable by the Adviser to increase on a Portfolio or other fund or account that aggregates its assets with the Portfolio. The aggregation of assets, or the potential to aggregate assets, also may influence the Adviser's and/or its Affiliates' sub-advisory or other fee negotiations.

The Adviser is a fiduciary for the shareholders of a Portfolio and must put their interests ahead of its own interests (or the interests of its Affiliates). When recommending the appointment or continued service of a Sub-Adviser, consistent with its fiduciary duties, the Adviser relies primarily on the qualitative and quantitative factors described in detail in the Prospectus. In addition, the appointment and continued service of a Sub-Adviser are subject to the approval of the Trust's Board of Trustees. Moreover, the Adviser may not enter into a sub-advisory agreement with an Affiliate, such as AllianceBernstein, unless the sub-advisory agreement with the Affiliate, including compensation, is also approved by the affected Portfolio's shareholders (in the case of a new Portfolio, the initial sole shareholder of the Portfolio, typically the Adviser or an Affiliate, may provide this approval).

Furthermore, the range of activities, services, and interests of a Sub-Adviser may give rise to actual, potential and/or perceived conflicts of interest that could disadvantage a Portfolio that it sub-advises and the Portfolio's shareholders. In addition, a Sub-Adviser's portfolio managers may manage multiple funds and accounts for multiple clients. In addition to one or more portfolios, these funds and accounts may include, for example, other mutual funds, separate accounts, collective trusts, and offshore funds. Managing multiple funds and accounts may give rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. In addition, a Sub-Adviser's portfolio managers may manage or advise funds or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements may create an incentive for a portfolio manager to favor higher-fee funds or accounts. Each Sub-Adviser has adopted practices, policies and procedures that are intended to identify, monitor, and mitigate conflicts of interest. There is no assurance, however, that a Sub-Adviser's practices, policies and procedures will be effective, and a Sub-Adviser's practices, policies and procedures also may limit the investment activities of a Portfolio that it sub-advises and affect the Portfolio's performance. A Sub-Adviser and/or its affiliates also may derive ancillary benefits from providing investment sub-advisory services to a Portfolio, and providing such services to a Portfolio may enhance the Sub-Adviser's and/or its affiliates' relationships with various parties, facilitate additional business development, and enable the Sub-Adviser and/or its affiliates to obtain additional business and generate additional revenue. Please see Appendix B for a further discussion of Sub-Adviser conflicts of interest.

**Certain Conflicts Related to the Adviser's Insurance Company Affiliates** 

The Portfolio is available through Contracts offered by insurance company Affiliates of the Adviser and the Portfolio may be used to fund all or a portion of certain benefits and guarantees available under the Contracts. To the extent the assets in a Portfolio

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are insufficient to fund those benefits and guarantees, the Adviser's insurance company Affiliates might otherwise be obligated to fulfill them out of their own resources. The Adviser is subject to conflicts of interest in connection with providing advice to, or developing strategies and models used to manage, a Portfolio. The performance of a Portfolio may impact the obligations and financial exposure of the Adviser's insurance company Affiliates under any death benefit, income benefit and other guarantees provided through Contracts that offer the Portfolio as an investment option, and the ability of an insurance company Affiliate to manage (e.g., through the use of various hedging techniques) the risks associated with these benefits and guarantees. The Adviser's investment decisions and the design of a Portfolio may be influenced by these factors. For example, a Portfolio or models and strategies may be managed or designed in a manner (e.g., using more conservative or less volatile investment styles) that could reduce potential losses and/or mitigate financial risks to insurance company Affiliates that provide the benefits and guarantees and offer the Portfolio as an investment option in their products, and also could facilitate such an insurance company's ability to provide benefits and guarantees under its Contracts, including by making more predictable the costs of the benefits and guarantees and by reducing the regulatory capital needed to provide them. The financial benefits to the Adviser's insurance company Affiliates may be material. The performance of a Portfolio also may adversely impact the value of Contracts that offer the Portfolio as an investment option and could suppress the value of the benefits and guarantees offered under a Contract.

A significant percentage of a Portfolio's shares may be owned or controlled by the Adviser and/or its Affiliates, other portfolios advised by the Adviser (including funds of funds), or other large shareholders, including primarily insurance company separate accounts and qualified plans. Accordingly, a Portfolio is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders, including in connection with substitution and other transactions by Affiliates of the Adviser. These inflows and outflows may be frequent and could negatively affect a Portfolio's net asset value and performance, and could cause a Portfolio to purchase or sell securities at a time when it would not normally do so. It would be particularly disadvantageous for a Portfolio if it experiences outflows and needs to sell securities at a time of volatility in the markets, when values could be falling. These inflows and outflows also could negatively affect a Portfolio's ability to meet shareholder redemption requests or could limit a Portfolio's ability to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. During periods of declining or illiquid markets, the Adviser or its Affiliates also may be subject to conflicts of interest in selecting shares of a Portfolio for redemption and in deciding whether and when to redeem such shares. In addition, these inflows and outflows could increase a Portfolio's brokerage or other transaction costs, and large-scale outflows could cause a Portfolio's actual expenses to increase, or could result in a Portfolio's current expenses being allocated over a smaller asset base, which, depending on any applicable expense caps, could lead to an increase in the Portfolio's expense ratio.

A Portfolio or other portfolios for which the Adviser serves as investment adviser may be used as variable insurance trusts for unaffiliated insurance companies' insurance products. These unaffiliated insurance companies have financial arrangements (which may include revenue sharing arrangements) or other business relationships with the Adviser's insurance company Affiliates. These financial arrangements or other business relationships could create an incentive for the Adviser, in its selection process, to favor Sub-Advisers that are affiliated with these unaffiliated insurance companies.

Consistent with its fiduciary duties, the Adviser seeks to implement a Portfolio's investment program in a manner that is in the best interests of the Portfolio and that is consistent with the Portfolio's investment objective, policies and strategies described in detail in the Prospectus.

**Certain Tax Conflicts Related to the Adviser's Insurance Company and Other Affiliates** 

The Portfolio is available through Contracts offered by insurance company Affiliates of the Adviser. For federal income tax purposes, the insurance company Affiliates are considered owners of the Portfolio shares used to fund all or a portion of certain benefits and guarantees available under the Contracts. As a regulated investment company, a Portfolio is required to distribute substantially all of its investment company taxable income (such as dividends and interest received from its portfolio securities) and net capital gain (long-term capital gain in excess of short-term capital loss) each year to its shareholders. By meeting such distribution requirements, a Portfolio avoids federal income tax on the distributed income and gains, which are instead included in the income of the Portfolio's shareholders for their federal income tax purposes. Due to the federal income tax treatment afforded life insurance companies, however, the insurance company Affiliates and the owners of the Contracts are not subject to federal income tax on such distributions.

Certain distributions by a Portfolio carry out to the shareholders tax benefits related to the sources of income on which the distributions are based. To the extent that a Portfolio's dividends are based on U.S. corporate dividends received by the Portfolio,

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a corporate shareholder of the Portfolio is entitled to a dividends received deduction equal to 50% of such dividends. Also, a Portfolio that invests more than 50% of its assets in the stock or securities of foreign corporations can elect to pass through to its shareholders the ability to claim a federal income tax credit for foreign taxes paid by the Portfolio. Even though the insurance company Affiliates are not subject to federal income tax on the dividends and capital gain distributions paid to them by a Portfolio, they are able to apply the dividends received deduction to reduce other income of the insurance companies that might otherwise be subject to income tax. The insurance company Affiliates are also able to apply the foreign tax credits passed through by a Portfolio to reduce their federal income taxes. These tax benefits can and generally do provide significant benefits to the insurance company Affiliates and may present the Adviser with conflicts of interest when choosing between potential investments by a Portfolio and taking other actions with respect to a Portfolio that would result in receipt of such benefits by the insurance companies and alternative investments or other actions that do not have that result.

Although the insurance company Affiliates are not the only shareholders of a Portfolio, their ownership percentages are sufficient to cause a Portfolio also to be considered an affiliate of the insurance company Affiliates and the insurance companies' parent company for certain federal income tax purposes. As a result of this tax affiliation, as described in the following paragraph, certain events or decisions affecting one affiliated company's tax treatment can impact the tax treatment of the other affiliated companies, including a Portfolio.

If a Portfolio recognizes capital losses during a taxable year exceeding its recognized capital gains for the year, the excess losses are carried forward and can be used to offset capital gains recognized by the Portfolio in later taxable years. A Portfolio's ability to use such capital loss carryforwards in later years can become subject to annual limitations in the event that there is a change in the shareholders of the Portfolio exceeding certain thresholds (an "ownership change"). Due to the affiliation of a Portfolio with the insurance companies and the insurance companies' parent company, an ownership change for the parent company also is treated as an ownership change for the Portfolio. An ownership change for the parent company results in annual limitations on the ability of the parent company to use its net operating loss carryforwards and tax credit carryforwards (which are also subject to time limitations), as well as annual limitations on a Portfolio's ability to use its capital loss carryforwards (which are not subject to time limitations).

These annual limitations with respect to a company following an ownership change are determined under a formula based on the value of that company. In measuring the value of the parent company for purposes of determining its annual limitations, the values of the subsidiary affiliates, including a Portfolio, are required to be subtracted from the parent company's value. Each subsidiary affiliate uses its own value to determine its own annual limitations following the parent company's ownership change. Each subsidiary affiliate, however, can elect to restore some or all of its own value to the parent company, resulting in a less restrictive annual limitation for the parent company, but thereby reducing the electing subsidiary's own value and resulting in a more restrictive annual limitation for the electing subsidiary. The decision regarding a Portfolio's making such an election to benefit the parent company may present a potential conflict of interest.

If a Portfolio makes such an election to benefit the insurance companies' parent company, it is possible that this will result in greater net capital gain distributions each year by the Portfolio to its shareholders. Due to the federal income tax treatment afforded life insurance companies, however, the insurance company Affiliates and the owners of the Contracts will not be subject to federal income tax on such increased distributions. The other shareholders of a Portfolio consist of other unaffiliated insurance companies, tax-exempt retirement accounts and fund-of-funds having similar shareholders, and these other shareholders also are not subject to federal income tax on such increased distributions.

**Certain Conflicts Related to the Adviser and its Affiliates Acting for Multiple Clients** 

The Adviser and certain of its Affiliates manage or advise other funds and accounts that have investment objectives and strategies that are similar to those of a Portfolio and/or that engage in and compete for transactions in the same types of securities and instruments as a Portfolio. Such transactions could affect the prices and availability of the securities and instruments in which a Portfolio invests, directly or indirectly, and could have an adverse impact on a Portfolio's performance. For example, when another fund or account managed or advised by the Adviser or an Affiliate implements a portfolio decision or strategy ahead of, or at the same time as, similar portfolio decisions or strategies for one or more Portfolios, market impact, liquidity constraints, or other factors could result in a Portfolio receiving less favorable investment results, and the costs of implementing such portfolio decisions or strategies could be increased or a Portfolio could otherwise be disadvantaged. The Adviser and certain of its Affiliates also manage or advise other funds and accounts that have investment objectives and strategies that differ from, or may be contrary to, those of a Portfolio. Other funds and accounts may buy or sell positions while a Portfolio is undertaking the same or a different,

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including potentially opposite, strategy, which could disadvantage or adversely affect a Portfolio. A position taken by the Adviser and/or its Affiliates on behalf of one or more other funds or accounts may be contrary to a position taken on behalf of a Portfolio or may be adverse to a company or issuer in which a Portfolio has invested. For example, the Adviser and/or its Affiliates may advise other funds or accounts with respect to different parts of the capital structure of the same issuer, or with respect to classes of securities that are subordinate or senior to securities, in which a Portfolio invests. As a result, the Adviser and/or its Affiliates may pursue or enforce rights or activities, or refrain from pursuing or enforcing rights or activities, on behalf of other funds and accounts with respect to a particular issuer in which one or more Portfolios have invested. In addition, the Adviser may pursue, or refrain from pursuing, on behalf of one or more Portfolios, class action litigation that may be adverse to the interests of certain of the Adviser's Affiliates.

A Portfolio's performance will usually differ from the performance of other funds or accounts that are also managed or advised by the Adviser or its Affiliates even in cases where the investment objectives and strategies of the relevant funds or accounts are similar. The Adviser and certain of its Affiliates may give advice to, or take actions with respect to, other funds or accounts that may compete or conflict with advice the Adviser may give to, or actions the Adviser may take with respect to, a Portfolio. In addition, when the Adviser and/or its Affiliates seek to buy or sell the same security or instrument on behalf of more than one fund or account, including a Portfolio, the Adviser and/or its Affiliates may have an incentive to allocate more favorable trades to certain funds or accounts, including a Portfolio. (For additional information about the Adviser's trade aggregation and allocation policies, please see the section of the SAI entitled "Brokerage Allocation and Other Strategies.") It is possible that a Portfolio could sustain losses during periods in which one or more other funds or accounts that are managed or advised by the Adviser or its Affiliates achieve significant gains. The opposite result is also possible.

In addition, the Adviser or, as applicable, an affiliated Sub-Adviser may restrict the investment policies or the design of a Portfolio or its investment decisions and activities on behalf of a Portfolio in various circumstances, including as a result of regulatory or other restrictions applicable to one or more Affiliates, internal policies designed to comply with such restrictions, and/or potential reputational risk in connection with funds or accounts (including the Portfolio). For example, if the Adviser and/or its Affiliates come into possession of material non-public information regarding other funds or accounts that are also managed or advised by the Adviser or its Affiliates, they may be prohibited by legal and regulatory constraints, or internal policies and procedures, from using that information in connection with transactions made on behalf of a Portfolio. In addition, potential conflicts of interest exist when the Adviser and/or its Affiliates maintain certain overall limitations on investments in securities or other instruments due to, among other things, investment restrictions imposed on the Adviser and/or its Affiliates by law, regulation (for example, banking or insurance regulations), mechanisms imposed by certain issuers (for example, poison pills), or the Adviser's and/or its Affiliates' own internal policies (including, for example, for risk management purposes). Certain of these restrictions may impose limits on the aggregate amount of investments that may be made by affiliated investors. In these circumstances, the Adviser or, as applicable, an affiliated Sub-Adviser may be precluded from purchasing securities or other instruments (that it might otherwise purchase) for a Portfolio if the purchase would cause the Portfolio and its affiliated investors to exceed an applicable limit, or the Adviser or, as applicable, an affiliated Sub-Adviser may be required to sell securities or other instruments (that it might otherwise prefer that a Portfolio hold) in order to comply with such a limit. In addition, aggregate investment limitations could cause dispersion among funds and accounts managed or advised by the Adviser and/or its Affiliates with similar investment objectives and strategies.

Shareholders also should be aware that the Trust's Chief Executive Officer and other principal officers are also principals and/or employees of the Adviser and/or its Affiliates, and these principals and employees have obligations to such other entities and/or their clients, and may come into possession of information, that could give rise to a potentially conflicting division of loyalties and/or responsibilities, which could have an adverse effect on a Portfolio and could benefit the Adviser and/or its Affiliates. For example, the Trust's Chief Executive Officer serves as Chief Investment Officer for Equitable Financial, and certain of the Trust's other principal officers hold executive positions, including in operations, legal, and compliance, with the Adviser and/or its Affiliates. In addition, certain senior officers of the Adviser serve in similar capacities for Equitable Investment Management, LLC, which could give rise to conflicts of interest. For additional information about the principal occupations of the Trust's Chief Executive Officer and other principal officers (including positions held with the Adviser and/or its Affiliates), please see the section of the SAI entitled "Management of the Trust."

**Certain Conflicts Related to the Joint Use of Vendors and Other Service Providers** 

Certain service providers to a Portfolio (including sub-advisers, accountants, custodians, attorneys, lenders, bankers, brokers, consultants and investment or commercial banking firms) provide goods and services to, or have business, personal, financial or other relationships with, the Adviser and/or its Affiliates. Such service providers may be clients of the Adviser and/or its Affiliates,

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sources of investment opportunities, co-investors or commercial counterparties or entities in which the Adviser and/or its Affiliates have an investment or other interest. In addition, certain employees of the Adviser and/or its Affiliates and/or the Trustees of the Trust could have immediate family members or other relatives or friends employed by or serving as board members of such service providers. These relationships could have the appearance of affecting or may potentially affect the Adviser in deciding whether to select or recommend such service providers to perform services for a Portfolio or to terminate such service providers. These relationships also could have the appearance of affecting or may potentially affect the Adviser's and/or its Affiliates' fee negotiations as well as their investment decisions and activities, including on behalf of a Portfolio.

**Certain Conflicts Related to Proxy Voting** 

The Adviser and the Sub-Advisers have implemented policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions that they make on behalf of their clients, including a Portfolio, and to help ensure that such decisions are made in accordance with their fiduciary obligations to their clients. Notwithstanding such proxy voting policies and procedures, actual proxy voting decisions made by the Adviser and/or the Sub-Advisers in respect of securities held by a Portfolio may have the effect of favoring the interests of the Adviser and/or its Affiliates and/or the Sub-Advisers and/or funds or accounts other than the Portfolio; provided, that the Adviser and/or the Sub-Advisers believe such voting decisions to be in accordance with their fiduciary obligations. Actual proxy voting decisions made by the Adviser and/or the Sub-Advisers in respect of securities held by a Portfolio also may have the effect of favoring the Adviser's and/or its Affiliates' other existing or potential business relationships. In addition, it is possible that the Adviser's Affiliates may invest in the same securities held by a Portfolio. The Adviser's Affiliates may have different proxy voting policies and procedures and, as a result, the Adviser may vote differently than its Affiliates. Please see Appendix C to this SAI for the Trust's Proxy Voting Policies and Procedures. A description of the proxy voting policies and procedures that the Sub-Adviser uses to determine how to vote proxies relating to a Portfolio's portfolio securities is included in Appendix C to this SAI.

**Certain Conflicts Related to Securities Lending** 

Certain securities loan termination practices have the potential to benefit corporate shareholders and could have an adverse impact on a lending Portfolio. During the time a portfolio security is on loan, if the issuer of the security makes an interest or dividend payment, the borrower pays the lending Portfolio a substitute payment equal to any interest or dividends the lending Portfolio would have received directly from the issuer of the security had the Portfolio not loaned the security. When a lending Portfolio receives dividends directly from domestic or certain foreign corporations, a portion of the dividends paid by the Portfolio to its shareholders and attributable to those dividends (but not the portion attributable to substitute payments) may be eligible for: (i) treatment as "qualified dividend income" in the hands of individuals, or (ii) the dividends-received deduction in the hands of corporate shareholders. Please see the section of the SAI entitled "Taxation". The Adviser has implemented processes to ensure that a Portfolio does not engage in securities loan termination practices that would cause the Portfolio to terminate a securities loan – and forgo any income on the loan after the termination – in anticipation of a dividend payment.

**Certain Conflicts Related to Personal Securities Transactions** 

The Adviser and its Affiliates, including their respective managers, partners, directors, trustees, officers, and employees, the Trustees of the Trust, and a Sub-Adviser and its affiliates face conflicts of interest when transacting in securities for their own accounts because they could benefit by trading in the same securities as a Portfolio, which could have an adverse effect on a Portfolio. In addition, the Adviser and its Affiliates, including their respective managers, partners, directors, trustees, officers, and employees, the Trustees of the Trust, and a Sub-Adviser and its affiliates may acquire material non-public information regarding individual securities in connection with their official duties. The Trust, the Adviser, the Administrator, the Sub-Adviser, and the Distributor each have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that imposes certain restrictions on securities transactions in the personal accounts of covered persons to help avoid conflicts of interest.

**Certain Conflicts Related to the Valuation of a Portfolio's Investments** 

There is an inherent conflict of interest where the Adviser or its Affiliates value, or provide any assistance in connection with the valuation of, a Portfolio's investments and the Adviser or its Affiliates are receiving a fee based on the value of such investments. Overvaluing certain positions held by a Portfolio will inflate the value of the investments as well as the performance record of the Portfolio, which would likely increase the fees payable to the Adviser and/or its Affiliates. As a result, there may be circumstances where the Adviser has an incentive to determine valuations that are higher than the actual fair value of investments.

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**Certain Conflicts Related to Trade Errors and Other Operational Mistakes** 

Trade errors and other operational mistakes occasionally occur in connection with the Adviser's or an Affiliate's management of funds and accounts, including a Portfolio. Trade errors and other operational mistakes can result from a variety of situations, including situations involving portfolio management (e.g., inadvertent violation of investment restrictions), trading, processing, or other functions (e.g., miscommunication of information, such as wrong number of shares, wrong price, wrong account, calling a transaction a buy rather than a sell and vice versa, etc.). The Adviser's policies and procedures generally do not require perfect implementation of investment management decisions or trading, processing, or other functions performed by the Adviser. Therefore, depending on the facts and circumstances, not all mistakes will be considered compensable to an impacted fund or account, including a Portfolio. The Adviser or an Affiliate, including an affiliated Sub-Adviser, could face a potential conflict of interest when the Adviser identifies a trade error or other operational mistake that is considered compensable to an impacted Portfolio and the Adviser or an Affiliate, including an affiliated Sub-Adviser, is responsible for compensating the Portfolio.

The Adviser's policies and procedures require that all trade errors affecting a Portfolio's account be resolved promptly and fairly. Further, any transaction relating to the disposition of a trading error in which the Adviser's own interests are placed before those of a Portfolio is prohibited. The Adviser will not use Portfolio assets to correct a trading error.

**Certain Conflicts Related to Brokerage Transactions, including with Affiliates** 

To the extent permitted by applicable law and in accordance with procedures established by the Trust's Board, the Trust may engage in brokerage transactions with brokers that are affiliates of the Adviser or its Affiliates, including Sanford C. Bernstein & Co., LLC, Sub-Advisers, brokers who are affiliates of such Sub-Advisers, or unaffiliated brokers who trade or clear through affiliates of the Adviser or the Sub-Advisers. A Portfolio's portfolio managers may be able to select or influence the Sub-Advisers' selection of the brokers that are used to execute securities transactions for the Portfolio. The Adviser's and/or its Affiliates' other existing or potential business relationships, including with Sub-Advisers, or other financial or personal relationships, could create an incentive for a Portfolio's portfolio managers, in the selection process, to favor certain brokers, including affiliated brokers. The Adviser and a Portfolio's Sub-Advisers, as appropriate, seek to obtain the best net price and execution on all orders placed for the Portfolio, considering all the circumstances. Any such transactions with an affiliated broker are executed in accordance with the provisions of Rule 17e-1 under the 1940 Act. For additional information about brokerage transactions, including with affiliates, please see the section of this SAI entitled "Brokerage Allocation and Other Strategies."

**Certain Conflicts Related to Distributions of Assets Other Than Cash** 

With respect to redemptions from a Portfolio, the Portfolio may, in certain circumstances, have discretion to decide whether to permit or limit redemptions and whether to make distributions in connection with redemptions in the form of securities or other assets, and in such case, the composition of such distributions. In making such decisions, the Adviser may have a potentially conflicting division of loyalties and responsibilities with respect to redeeming shareholders (which, in certain cases, could be funds-of-funds) and remaining shareholders.

**Certain Conflicts Related to Gifts and Entertainment, Political Contributions, and Outside Business Activities** 

The code of ethics adopted by the Trust, the Adviser, the Administrator, and the Distributor contains a policy to address the conflicts of interest related to the giving or receipt of gifts and/or entertainment to or from clients, intermediaries, current or potential Sub-Advisers, or current or potential service providers or third-party vendors to a Portfolio or the Adviser or its Affiliates, which could have the appearance of affecting or may potentially affect the judgment of covered persons or the manner in which they conduct business. The policy requires the reporting and/or pre-clearance of gifts, meals and entertainment given or received that exceeds certain thresholds. The Adviser also has adopted a policy that prohibits covered persons from making any direct or indirect political contribution to any political party, elected official or candidate with the intention of soliciting or maintaining investment advisory business for the Adviser. Further, given the nature of the Adviser's business, its duties to its clients and the role of investment advisory professionals generally, covered persons who engage in outside business activities may face numerous conflicts of interest. Outside business activities include, but are not limited to, service as an officer, employee or member of the board of another organization that is not affiliated with the Adviser, consulting engagements, and public and charitable positions. To avoid such conflicts, covered persons must receive pre-approval from the compliance department prior to pursuing any outside business activities. Actual and potential conflicts of interest are analyzed during the pre-clearance and pre-approval processes.

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**Purchase, Redemption and Pricing of Shares**

The Trust will offer and sell its shares for cash or securities at a price based on a Portfolio's net asset value per share, which will be determined in the manner set forth below. Shares of a Portfolio will be issued to a shareholder upon receipt of consideration.

The net asset value of the shares of each class of each Portfolio will normally be determined once daily, immediately after the declaration of dividends, if any, at the close of business on each business day as defined below. The net asset value per share of each class of a Portfolio will be computed by dividing the sum of the investments held by that Portfolio applicable to that class plus any cash or other assets, minus all liabilities, by the total number of outstanding shares of that class of the Portfolio at such time. All expenses borne by each Portfolio and each of its classes will be accrued daily.

The net asset value per share of each Portfolio will be determined and computed as follows, in accordance with generally accepted accounting principles and consistent with the 1940 Act:

&nbsp;&nbsp;&nbsp;&nbsp;• The assets belonging to each Portfolio will include (i) all consideration received by the Trust for the issue or sale of shares of that particular Portfolio, together with all assets in which such consideration is invested or reinvested, (ii) all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, (iii) any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, and (iv) "General Items," if any, allocated to that Portfolio. "General Items" include any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Portfolio. General Items will be allocated in a manner or pursuant to procedures that the Board considers fair and equitable.

&nbsp;&nbsp;&nbsp;&nbsp;• The liabilities belonging to each Portfolio will include (i) the liabilities of the Trust in respect of that Portfolio, (ii) all expenses, costs, charges and reserves attributable to that Portfolio, and (iii) any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Portfolio which have been allocated in a manner or pursuant to procedures that the Board considers fair and equitable.

The value of a Portfolio is normally determined at the close of business on each "business day." Generally, this would be at the close of regular trading on the New York Stock Exchange ("NYSE") on days the NYSE is open for trading (usually 4:00 p.m. Eastern Time). In the event of an emergency or other disruption in trading on the NYSE, the value of a Portfolio would still normally be determined as of 4:00 p.m. Eastern Time. The NYSE is closed on New Year's Day (observed), Martin Luther King, Jr. Day, Washington's Birthday (observed), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A Portfolio generally values its investments based upon their last reported sale prices, market quotations, or estimates of value provided by an independent pricing service as of the time as of which the Portfolio's share price is calculated.

Generally, the assets of each Portfolio are valued as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Stocks listed on national securities exchanges (including securities issued by ETFs) are valued at the last quoted sale price or official closing price, or, if there is no sale or official closing price, at the latest available bid price provided by a pricing service. Securities listed on the Nasdaq Stock Market will be valued using the Nasdaq Official Closing Price ("NOCP"). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. Other unlisted stocks are valued at their last sale price or official closing price or, if there is no reported sale during the day or official closing price, at a bid price estimated by a broker.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign securities not traded directly, or in ADRs or similar form, in the U.S. are valued at most recent sales or bid price from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates. Because foreign securities sometimes trade on days when a Portfolio's shares are not priced, the value of the Portfolio's investment that includes such securities may change on days when shares of the Portfolio cannot be purchased or redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, corporate bonds and notes are generally valued on the basis of prices provided by an approved pricing service. The pricing

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services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when the price of the securities cannot be obtained from an approved pricing service, such securities are generally valued at a bid price estimated by a broker. Debt securities with original or remaining maturities of 60 days or less may be valued at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;• Convertible preferred stocks listed on national securities exchanges or included on the Nasdaq Stock Market are valued as of their last sale price or official closing price or, if there is no sale, at the latest available bid price.

&nbsp;&nbsp;&nbsp;&nbsp;• Convertible bonds, and unlisted convertible preferred stocks, are valued at prices obtained from a pricing service for such instruments or, if a pricing service price is not available, at bid prices obtained from one or more of the major dealers in such bonds or stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage-backed and asset-backed securities are valued at prices obtained from an approved pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quotes will be obtained from a broker and converted to a price.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange traded options are valued at their last sales price or, if not available, the bid price. Options not traded on an exchange or actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued at their last settlement price or, if there is no sale, at the latest available bid price.

&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreements and reverse repurchase agreements are valued at original cost (par) plus accrued interest. Other pricing methods such as amortized cost may be utilized depending on the features of the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;• Centrally cleared swaps are priced using the value determined by the central counterparty at the end of the day, which price may be provided to a Portfolio by an approved pricing service. With respect to over-the-counter swaps and centrally cleared swaps where the central counterparty price is unavailable, a price provided by an approved pricing service will be used. Central counterparties and approved pricing services may utilize evaluation techniques including pricing models to provide pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open end mutual funds (other than ETFs) held by a Portfolio will be valued at the net asset value of the shares of such funds as described in the funds' prospectuses.

Pricing services may use, without limitation, a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specified inputs and assumptions. This may result in the securities being valued at a price different from the price that would have been determined had the matrix or formula method not been used. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Portfolio may hold or transact in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. A Portfolio's ability to value its investment may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The Adviser has developed a process to approve independent pricing services used by the Portfolios and to periodically review information provided by independent pricing services for all types of securities.

Pursuant to applicable law, the Board of Trustees of the Trust has designated the Adviser as the Portfolios' valuation designee. As the Portfolios' valuation designee, and subject to the Board's oversight, the Adviser is responsible for determining in good faith the fair value of Portfolio investments for which market quotations are not readily available or are believed by the Adviser to be unreliable. In these circumstances, the Portfolio may use a fair value estimate made according to methods the Adviser has

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approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. For example, a security whose trading has been halted during the trading day may be fair valued based on the available information at the time of the close of the trading market. A Portfolio may also use these methods to value certain types of illiquid securities and instruments. Some methods for valuing these securities may include: fundamental analysis (earnings multiple, etc.), matrix pricing, discounts from market prices of similar securities, or discounts applied due to the nature and duration of restrictions on the disposition of the securities.

In addition, if event or circumstances affecting the values of portfolio securities occur between the closing of their principal markets and a Portfolio's time the net asset value is determined, such as with respect to foreign securities trading on foreign exchanges that may close before the time the net asset value is determined, the Adviser may ascertain a fair value for such securities when it deems that the event or circumstance would materially affect such Portfolio's net asset value. Such events or circumstances may be company specific, such as an earning report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.

The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by a fair valuation method established by the Adviser that relies on other available pricing inputs. As such, fair value pricing is based on subjective judgments and it is possible that the valuations reached may differ materially from the value realized on a sale and from the prices used by other registered funds to calculate their net asset values. The fair value pricing policy is intended to assure that a Portfolio's net asset value fairly reflects security values as of the time of pricing. In certain circumstances, fair valuation of a Portfolio's securities can help to protect the Portfolio by reducing arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing will completely prevent dilution of the Portfolio's net asset value by such traders.

**Redemptions In Kind** 

The Trust's organizational documents provide that it may redeem its shares in kind. The Trust has elected, pursuant to Rule 18f-1 under the 1940 Act, to commit itself to pay in cash all requests for redemption by any shareholder of record, limited in amount with respect to each shareholder during any 90-day period to the lesser of: (i) $250,000; or (ii) 1% of the net asset value of the Trust at the beginning of such period. If shares are redeemed through a distribution of assets of the Trust, the recipient would incur brokerage commissions upon the sale of such securities.

The Trust also reserves the right to redeem its shares in kind under appropriate circumstances, such as in connection with transactions involving the substitution of shares of one Portfolio (the replacement portfolio) for shares of another Portfolio (the replaced portfolio) held by insurance company separate accounts to fund Contracts.

**Taxation**

The Portfolio is treated for federal tax purposes as a separate corporation. The Trust intends that the Portfolio will qualify each taxable year to be treated as a RIC (that is, a "regulated investment company" under Subchapter M of Chapter 1, Subtitle A, of the Code). By doing so, the Portfolio will be relieved of federal income tax on the part of its investment company taxable income (consisting generally of net investment income, the excess, if any, of net short-term capital gain over net long-term capital loss, and net gains and losses from certain foreign currency transactions, if any, all determined without regard to any deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss) that it distributes to its shareholders. Such qualification does not involve supervision of management or investment practices or policies by any governmental agency or bureau.

To qualify for treatment as a RIC, a Portfolio must distribute annually to its shareholders at least the sum of 90% of its investment company taxable income and 90% of its net exempt interest income ("Distribution Requirement") and must meet several additional requirements, including the following: (1) the Portfolio must derive at least 90% of its gross income each taxable year from (a) dividends, interest, payments with respect to securities loans and gains (without regard to losses) from the sale or other disposition of securities or foreign currencies, or other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in securities or those currencies ("Qualifying Income"), and (b) net income from an interest in a "qualified publicly traded partnership" (defined below) ("QPTP") ("Income Requirement"); and (2) at the close of each quarter of the Portfolio's taxable year, (a) at least 50% of the value of its total assets must be represented by cash and cash items, Government securities, securities of other RICs (collectively, "Qualifying Assets"), and other securities, with these other securities limited, in respect of

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any one issuer, to an amount that does not exceed 5% of the value of the Portfolio's total assets and that does not represent more than 10% of the issuer's outstanding voting securities (equity securities of QPTPs being considered voting securities for these purposes), and (b) not more than 25% of the value of its total assets may be invested in (i) the securities (other than Government securities or securities of other RICs) of any one issuer, (ii) the securities (other than securities of other RICs) of two or more issuers the Portfolio controls (by owning 20% or more of their voting power) that are determined to be engaged in the same, similar or related trades or businesses, or (iii) the securities of one or more QPTPs (collectively, "Subchapter M Diversification Requirements" and, together with the Income Requirement, "Other Requirements"). A QPTP is defined as a "publicly traded partnership" (generally, a partnership the interests in which are "traded on an established securities market" or are "readily tradable on a secondary market (or the substantial equivalent thereof)" that meets certain qualifying income requirements, other than a partnership at least 90% of the gross income of which consists of Qualifying Income.

If a Portfolio failed to qualify for treatment as a RIC for any taxable year — either (1) by failing to satisfy the Distribution Requirement, even if it satisfied all the Other Requirements, or (2) by failing to satisfy one or more of the Other Requirements and was unable, or determined not, to avail itself of Code provisions that enable a RIC to cure a failure to satisfy any of the Other Requirements as long as the failure "is due to reasonable cause and not due to willful neglect" and the RIC pays a deductible tax calculated in accordance with those provisions and meets certain other requirements — (a) it would be taxed as an ordinary corporation on its taxable income for that year without being able to deduct the distributions it makes to its shareholders, (b) each "segregated asset account" (i.e, insurance company separate account) ("Separate Account") invested in the Portfolio would fail to satisfy the diversification requirements described below, with the result that the Contracts supported by each such account would no longer be eligible for tax deferral, and (c) all distributions out of the Portfolio's earnings and profits, including distributions of net capital gain, would be taxable to its shareholders as dividends (i.e., ordinary income, except that, for individual and certain other non-corporate shareholders, the part thereof that is "qualified dividend income" would be subject to federal income tax at the rates for net capital gain — a maximum of 15% for a single shareholder with taxable income not exceeding $492,300 ($553,850 for married shareholders filing jointly) and 20% for those non-corporate shareholders with taxable income exceeding those respective amounts (which apply for 2023 and will be adjusted for inflation annually thereafter); those dividends also would be eligible for the dividends-received deduction available to corporations under certain circumstances. In addition, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying for RIC treatment.

Subchapter L of Chapter 1, Subtitle A, of the Code ("Subchapter L") requires that each Separate Account in which Contract premiums are invested be "adequately diversified" (as described in the next paragraph). If a Portfolio satisfies certain requirements regarding the types of shareholders it has and the availability of its shares, which the Portfolio intends to continue to do, then a Separate Account will be able to "look through" the Portfolio, and in effect treat a pro rata portion of the Portfolio's assets as the account's assets, for purposes of determining whether the account is diversified. Moreover, if an Underlying Portfolio (that qualifies for treatment as a RIC) in which a Portfolio invests also satisfies those requirements, a Separate Account investing in that Portfolio will effectively treat a pro rata portion of the Underlying Portfolio's assets as its own for those purposes. The same treatment will not apply, however, with respect to any ETF (even one that also is treated as a RIC) in which a Portfolio invests, which instead will be treated for those purposes as a single investment.

Because the Trust is used to fund Contracts, a Portfolio must meet the diversification requirements imposed by Subchapter L and the regulations thereunder ("Subchapter L Diversification Requirements") on Separate Accounts (which are in addition to the Subchapter M Diversification Requirements) or those Contracts will fail to qualify as life insurance policies or annuity contracts for federal tax purposes. In general, for a Portfolio (and, therefore, any Separate Account that invests therein) to meet the Subchapter L Diversification Requirements, Treasury regulations require that, except as permitted by the "safe harbor" described below, no more than 55% of the total value of its assets may be represented by any one investment, no more than 70% by any two investments, no more than 80% by any three investments and no more than 90% by any four investments. Generally, for these purposes, all securities of the same issuer are treated as a single investment. Furthermore, the Code provides that each U.S. Government agency or instrumentality is treated as a separate issuer. Subchapter L provides, as a safe harbor, that a Separate Account will be treated as being adequately diversified if the Subchapter M Diversification Requirements are satisfied and no more than 55% of the value of the account's total assets are Qualifying Assets. Compliance with the Subchapter L Diversification Requirements is tested on the last day of each quarter of each calendar year (which is each Portfolio's taxable year). If a Portfolio has satisfied those requirements for the first quarter of its first taxable year, it will have a 30-day period after the end of each subsequent quarter in which to cure any non-compliance.

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Many technical rules govern the computation of a Portfolio's investment company taxable income (or income and deductions, in the case of an ETF that is a grantor trust and not a RIC, such as an ETF that invests primarily in commodities) and net capital gain. For example, dividends are generally treated as received on the ex-dividend date. Also, certain foreign currency losses and capital losses arising after October 31 of a given year may be treated as if they arise on the first day of the next taxable year.

A Portfolio that invests in foreign securities or currencies may be subject to foreign taxes that could reduce its investment performance.

A Portfolio may invest in the stock of PFICs if that stock is a permissible investment. A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests for a taxable year: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Under certain circumstances, a Portfolio will be subject to federal income tax on a portion of any "excess distribution" it receives on the stock of a PFIC and of any gain from disposition of that stock (collectively, "PFIC income"), plus interest thereon, even if the Portfolio distributes the PFIC income as a dividend to its shareholders. The balance of the PFIC income will be included in the Portfolio's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders.

If a Portfolio invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" ("QEF"), then in lieu of the foregoing tax and interest obligation, the Portfolio would be required to include in its gross income each taxable year its pro rata share of the QEF's annual ordinary earnings and net capital gain (which it may have to distribute to satisfy the Distribution Requirement), even if the QEF did not distribute those earnings and gain to the Portfolio. In most instances it will be very difficult, if not impossible, to make this election because of certain of its requirements.

A Portfolio may elect to "mark to market" its stock in certain PFICs. "Marking-to-market," in this context, means including in gross income each taxable year (and treating as ordinary income) the excess, if any, of the fair market value of a PFIC's stock over a Portfolio's adjusted basis therein as of the end of that year. Pursuant to the election, a Portfolio also would be allowed to deduct (as an ordinary, not a capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock the Portfolio included in income for prior taxable years under the election. A Portfolio's adjusted basis in each PFIC's stock with respect to which it has made this election will be adjusted to reflect the amounts of income included and deductions taken thereunder.

A Portfolio may acquire (1) zero-coupon bonds issued with OID, (2) payment-in-kind bonds, and/or (3) TIPS or other inflation-indexed securities on which principal is adjusted based on changes in the Consumer Price Index. A Portfolio must include in its gross income the OID that accrues on OID securities, bonds it receives as "interest" on payment-in-kind bonds, and the amount of any principal increases on inflation-indexed securities during the taxable year, even if it receives no corresponding payment on them during the year. Because a Portfolio annually must distribute substantially all of its investment company taxable income, including any accrued OID and other non-cash income, to satisfy the Distribution Requirement, it might be required in a particular tax year to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. Those distributions would have to be made from a Portfolio's cash assets or, if necessary, from the proceeds of sales of its portfolio securities. A Portfolio might realize capital gains or losses from those sales, which would increase or decrease its investment company taxable income and/or net capital gain.

As described above, a Portfolio will not be subject to U.S. federal income tax on its investment company taxable income and net capital gain that it distributes to its shareholders in each taxable year. Also, a Portfolio will be subject to a non-deductible 4% excise tax to the extent that the Portfolio does not distribute by the end of each calendar year: (a) at least 98% of its ordinary income for the calendar year; (b) at least 98.2% of its capital gain net income for the one-year period ending, as a general rule, on October 31 of each year; and (c) 100% of the undistributed ordinary income and capital gain net income from the preceding calendar years (if any). For this purpose, any income or gain retained by a Portfolio that is subject to corporate tax will be considered to have been distributed by year-end.

For federal income tax purposes, a Portfolio is permitted to carry forward a net capital loss incurred in any year to offset net capital gains, if any, in any subsequent year until such loss carry forwards have been fully used. Capital losses carried forward will retain their character as either short-term or long-term capital losses. To the extent subsequent net capital gains are offset by such losses, they would not result in federal income tax liability to a Portfolio and would not be distributed as such to shareholders.

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A Portfolio's ability to carry forward capital losses, if any, and to use them to offset future gains may be limited if a Portfolio undergoes an ownership change as described in section 382 of the Code. Such an ownership change of a Portfolio can occur if an insurance company holding more than 50% of the Portfolio's shares in its separate accounts itself undergoes an ownership change. Also, a Portfolio may undergo an ownership change if it is combined with another Portfolio in a reorganization. A Portfolio's pre-change losses (including capital loss carryforwards, net current-year capital losses, and unrealized losses that exceed certain thresholds) become subject to limitations for purposes of offsetting post-change gains.

When ownership of a RIC with capital loss carryforwards undergoes such an ownership change, the Code imposes annual limitations on the use of capital loss carryforwards following the change in ownership. The amount of such loss carryforwards that can be used each year to offset post-change gains would generally be determined by multiplying the "federal long-term tax-exempt rate" by the value of the outstanding shares of a Portfolio (possibly subject to adjustment for purposes of these rules) immediately prior to the change.

The amount of realized and unrealized gains and losses of a Portfolio undergoing an ownership change, as well as the size of the Portfolio, at the time of the ownership change will determine the extent to which the Portfolio's losses, both realized and unrealized, will be available to reduce gains realized by the Portfolio in each year following the change, and consequently the extent to which the Portfolio may be required to distribute gains to its shareholders earlier than would have been the case absent the change.

**Other Information**

**Delaware Statutory Trust.** The Trust is an entity of the type commonly known as a Delaware statutory trust. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the Trustees and shareholders of the Trust, while the more specific powers, duties, rights and obligations of the Trustees and shareholders are determined by the Trustees as set forth in the Trust's Agreement and Declaration of Trust ("Declaration of Trust") and By-laws as amended and restated. Every shareholder of the Trust, by virtue of purchasing shares and becoming a shareholder, agrees to be bound by the terms of the Declaration of Trust. Some of the more significant provisions of the Declaration of Trust are described below.

**Shareholder Liability.** Although Delaware law statutorily limits the potential liabilities of a Delaware statutory trust's shareholders to the same extent as it limits the potential liabilities of a Delaware corporation's shareholders, shareholders of a Portfolio could, under certain conflicts of laws jurisprudence in various states, be held personally liable for the obligations of the Trust or a Portfolio. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust or its series (a Portfolio) and permits notice of such disclaimer to be given in each written obligation made or issued by the Trustees or by any officers or officer by or on behalf of the Trust, a series, the Trustees or any of them in connection with the Trust. The Declaration of Trust provides for indemnification from a Portfolio's property for all losses and expenses of any Portfolio shareholder held personally liable for the obligations of that Portfolio. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability is limited to circumstances in which a Portfolio itself would be unable to meet its obligations, a possibility that the Adviser believes is remote and not material. Upon payment of any liability incurred by a shareholder solely by reason of being or having been a shareholder of a Portfolio, the shareholder paying such liability will be entitled to reimbursement from the general assets of the Portfolio. The Trustees intend to conduct the operations of a Portfolio in such a way as to avoid, as far as possible, ultimate liability of the shareholders for liabilities of a Portfolio.

**Classes of Shares.** The Declaration of Trust provides that the Board may establish portfolios and classes in addition to those currently established and that the Board may determine, in its sole discretion, the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the portfolios and classes. The Board may, without shareholder approval, change any of those features, terminate any portfolio or class, combine portfolios with other portfolios of the Trust, combine one or more classes of a portfolio with another class in that portfolio or convert the shares of one class into shares of another class.

A share of each class of a Portfolio represents an identical interest in that Portfolio's investment portfolio and has the same rights, privileges and preferences. Each class may differ, however, with respect to sales charges, if any, distribution and/or service fees, if any, other expenses allocable exclusively to each class, voting rights on matters exclusively affecting that class, and its exchange privilege and/or conversion feature, if any. The different sales charges and other expenses applicable to the different classes of shares of a Portfolio will affect the performance of those classes. Each share of a Portfolio is entitled to participate equally in dividends,

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other distributions and the proceeds of any liquidation of that Portfolio. Due to the differing expenses of the classes, however, dividends and liquidation proceeds on Class IB and Class K shares will differ.

**Voting Rights.** The Declaration of Trust provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with Delaware law, actions by the Trustees without seeking the consent of shareholders. Trustees may fill vacancies on the Board or appoint new Trustees if the result is that at least two-thirds of the Trustees have been elected by shareholders. Shareholders of a Portfolio are entitled to one vote for each full share held and fractional votes for fractional shares held. The shares of a Portfolio will be voted in the aggregate, except when a separate vote of a Portfolio is required by law or when a matter involves an action that the Board has determined will affect only the interests of one or more Portfolio or class. In accordance with current laws, it is anticipated that an insurance company issuing a Contract that participates in a Portfolio will request voting instructions from Contract owners and will vote shares or other voting interests in the insurance company's separate account in proportion to the voting instructions received.

**Shareholder Meetings.** The Trust does not hold annual meetings. Shareholders of record of no less than two-thirds of the outstanding shares of the Trust may remove a Trustee through a declaration in writing by consent of the Board or by vote cast in person or by proxy at a meeting called for that purpose. A meeting may be called to vote on the removal of a Trustee at the written request of holders of 10% of the outstanding shares of the Trust.

**Class-Specific Expenses.** A Portfolio may determine to allocate certain of its expenses (in addition to service and distribution fees) to the specific classes of its shares to which those expenses are attributable.

**Derivative and Direct Actions.** The Declaration of Trust provides a detailed process for the bringing of derivative actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a Portfolio or its shareholders as a result of spurious shareholder demands and derivative actions. The Declaration of Trust provides that, prior to bringing a derivative action, a demand by no fewer than three unrelated shareholders must first be made on the Trustees prior to bringing a derivative action. The Declaration of Trust details information, certifications, undertakings and acknowledgements that must be included in the demand. The Trustees are not required to consider a demand that is not submitted in accordance with the requirements contained in the Declaration of Trust. The Declaration of Trust also requires that, in order to bring a derivative action, the complaining shareholders must be joined in their request by shareholders representing, at the time of the alleged wrongdoing, at the time of demand, and at the time the action is commenced, at least 5% of all shares issued or outstanding, or of the Portfolios or classes to which such action relates if it does not relate to all Portfolios and classes. The Declaration of Trust provides that the Trustees must be afforded a reasonable amount of time to consider a shareholder request and to investigate the basis of the claim. The Declaration of Trust further provides that the Trustees are entitled to retain counsel or other advisors in considering the merits of a shareholder request and may require an undertaking by the shareholders making a request to reimburse the Trust or the applicable Portfolio for the expense of any such advisors in the event that the Trustees determine not to bring the derivative action.

The Declaration of Trust provides that no shareholder may bring a direct action claiming injury as a shareholder of any Portfolio or class thereof unless the shareholder has suffered an injury distinct from that suffered by shareholders of the Portfolio or class, generally. A shareholder bringing a direct claim must be a shareholder of the Portfolio or class against which the direct action is brought at the time of the injury complained of, or acquired the shares afterwards by operation of law from a person who was a shareholder at that time.

The Declaration of Trust also requires that direct or derivative actions by shareholders against the Trust be brought only in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware (the "Exclusive Jurisdictions"), and that shareholders irrevocably consent to the jurisdiction of such courts and irrevocably waive, to the fullest extent permitted by law, any objection they may have to the laying of venue of any such actions in such courts. The Declaration of Trust further requires that the right to jury trial be waived to the fullest extent permitted by law. Other investment companies may not be subject to similar restrictions. The designation of Exclusive Jurisdictions may make it more expensive for a shareholder to bring a suit than if the shareholder were permitted to select another jurisdiction. Also, the designation of Exclusive Jurisdictions and the waiver of jury trials limit a shareholder's ability to litigate a claim in the jurisdiction and in a manner that may be more convenient and favorable to the shareholder. The Declaration of Trust further provides that no provision of the Declaration of Trust is effective to waive rights or limit the ability of a person to bring or make claims under the 1940 Act, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

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**Trustees of the Trust.** The Declaration of Trust provides that the Trustees shall have all powers necessary to manage the business of the Trust. The Declaration of Trust provides that the Trustees and officers of the Trust shall have only the duties, including fiduciary duties, and obligations expressly provided by the terms of the Declaration of Trust, except as required by mandatory provisions of applicable federal law, including the 1940 Act, and no implied duties or obligations shall be read into the Declaration of Trust against the Trustees and officers of the Trust. The Declaration of Trust further provides that no Trustee or officer of the Trust shall be liable to the Trust or a shareholder for any action or failure to act or for any other reason except solely for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office of Trustee or officer, and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration of Trust provides that the Trustees shall be fully protected in relying in good faith upon the records of the Trust and upon information, opinions, reports or statements presented by any person as to matters the Trustees reasonably believe are within the person's professional or expert competence. The Declaration of Trust further provides that the provisions of Section 3540 of Title 12 of the Delaware Code and any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts shall not be applicable to the Trust, the Trustees or the Declaration of Trust or any shareholders, to the extent such provisions relate to or regulate, among other things, the establishment of fiduciary or other standards or liabilities of trustees or officers that are inconsistent with the limitations or liabilities of the Trustees or officers set forth or referenced in the Declaration of Trust. No provision of the Declaration of Trust modifying, restricting, or eliminating the duties or liabilities of the Trustees or officers shall apply to or in any way limit the duties or liabilities of such persons with respect to matters arising under the federal securities laws.

**Books and Records of the Trust.** The By-laws provide that no shareholder shall have any right to inspect any books, records or other documents of the Trust or any Portfolio that are not publicly available, except (1) as conferred by the Trustees in their sole discretion and (2) that, upon reasonable demand for a purpose reasonably related to the shareholder's ownership interest in a Portfolio and subject to such reasonable standards (including standards governing at what time and location and whose expense the information is made available for inspection) as may be established by the Trustees, a shareholder may inspect the current list of the name and last known address of each record owner of shares of the Portfolio of which the shareholder holds shares.

**Amendments to the Declaration of Trust.** A shareholder vote is required for any amendment that would affect shareholders' right to vote (i) for the election or removal of Trustees as provided in the Declaration of Trust, and (ii) with respect to such additional matters relating to the Trust as may be required by applicable law, the Declaration of Trust, the By-Laws or any registration of the Trust with the SEC, or as the Board may consider necessary or desirable. The Board may otherwise restate, amend, or supplement the Declaration of Trust without shareholder approval.

**Availability of Net Asset Values.** Each business day, a Portfolio's net asset values are transmitted electronically to shareholders (e.g., insurance companies, tax-qualified retirement plans and other eligible investors) and/or are available to shareholders upon request.

**Additional Information.** No Portfolio is sponsored, endorsed, sold or promoted by any third party involved in, or related to, compiling, computing or creating any index. No third party index provider makes any representation or warranty, express or implied, to the issuer or owners of any Portfolio or any other person or entity regarding the advisability of investing in investment companies generally or in any Portfolio particularly or the ability of any index to track corresponding stock market performance. Indices are determined, composed and calculated by third parties without regard to any Portfolio or the issuer or owners of a Portfolio or any other person or entity. No third party index provider has any obligation to take the needs of the issuer or owners of any Portfolio or any other person or entity into consideration in determining, composing or calculating indices. Further, no third party index provider has any obligation or liability to the issuer or owners of any Portfolio or any other person or entity in connection with the administration, marketing or offering of a Portfolio.

Third party index providers shall obtain information for inclusion in or for use in the calculation of indices from sources that the third party index providers consider reliable, none of the third parties warrant or guarantee the originality, accuracy and/or the completeness of any index or any data included therein. None of the third party index providers make any warranty, express or implied, as to results to be obtained by the issuer of the Portfolio, owners of the Portfolio, or any other person or entity, from the use of any index or any data included therein. None of the third party index providers shall have any liability for any errors, omissions or interruptions of or in connection with any index or any data included therein. Further, none of the third party index providers make any express or implied warranties of any kind, and the third party index providers hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each index and any data included therein. Without limiting any of the foregoing, in no event shall any of the third party index providers have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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**Other Services**

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLC ("PwC"), 300 Madison Avenue, New York, New York 10017, serves as the Trust's independent registered public accounting firm. PwC is responsible for auditing the annual financial statements of the Trust. In addition to providing audit services, PwC assists in the preparation and/or review of the Portfolio's federal and state income tax returns.

**Custodian** 

J.P. Morgan Chase Bank, N.A. ("JPMorgan"), 4 New York Plaza, Floor 15, New York, New York 10004-2413 serves as custodian of the Trust's portfolio securities and other assets. Under the terms of the custody agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of a Portfolio. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and to make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

**Transfer Agent** 

Equitable Financial serves as the transfer agent and dividend disbursing agent for the Trust. Equitable Financial receives no additional compensation for providing such services for the Trust. Services provided by Equitable Financial include, but are not limited to, the following: (i) maintenance of master accounts with the Trust (e.g., insurance company separate accounts investing in the Trust); (ii) tracking, recording and transmitting net purchase and redemption orders for Portfolio shares; (iii) establishing and maintaining investor accounts and records; (iv) recording investor account balances and changes thereto; (v) distributing redemption proceeds and transmitting net purchase payments and arranging for the wiring of funds; (vi) reconciling purchase and redemption activity and dividend and distribution payments between a master account and the Trust; (vii) maintaining and preserving records related to the purchase, redemption and other account activity of investors; (viii) providing statements to investors; (ix) furnishing proxy materials, periodic fund reports, prospectuses and other communications to investors as required; (x) assisting with proxy solicitations on behalf of the Trust, including soliciting and compiling voting instructions from Contract owners; (xi) responding to inquiries from investors about a Portfolio; and (xii) providing information in order to assist a Portfolio in its compliance with state securities laws.

**Securities Lending Agent** 

JPMorgan serves as securities lending agent for the Portfolio and in that role administers the Portfolio's securities lending program pursuant to the terms of a securities lending agreement entered into between the Trust, on behalf of its Portfolios, and JPMorgan ("Securities Lending Agreement").

The services provided by JPMorgan include: (1) lending available securities to approved borrowers; (2) determining whether a loan shall be made and negotiating the terms and conditions of the loan with the borrower, provided that such terms and conditions are consistent with the terms and conditions of the Securities Lending Agreement; (3) receiving and holding collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities; (4) marking loaned securities and collateral to their market value each business day; (5) obtaining additional collateral, as needed, to maintain the value of the collateral relative to the market value of the loaned securities at the levels required by the Securities Lending Agreement; (6) investing cash collateral in permitted investments according to the guidelines outlined in the Securities Lending Agreement; (7) ensuring that all dividends and other distributions paid with respect to loaned securities are credited to a Portfolio's relevant account; (8) at the termination of the loan, returning the collateral to the borrower upon the return of the loaned securities; and (9) establishing and maintaining records and providing periodic statements related to a Portfolio's securities lending activities.

JPMorgan is compensated for the above-described services from its securities lending revenue split, as provided in the Securities Lending Agreement.

Because the Portfolio had not commenced operations prior to the date of this SAI, it has not engaged in any securities lending activity as of the date of this SAI.

**Counsel** 

K&L Gates LLP, 1601 K Street, N.W., Washington, DC 20006-1600, serves as counsel to the Trust.

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Morgan, Lewis & Bockius LLP, One Federal Street, Boston, Massachusetts, 02110, serves as counsel to the Independent Trustees of the Trust.

Financial Statements for the Portfolio are not available because the Portfolio is newly organized and had not commenced operations prior to the date of this SAI.

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**Appendix A**

**Ratings of Corporate Debt Securities**

**DESCRIPTION OF COMMERCIAL PAPER RATINGS** 

*S&P's ratings are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;• A-1 is the highest rating and indicates that the obligor's capacity to meet its financial commitments on the obligation is strong or, where the obligation is rated A-1+, extremely strong.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated A-2 are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories; however, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated A-3 exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated B are regarded as vulnerable and have significant speculative characteristics. The obligor of a B-rated short-term obligation currently has the capacity to meet its financial commitments on the obligation but faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated C are currently vulnerable to nonpayment. The obligor of a C-rated short-term obligation is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• The D rating is used when a short-term obligation is in default or in breach of an imputed promise. The 'D' rating will also be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

*Moody's ratings are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;• The rating Prime-1 (P-1) is the highest commercial paper rating assigned by Moody's. Issues or supporting institutions rated Prime-1 have a superior ability to repay short-term obligations.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or supporting institutions rated Prime-2 (P-2) have a strong ability to repay short-term obligations.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or supporting institutions rated Prime-3 (P-3) have an acceptable ability to repay short-term obligations.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or supporting institutions rated Not Prime (NP) do not fall within any of the above Prime rating categories.

*Fitch's ratings are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated F1 exhibit the highest short-term credit quality and strongest intrinsic capacity for timely payment of financial commitments. Issues or issuers with any exceptionally strong credit feature may be rated F1+.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated F2 exhibit good short-term credit quality and good intrinsic capacity for timely payment of financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated F3 exhibit fair short-term credit quality and an adequate intrinsic capacity for timely payment of financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated B exhibit speculative short-term credit quality with a minimal capacity for timely repayment of financial commitments, plus a heightened vulnerability to near-term adverse changes in financial and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• Issues or issuers rated C exhibit high short-term default risk, and default is a real possibility.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• RD typically applies to entities only and indicates that the entity has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations.

&nbsp;&nbsp;&nbsp;&nbsp;• D indicates a broad-based default event for an entity or the default of a specific short-term obligation.

**DESCRIPTION OF BOND RATINGS** 

Bonds are considered to be "investment grade" if they are in one of the top four ratings.

S&P's ratings are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated AAA have the highest rating assigned by S&P's. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

&nbsp;&nbsp;&nbsp;&nbsp;• The obligor of a bond rated AA has a very strong capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• The obligor of a bond rated A has a strong capacity to meet its financial commitments on the obligation. Bonds rated A are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated BB, B, CCC, CC or C are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such bonds will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated BB are less vulnerable to nonpayment than other speculative issues but face major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated B are more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated CCC are currently vulnerable to nonpayment and are dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated CC are currently highly vulnerable to nonpayment. The CC rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated C are currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds rated D are in default or in breach of an imputed promise. This rating is also used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Moody's ratings are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. • Bonds which are rated Aa are judged to be of high quality and are subject to very low credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated A are to be considered as upper-medium grade obligations and are subject to low credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated Baa are considered as medium grade obligations, are subject to moderate credit risk and may possess certain speculative characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated Ba are judged to have speculative elements and are subject to substantial credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated B are considered speculative and subject to high credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated Caa are judged to be of poor standing and are subject to very high credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated Ca represent obligations which are highly speculative. Such issues are likely in, or very near, default, with some prospect of recovery of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds which are rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Moody's applies modifiers to each rating classification from Aa through Caa to indicate relative ranking within its rating categories. The modifier "1" indicates that a security ranks in the higher end of its rating category, the modifier "2" indicates a mid-range ranking and the modifier "3" indicates that the issue ranks in the lower end of its rating category. Additionally, a "hyb" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. Fitch ratings are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• AAA — This is the highest rating assigned by Fitch, denoting the lowest expectation of default risk relative to other issues or issuers. This rating is assigned only to issues or issuers with an exceptionally strong capacity for payment of financial commitments that is highly unlikely to be adversely affected by foreseeable events.

&nbsp;&nbsp;&nbsp;&nbsp;• AA — This rating is assigned to issues or issuers that present very low default risk and have a very strong capacity for payment of financial commitments that is not significantly vulnerable to foreseeable events.

&nbsp;&nbsp;&nbsp;&nbsp;• A — This rating is assigned to issues or issuers that present a low default risk and have a strong capacity for payment of financial commitments; however, this capacity may be more vulnerable to adverse business or economic conditions than higher rated issues or issuers.

&nbsp;&nbsp;&nbsp;&nbsp;• BBB — This rating indicates expectations of default risk are currently low. Issues or issuers assigned this rating have an adequate capacity for payment of financial commitments; however, adverse business or economic conditions are more likely to impair this capacity.

&nbsp;&nbsp;&nbsp;&nbsp;• BB — This rating indicates an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;• B — This rating indicates a material default risk is present but a limited margin of safety remains. Financial commitments are currently being met but the capacity for continued payment is vulnerable to deterioration in the business and economic environment.

&nbsp;&nbsp;&nbsp;&nbsp;• CCC — This rating is assigned to issues or issuers with a substantial credit risk, and default is a real possibility.

&nbsp;&nbsp;&nbsp;&nbsp;• CC — This rating is assigned to issues or issuers with very high levels of credit risk, and default of some kind appears probable.

&nbsp;&nbsp;&nbsp;&nbsp;• C — This rating is assigned to issues or issuers with exceptionally high levels of credit risk, and default is imminent or inevitable, or the issuer is in standstill.

&nbsp;&nbsp;&nbsp;&nbsp;• RD — This rating indicates that, in Fitch's opinion, an issuer has experienced an uncured default but has not

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entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and has not otherwise ceased operating.

&nbsp;&nbsp;&nbsp;&nbsp;• D — This rating indicates that, in Fitch's opinion, an issuer has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or has otherwise ceased business.

PLUS (+) or MINUS (-) — The ratings above may be modified by the addition of a plus or minus sign to show relative standing within the major categories.

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**Appendix B**

**Portfolio Manager Information**

This Appendix provides additional information about the Portfolio's portfolio managers, including information about other accounts managed, any material conflicts of interest, and compensation. All information is as of December 31, 2022, unless otherwise noted.

As of December 31, 2022, the dollar range of shares of the Portfolio beneficially owned by the Portfolio's portfolio managers was none.

**Equitable Investment Management Group, LLC** 

**Other Accounts Managed** 

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** |
| **Portfolio Manager** | **Registered**<br> **Investment**<br> **Companies** | **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** | **Registered**<br> **Investment**<br> **Companies** | **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number**<br> **of**<br> **Accounts**<br>| **Total** <br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>|
| **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** |
| Kenneth Kozlowski | 125 | $144.45B | 6 | $223.41M | 0 | N/A | 0 | N/A | 0 | N/A | 0 | N/A |
| Alwi Chan | 125 | $144.45B | 6 | $223.41M | 0 | N/A | 0 | N/A | 0 | N/A | 0 | N/A |

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**Description of any Material Conflicts** 

EIM is responsible for recommending the appointment or termination of sub-advisers, for monitoring and overseeing sub-advisers, and for allocating assets among sub-advisers. These responsibilities may give rise to actual, potential and/or perceived conflicts of interest. For example, since EIM pays fees to the sub-advisers from the advisory fees that it earns from the Portfolios, any increase or decrease in the sub-advisory fees negotiated with proposed or current sub-advisers will result in a corresponding decrease or increase, respectively, in the amount of the advisory fee retained by EIM. EIM is subject to similar conflicts of interest in allocating assets among sub-advisers. Because EIM pays different fees to the sub-advisers, the allocation of assets to certain sub-advisers could impact EIM's revenues and profits. As an investment adviser and fiduciary, EIM must put the interests of Portfolio shareholders ahead of its own interests (or the interests of its affiliates). Therefore, when recommending the appointment or continued service of a sub-adviser, consistent with its fiduciary duties, EIM relies primarily on qualitative and quantitative factors.

EIM recognizes that other potential conflicts of interest may arise in connection with personal trading by employees, the management of multiple accounts, and the allocation of investment opportunities. EIM has adopted practices, policies and procedures that are intended to identify, monitor, and mitigate such conflicts of interest, including, among others, information barriers, codes of ethics, and pre-clearance and reporting of securities transactions by employees. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures also may limit the Portfolio's investment activities and affect its performance.

**Compensation Information** 

Because the Portfolio Managers serve as officers and employees of the Adviser and their respective roles are not limited to serving as the Portfolio Managers of the Portfolio and other accounts that they manage, their compensation is based on the Adviser's compensation program as it applies to the firm's employees in general. The Adviser's compensation program consists of a base salary, short-term incentive compensation and long-term incentive compensation. Individual jobs are defined based on scope, responsibility and market value and assigned to a specific level with the firm's base salary structure. An individual's base salary is then established within the range of such structure based on a combination

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of experience, skills, job content and performance and periodically evaluated based on survey data and market research. Annual short-term incentive compensation opportunities, granted in cash, are made available depending on whether firm-wide objectives were met during the year, as measured by various performance objectives such as underlying and adjusted earnings, expense management and sales. Once the target level of the short-term incentive compensation is determined by the firm, awards are made to individuals based on their salary structure and grade of position and individual performance. Annual long-term incentive compensation, granted in the form of stock options, restricted stocks and/or performance units, is offered in a manner similar to the short-term incentive compensation and is based on the combination of firm-wide performance and individual performance.

**AllianceBernstein L.P.** 

**Other Accounts Managed** 

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each portfolio manager is the number of other** <br> **accounts managed by the portfolio manager and the total assets in the** <br> **accounts managed within each category as of December 31, 2022** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** | **Presented below for each of the categories is the number of accounts** <br> **and the total assets in the accounts with respect to which the advisory** <br> **fee is based on the performance of the account** |
| **Portfolio Manager** | **Registered**<br> **Investment**<br> **Companies** | **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** | **Registered**<br> **Investment**<br> **Companies** | **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number**<br> **of**<br> **Accounts**<br>| **Total** <br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br>|
| **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** | **EQ/Intermediate Corporate Bond Portfolio** |
| Tiffanie Wong | 3 | $565 M | 26 | $8,177 M | 291 | $65324 | 0 | N/A | 1 | $396 M | 3 | $879 M |
| Sonam Dorji | 5 | $6,455 M | 27 | $31,966 M | 3 | $603 M | 0 | N/A | 0 | N/A | 0 | N/A |

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**Description of any Material Conflicts** 

As an investment adviser and fiduciary, AllianceBernstein owes its clients and shareholders an undivided duty of loyalty. AllianceBernstein recognizes that conflicts of interest are inherent in its business and accordingly has developed policies and procedures (including oversight monitoring) reasonably designed to detect, manage and mitigate the effects of actual or potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight monitoring to ensure that all clients are treated equitably. AllianceBernstein places the interests of its clients first and expects all of its employees to meet their fiduciary duties.

When acting as a fiduciary, AllianceBernstein owes our investment advisory clients a duty of loyalty. This includes the duty to address – or at least disclose – conflicts of interest which may exist between different clients, between the firm and clients, or between our employees and clients. Where our activities do not involve fiduciary obligations – such as the level of client servicing we offer through each client channel – we reserve the right to act in accordance with our business judgment.

Conflicts arising from fiduciary activities that we cannot avoid (or choose not to avoid) are mitigated through written policies that we believe protect the interests of our clients. In these cases, regulators have generally prescribed detailed rules or principles for investment firms to follow. By complying with these rules and using robust compliance practices, we believe we address these conflicts appropriately.

Some potential conflicts are outside the scope of compliance monitoring. Identifying these conflicts requires careful and continuing consideration of the interaction of different products, business lines, operational processes and incentive structures. Changes in the firm's activities and personnel can lead to new potential conflicts.

<u>Conflicts Committee</u>: To assist in this area, AllianceBernstein has appointed a Conflicts Committee, which is chaired by our firm's Conflicts Officer. The Committee is comprised of compliance directors, senior firm counsel and experienced business

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leaders, who review areas of change and assess the adequacy of controls. The work of our Conflicts Committee is overseen by our Code of Ethics Oversight Committee.

<u>Written Policies and Procedures</u>: AllianceBernstein has an "Approach to Potential Conflicts" disclosure which summarizes our firm's conflicts management plan. It is meant to provide our employees, clients, and prospective clients with a summary description of the conflicts and potential conflicts we may encounter, and outlines the policies and procedures the firm maintains for managing those conflicts. For a more detailed account of the conflicts and our approaches to handling those conflicts please refer to AllianceBernstein Form ADV Part 2A ("the ADV"). Both our ADV and our Code of Ethics are available at www.alliancebernstein.com.

**Employee Personal Trading.** AllianceBernstein has adopted a Code of Business Conduct and Ethics that is designed to detect and prevent conflicts of interest when investment professionals and other personnel of AllianceBernstein own, buy or sell securities which may be owned by, or bought or sold for, clients. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client. Subject to the reporting requirements and other limitations of its Code of Business Conduct and Ethics, AllianceBernstein permits its employees to engage in personal securities transactions, and also allows them to acquire investments in the AllianceBernstein Mutual Funds. AllianceBernstein's Code of Business Conduct and Ethics requires disclosure of all personal accounts and maintenance of brokerage accounts with designated broker-dealers approved by AllianceBernstein. The Code of Business Conduct and Ethics also requires preclearance of all securities transactions (except transactions in U.S. Treasuries and open-end mutual funds) and imposes a 60-day holding period for securities purchased by employees to discourage short-term trading.

AllianceBernstein generally discourages personal investments by employees in individual securities, instead encouraging personal investments in managed collective vehicles, such as mutual funds. Our firm's policies and procedures adhere strictly to sound business principles and the highest ethical standards: they are based on the fundamental principle that the financial interests of the firm's clients come first and must be placed ahead of the individual interests of staff members. Our policies are intended to ensure full conformity with the laws, rules, and regulations of the many governmental bodies and self-regulatory organizations that oversee our business activities.

The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members, and other financial dependents:

• Employees must disclose all their securities accounts to the Legal and Compliance department.

• Absent an exception, U.S. employees may maintain securities accounts only at specified designated broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees must pre-clear all securities trades with the Legal and Compliance department prior to placing trades with their broker-dealer (prior supervisory approval is required for portfolio managers, research analysts, traders, persons with access to AllianceBernstein research, and others designated by the Legal and Compliance department).

• Employees may make 20 trades in individual securities during any rolling thirty calendar-day period.

• Employee purchases of individual securities, ETFs and closed-end mutual funds are subject to a 60-day holding period.

• Employees may not engage in short-term trading of a mutual fund in violation of that fund's short-term trading policies.

• Employees may not participate in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees are prohibited from conducting transactions in the publicly-traded equity units of AllianceBernstein in the weeks leading up to the firm's quarterly earnings announcements.

• Employees must get written approval, and make certain representations, to participate in limited or private offerings.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees must submit initial and annual holding reports, disclosing all securities and holdings in mutual funds managed by AllianceBernstein held in personal accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in securities (and mutual funds managed by AllianceBernstein) in personal accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The Legal and Compliance department has the authority to deny:

&nbsp;&nbsp;&nbsp;&nbsp;• Any personal trade by an employee if the security is being considered for purchase or sale in a client account, if there are open orders for the security on a trading desk, or the security appears on any AllianceBernstein restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;• Any short sale by an employee for a personal account if the security is being held long in AllianceBernstein-managed portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;• Any personal trade by a portfolio manager or research analyst in a security that is subject to a blackout period as a result of client portfolio trading or recommendations to clients.

In addition, research analysts will not be permitted to buy for his or her personal account, a security that is in his/her sector of coverage. Similarly, portfolio managers are not permitted to buy for a personal account, a security that is an eligible portfolio investment in that manager's product group (e.g., Large Cap Growth), and buy-side equity traders are prohibited from purchasing, for their personal account, a security that is among the eligible portfolio investments traded on their client trading desks.

The policies and procedures for personal trading are set forth in full detail in our Personal Trading Policies and Procedures

**Managing Multiple Accounts for Multiple Clients.** AllianceBernstein has compliance policies and oversight monitoring in place to address conflicts of interest relating to the management of multiple accounts for multiple clients. Conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each account. The investment professional or investment professional teams for each client may have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Among other things, AllianceBernstein's policies and procedures provide for the prompt dissemination to investment professionals of initial or changed investment recommendations by analysts so that investment professionals are better able to develop investment strategies for all accounts they manage. In addition, investment decisions by investment professionals are reviewed for the purpose of maintaining uniformity among similar accounts and ensuring that accounts are treated equitably. Investment professional compensation reflects a broad contribution in multiple dimensions to long-term investment success for our clients and is generally not tied specifically to the performance of any particular client's account, nor is it generally tied directly to the level or change in level of assets under management.

AllianceBernstein provides investment management advice to a variety of different clients including mutual funds sponsored by ourselves and our affiliates, special portfolios on a sub-advisory basis, institutional accounts, ERISA accounts, private investment funds (such as hedge funds and private equity funds), and high-net-worth individuals.

Certain types of clients, investment strategies and fee arrangements may create potential conflicts of interest for AllianceBernstein. For example, our employees or affiliates may have an economic interest in some of the accounts we manage. We may also recommend to clients securities in which a related person has established an interest independent of AB. Some accounts pay performance fees to AB, and some client accounts can sell securities short that are held long in other client accounts. The beneficial owners of some accounts may have the ability to influence the placement of additional assets with AB. Some investment professionals at AB manage accounts with these potential conflicts on a "side by side" basis with accounts that do not have such characteristics. These investment professionals may have an incentive to favor "conflicted" accounts over other accounts. Variations in performance compensation structures among clients may create an incentive for AB to direct the best investment ideas to, or to allocate or sequence trades in favor of, clients that pay or allocate performance compensation or clients that pay a greater level of performance compensation than other clients.

<u>Steps to Treat Clients Fairly</u>: We are conscious of these potential conflicts. When we are providing fiduciary services, the goal of our policies and procedures is to act in good faith and to treat all client accounts in a fair and equitable manner over time, regardless of their strategy, fee arrangements or the influence of their owners or beneficiaries. These policies include those addressing the fair allocation of investment opportunities across client accounts, the best execution of all client transactions, and the voting of proxies, among others. AB has adopted various written policies to address the fair allocation of investment opportunities for different investment categories (e.g., equities, fixed income, private securities, etc.).

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**Allocating Investment Opportunities.** The investment professionals at AllianceBernstein routinely are required to select and allocate investment opportunities among accounts. AllianceBernstein has policies and procedures intended to address conflicts of interest relating to the allocation of investment opportunities. These policies and procedures are designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. AllianceBernstein's policies and procedures require, among other things, objective allocation for limited investment opportunities (e.g., on a rotational basis) and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts which minimizes the potential for conflicts of interest relating to the allocation of investment opportunities. Nevertheless, access to portfolio funds or other investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

AllianceBernstein's procedures are also designed to address potential conflicts of interest that may arise when AllianceBernstein has a particular financial incentive, such as a performance-based management fee, relating to an account. An investment professional may perceive that he or she has an incentive to devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to accounts for which AllianceBernstein could share in investment gains.

As an investment adviser, we owe a fiduciary duty to each of our clients, requiring us to act in their best interests and to treat each client fairly, whether they are clients in a separate account or clients within a commingled trust fund or mutual fund. It is this fiduciary duty that is the basic principle behind our trade allocation procedures for all accounts.

Investment ideas and/or research analyst recommendations are widely disseminated among all appropriate investment professionals responsible for selecting investments to ensure that the accounts for all portfolio management groups have an equal opportunity to act on the information.

*Allocation between Proposed Account and Other Clients at the Firm:* We make investment decisions for each client in accordance with the investment objectives, guidelines and restrictions governing their individual account, and these decisions are independent of investment decisions made for other clients or accounts. However, because investment decisions frequently affect more than one account, it is inevitable that, at times, we will wish to purchase or sell the same securities for more than one client account at the same time. As part of our duty to ensure that each client receives fair treatment in the investment process, we must ensure the allocation of such trades fairly among these client accounts.

These concerns are increased when there are some accounts for which we receive performance-based compensation. Our trading and compliance monitoring processes afford heightened levels of scrutiny to transactions in such accounts, to help ensure that there is no appearance of having favored such a client over others. Our procedures also seek to ensure reasonable efficiency in client transactions and to provide portfolio managers with flexibility to use allocation methodologies appropriate to their investment disciplines and client base.

*We Aggregate Trades to Facilitate Best Execution:* Where possible when trading, we aggregate ("bundle") contemporaneous orders transacted on behalf of more than one client to facilitate best execution and achieve economies of scale. When possible, securities bought or sold in execution of an aggregated order will be allocated on a pro-rata basis among the participating client accounts in proportion to the size of the orders placed for each account.

Having said this, we also note that if a trade in a single security is executed with more than one dealer at different prices, it is not always possible to ensure that all accounts who are trading in that security receive the same execution price. In such cases, our trading desk is responsible for ensuring that the order of allocation to clients is fair and equitable over time.

*Policy on Non-Pro Rata Allocations:* In certain situations, other methods of trade allocation are permissible provided that the approach is based on objective criteria, all accounts receive fair and equitable treatment over time, and the reason for the different allocation is explained and approved in writing by a Head of Investment and the Chief Compliance Officer (or a designee) prior to the completion of the order.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Rotation</u>: In situations where investment opportunities are too limited to be effectively allocated among all accounts, or aggregated trades have been filled with multiple brokers at different prices, such investment opportunities may be allocated by rotation, provided that the rotation system implemented results in fair access to such investment opportunities for all accounts over time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Random</u>: A random approach may be used if, due to the quantity of securities received, some number of accounts would need to be excluded in order to complete a reasonably sized allocation to accounts. The randomization methodology must ensure that all accounts have the same probability of being selected each time it is used.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other Methods</u>: In certain situations, a pro rata allocation may not result in an allocation that is fair to all accounts involved and the use of a rotational or random basis is neither appropriate nor practical. In such situations, another method of allocation may be applied if it is based on objective criteria, all accounts receive fair and equitable treatment over time using the method, and the reason for the different allocation is explained and approved in writing by a Head of Investment and the Chief Compliance Officer (or a designee). An example of such an allocation policy, is where we manage a portfolio that is focused on specific security types and such portfolio received a priority allocation to enable it to meet its fiduciary and regulatory obligation to invest in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Priority of Orders</u>. When the liquidity in a market is not sufficient to fill all client orders, we may give priority to certain orders over others. This prioritization is based solely on objective factors driving the order. Under such circumstances, we will aggregate orders by these factors and subject each aggregated order to the trade allocation algorithms discussed above. The factors used, in order of priority, are (1) correction of guideline breaches; (2) avoidance of guideline breaches; (3) investing significant new funding and completing tax strategy implementations; (4) avoidance of tracking error on the service/product level; and (5) portfolio rebalancing and optimization.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Short Sales</u>: Conflicting investment opportunities between short selling and long investing are properly addressed. When our trading desk is handling short sell orders at the same time as long liquidation orders, the desk will use its discretion to execute the orders in a manner that will limit the market impact to both.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Primary Offerings</u>: Primary offerings are only allocated to accounts when the issuer meets the investment objectives of participating accounts as well as a review process for allocations. Securities may be first distributed internally by investment service or strategy and then allocated on a pro-rata basis to participating accounts within their respective service or strategy. Because of securities law restrictions or client-imposed restrictions, not all accounts can participate in primary offerings.

**Compensation Information** 

Compensation for our investment professionals – portfolio managers, analysts, and traders — is designed to align with AllianceBernstein's mission and values: generating better investment outcomes for our clients while promoting responsibility and stewardship.

<u>Incentive Compensation Significant Component</u>: Portfolio managers, analysts and traders receive base compensation, incentive compensation and retirement contributions. While both overall compensation levels and the splits between base and incentive compensation vary from year to year, incentive compensation is a significant part of overall compensation. For example, for our portfolio managers, the bonus component averages approximately 60-80% of their total compensation each year. Part of each professional's annual incentive compensation is normally paid through an award under the firm's Incentive Compensation Award Plan (ICAP). The ICAP awards vest over a three-year period. We believe this helps our investment professionals focus appropriately on long-term client objectives and results.

<u>Determined by Both Quantitative and Qualitative Factors</u>: Total compensation for our investment professionals is determined by both quantitative and qualitative factors. For portfolio managers, the most significant quantitative component focuses on measures of absolute and relative investment performance in client portfolios. Relative returns are evaluated using both the Strategy's primary benchmark and peers over one-, three- and five-year periods, with more weight given to longer time periods. We also assess the risk pattern of performance, both absolute and relative to peers.

<u>Qualitative Component Includes Responsibility-Related Objectives</u>: The qualitative component of compensation for portfolio managers incorporates the manager's broader contributions to overall investment processes and our clients' success. Because we deeply believe as a firm that ESG factors present both investment risks and opportunities, every AllianceBernstein portfolio manager has goals that promote the integration of ESG and sustainability in our investment processes. The exact goals will vary depending on the individual's role and responsibilities, but typical goals for portfolio managers include discussion of ESG or sustainability risks and opportunities at research reviews and the integration of these factors in portfolio decision making.

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Other aspects of qualitative objectives for our portfolio managers include thought leadership, collaboration with other investment professionals at the firm, contributions to risk-adjusted returns in other portfolios, building a strong, diverse, and inclusive talent pool, mentoring newer investment professionals, being a good corporate citizen, and the achievement of personal goals. The qualitative portion is determined by individual goals set at the beginning of the year, with measurement and feedback on how those goals are being achieved provided at regular intervals. Other factors that can play a part in determining portfolio managers' compensation include complexity of investment strategies managed.

<u>Research Analysts</u>: At AllianceBernstein, research professionals have compensation and career opportunities that reflect a stature equivalent to their portfolio manager peers. Compensation for our research analysts is also heavily incentive-based and aligned with results generated for client portfolios. Criteria used include how well the analyst's research recommendations performed, the breadth and depth of his or her research knowledge, the level of attentiveness to forecasts and market movements, and the analyst's willingness to collaborate and contribute to the overall intellectual capital of the firm.

*Responsibility-Related Objectives for our Research Analysts:* Like our portfolio managers, our fundamental research analysts also have goals related to ESG analysis and integration. For our analysts, these typically focus on providing assessments of ESG and sustainability factors in their research and recommendations, engaging with issuers for insight and action on ESG and sustainability topics, and documenting these engagements in our ESIGHT platform.

<u>Traders</u>: Traders are critically important to generating results in client accounts. As such, compensation for our traders is highly competitive and heavily incentive-based. Our portfolio managers and Heads of Trading evaluate traders on their ability to achieve best execution and add value to client portfolios through trading. We also incentivize our fixed income traders to continually innovate for clients, encouraging them to continue developing and refining new trading technologies to enable AllianceBernstein to effectively address liquidity conditions in the fixed income markets for our clients.

Assessments of all investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and firm. We have designed our compensation program to attract and retain the highest-caliber employees while aligning with our firm's deeply held values of responsibility and stewardship. We incorporate multiple sources of industry benchmarking data to ensure our compensation is highly competitive and fully reflects each individual's contributions in achieving client objectives.

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#### PROXY VOTING POLICIES AND PROCEDURES

#### EQ ADVISORS TRUST

#### EQ PREMIER VIP TRUST

#### 1290 FUNDS

#### (individually, a "Trust" and collectively, the "Trusts")
**I.** **TRUSTS' POLICY STATEMENT** 

Each Trust is firmly committed to ensuring that proxies relating to the Trust's portfolio securities are voted in the best interest of the Trust. The following policies and procedures have been established to implement each Trust's proxy voting program (the "Program").

**II.** **TRUSTS' PROXY VOTING PROGRAM** 

Equitable Investment Management Group, LLC and Equitable Investment Management, LLC (collectively, "EIM") serve as the investment advisers to each series of the Trusts (each, a "Portfolio", and together, the "Portfolios"). Each Trust has delegated proxy voting responsibility with respect to each Portfolio to EIM. EIM, through its Proxy Voting Committee, is responsible for monitoring and administering the Program. Equitable Investment Management, LLC ("Administrator") serves as the administrator of the Trusts and is generally responsible for monitoring, testing and maintaining compliance policies, procedures and other items for the Trusts, and thus assists in monitoring compliance with applicable requirements pursuant to these Policies and Procedures.

A. Sub-Advised Portfolios

EIM is responsible for the selection and ongoing monitoring of investment sub-advisers (the "Sub-Advisers") who, among other responsibilities, provide portfolio management services including the day-to-day research and stock selection for each sub-advised Portfolio or an allocated portion of a Portfolio (a "Sub-Advised Portfolio"). EIM views proxy voting as a function that is incidental and integral to the portfolio management services provided by Sub-Advisers. Therefore, except as described in Section III below, EIM, in turn, delegates proxy voting responsibility with respect to each Sub-Advised Portfolio to the applicable Sub-Adviser. The primary focus of the Trusts' Program as it relates to the Sub-Advised Portfolios, therefore, is to seek to ensure that the Sub-Advisers have adequate proxy voting policies and procedures in place and to monitor each Sub-Adviser's proxy voting. The Sub-Advisers' proxy voting policies and procedures may be amended from time to time and need not be identical.

B. "Fund-of-Funds Portfolios"

EIM provides the day-to-day portfolio management services to certain Portfolios, or an allocated portion of a Portfolio ("Allocated Portion"), each of which seeks to achieve its investment objective by investing in other mutual funds managed by EIM ("Underlying Affiliated Portfolios"), unaffiliated mutual funds ("Underlying Unaffiliated Funds") or exchange-traded funds ("Underlying ETFs") (referred to collectively as the "Fund-of-Funds Portfolios"). Accordingly, EIM retains proxy voting responsibility with respect to each Fund-of-Funds Portfolio and votes proxies in accordance with the policies and procedures set forth in Section III below.

**III.** **EIM'S PROXY VOTING POLICIES AND PROCEDURES** 

EIM has a fiduciary duty to vote proxies on behalf of a Portfolio in the best interest of the Portfolio and its shareholders. EIM believes that its proxy voting policies and procedures represent the voting positions most likely to support a Portfolio's and its shareholders' best interests across a range of sectors and contexts.

A. Underlying Affiliated Portfolios. EIM will vote the Fund-of-Funds Portfolios' or Allocated Portions' shares in Underlying Affiliated Portfolios either for or against a proposal, or abstain, in the same

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proportion as the vote of all other securities holders of the applicable Underlying Affiliated Portfolio (whether or not the proposal presents an issue as to which EIM or its affiliates could be deemed to have a conflict of interest). If there are no security holders of an Underlying Affiliated Portfolio except Fund-of-Funds Portfolio, EIM will vote a Fund-of-Funds' Portfolios' shares in Underlying Affiliated Portfolio in its discretion, subject to compliance with other provisions of these Procedures, including Section III.E.2. below regarding resolution of potential conflicts of interest regarding a proposal.

B. Underlying Unaffiliated Funds, Underlying ETFs and Certain Sub-Advised Portfolios.

a. With respect to voting proxies of Underlying Unaffiliated Funds and Underlying ETFs where a Portfolio, and other members of its "advisory group" (as defined in Rule 12d1-4 under the Investment Company Act of 1940) in the aggregate (i) hold more than 25% of the outstanding voting securities of an Underlying Unaffiliated Fund or Unaffiliated ETF aasa result of a decrease in the outstanding voting securities of the acquired fund, or (ii) hold more than 10% of the outstanding voting securities of an Underlying Unaffiliated Fund or Unaffiliated ETF that is a registered closed-end management investment company or business development company, each member of such "advisory group" will vote its securities in the same proportion as the vote of all other holders of such securities; provided, however, that in circumstances where all holders of the outstanding voting securities of the Underlying Unaffiliated Fund or Unaffiliated ETF are required by the rule or otherwise under Section 12(d)(1) to vote such securities in the same proportion as the vote of all other holders of such securities, the Portfolio will seek instructions from its security holders with regard to the voting of all proxies with respect to such Underlying Unaffiliated Fund or Underlying ETF securities and vote such proxies only in accordance with such instructions.

b. With respect to voting proxies for Underlying Unaffiliated Funds, Underlying ETFs in all other circumstances, and certain Sub-Advised Portfolios as described in Section III. D below, the following guidelines generally will apply:

1. The decision whether, and if so, how to vote a proxy will be made by EIM based on what it determines to be in the best interest of the relevant Portfolio and its shareholders and in accordance with these procedures.

2. EIM, with the assistance of Administrator, may enlist the services of an independent proxy voting service to assist with the research and analysis of voting issues, provide voting recommendations and/or carry out the actual voting process, as further described in Section III.E below.

3. EIM's policy is to vote all proxies, except under circumstances in which EIM has determined that it is consistent with the best interest of the relevant Portfolio and its shareholders not to vote the proxy or to abstain on one or more proposals. Such circumstances may include the following:

a. When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, at its discretion. In most cases, EIM will not take steps to see that loaned securities are voted. However, if EIM determines that a proxy vote is materially important to the relevant Portfolio, EIM will make a good faith effort to recall the loaned security in order to vote.

b. If an issuer is based in a country that requires "share blocking,"<sup>1</sup> EIM may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during the blocking period, in which case EIM may not vote the proxy.

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<sup>1</sup> Shareholders in "share blocking" countries wishing to vote must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During the blocking period shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to clients' custodian banks. 

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c. EIM may abstain or vote against ballot issues where EIM has not received sufficient information to make an informed decision.

1. EIM will include a description of these procedures in each Trust's Registration Statement.

2. Any potential material conflicts of interest associated with voting proxies will be disclosed and reviewed by the Trusts' Chief Compliance Officer ("CCO") or other member of EIM's and Administrator's Legal and Compliance Department ("Legal and Compliance").

3. EIM will cast votes in a manner consistent with any applicable rule or regulation of the United States Securities and Exchange Commission ("SEC").

C. Seed Capital Investments. EIM and any affiliate will vote Portfolio shares they own, including through "seed money" investments in a Portfolio, either for or against a proposal, or abstain, in the same proportion as the vote of all other security holders of the Portfolio (whether or not the proposal presents an issue as to which EIM or its affiliates could be deemed to have a conflict of interest), or as otherwise required under applicable law (e.g., as may be required under a "mixed and shared funding" order). If EIM or an affiliate is the sole shareholder of a Portfolio, EIM or the affiliate will vote the Portfolio's shares that it owns in its discretion.

D. Sub-Advised Portfolios; No Delegation. Under certain circumstances EIM may assume responsibility for voting the proxies for shares held by a Sub-Advised Portfolio. For example, if a Sub-Adviser notifies EIM that it is unable or unwilling to assume responsibility for voting a proxy for a Sub-Advised Portfolio (*e.g., if voting such proxy presents a potential material conflict of interest for the Sub-Adviser*), EIM will vote such proxy in accordance with these procedures.

E. EIM and Administrator will be required to maintain proxy voting policies and procedures that satisfy the following elements:

1. <u>Written Policies and Procedures</u>: EIM and Administrator must maintain written proxy voting policies and procedures in accordance with applicable laws and regulations and must provide to each Trust copies of such policies and procedures.

2. <u>Conflicts of Interest</u>: If EIM or Administrator becomes aware that a proxy voting issue may present a potential material conflict of interest, the issue will be referred to the CCO or other member of Legal and Compliance. If the CCO and/or Legal and Compliance determines that an affiliated person of EIM has a potential material conflict, that affiliated person will not participate in the voting decision.

• Potential material conflicts may arise between the interests of a Portfolio and EIM or any of its affiliated persons if, for example, a proxy vote relates to a matter involving issuers in which EIM or its affiliates have a substantial economic interest. Potential conflicts of interest include, but are not limited to:

• Portfolio Managers owning shares of Underlying Unaffiliated Funds, ETFs or shares of securities that are also held in the Portfolios of the Trust(s).

• Equitable Financial Life Insurance Company ("Equitable") holding investments in Underlying Unaffiliated Funds or ETFs that are also held in the Portfolios of the Trust(s). It is possible that EIM may vote differently than Equitable.

3. <u>Voting Guidelines</u>: EIM, with the assistance of Administrator, may engage an independent proxy voting service to assist with the research and analysis of voting issues, provide voting recommendations and/or carry out the actual voting process as deemed necessary. Currently, EIM subscribes to the corporate governance and proxy research services of International Shareholder Services ("ISS"), a provider of proxy voting services. ISS provides voting recommendations based on established guidelines and practices. The ISS U.S. Proxy Voting Guidelines (the "ISS Guidelines") are attached hereto as Appendix A. Based on its review of the

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ISS Guidelines, EIM has determined generally to instruct ISS to vote proxies for Underlying Unaffiliated Funds, Underlying ETFs and certain Sub-Advised Portfolios as described in Section III.D above consistent with the ISS Guidelines. However, EIM's use of the ISS Guidelines is not intended to constrain EIM's consideration of any proxy proposal, and so there may be times when EIM deviates from the ISS Guidelines. EIM reserves the right not to vote in accordance with the ISS recommendation if it determines that it is not in the best interest of a Portfolio and its Shareholders to do so. In addition, if EIM becomes aware of a conflict of interest between ISS and an issuer subject to a proxy vote, EIM will consider the recommendation of the issuer and instruct ISS to vote the proxy based on what EIM believes to be in the best interest of the Portfolio and its shareholders.

The Proxy Voting Committee, with the assistance of Administrator, will maintain records regarding EIM's determination generally to vote proxies for Underlying Unaffiliated Funds, Underlying ETFs, and certain Sub-Advised Portfolios as described in Section III.D above consistent with the ISS Guidelines, and that determination will be reviewed periodically.

The following guidelines describe EIM's general positions on common proxy issues for Underlying Unaffiliated Funds and Underlying ETFs:

• *Election of Directors*: EIM generally votes in favor of slates recommended by the board of directors.

• *Fee Increases*: EIM generally votes against proposals to increase fees.

• *Changes to the investment strategy, investment objective or fundamental investment restrictions*, *and proposed mergers*: EIM generally votes against changes that would impact adversely the allocation model of a Fund-of-Funds Portfolio.

The EIM and Administrator Compliance Department ("Compliance") will conduct a due diligence review of any proxy voting service ("Proxy Service") engaged by EIM or Administrator to assess (1) the adequacy and quality of the Proxy Service's staffing, personnel and technology, and whether the Proxy Service has the capacity and competence to adequately analyze proxy issues and the ability to make proxy voting recommendations based on materially accurate and complete information; (2) whether the Proxy Service has the ability to execute proxy votes in accordance with EIM's instructions; (3) whether the Proxy Service has adequately disclosed to EIM the methodologies it uses in formulating its voting recommendations, including its process for obtaining current and accurate information relevant to matters included in its research and on which it makes recommendations, the nature of any third-party information sources that the Proxy Service uses as a basis for its voting recommendations, and how and when the Proxy Service would expect to engage with issuers and third parties; (4) the effectiveness of the Proxy Service's process for seeking timely input from issuers; and (5) the adequacy of the Proxy Service's policies and procedures for identifying, disclosing and addressing actual and potential conflicts of interest. EIM or Administrator will require the Proxy Service to update EIM or Administrator, as applicable, on an ongoing basis regarding (1) any business changes relevant to its capacity and competence to provide independent proxy voting advice or carry out voting instructions, (2) any conflicts of interest that may arise with respect to its proxy voting recommendations, and (3) any operational or compliance issues or problems. The due diligence review will be conducted at least annually and may be conducted by on-site visit or written questionnaire. In the event that EIM or Administrator becomes aware of factual errors, incompleteness or methodological weaknesses in the Proxy Service's analysis, it will assess whether this materially affected the research or recommendations used by EIM and the Proxy Service's efforts to correct any material deficiencies in its analysis or methodology.

4. <u>Record Retention and Inspection</u>: EIM, or Administrator on EIM's behalf, will maintain all documentation associated with its proxy voting decisions. Compliance is responsible for

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verifying that such documentation is properly maintained in accordance with the Trusts' procedures and applicable laws and regulations.

**IV.** **DUE DILIGENCE AND COMPLIANCE PROGRAM** 

EIM, with the assistance of Administrator, will conduct a due diligence review of each Sub-Adviser's proxy voting policies and procedures (including any proxy voting guidelines) in connection with the initial selection of the Sub-Adviser to manage a Sub-Advised Portfolio and on at least an annual basis thereafter. As part of its ongoing due diligence and compliance responsibilities, with respect to the Sub-Advised Portfolios, EIM, with the assistance of Administrator, will seek to ensure that each Sub-Adviser maintains proxy voting policies and procedures that are reasonably designed to comply with applicable laws and regulations.

**V.** **SUB-ADVISERS' PROXY VOTING POLICIES AND PROCEDURES** 

Each Sub-Adviser will be required to maintain proxy voting policies and procedures in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, and that satisfy the following elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Written Policies and Procedures</u>: The Sub-Adviser must maintain written proxy voting policies and procedures in accordance with applicable laws and regulations and must provide to the Trusts, EIM, and Administrator, upon request, copies of such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Fiduciary Duty</u>: The Sub-Adviser's policies and procedures must be reasonably designed to ensure that the Sub-Adviser votes client securities in the best interest of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Conflicts of Interest</u>: The Sub-Adviser's policies and procedures must include appropriate procedures to identify and resolve as necessary, before voting client proxies, all material proxy-related conflicts of interest between the Sub-Adviser (including its affiliates) and its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Voting Guidelines</u>: The Sub-Adviser's policies and procedures must address with reasonable specificity how the Sub-Adviser will vote proxies, or what factors it will consider, when voting on particular types of matters, *e.g*., corporate governance proposals, compensation issues and matters involving social or corporate responsibility. The Sub-Adviser's policies and procedures also should describe the considerations it will take into account if it retains a Proxy Service to assist it in discharging its proxy voting duties and its process for conducting due diligence on, and overseeing, services provided by a Proxy Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Monitoring Proxy Voting</u>: The Sub-Adviser must have a system and/or process that is reasonably designed to ensure that proxies are voted on behalf of its clients in a timely and efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Record Retention and Inspection</u>: The Sub-Adviser must have an established system for creating and retaining all appropriate documentation relating to its proxy voting activities as required by applicable laws and regulations. The Sub-Adviser must provide to the Trusts, EIM, and Administrator such information and records with respect to proxies relating to the Trust's portfolio securities as required by law and as the Trusts, EIM, or Administrator may reasonably request.

**VI.** **DISCLOSURE OF TRUSTS' PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD** 

EIM and Administrator, on behalf of the Trusts, will take reasonable steps as necessary to seek to ensure that the Trusts comply with all applicable laws and regulations relating to disclosure of the Trusts' proxy voting policies and procedures and proxy voting records. EIM and Administrator (including, at their option, through third-party service providers) will maintain a system that is reasonably designed to ensure that its actual proxy voting record and the actual proxy voting record of the Sub-Advisers with respect to the Trusts' portfolio securities are collected, processed, filed with the SEC and made available to the Trusts' shareholders as required by applicable laws and regulations.

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**VII.** **PROXY VOTING COMMITTEE** 

The Proxy Voting Committee is responsible for monitoring and administering the Program. The Proxy Voting Committee is composed of EIM's and Administrator' CCO, officers of EIM and Administrator, and/or members of EIM's or Administrator's (as applicable) Investment Management Services, Legal and Compliance, , or any combination thereof, who may be advisory members of the Committee. The Proxy Voting Committee holds meetings as needed, but no less frequently than annually.

**VIII.** **REPORTS TO TRUSTS' BOARD OF TRUSTEES** 

EIM, with the assistance of Administrator, will periodically (but no less frequently than annually) report to the Board of Trustees with respect to each Trust's implementation of the Program, including summary information with respect to: 1) the proxy voting record of the Sub-Advisers with respect to the Sub-Advised Portfolios' portfolio securities: 2) the proxy voting record of EIM with respect to the Fund-of-Funds Portfolios or Allocated Portions; and 3) the proxy voting record of EIM with respect to the portfolio securities of any Sub-Advised Portfolio for which EIM has assumed proxy voting responsibility. In addition, if a material conflict of interest was reported to the CCO and/or the Legal and Compliance during the previous quarter and it was determined that a material conflict of interest did exist, EIM, with the assistance of Administrator, will report such material conflict of interest to the Board of Trustees at the next quarterly meeting. EIM, with the assistance of Administrator, will also provide the Board of Trustees with any other information requested by the Board.

The CCO's annual written compliance report to the Board of Trustees will contain a summary of material changes to these policies and procedures during the period covered by the report.

Adopted by EQ Advisors Trust ("EQAT") Board of Trustees: March 1, 2011

Effective: May 1, 2011

Predecessor Procedures of the Investment Manager Adopted: August 6, 2003

Amended: July 11, 2007

Adopted by 1290 Funds Board of Trustees: June 10, 2014

Effective: June 10, 2014

Adopted by EQ Premier VIP Trust ("VIP") Board of Trustees: March 17, 2011

Effective: May 1, 2011

Predecessor Procedures of the Investment Manager Adopted: August 6, 2003

Amended: December 10, 2014

Policies of EQAT and 1290 Funds Combined: July 14, 2014

Revised: April 12-13, 2017

Policies of EQAT, VIP and 1290 Funds Combined: July 18-20, 2017

Revised: September 26, 2019

Revised: December 15, 2020

Revised: August 2021

Revised: December 2021

Revised: January 2023

Appendix A

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![LOGO](g376385g77m14.jpg)

U N I T E D S T A T E S Proxy Voting Guidelines Benchmark Policy Recommendations Effective for Meetings on or after February 1, 2023 Published December 13, 2022

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| **UNITED STATES**<br> Proxy Voting Guidelines | ![LOGO](g376385g46s12.jpg)  |

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  **[Coverage](#saiappc376385_550)** | **[Coverage](#saiappc376385_550)** | 14 |
| 1. | &nbsp;&nbsp;&nbsp;&nbsp; [**Board of Directors**](#saiappc376385_551) | **14** |
|  | [Voting on Director Nominees in Uncontested Elections](#saiappc376385_552) | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Independence](#saiappc376385_553) | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ISS Classification of Directors — U.S.](#saiappc376385_554) | 16 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Composition](#saiappc376385_555) | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Attendance](#saiappc376385_556) | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Overboarded Directors](#saiappc376385_557) | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Gender Diversity](#saiappc376385_558) | 20 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Racial and/or Ethnic Diversity](#saiappc376385_559) | 20 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Responsiveness](#saiappc376385_560) | 20 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Accountability](#saiappc376385_561) | 21 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Poison Pills](#saiappc376385_562) | 21 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Unequal Voting Rights](#saiappc376385_563) | 22 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Classified Board Structure](#saiappc376385_564) | 22 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Removal of Shareholder Discretion on Classified Boards](#saiappc376385_565) | 22 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Problematic Governance Structure](#saiappc376385_566) | 22 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Unilateral Bylaw/Charter Amendments](#saiappc376385_567) | 23 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Restricting Binding Shareholder Proposals](#saiappc376385_568) | 23 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Director Performance Evaluation](#saiappc376385_569) | 24 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Management Proposals to Ratify Existing Charter or Bylaw Provisions](#saiappc376385_570) | 24 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Problematic Audit-Related Practices](#saiappc376385_571) | 25 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Problematic Compensation Practices](#saiappc376385_572) | 25 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Problematic Pledging of Company Stock](#saiappc376385_573) | 25 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Climate Accountability](#saiappc376385_574) | 26 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Governance Failures](#saiappc376385_575) | 26 |
|  | [Voting on Director Nominees in Contested Elections](#saiappc376385_576) | 27 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Vote-No Campaigns](#saiappc376385_577) | 27 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Contests/Proxy Access](#saiappc376385_578) | 27 |
|  | [Other Board-Related Proposals](#saiappc376385_579) | 27 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Adopt Anti-Hedging/Pledging/Speculative Investments Policy](#saiappc376385_580) | 27 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Board Refreshment](#saiappc376385_581) | 27 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Term/Tenure Limits](#saiappc376385_582) | 28 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Age Limits](#saiappc376385_583) | 28 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Board Size](#saiappc376385_584) | 28 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Classification/Declassification of the Board](#saiappc376385_585) | 28 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [CEO Succession Planning](#saiappc376385_586) | 28 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Cumulative Voting](#saiappc376385_587) | 29 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Director and Officer Indemnification, Liability Protection, and Exculpation](#saiappc376385_588) | 29 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Establish/Amend Nominee Qualifications](#saiappc376385_589) | 30 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Establish Other Board Committee Proposals](#saiappc376385_590) | 30 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Filling Vacancies/Removal of Directors](#saiappc376385_591) | 30 |

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|  | &nbsp;&nbsp;&nbsp;&nbsp; [Independent Board Chair](#saiappc376385_592) | 30 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Majority of Independent Directors/Establishment of Independent Committees](#saiappc376385_593) | 31 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Majority Vote Standard for the Election of Directors](#saiappc376385_594) | 31 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Access](#saiappc376385_595) | 32 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Require More Nominees than Open Seats](#saiappc376385_596) | 32 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Engagement Policy (Shareholder Advisory Committee)](#saiappc376385_597) | 32 |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp; **[Audit-Related](#saiappc376385_598)** | **32** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Auditor Indemnification and Limitation of Liability](#saiappc376385_599) | 32 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Auditor Ratification](#saiappc376385_600) | 33 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals Limiting Non-Audit Services](#saiappc376385_601) | 33 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals on Audit Firm Rotation](#saiappc376385_602) | 33 |
| 3. | &nbsp;&nbsp;&nbsp;&nbsp; **[Shareholder Rights & Defenses](#saiappc376385_603)** | **34** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Advance Notice Requirements for Shareholder Proposals/Nominations](#saiappc376385_604) | 34 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Amend Bylaws without Shareholder Consent](#saiappc376385_605) | 34 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Control Share Acquisition Provisions](#saiappc376385_606) | 34 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Control Share Cash-Out Provisions](#saiappc376385_607) | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Disgorgement Provisions](#saiappc376385_608) | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Fair Price Provisions](#saiappc376385_609) | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Freeze-Out Provisions](#saiappc376385_610) | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Greenmail](#saiappc376385_611) | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Litigation Rights](#saiappc376385_612) | 36 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Federal Forum Selection Provisions](#saiappc376385_613) | 36 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Exclusive Forum Provisions for State Law Matters](#saiappc376385_614) | 36 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fee shifting](#saiappc376385_615) | 37 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Net Operating Loss (NOL) Protective Amendments](#saiappc376385_616) | 37 |
|  | [Poison Pills (Shareholder Rights Plans)](#saiappc376385_617) | 37 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy](#saiappc376385_618) | 37 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Management Proposals to Ratify a Poison Pill](#saiappc376385_619) | 38 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)](#saiappc376385_620) | 38 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Voting Disclosure, Confidentiality, and Tabulation](#saiappc376385_621) | 39 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions](#saiappc376385_622) | 39 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Reimbursing Proxy Solicitation Expenses](#saiappc376385_623) | 40 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Reincorporation Proposals](#saiappc376385_624) | 40 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Ability to Act by Written Consent](#saiappc376385_625) | 40 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Ability to Call Special Meetings](#saiappc376385_626) | 41 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Stakeholder Provisions](#saiappc376385_627) | 41 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [State Antitakeover Statutes](#saiappc376385_628) | 41 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Supermajority Vote Requirements](#saiappc376385_629) | 42 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Virtual Shareholder Meetings](#saiappc376385_630) | 42 |

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| 4. | &nbsp;&nbsp;&nbsp;&nbsp; **[Capital/Restructuring](#saiappc376385_631)** | **42** |
|  | [Capital](#saiappc376385_632) | 42 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Adjustments to Par Value of Common Stock](#saiappc376385_633) | 42 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Common Stock Authorization](#saiappc376385_634) | 42 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General Authorization Requests](#saiappc376385_635) | 42 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Specific Authorization Requests](#saiappc376385_636) | 43 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Dual Class Structure](#saiappc376385_637) | 44 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Issue Stock for Use with Rights Plan](#saiappc376385_638) | 44 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Preemptive Rights](#saiappc376385_639) | 44 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Preferred Stock Authorization](#saiappc376385_640) | 44 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General Authorization Requests](#saiappc376385_641) | 44 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Recapitalization Plans](#saiappc376385_642) | 46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Reverse Stock Splits](#saiappc376385_643) | 46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.](#saiappc376385_644) | 46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Share Repurchase Programs](#saiappc376385_645) | 47 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Share Repurchase Programs Shareholder Proposals](#saiappc376385_646) | 47 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Stock Distributions: Splits and Dividends](#saiappc376385_647) | 47 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Tracking Stock](#saiappc376385_648) | 47 |
|  | [Restructuring](#saiappc376385_649) | 48 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Appraisal Rights](#saiappc376385_650) | 48 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Asset Purchases](#saiappc376385_651) | 48 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Asset Sales](#saiappc376385_652) | 48 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Bundled Proposals](#saiappc376385_653) | 49 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Conversion of Securities](#saiappc376385_654) | 49 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans](#saiappc376385_655) | 49 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Formation of Holding Company](#saiappc376385_656) | 49 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)](#saiappc376385_657) | 50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Joint Ventures](#saiappc376385_658) | 50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Liquidations](#saiappc376385_659) | 51 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Mergers and Acquisitions](#saiappc376385_660) | 51 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Private Placements/Warrants/Convertible Debentures](#saiappc376385_661) | 52 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Reorganization/Restructuring Plan (Bankruptcy)](#saiappc376385_662) | 53 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Special Purpose Acquisition Corporations (SPACs)](#saiappc376385_663) | 53 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Special Purpose Acquisition Corporations (SPACs) — Proposals for Extensions](#saiappc376385_664) | 54 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Spin-offs](#saiappc376385_665) | 55 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Value Maximization Shareholder Proposals](#saiappc376385_666) | 55 |
| 5. | &nbsp;&nbsp;&nbsp;&nbsp; **[Compensation](#saiappc376385_667)** | **56** |
|  | [Executive Pay Evaluation](#saiappc376385_668) | 56 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Advisory Votes on Executive Compensation — Management Proposals (Say-on-Pay)](#saiappc376385_669) | 56 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Pay-for-Performance Evaluation](#saiappc376385_670) | 57 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Problematic Pay Practices](#saiappc376385_671) | 58 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Compensation Committee Communications and Responsiveness](#saiappc376385_672) | 59 |

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| &nbsp;&nbsp;&nbsp;&nbsp; [Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")](#saiappc376385_673) | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale](#saiappc376385_674) | 60.0 |
|  [Equity-Based and Other Incentive Plans](#saiappc376385_675) | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Value Transfer (SVT)](#saiappc376385_676) | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Three-Year Value-Adjusted Burn Rate](#saiappc376385_677) | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Egregious Factors](#saiappc376385_678) | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Liberal Change in Control Definition](#saiappc376385_679) | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Repricing Provisions](#saiappc376385_680) | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Problematic Pay Practices or Significant Pay-for-Performance Disconnect](#saiappc376385_681) | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))](#saiappc376385_682) | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Specific Treatment of Certain Award Types in Equity Plan Evaluations](#saiappc376385_683) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividend Equivalent Rights](#saiappc376385_684) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)](#saiappc376385_685) | 65.0 |
|  [Other Compensation Plans](#saiappc376385_686) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [401(k) Employee Benefit Plans](#saiappc376385_687) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Employee Stock Ownership Plans (ESOPs)](#saiappc376385_688) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Employee Stock Purchase Plans — Qualified Plans](#saiappc376385_689) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Employee Stock Purchase Plans — Non-Qualified Plans](#saiappc376385_690) | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Option Exchange Programs/Repricing Options](#saiappc376385_691) | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Stock Plans in Lieu of Cash](#saiappc376385_692) | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfer Stock Option (TSO) Programs](#saiappc376385_693) | 67.0 |
|  [Director Compensation](#saiappc376385_694) | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Ratification of Director Pay Programs](#saiappc376385_695) | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Equity Plans for Non-Employee Directors](#saiappc376385_696) | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Non-Employee Director Retirement Plans](#saiappc376385_697) | 69.0 |
|  [Shareholder Proposals on Compensation](#saiappc376385_698) | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Bonus Banking/Bonus Banking "Plus"](#saiappc376385_699) | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation Consultants — Disclosure of Board or Company's Utilization](#saiappc376385_700) | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disclosure/Setting Levels or Types of Compensation for Executives and Directors](#saiappc376385_701) | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Golden Coffins/Executive Death Benefits](#saiappc376385_702) | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Hold Equity Past Retirement or for a Significant Period of Time](#saiappc376385_703) | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pay Disparity](#saiappc376385_704) | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pay for Performance/Performance-Based Awards](#saiappc376385_705) | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pay for Superior Performance](#saiappc376385_706) | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pre-Arranged Trading Plans (10b5-1 Plans)](#saiappc376385_707) | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Prohibit Outside CEOs from Serving on Compensation Committees](#saiappc376385_708) | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Recoupment of Incentive or Stock Compensation in Specified Circumstances](#saiappc376385_709) | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Severance Agreements for Executives/Golden Parachutes](#saiappc376385_710) | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Share Buyback Impact on Incentive Program Metrics](#saiappc376385_711) | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Supplemental Executive Retirement Plans (SERPs)](#saiappc376385_712) | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Tax Gross-Up Proposals](#saiappc376385_713) | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity](#saiappc376385_714) | 74.0 |

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| 6. | &nbsp;&nbsp;&nbsp;&nbsp; **[Routine/Miscellaneous](#saiappc376385_715)** | **74** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Adjourn Meeting](#saiappc376385_716) | 74 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Amend Quorum Requirements](#saiappc376385_717) | 74 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Amend Minor Bylaws](#saiappc376385_718) | 75 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Change Company Name](#saiappc376385_719) | 75 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Change Date, Time, or Location of Annual Meeting](#saiappc376385_720) | 75 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Other Business](#saiappc376385_721) | 75 |
| 7. | &nbsp;&nbsp;&nbsp;&nbsp; **[Social and Environmental Issues](#saiappc376385_722)** | **75** |
|  | [Global Approach — E&S Shareholder Proposals](#saiappc376385_723) | 75 |
|  | [Endorsement of Principles](#saiappc376385_724) | 76 |
|  | [Animal Welfare](#saiappc376385_725) | 76 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Animal Welfare Policies](#saiappc376385_726) | 76 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Animal Testing](#saiappc376385_727) | 77 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Animal Slaughter](#saiappc376385_728) | 77 |
|  | [Consumer Issues](#saiappc376385_729) | 77 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Genetically Modified Ingredients](#saiappc376385_730) | 77 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Reports on Potentially Controversial Business/Financial Practices](#saiappc376385_731) | 78 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation](#saiappc376385_732) | 78 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Product Safety and Toxic/Hazardous Materials](#saiappc376385_733) | 78 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Tobacco-Related Proposals](#saiappc376385_734) | 79 |
|  | [Climate Change](#saiappc376385_735) | 80 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Say on Climate (SoC) Management Proposals](#saiappc376385_736) | 80 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Say on Climate (SoC) Shareholder Proposals](#saiappc376385_737) | 80 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Climate Change/Greenhouse Gas (GHG) Emissions](#saiappc376385_738) | 81 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Energy Efficiency](#saiappc376385_739) | 81 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Renewable Energy](#saiappc376385_740) | 82 |
|  | [Diversity](#saiappc376385_741) | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Board Diversity](#saiappc376385_742) | 82 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Equality of Opportunity](#saiappc376385_743) | 83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Gender Identity, Sexual Orientation, and Domestic Partner Benefits](#saiappc376385_744) | 83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Gender, Race/Ethnicity Pay Gap](#saiappc376385_745) | 83 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Racial Equity and/or Civil Rights Audit Guidelines](#saiappc376385_746) | 83 |
|  | [Environment and Sustainability](#saiappc376385_747) | 84 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Facility and Workplace Safety](#saiappc376385_748) | 84 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [General Environmental Proposals and Community Impact Assessments](#saiappc376385_749) | 84 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Hydraulic Fracturing](#saiappc376385_750) | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Operations in Protected Areas](#saiappc376385_751) | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Recycling](#saiappc376385_752) | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Sustainability Reporting](#saiappc376385_753) | 85 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Water Issues](#saiappc376385_754) | 86 |
|  | [General Corporate Issues](#saiappc376385_755) | 86 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Charitable Contributions](#saiappc376385_756) | 86 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Data Security, Privacy, and Internet Issues](#saiappc376385_757) | 86 |

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|  | &nbsp;&nbsp;&nbsp;&nbsp; [ESG Compensation-Related Proposals](#saiappc376385_758) | 87 |
|  | [Human Rights, Human Capital Management, and International Operations](#saiappc376385_759) | 87 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Human Rights Proposals](#saiappc376385_760) | 87 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Mandatory Arbitration](#saiappc376385_761) | 88 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Operations in High-Risk Markets](#saiappc376385_762) | 88 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Outsourcing/Offshoring](#saiappc376385_763) | 88 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Sexual Harassment](#saiappc376385_764) | 89 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Weapons and Military Sales](#saiappc376385_765) | 89 |
|  | [Political Activities](#saiappc376385_766) | 89 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Lobbying](#saiappc376385_767) | 89 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Political Contributions](#saiappc376385_768) | 89 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Political Expenditures and Lobbying Congruency](#saiappc376385_769) | 90 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Political Ties](#saiappc376385_770) | 90 |
| 8. | &nbsp;&nbsp;&nbsp;&nbsp; **[Mutual Fund Proxies](#saiappc376385_771)** | **91** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Election of Directors](#saiappc376385_772) | 91 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Closed End Funds- Unilateral Opt-In to Control Share Acquisition Statutes](#saiappc376385_773) | 91 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Converting Closed-end Fund to Open-end Fund](#saiappc376385_774) | 91 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Contests](#saiappc376385_775) | 91 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Investment Advisory Agreements](#saiappc376385_776) | 92 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Approving New Classes or Series of Shares](#saiappc376385_777) | 92 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Preferred Stock Proposals](#saiappc376385_778) | 92 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [1940 Act Policies](#saiappc376385_779) | 92 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Changing a Fundamental Restriction to a Nonfundamental Restriction](#saiappc376385_780) | 92 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Change Fundamental Investment Objective to Nonfundamental](#saiappc376385_781) | 93 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Name Change Proposals](#saiappc376385_782) | 93 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Change in Fund's Subclassification](#saiappc376385_783) | 93 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Business Development Companies — Authorization to Sell Shares of Common Stock at a Price below Net Asset Value](#saiappc376385_784) | 93 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Disposition of Assets/Termination/Liquidation](#saiappc376385_785) | 94 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Changes to the Charter Document](#saiappc376385_786) | 94 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Changing the Domicile of a Fund](#saiappc376385_787) | 94 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval](#saiappc376385_788) | 94 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Distribution Agreements](#saiappc376385_789) | 95 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Master-Feeder Structure](#saiappc376385_790) | 95 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Mergers](#saiappc376385_791) | 95 |
|  | [Shareholder Proposals for Mutual Funds](#saiappc376385_792) | 95 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Establish Director Ownership Requirement](#saiappc376385_793) | 95 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Reimburse Shareholder for Expenses Incurred](#saiappc376385_794) | 95 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [Terminate the Investment Advisor](#saiappc376385_795) | 95 |

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Coverage

The U.S. research team provides proxy analyses and voting recommendations for the common shareholder meetings of U.S. — incorporated companies that are publicly-traded on U.S. exchanges, as well as certain OTC companies, if they are held in our institutional investor clients' portfolios. Coverage generally includes corporate actions for common equity holders, such as written consents and bankruptcies. ISS' U.S. coverage includes investment companies (including open-end funds, closed-end funds, exchange-traded funds, and unit investment trusts), limited partnerships ("LPs"), master limited partnerships ("MLPs"), limited liability companies ("LLCs"), and business development companies. ISS reviews its universe of coverage on an annual basis, and the coverage is subject to change based on client need and industry trends.

**Foreign-incorporated companies**

In addition to U.S. — incorporated, U.S. — listed companies, ISS' U.S. policies are applied to certain foreign-incorporated company analyses. Like the SEC, ISS distinguishes two types of companies that list but are not incorporated in the U.S.:

• U.S. Domestic Issuers — which have a majority of outstanding shares held in the U.S. and meet other criteria, as determined by the SEC, and are subject to the same disclosure and listing standards as U.S. incorporated companies (e.g. they are required to file DEF14A proxy statements) — are generally covered under standard U.S. policy guidelines.

• <u>Foreign Private Issuers</u> (FPIs) — which are allowed to take exemptions from most disclosure requirements (e.g., they are allowed to file 6-K for their proxy materials) and U.S. listing standards — are generally covered under a combination of policy guidelines:

• FPI Guidelines (see the <u>Americas Regional Proxy Voting Guidelines)</u>, may apply to companies incorporated in governance havens, and apply certain minimum independence and disclosure standards in the evaluation of key proxy ballot items, such as the election of directors; and/or

• Guidelines for the market that is responsible for, or most relevant to, the item on the ballot.

U.S. incorporated companies listed only on non-U.S. exchanges are generally covered under the ISS guidelines for the market on which they are traded.

An FPI is generally covered under ISS' approach to FPIs outlined above, even if such FPI voluntarily files a proxy statement and/or other filing normally required of a U.S. Domestic Issuer, so long as the company retains its FPI status.

In all cases — including with respect to other companies with cross-market features that may lead to ballot items related to multiple markets — items that are on the ballot solely due to the requirements of another market (listing, incorporation, or national code) may be evaluated under the policy of the relevant market, regardless of the "assigned" primary market coverage.

1. Board of Directors

Voting on Director Nominees in Uncontested Elections

Four fundamental principles apply when determining votes on director nominees:

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**Independence**: Boards should be sufficiently independent from management (and significant shareholders) to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

**Composition**: Companies should ensure that directors add value to the board through their specific skills and expertise and by having sufficient time and commitment to serve effectively. Boards should be of a size appropriate to accommodate diversity, expertise, and independence, while ensuring active and collaborative participation by all members. Boards should be sufficiently diverse to ensure consideration of a wide range of perspectives.

**Responsiveness**: Directors should respond to investor input, such as that expressed through significant opposition to management proposals, significant support for shareholder proposals (whether binding or non-binding), and tender offers where a majority of shares are tendered.

**Accountability**: Boards should be sufficiently accountable to shareholders, including through transparency of the company's governance practices and regular board elections, by the provision of sufficient information for shareholders to be able to assess directors and board composition, and through the ability of shareholders to remove directors.

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with new nominees**<sup>1</sup>** considered on case-by-case basis): <br>

**Independence**

Vote against**<sup>2</sup>** or withhold from non-independent directors (Executive Directors and Non-Independent Non-Executive Directors per <u>ISS' Classification of Directors)</u> when:

• Independent directors comprise 50 percent or less of the board;

• The non-independent director serves on the audit, compensation, or nominating committee;

• The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or

• The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

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<sup>1</sup> A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question. 

<sup>2</sup> In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company. 

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**ISS Classification of Directors — U.S.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. **Executive Director** 

1.1. Current officer **<sup>1</sup>** of the company or one of its affiliates **<sup>2</sup>.** 

2. **Non-Independent Non-Executive Director** 

<u>Board Identification</u>

2.1. Director identified as not independent by the board.

<u>Controlling/Significant Shareholder</u>

2.2. Beneficial owner of more than 50 percent of the company's voting power (this may be aggregated if voting power is distributed among more than one member of a group).

<u>Current Employment at Company or Related Company</u>

2.3. Non-officer employee of the firm (including employee representatives).

2.4. Officer **<sup>1</sup>**, former officer, or general or limited partner of a joint venture or partnership with the company.

<u>Former Employment</u>

2.5. Former CEO of the company. **<sup>3,4</sup>** 

2.6. Former non-CEO officer **<sup>1</sup>** of the company or an affiliate **<sup>2</sup>** within the past five years.

2.7. Former officer **<sup>1</sup>** of an acquired company within the past five years. **<sup>4</sup>** 

2.8. Officer **<sup>1</sup>** of a former parent or predecessor firm at the time the company was sold or split off within the past five years.

2.9. Former interim officer if the service was longer than 18 months. If the service was between 12 and 18 months an assessment of the interim officer's employment agreement will be made. **<sup>5</sup>** 

<u>Family Members</u>

2.10. Immediate family member **<sup>6</sup>** of a current or former officer **<sup>1</sup>** of the company or its affiliates **<sup>2</sup>** within the last five years.

2.11. Immediate family member **<sup>6</sup>** of a current employee of company or its affiliates **<sup>2</sup>** where additional factors raise concern (which may include, but are not limited to, the following: a director related to numerous employees; the company or its affiliates employ relatives of numerous board members; or a non-Section 16 officer in a key strategic role).

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<u>Professional, Transactional, and Charitable Relationships</u>

2.12. Director who (or whose immediate family member **<sup>6</sup>**) currently provides professional services **<sup>7</sup>** in excess of $10,000 per year to: the company, an affiliate **<sup>2</sup>**, or an individual officer of the company or an affiliate; or who is (or whose immediate family member **<sup>6</sup>** is) a partner, employee, or controlling shareholder of an organization which provides the services.

2.13. Director who (or whose immediate family member **<sup>6</sup>**) currently has any material transactional relationship **<sup>8</sup>** with the company or its affiliates **<sup>2</sup>**; or who is (or whose immediate family member **<sup>6</sup>** is) a partner in, or a controlling shareholder or an executive officer of, an organization which has the material transactional relationship **<sup>8</sup>** (excluding investments in the company through a private placement).

2.14. Director who (or whose immediate family member **<sup>6</sup>)** is a trustee, director, or employee of a charitable or non-profit organization that receives material grants or endowments **<sup>8</sup>** from the company or its affiliates **<sup>2</sup>**.

<u>Other Relationships</u>

2.15. Party to a voting agreement **<sup>9</sup>** to vote in line with management on proposals being brought to shareholder vote.

2.16. Has (or an immediate family member **<sup>6</sup>** has) an interlocking relationship as defined by the SEC involving members of the board of directors or its Compensation Committee. **<sup>10</sup>** 

2.17. Founder **<sup>11</sup>** of the company but not currently an employee.

2.18. Director with pay comparable to Named Executive Officers.

2.19. Any material **<sup>12</sup>** relationship with the company.

3. **Independent Director** 

3.1. No material **<sup>12</sup>** connection to the company other than a board seat.

#### Footnotes:
&nbsp;&nbsp;&nbsp;&nbsp;*1.* The definition of officer will generally follow that of a "Section 16 officer" (officers subject to Section 16 of the Securities and Exchange Act of 1934) and includes the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the president, treasurer, secretary, controller, or any vice president in charge of a principal business unit, division, or policy function). Current interim officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee director serving as an officer due to statutory requirements (e.g. corporate secretary) will generally be classified as a Non-Independent Non-Executive Director under "Any material relationship with the company." However, if the company provides explicit disclosure that the director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity, then the director will be classified as an Independent Director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*2.* "Affiliate" includes a subsidiary, sibling company, or parent company. ISS uses 50 percent control ownership by the parent company as the standard for applying its affiliate designation. The manager/advisor of an externally managed issuer (EMI) is considered an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* Includes any former CEO of the company prior to the company's initial public offering (IPO).

&nbsp;&nbsp;&nbsp;&nbsp;*4.* When there is a former CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, ISS will generally classify such directors as independent unless determined otherwise taking into account the following factors: the applicable listing standards determination of such director's independence; any operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;*5.* ISS will look at the terms of the interim officer's employment contract to determine if it contains severance pay, long-term health and pension benefits, or other such standard provisions typically contained in contracts of permanent, non-temporary CEOs. ISS will also consider if a formal search process was under way for a full-time officer at the time.

&nbsp;&nbsp;&nbsp;&nbsp;*6.* "Immediate family member" follows the SEC's definition of such and covers spouses, parents, children, step-parents, stepchildren, siblings, in-laws, and any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer, or significant shareholder of the company.

&nbsp;&nbsp;&nbsp;&nbsp;*7.* Professional services can be characterized as advisory in nature, generally involve access to sensitive company information or to strategic decision-making, and typically have a commission- or fee-based payment structure. Professional services generally include but are not limited to the following: investment banking/financial advisory services, commercial banking (beyond deposit services), investment services, insurance services, accounting/audit services, consulting services, marketing services, legal services, property management services, realtor services, lobbying services, executive search services, and IT consulting services. The following would generally be considered transactional relationships and not professional services: deposit services, IT tech support services, educational services, and construction services. The case of participation in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated materiality test) rather than a professional relationship. "Of Counsel" relationships are only considered immaterial if the individual does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner of, the firm providing the professional service. The case of a company providing a professional service to one of its directors or to an entity with which one of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance services and marketing services are assumed to be professional services unless the company explains why such services are not advisory.

&nbsp;&nbsp;&nbsp;&nbsp;*8.* A material transactional relationship, including grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments from, another entity, exceeding the greater of: $200,000 or 5 percent of the recipient's gross revenues, for a company that follows NASDAQ listing standards; or the greater of $1,000,000 or 2 percent of the recipient's gross revenues, for a company that follows NYSE listing standards. For a company that follows neither of the preceding standards, ISS will apply the NASDAQ-based materiality test. (The recipient is the party receiving the financial proceeds from the transaction).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*9.* Dissident directors who are parties to a voting agreement pursuant to a settlement or similar arrangement may be classified as Independent Directors if an analysis of the following factors indicates that the voting agreement does not compromise their alignment with all shareholders' interests: the terms of the agreement; the duration of the standstill provision in the agreement; the limitations and requirements of actions that are agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting relationships or related party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;*10.* Interlocks include: executive officers serving as directors on each other's compensation or similar committees (or, in the absence of such a committee, on the board); or executive officers sitting on each other's boards and at least one serves on the other's compensation or similar committees (or, in the absence of such a committee, on the board).

&nbsp;&nbsp;&nbsp;&nbsp;*11.* The operating involvement of the founder with the company will be considered; if the founder was never employed by the company, ISS may deem him or her an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;*12.* For purposes of ISS's director independence classification, "material" will be defined as a standard of relationship (financial, personal, or otherwise) that a reasonable person might conclude could potentially influence one's objectivity in the boardroom in a manner that would have a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.

#### Composition
**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year**<sup>3</sup>**) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

• Medical issues/illness;

• Family emergencies; and

• Missing only one meeting (when the total of all meetings is three or fewer).

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

• Sit on more than five public company boards; or

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<sup>3</sup> Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

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• Are CEOs of public companies who sit on the boards of more than two public companies besides their own — withhold only at their outside boards **<sup>4</sup>**.

**Gender Diversity:** Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**Racial and/or Ethnic Diversity:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members**<sup>5</sup>**. An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

#### Responsiveness
Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

• The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:

• Disclosed outreach efforts by the board to shareholders in the wake of the vote;

• Rationale provided in the proxy statement for the level of implementation;

• The subject matter of the proposal;

• The level of support for and opposition to the resolution in past meetings;

• Actions taken by the board in response to the majority vote and its engagement with shareholders;

• The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and

• Other factors as appropriate.

• The board failed to act on takeover offers where the majority of shares are tendered;

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<sup>4</sup> Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (>50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships. 

<sup>5</sup> Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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• At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.

Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

• The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:

• The company's response, including:

• Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

• The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

#### Accountability
**PROBLEMATIC TAKEOVER DEFENSES, CAPITAL STRUCTURE, AND GOVERNANCE STRUCTURE**

**Poison Pills:** Generally vote against or withhold from all nominees (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if:

• The company has a poison pill with a deadhand or slowhand feature **<sup>6</sup>**;

• The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or

• The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders **<sup>7</sup>**.

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<sup>6</sup> If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption. 

<sup>7</sup> Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient.

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Vote case-by-case on nominees if the board adopts an initial short-term pill**<sup>6</sup>** (with a term of one year or less) without shareholder approval, taking into consideration:

• The disclosed rationale for the adoption;

• The trigger;

• The company's market capitalization (including absolute level and sudden changes);

• A commitment to put any renewal to a shareholder vote; and

• Other factors as relevant.

**Unequal Voting Rights**: Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights**<sup>8</sup>**.

Exceptions to this policy will generally be limited to:

• Newly-public companies **<sup>9</sup>** with a sunset provision of no more than seven years from the date of going public;

• Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

• Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be *de minimis*; or

• The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained.

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

**Removal of Shareholder Discretion on Classified Boards**: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure**: For companies that hold or held their first annual meeting**<sup>9</sup>** of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

• Supermajority vote requirements to amend the bylaws or charter;

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<sup>8</sup> This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares"). 

<sup>9</sup> Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

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• A classified board structure; or

• Other egregious provisions.

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments:** Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

• The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

• Disclosure by the company of any significant engagement with shareholders regarding the amendment;

• The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

• The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

• The company's ownership structure;

• The company's existing governance provisions;

• The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

• Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the directors:

• Classified the board;

• Adopted supermajority vote requirements to amend the bylaws or charter;

• Eliminated shareholders' ability to amend bylaws;

• Adopted a <u>fee-shifting provision</u>; or

• Adopted another provision deemed egregious.

**Restricting Binding Shareholder Proposals:** Generally vote against or withhold from the members of the governance committee if:

• The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the

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submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis. <br>

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation:** The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

• A classified board structure;

• A supermajority vote requirement;

• Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

• The inability of shareholders to call special meetings;

• The inability of shareholders to act by written consent;

• A multi-class capital structure; and/or

• A non-shareholder-approved poison pill.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

• The presence of a shareholder proposal addressing the same issue on the same ballot;

• The board's rationale for seeking ratification;

• Disclosure of actions to be taken by the board should the ratification proposal fail;

• Disclosure of shareholder engagement regarding the board's ratification request;

• The level of impairment to shareholders' rights caused by the existing provision;

• The history of management and shareholder proposals on the provision at the company's past meetings;

• Whether the current provision was adopted in response to the shareholder proposal;

• The company's ownership structure; and

• Previous use of ratification proposals to exclude shareholder proposals.

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#### Problematic Audit-Related Practices
Generally vote against or withhold from the members of the Audit Committee if:

• The non-audit fees paid to the auditor are <u>excessive</u>;

• The company receives an adverse opinion on the company's financial statements from its auditor; or

• There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote case-by-case on members of the Audit Committee and potentially the full board if:

• Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.

#### Problematic Compensation Practices
In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

• There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

• The company maintains significant <u>problematic pay practices</u>; or

• The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

• The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or

• The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock**: Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

• The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

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• The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

• Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

• Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and

• Any other relevant factors.

#### Climate Accountability
For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain**<sup>10</sup>**, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy :

• Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

• Board governance measures;

• Corporate strategy;

• Risk management analyses; and

• Metrics and targets.

• Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

#### Governance Failures
Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

• Material failures of governance, stewardship, risk oversight **<sup>11</sup>**, or fiduciary responsibilities at the company;

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<sup>10</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

<sup>11</sup> Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock. 

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• Failure to replace management as appropriate; or

• Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

Voting on Director Nominees in Contested Elections

#### Vote-No Campaigns
**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information. <br>

#### Proxy Contests/Proxy Access
**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors: <br>

• Long-term financial performance of the company relative to its industry;

• Management's track record;

• Background to the contested election;

• Nominee qualifications and any compensatory arrangements;

• Strategic plan of dissident slate and quality of the critique against management;

• Likelihood that the proposed goals and objectives can be achieved (both slates); and

• Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

Other Board-Related Proposals

#### Adopt Anti-Hedging/Pledging/Speculative Investments Policy
**General Recommendation:** Generally vote for proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However, the company's existing policies regarding responsible use of company stock will be considered. <br>

#### Board Refreshment
Board refreshment is best implemented through an ongoing program of individual director evaluations, conducted annually, to ensure the evolving needs of the board are met and to bring in fresh perspectives, skills, and diversity as needed.

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#### Term/Tenure Limits
**General Recommendation:** Vote case-by-case on management proposals regarding director term/tenure limits, considering: <br>

• The rationale provided for adoption of the term/tenure limit;

• The robustness of the company's board evaluation process;

• Whether the limit is of sufficient length to allow for a broad range of director tenures;

• Whether the limit would disadvantage independent directors compared to non-independent directors; and

• Whether the board will impose the limit evenly, and not have the ability to waive it in a discriminatory manner.

Vote case-by-case on shareholder proposals asking for the company to adopt director term/tenure limits, considering:

• The scope of the shareholder proposal; and

• Evidence of problematic issues at the company combined with, or exacerbated by, a lack of board refreshment.

#### Age Limits
**General Recommendation:** Generally vote against management and shareholder proposals to limit the tenure of independent directors through mandatory retirement ages. Vote for proposals to remove mandatory age limits. <br>

#### Board Size
**General Recommendation:** Vote for proposals seeking to fix the board size or designate a range for the board size. <br>

Vote against proposals that give management the ability to alter the size of the board outside of a specified range without shareholder approval.

#### Classification/Declassification of the Board
**General Recommendation:** Vote against proposals to classify (stagger) the board. <br>

Vote for proposals to repeal classified boards and to elect all directors annually.

#### CEO Succession Planning
**General Recommendation:** Generally vote for proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors: <br>

• The reasonableness/scope of the request; and

• The company's existing disclosure on its current CEO succession planning process.

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#### Cumulative Voting
**General Recommendation:** Generally vote against management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide for cumulative voting, unless: <br>

• The company has proxy access **<sup>12</sup>**, thereby allowing shareholders to nominate directors to the company's ballot; and

• The company has adopted a majority vote standard, with a carve-out for plurality voting in situations where there are more nominees than seats, and a director resignation policy to address failed elections.

Vote for proposals for cumulative voting at controlled companies (insider voting power > 50%).

#### Director and Officer Indemnification, Liability Protection, and Exculpation
**General Recommendation:** Vote case-by-case on proposals on director and officer indemnification, liability protection, and exculpation**<sup>13</sup>**. <br>

Consider the stated rationale for the proposed change. Also consider, among other factors, the extent to which the proposal would:

• Eliminate directors' and officers' liability for monetary damages for violating the duty of care.

• Eliminate directors' and officers' liability for monetary damages for violating the duty of loyalty.

• Expand coverage beyond just legal expenses to liability for acts that are more serious violations of fiduciary obligation than mere carelessness.

• Expand the scope of indemnification to provide for mandatory indemnification of company officials in connection with acts that previously the company was permitted to provide indemnification for, at the discretion of the company's board (*i.e.*, "permissive indemnification"), but that previously the company was not required to indemnify.

Vote for those proposals providing such expanded coverage in cases when a director's or officer's legal defense was unsuccessful if both of the following apply:

• If the individual was found to have acted in good faith and in a manner that the individual reasonably believed was in the best interests of the company; and

If only the individual's legal expenses would be covered.

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<sup>12</sup> A proxy access right that meets the <u>recommended guidelines</u>.

<sup>13</sup> **Indemnification**: the condition of being secured against loss or damage. **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited liability**: a person's financial liability is limited to a fixed sum, or personal financial assets are not at risk if the individual loses a lawsuit that results in financial award/damages to the plaintiff. **Exculpation**: to eliminate or limit the personal liability of a director or officer to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer. 

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#### Establish/Amend Nominee Qualifications
**General Recommendation:** Vote case-by-case on proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria and the degree to which they may preclude dissident nominees from joining the board. <br>

Vote case-by-case on shareholder resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:

• The company's board committee structure, existing subject matter expertise, and board nomination provisions relative to that of its peers;

• The company's existing board and management oversight mechanisms regarding the issue for which board oversight is sought;

• The company's disclosure and performance relating to the issue for which board oversight is sought and any significant related controversies; and

• The scope and structure of the proposal.

#### Establish Other Board Committee Proposals

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote against shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure that potentially limits a company's flexibility to determine an appropriate oversight mechanism for itself. However, the following factors will be considered:  |

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• Existing oversight mechanisms (including current committee structure) regarding the issue for which board oversight is sought;

• Level of disclosure regarding the issue for which board oversight is sought;

• Company performance related to the issue for which board oversight is sought;

• Board committee structure compared to that of other companies in its industry sector; and

• The scope and structure of the proposal.

#### Filling Vacancies/Removal of Directors

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals that provide that directors may be removed only for cause.  |

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Vote for proposals to restore shareholders' ability to remove directors with or without cause.

Vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

Vote for proposals that permit shareholders to elect directors to fill board vacancies.

#### Independent Board Chair

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:  |

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• The scope and rationale of the proposal;

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• The company's current board leadership structure;

• The company's governance structure and practices;

• Company performance; and

• Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

• A majority non-independent board and/or the presence of non-independent directors on key board committees;

• A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;

• The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;

• Evidence that the board has failed to oversee and address material risks facing the company;

• A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or

• Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

#### Majority of Independent Directors/Establishment of Independent Committees

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by ISS' definition of Independent Director (See <u>ISS' Classification of Directors</u>.)  |

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Vote for shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors unless they currently meet that standard.

#### Majority Vote Standard for the Election of Directors

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for management proposals to adopt a majority of votes cast standard for directors in uncontested elections. Vote against if no carve-out for a plurality vote standard in contested elections is included.  |

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Generally vote for precatory and binding shareholder resolutions requesting that the board change the company's bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats.

Companies are strongly encouraged to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

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#### Proxy Access

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for management and shareholder proposals for proxy access with the following provisions:  |

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• **Ownership threshold:** maximum requirement not more than three percent (3%) of the voting power;

• **Ownership duration:** maximum requirement not longer than three (3) years of continuous ownership for each member of the nominating group;

• **Aggregation:** minimal or no limits on the number of shareholders permitted to form a nominating group;

• **Cap:** cap on nominees of generally twenty-five percent (25%) of the board.

Review for reasonableness any other restrictions on the right of proxy access. Generally vote against proposals that are more restrictive than these guidelines.

#### Require More Nominees than Open Seats

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against shareholder proposals that would require a company to nominate more candidates than the number of open board seats.  |

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#### Shareholder Engagement Policy (Shareholder Advisory Committee)

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for shareholder proposals requesting that the board establish an internal mechanism/process, which may include a committee, in order to improve communications between directors and shareholders, unless the company has the following features, as appropriate:  |

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• Established a communication structure that goes beyond the exchange requirements to facilitate the exchange of information between shareholders and members of the board;

• Effectively disclosed information with respect to this structure to its shareholders;

• Company has not ignored majority-supported shareholder proposals, or a majority withhold vote on a director nominee; and

• The company has an independent chair or a lead director, according to <u>ISS' definition</u>. This individual must be made available for periodic consultation and direct communication with major shareholders.

2. Audit-Related

#### Auditor Indemnification and Limitation of Liability

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited to:  |

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• The terms of the auditor agreement — the degree to which these agreements impact shareholders' rights;

• The motivation and rationale for establishing the agreements;

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• The quality of the company's disclosure; and

• The company's historical practices in the audit area.

Vote against or withhold from members of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

#### Auditor Ratification

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to ratify auditors unless any of the following apply:  |

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• An auditor has a financial interest in or association with the company, and is therefore not independent;

• There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Poor accounting practices are identified that rise to a serious level of concern, such as fraud or misapplication of GAAP; or

• Fees for non-audit services ("Other" fees) are excessive.

Non-audit fees are excessive if:

• Non-audit ("other") fees > audit fees + audit-related fees + tax compliance/preparation fees

Tax compliance and preparation include the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in the tax category, such as tax advice, planning, or consulting, should be added to "Other" fees. If the breakout of tax fees cannot be determined, add all tax fees to "Other" fees.

In circumstances where "Other" fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard "non-audit fee" category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.

#### Shareholder Proposals Limiting Non-Audit Services

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.  |

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#### Shareholder Proposals on Audit Firm Rotation

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on shareholder proposals asking for audit firm rotation, taking into account:  |

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• The tenure of the audit firm;

• The length of rotation specified in the proposal;

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• Any significant audit-related issues at the company;

• The number of Audit Committee meetings held each year;

• The number of financial experts serving on the committee; and

• Whether the company has a periodic renewal process where the auditor is evaluated for both audit quality and competitive price.

3. Shareholder Rights & Defenses

#### Advance Notice Requirements for Shareholder Proposals/Nominations

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory, and shareholder review.  |

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To be reasonable, the company's deadline for shareholder notice of a proposal/nominations must be no earlier than 120 days prior to the anniversary of the previous year's meeting and have a submittal window of no shorter than 30 days from the beginning of the notice period (also known as a 90-120-day window). The submittal window is the period under which shareholders must file their proposals/nominations prior to the deadline.

In general, support additional efforts by companies to ensure full disclosure in regard to a proponent's economic and voting position in the company so long as the informational requirements are reasonable and aimed at providing shareholders with the necessary information to review such proposals.

#### Amend Bylaws without Shareholder Consent

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals giving the board exclusive authority to amend the bylaws.  |

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Vote case-by-case on proposals giving the board the ability to amend the bylaws in addition to shareholders, taking into account the following:

• Any impediments to shareholders' ability to amend the bylaws (i.e. supermajority voting requirements);

• The company's ownership structure and historical voting turnout;

• Whether the board could amend bylaws adopted by shareholders; and

• Whether shareholders would retain the ability to ratify any board-initiated amendments.

#### Control Share Acquisition Provisions

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.  |

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Vote against proposals to amend the charter to include control share acquisition provisions.

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Vote for proposals to restore voting rights to the control shares.

Control share acquisition statutes function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus, control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement if the bidder continues buying up a large block of shares.

#### Control Share Cash-Out Provisions

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to opt out of control share cash-out statutes.  |

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Control share cash-out statutes give dissident shareholders the right to "cash-out" of their position in a company at the expense of the shareholder who has taken a control position. In other words, when an investor crosses a preset threshold level, remaining shareholders are given the right to sell their shares to the acquirer, who must buy them at the highest acquiring price.

#### Disgorgement Provisions

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to opt out of state disgorgement provisions.  |

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Disgorgement provisions require an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company stock by the acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject to these recapture-of-profits provisions.

#### Fair Price Provisions

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.  |

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Generally vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

#### Freeze-Out Provisions

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.  |

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#### Greenmail

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.  |

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Vote case-by-case on anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

Greenmail payments are targeted share repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party receives payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.

#### Shareholder Litigation Rights
**Federal Forum Selection Provisions**

Federal forum selection provisions require that U.S. federal courts be the sole forum for shareholders to litigate claims arising under federal securities law.

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for federal forum selection provisions in the charter or bylaws that specify "the district courts of the United States" as the exclusive forum for federal securities law matters, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.  |

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Vote against provisions that restrict the forum to a particular federal district court; unilateral adoption (without a shareholder vote) of such a provision will generally be considered a one-time failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Exclusive Forum Provisions for State Law Matters**

Exclusive forum provisions in the charter or bylaws restrict shareholders' ability to bring derivative lawsuits against the company, for claims arising out of state corporate law, to the courts of a particular state (generally the state of incorporation).

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for charter or bylaw provisions that specify courts located within the state of Delaware as the exclusive forum for corporate law matters for Delaware corporations, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.  |

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For states other than Delaware, vote case-by-case on exclusive forum provisions, taking into consideration:

• The company's stated rationale for adopting such a provision;

• Disclosure of past harm from duplicative shareholder lawsuits in more than one forum;

• The breadth of application of the charter or bylaw provision, including the types of lawsuits to which it would apply and the definition of key terms; and

• Governance features such as shareholders' ability to repeal the provision at a later date (including the vote standard applied when shareholders attempt to amend the charter or bylaws) and their ability to hold directors accountable through annual director elections and a majority vote standard in uncontested elections.

Generally vote against provisions that specify a state other than the state of incorporation as the exclusive forum for corporate law matters, or that specify a particular local court within the state;

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unilateral adoption of such a provision will generally be considered a one-time failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Fee shifting**

Fee-shifting provisions in the charter or bylaws require that a shareholder who sues a company unsuccessfully pay all litigation expenses of the defendant corporation and its directors and officers.

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote against provisions that mandate fee-shifting whenever plaintiffs are not completely successful on the merits (i.e., including cases where the plaintiffs are partially successful).  |

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Unilateral adoption of a fee-shifting provision will generally be considered an ongoing failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

#### Net Operating Loss (NOL) Protective Amendments

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals to adopt a protective amendment for the stated purpose of protecting a company's net operating losses (NOL) if the effective term of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.  |

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Vote case-by-case, considering the following factors, for management proposals to adopt an NOL protective amendment that would remain in effect for the shorter of three years (or less) and the exhaustion of the NOL:

• The ownership threshold (NOL protective amendments generally prohibit stock ownership transfers that would result in a new 5-percent holder or increase the stock ownership percentage of an existing 5-percent holder);

• The value of the NOLs;

• Shareholder protection mechanisms (sunset provision or commitment to cause expiration of the protective amendment upon exhaustion or expiration of the NOL);

• The company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and

• Any other factors that may be applicable.

Poison Pills (Shareholder Rights Plans)

#### Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder-approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:  |

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• Shareholders have approved the adoption of the plan; or

• The board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest of shareholders under the circumstances to adopt a pill without the delay in adoption that

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would result from seeking stockholder approval (i.e., the "fiduciary out" provision). A poison pill adopted under this fiduciary out will be put to a shareholder ratification vote within 12 months of adoption or expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will immediately terminate. <br>

If the shareholder proposal calls for a time period of less than 12 months for shareholder ratification after adoption, vote for the proposal, but add the caveat that a vote within 12 months would be considered sufficient implementation.

#### Management Proposals to Ratify a Poison Pill

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights plans should contain the following attributes:  |

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• No lower than a 20 percent trigger, flip-in or flip-over;

• A term of no more than three years;

• No deadhand, slowhand, no-hand, or similar feature that limits the ability of a future board to redeem the pill;

• Shareholder redemption feature (qualifying offer clause); if the board refuses to redeem the pill 90 days after a qualifying offer is announced, 10 percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

#### Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals to adopt a poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term of the pill would exceed the shorter of three years and the exhaustion of the NOL.  |

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Vote case-by-case on management proposals for poison pill ratification, considering the following factors, if the term of the pill would be the shorter of three years (or less) and the exhaustion of the NOL:

• The ownership threshold to transfer (NOL pills generally have a trigger slightly below 5 percent);

• The value of the NOLs;

• Shareholder protection mechanisms (sunset provision, or commitment to cause expiration of the pill upon exhaustion or expiration of NOLs);

• The company's existing governance structure, including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and

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• Any other factors that may be applicable.

#### Proxy Voting Disclosure, Confidentiality, and Tabulation

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes in the company's vote-counting methodology.  |

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While a variety of factors may be considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors considered, as applicable to the proposal, may include:

• The scope and structure of the proposal;

• The company's stated confidential voting policy (or other relevant policies) and whether it ensures a "level playing field" by providing shareholder proponents with equal access to vote information prior to the annual meeting;

• The company's vote standard for management and shareholder proposals and whether it ensures consistency and fairness in the proxy voting process and maintains the integrity of vote results;

• Whether the company's disclosure regarding its vote counting method and other relevant voting policies with respect to management and shareholder proposals are consistent and clear;

• Any recent controversies or concerns related to the company's proxy voting mechanics;

• Any unintended consequences resulting from implementation of the proposal; and

• Any other factors that may be relevant.

#### Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote against management proposals to ratify provisions of the company's existing charter or bylaws, unless these governance provisions align with best practice.  |

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In addition, voting against/withhold from individual directors, members of the governance committee, or the full board may be warranted, considering:

• The presence of a shareholder proposal addressing the same issue on the same ballot;

• The board's rationale for seeking ratification;

• Disclosure of actions to be taken by the board should the ratification proposal fail;

• Disclosure of shareholder engagement regarding the board's ratification request;

• The level of impairment to shareholders' rights caused by the existing provision;

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• The history of management and shareholder proposals on the provision at the company's past meetings;

• Whether the current provision was adopted in response to the shareholder proposal;

• The company's ownership structure; and

• Previous use of ratification proposals to exclude shareholder proposals.

#### Reimbursing Proxy Solicitation Expenses
**General Recommendation:** Vote case-by-case on proposals to reimburse proxy solicitation expenses. <br>

When voting in conjunction with support of a dissident slate, vote for the reimbursement of all appropriate proxy solicitation expenses associated with the election.

Generally vote for shareholder proposals calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates in a contested election where the following apply:

• The election of fewer than 50 percent of the directors to be elected is contested in the election;

• One or more of the dissident's candidates is elected;

• Shareholders are not permitted to cumulate their votes for directors; and

• The election occurred, and the expenses were incurred, after the adoption of this bylaw.

#### Reincorporation Proposals
**General Recommendation:** Management or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to both financial and corporate governance concerns including the following: <br>

• Reasons for reincorporation;

• Comparison of company's governance practices and provisions prior to and following the reincorporation; and

• Comparison of corporation laws of original state and destination state.

Vote for reincorporation when the economic factors outweigh any neutral or negative governance changes.

#### Shareholder Ability to Act by Written Consent

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.  |

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Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

• Shareholders' current right to act by written consent;

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• The consent threshold;

• The inclusion of exclusionary or prohibitive language;

• Investor ownership structure; and

• Shareholder support of, and management's response to, previous shareholder proposals.

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

• An unfettered **<sup>14</sup>** right for shareholders to call special meetings at a 10 percent threshold;

• A majority vote standard in uncontested director elections;

• No non-shareholder-approved pill; and

• An annually elected board.

#### Shareholder Ability to Call Special Meetings
**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings. <br>

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

• Shareholders' current right to call special meetings;

• Minimum ownership threshold necessary to call special meetings (10 percent preferred);

• The inclusion of exclusionary or prohibitive language;

• Investor ownership structure; and

• Shareholder support of, and management's response to, previous shareholder proposals.

#### Stakeholder Provisions

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business combination.  |

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#### State Antitakeover Statutes

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).  |

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<sup>14</sup> "Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting. 

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#### Supermajority Vote Requirements

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals to require a supermajority shareholder vote.  |

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Vote for management or shareholder proposals to reduce supermajority vote requirements. However, for companies with shareholder(s) who have significant ownership levels, vote case-by-case, taking into account:

• Ownership structure;

• Quorum requirements; and

• Vote requirements.

#### Virtual Shareholder Meetings

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only**<sup>15</sup>** meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.  |

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Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

• Scope and rationale of the proposal; and

• Concerns identified with the company's prior meeting practices.

4. Capital/Restructuring

**Capital**

#### Adjustments to Par Value of Common Stock

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an anti-takeover device or some other negative corporate governance action.  |

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Vote for management proposals to eliminate par value.

#### Common Stock Authorization
**General Authorization Requests**

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:  |

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• If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50** % of current authorized shares.

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<sup>15</sup> Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

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• If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100** % of current authorized shares.

• If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

• In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

• The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;

• On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

• The company has a non-shareholder approved poison pill (including an NOL pill); or

• The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

• In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

• The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

• A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

**General Recommendation:** Generally vote for proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

• twice the amount needed to support the transactions on the ballot, and

• the allowable increase as calculated for general issuances above.

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#### Dual Class Structure

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote against proposals to create a new class of common stock unless:  |

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• The company discloses a compelling rationale for the dual-class capital structure, such as:

• The company's auditor has concluded that there is substantial doubt about the company's ability to continue as a going concern; or

• The new class of shares will be transitory;

• The new class is intended for financing purposes with minimal or no dilution to current shareholders in both the short term and long term; and

• The new class is not designed to preserve or increase the voting power of an insider or significant shareholder.

#### Issue Stock for Use with Rights Plan

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote against proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder rights plan (poison pill).  |

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#### Preemptive Rights

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on shareholder proposals that seek preemptive rights, taking into consideration:  |

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• The size of the company;

• The shareholder base; and

• The liquidity of the stock.

#### Preferred Stock Authorization
**General Authorization Requests**

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of preferred stock that are to be used for general corporate purposes:  |

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• If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50** % of current authorized shares.

• If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100** % of current authorized shares.

• If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

• In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

• If no preferred shares are currently issued and outstanding, vote against the request, unless the company discloses a specific use for the shares.

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Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

• If the shares requested are blank check preferred shares that can be used for antitakeover purposes;<sup>16</sup>

• The company seeks to increase a class of non-convertible preferred shares entitled to more than one vote per share on matters that do not solely affect the rights of preferred stockholders "supervoting shares");

• The company seeks to increase a class of convertible preferred shares entitled to a number of votes greater than the number of common shares into which they are convertible ("supervoting shares") on matters that do not solely affect the rights of preferred stockholders;

• The stated intent of the increase in the general authorization is to allow the company to increase an existing designated class of supervoting preferred shares;

• On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

• The company has a non-shareholder approved poison pill (including an NOL pill); or

• The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

• In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

• The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

• A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

#### Specific Authorization Requests

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with  |

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<sup>16</sup> To be acceptable, appropriate disclosure would be needed that the shares are "declawed": i.e., representation by the board that it will not, without prior stockholder approval, issue or use the preferred stock for any defensive or anti-takeover purpose or for the purpose of implementing any stockholder rights plan. 

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transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

• twice the amount needed to support the transactions on the ballot, and

• the allowable increase as calculated for general issuances above.

#### Recapitalization Plans

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on recapitalizations (reclassifications of securities), taking into account the following:  |

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• More simplified capital structure;

• Enhanced liquidity;

• Fairness of conversion terms;

• Impact on voting power and dividends;

• Reasons for the reclassification;

• Conflicts of interest; and

• Other alternatives considered.

#### Reverse Stock Splits

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for management proposals to implement a reverse stock split if:  |

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• The number of authorized shares will be proportionately reduced; or

• The effective increase in authorized shares is equal to or less than the allowable increase calculated in accordance with ISS' <u>Common Stock Authorization</u> policy.

Vote case-by-case on proposals that do not meet either of the above conditions, taking into consideration the following factors:

• Stock exchange notification to the company of a potential delisting;

• Disclosure of substantial doubt about the company's ability to continue as a going concern without additional financing;

• The company's rationale; or

• Other factors as applicable.

#### Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** For U.S. domestic issuers incorporated outside the U.S. and listed <u>solely</u> on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.  |

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For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

#### Share Repurchase Programs

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns regarding:  |

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• Greenmail;

• The use of buybacks to inappropriately manipulate incentive compensation metrics;

• Threats to the company's long-term viability; or

• Other company-specific factors as warranted.

Vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium to market price.

#### Share Repurchase Programs Shareholder Proposals

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote against shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company has announced that it may or will be repurchasing shares of its stock. Vote for the proposal when there is a pattern of abuse by executives exercising options or selling shares during periods of share buybacks.  |

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#### Stock Distributions: Splits and Dividends

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Generally vote for management proposals to increase the common share authorization for stock split or stock dividend, provided that the effective increase in authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS' Common Stock Authorization policy.  |

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#### Tracking Stock

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|:---|:---|
| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on the creation of tracking stock, weighing the strategic value of the transaction against such factors as:  |

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• Adverse governance changes;

• Excessive increases in authorized capital stock;

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• Unfair method of distribution;

• Diminution of voting rights;

• Adverse conversion features;

• Negative impact on stock option plans; and

• Alternatives such as spin-off.

**Restructuring**

#### Appraisal Rights

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for proposals to restore or provide shareholders with rights of appraisal.  |

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#### Asset Purchases

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on asset purchase proposals, considering the following factors:  |

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• Purchase price;

• Fairness opinion;

• Financial and strategic benefits;

• How the deal was negotiated;

• Conflicts of interest;

• Other alternatives for the business;

• Non-completion risk.

#### Asset Sales

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on asset sales, considering the following factors:  |

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• Impact on the balance sheet/working capital;

• Potential elimination of diseconomies;

• Anticipated financial and operating benefits;

• Anticipated use of funds;

• Value received for the asset;

• Fairness opinion;

• How the deal was negotiated;

• Conflicts of interest.

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#### Bundled Proposals

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on bundled or "conditional" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.  |

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#### Conversion of Securities

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals regarding conversion of securities. When evaluating these proposals, the investor should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.  |

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Vote for the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

#### Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan, after evaluating:  |

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• Dilution to existing shareholders' positions;

• Terms of the offer — discount/premium in purchase price to investor, including any fairness opinion; termination penalties; exit strategy;

• Financial issues — company's financial situation; degree of need for capital; use of proceeds; effect of the financing on the company's cost of capital;

• Management's efforts to pursue other alternatives;

• Control issues — change in management; change in control, guaranteed board and committee seats; standstill provisions; voting agreements; veto power over certain corporate actions; and

• Conflict of interest — arm's length transaction, managerial incentives.

Vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

#### Formation of Holding Company

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proposals regarding the formation of a holding company, taking into consideration the following:  |

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• The reasons for the change;

• Any financial or tax benefits;

• Regulatory benefits;

• Increases in capital structure; and

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• Changes to the articles of incorporation or bylaws of the company.

Absent compelling financial reasons to recommend for the transaction, vote against the formation of a holding company if the transaction would include either of the following:

• Increases in common or preferred stock in excess of the allowable maximum (see discussion under "Capital"); or

• Adverse changes in shareholder rights.

#### Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on going private transactions, taking into account the following:  |

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• Offer price/premium;

• Fairness opinion;

• How the deal was negotiated;

• Conflicts of interest;

• Other alternatives/offers considered; and

• Non-completion risk.

Vote case-by-case on going dark transactions, determining whether the transaction enhances shareholder value by taking into consideration:

• Whether the company has attained benefits from being publicly-traded (examination of trading volume, liquidity, and market research of the stock);

• Balanced interests of continuing vs. cashed-out shareholders, taking into account the following:

• Are all shareholders able to participate in the transaction?

• Will there be a liquid market for remaining shareholders following the transaction?

• Does the company have strong corporate governance?

• Will insiders reap the gains of control following the proposed transaction?

• Does the state of incorporation have laws requiring continued reporting that may benefit shareholders?

#### Joint Ventures
**General Recommendation:** Vote case-by-case on proposals to form joint ventures, taking into account the following: <br>

• Percentage of assets/business contributed;

• Percentage ownership;

• Financial and strategic benefits;

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• Governance structure;

• Conflicts of interest;

• Other alternatives; and

• Non-completion risk.

#### Liquidations
**General Recommendation:** Vote case-by-case on liquidations, taking into account the following: <br>

• Management's efforts to pursue other alternatives;

• Appraisal value of assets; and

• The compensation plan for executives managing the liquidation.

Vote for the liquidation if the company will file for bankruptcy if the proposal is not approved.

#### Mergers and Acquisitions
**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including: <br>

• *Valuation* — Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.

• *Market reaction* — How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

• *Strategic rationale* — Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

• *Negotiations and process* — Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.

• *Conflicts of interest* — Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

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• *Governance* — Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

#### Private Placements/Warrants/Convertible Debentures
**General Recommendation:** Vote case-by-case on proposals regarding private placements, warrants, and convertible debentures taking into consideration: <br>

• Dilution to existing shareholders' position: The amount and timing of shareholder ownership dilution should be weighed against the needs and proposed shareholder benefits of the capital infusion. Although newly issued common stock, absent preemptive rights, is typically dilutive to existing shareholders, share price appreciation is often the necessary event to trigger the exercise of "out of the money" warrants and convertible debt. In these instances from a value standpoint, the negative impact of dilution is mitigated by the increase in the company's stock price that must occur to trigger the dilutive event.

• Terms of the offer (discount/premium in purchase price to investor, including any fairness opinion, conversion features, termination penalties, exit strategy):

• The terms of the offer should be weighed against the alternatives of the company and in light of company's financial condition. Ideally, the conversion price for convertible debt and the exercise price for warrants should be at a premium to the then prevailing stock price at the time of private placement.

• When evaluating the magnitude of a private placement discount or premium, consider factors that influence the discount or premium, such as, liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry, and anticipation of future performance.

• Financial issues:

• The company's financial condition;

• Degree of need for capital;

• Use of proceeds;

• Effect of the financing on the company's cost of capital;

• Current and proposed cash burn rate;

• Going concern viability and the state of the capital and credit markets.

• Management's efforts to pursue alternatives and whether the company engaged in a process to evaluate alternatives: A fair, unconstrained process helps to ensure the best price for shareholders. Financing alternatives can include joint ventures, partnership, merger, or sale of part or all of the company.

• Control issues:

• Change in management;

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• Change in control;

• Guaranteed board and committee seats;

• Standstill provisions;

• Voting agreements;

• Veto power over certain corporate actions; and

• Minority versus majority ownership and corresponding minority discount or majority control premium.

• Conflicts of interest:

• Conflicts of interest should be viewed from the perspective of the company and the investor.

• Were the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder interests?

• Market reaction:

• The market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected stock price.

Vote for the private placement, or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy if the transaction is not approved.

#### Reorganization/Restructuring Plan (Bankruptcy)
**General Recommendation:** Vote case-by-case on proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including, but not limited to: <br>

• Estimated value and financial prospects of the reorganized company;

• Percentage ownership of current shareholders in the reorganized company;

• Whether shareholders are adequately represented in the reorganization process (particularly through the existence of an Official Equity Committee);

• The cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses the cause(s);

• Existence of a superior alternative to the plan of reorganization; and

• Governance of the reorganized company.

#### Special Purpose Acquisition Corporations (SPACs)
**General Recommendation:** Vote case-by-case on SPAC mergers and acquisitions taking into account the following: <br>

• *Valuation* — Is the value being paid by the SPAC reasonable? SPACs generally lack an independent fairness opinion and the financials on the target may be limited. Compare the

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conversion price with the intrinsic value of the target company provided in the fairness opinion. Also, evaluate the proportionate value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger value of SPAC. Additionally, a private company discount may be applied to the target if it is a private entity. <br>

• *Market reaction* — How has the market responded to the proposed deal? A negative market reaction may be a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected stock price.

• *Deal timing* — A main driver for most transactions is that the SPAC charter typically requires the deal to be complete within 18 to 24 months, or the SPAC is to be liquidated. Evaluate the valuation, market reaction, and potential conflicts of interest for deals that are announced close to the liquidation date.

• *Negotiations and process* — What was the process undertaken to identify potential target companies within specified industry or location specified in charter? Consider the background of the sponsors.

• *Conflicts of interest* — How are sponsors benefiting from the transaction compared to IPO shareholders? Potential conflicts could arise if a fairness opinion is issued by the insiders to qualify the deal rather than a third party or if management is encouraged to pay a higher price for the target because of an 80 percent rule (the charter requires that the fair market value of the target is at least equal to 80 percent of net assets of the SPAC). Also, there may be sense of urgency by the management team of the SPAC to close the deal since its charter typically requires a transaction to be completed within the 18-24-month timeframe.

• *Voting agreements* — Are the sponsors entering into enter into any voting agreements/tender offers with shareholders who are likely to vote against the proposed merger or exercise conversion rights?

• *Governance* — What is the impact of having the SPAC CEO or founder on key committees following the proposed merger?

#### Special Purpose Acquisition Corporations (SPACs) — Proposals for Extensions
**General Recommendation:** Vote case-by-case on SPAC extension proposals taking into account the length of the requested extension, the status of any pending transaction(s) or progression of the acquisition process, any added incentive for non-redeeming shareholders, and any prior extension requests. <br>

• *Length of request*: Typically, extension requests range from two to six months, depending on the progression of the SPAC's acquistion process.

• *Pending transaction(s)* or *progression of the acquisition process:* Sometimes an intial business combination was already put to a shareholder vote, but, for varying reasons, the transaction could not be consummated by the termination date and the SPAC is requesting an extension. Other times, the SPAC has entered into a definitive transaction agreement, but needs additional time to consummate or hold the shareholder meeting.

• *Added incentive for non-redeeming shareholders*: Sometimes the SPAC sponsor (or other insiders) will contribute, typically as a loan to the company, additional funds that will be added

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to the redemption value of each public share as long as such shares are not redeemed in connection with the extension request. The purpose of the "equity kicker" is to incentivize shareholders to hold their shares through the end of the requested extension or until the time the transaction is put to a shareholder vote, rather than electing redeemption at the extension proposal meeting. <br>

• *Prior extension requests*: Some SPACs request additional time beyond the extension period sought in prior extension requests.

#### Spin-offs

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on spin-offs, considering:  |

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• Tax and regulatory advantages;

• Planned use of the sale proceeds;

• Valuation of spinoff;

• Fairness opinion;

• Benefits to the parent company;

• Conflicts of interest;

• Managerial incentives;

• Corporate governance changes;

• Changes in the capital structure.

#### Value Maximization Shareholder Proposals

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on shareholder proposals seeking to maximize shareholder value by:  |

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• Hiring a financial advisor to explore strategic alternatives;

• Selling the company; or

• Liquidating the company and distributing the proceeds to shareholders.

These proposals should be evaluated based on the following factors:

• Prolonged poor performance with no turnaround in sight;

• Signs of entrenched board and management (such as the adoption of takeover defenses);

• Strategic plan in place for improving value;

• Likelihood of receiving reasonable value in a sale or dissolution; and

• The company actively exploring its strategic options, including retaining a financial advisor.

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5. Compensation

Executive Pay Evaluation

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

1. Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

2. Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

3. Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (*e.g.*, including access to independent expertise and advice when needed);

4. Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

5. Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

#### Advisory Votes on Executive Compensation — Management Proposals (Say-on-Pay)

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.  |

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Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

• There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

• The company maintains significant <u>problematic pay practices</u>;

• The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

• There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

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• The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

• The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

• The situation is egregious.

#### Primary Evaluation Factors for Executive Pay

#### Pay-for-Performance Evaluation
ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices**<sup>17</sup>**, this analysis considers the following:

1. Peer Group **<sup>18</sup>** Alignment:

• The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

• The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

• The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

2. Absolute Alignment **<sup>19</sup>** — the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years — i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

• The ratio of performance- to time-based incentive awards;

• The overall ratio of performance-based compensation to fixed or discretionary pay;

• The rigor of performance goals;

• The complexity and risks around pay program design;

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<sup>17</sup> The <u>Russell 3000E</u> Index includes approximately 4,000 of the largest U.S. equity securities.

<sup>18</sup> The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant. 

<sup>19</sup> Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

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• The transparency and clarity of disclosure;

• The company's peer group benchmarking practices;

• Financial/operational results, both absolute and relative to peers;

• Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);

• Realizable pay **<sup>20</sup>** compared to grant pay; and

• Any other factors deemed relevant.

#### Problematic Pay Practices
Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

• Problematic practices related to non-performance-based compensation elements;

• Incentives that may motivate excessive risk-taking or present a windfall risk; and

• Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

• Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

• Extraordinary perquisites or tax gross-ups;

• New or materially amended agreements that provide for:

• Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

• CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

• CIC excise tax gross-up entitlements (including "modified" gross-ups);

• Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

• Liberal CIC definition combined with any single-trigger CIC benefits;

• Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

• Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause or resignation for good reason);

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<sup>20</sup> ISS research reports include realizable pay for S&P1500 companies.

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• Any other provision or practice deemed to be egregious and present a significant risk to investors.

The above examples are not an exhaustive list. Please refer to ISS' <u>U.S. Compensation Policies FAQ</u> document for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

#### Options Backdating
The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

• Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

• Duration of options backdating;

• Size of restatement due to options backdating;

• Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

• Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

#### Compensation Committee Communications and Responsiveness
Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

• Failure to respond to majority-supported shareholder proposals on executive pay topics; or

• Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account:

• Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

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#### Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")
**General Recommendation:** Vote for annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs. <br>

#### Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale
**General Recommendation:** Vote case-by-case on say on Golden Parachute proposals, including consideration of existing change-in-control arrangements maintained with named executive officers but also considering new or extended arrangements. <br>

Features that may result in an "against" recommendation include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):

• Single- or modified-single-trigger cash severance;

• Single-trigger acceleration of unvested equity awards;

• Full acceleration of equity awards granted shortly before the change in control;

• Acceleration of performance awards above the target level of performance without compelling rationale;

• Excessive cash severance (generally >3x base salary and bonus);

• Excise tax gross-ups triggered and payable;

• Excessive golden parachute payments (on an absolute basis or as a percentage of transaction equity value); or

• Recent amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or

• The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.

Recent amendment(s) that incorporate problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features will also be closely scrutinized.

In cases where the golden parachute vote is incorporated into a company's advisory vote on compensation (management say-on-pay), ISS will evaluate the say-on-pay proposal in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.

Equity-Based and Other Incentive Plans

Please refer to ISS' <u>U.S. Equity Compensation Plans FAQ</u> document for additional details on the Equity Plan Scorecard policy.

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**General Recommendation:** Vote case-by-case on certain equity-based compensation plans**<sup>21</sup>** depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars: <br>

• **Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

• SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

• SVT based only on new shares requested plus shares remaining for future grants.

• **Plan Features:** 

• Quality of disclosure around vesting upon a change in control (CIC);

• Discretionary vesting authority;

• Liberal share recycling on various award types;

• Lack of minimum vesting period for grants made under the plan;

• Dividends payable prior to award vesting.

• **Grant Practices:** 

• The company's three-year burn rate relative to its industry/market cap peers;

• Vesting requirements in CEO's recent equity grants (3-year look-back);

• The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

• The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

• Whether the company maintains a sufficient claw-back policy;

• Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

• Awards may vest in connection with a liberal change-of-control definition;

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<sup>21</sup> Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case. 

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• The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it — for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history of repricing — for non-listed companies);

• The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

• The plan is excessively dilutive to shareholders' holdings;

• The plan contains an evergreen (automatic share replenishment) feature; or

• Any other plan features are determined to have a significant negative impact on shareholder interests.

#### Further Information on certain EPSC Factors:

#### Shareholder Value Transfer (SVT)
The cost of the equity plans is expressed as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders' equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures, in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans, unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that all awards to be granted will be the most expensive types.

For proposals that are not subject to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark. The benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers' historic SVT. Regression analyses are run on each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is then adjusted upwards or downwards for the specific company by plugging the company-specific performance measures, size, and cash compensation into the industry cap equations to arrive at the company's benchmark.**<sup>22</sup>**

#### Three-Year Value-Adjusted Burn Rate
A "Value-Adjusted Burn Rate" is used for stock plan evaluations. Value-Adjusted Burn Rate benchmarks are calculated as the greater of: (1) an industry-specific threshold based on three-year burn rates within the company's GICS group segmented by S&P 500, Russell 3000 index (less the S&P 500) and non-Russell 3000 index; and (2) a *de minimis* threshold established separately for each of the S&P 500, the Russell 3000 index less the S&P 500, and the non-Russell 3000 index. Year-over-year burn-rate benchmark changes will be limited to a predetermined range above or below the prior year's burn-rate benchmark.

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<sup>22</sup> For plans evaluated under the Equity Plan Scorecard policy, the company's SVT benchmark is considered along with other factors.

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The Value-Adjusted Burn Rate is calculated as follows:

Value-Adjusted Burn Rate = ((# of options \* option's dollar value using a Black-Scholes model) + (# of full-value awards \* stock price)) / (Weighted average common shares \* stock price).

#### Egregious Factors

#### Liberal Change in Control Definition
Generally vote against equity plans if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change in control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to, announcement or commencement of a tender offer, provisions for acceleration upon a "potential" takeover, shareholder approval of a merger or other transactions, or similar language.

#### Repricing Provisions
Vote against plans that expressly permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. "Repricing" typically includes the ability to do any of the following:

• Amend the terms of outstanding options or SARs to reduce the exercise price of such outstanding options or SARs;

• Cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is less than the exercise price of the original options or SARs;

• Cancel underwater options in exchange for stock awards; or

• Provide cash buyouts of underwater options.

While the above cover most types of repricing, ISS may view other provisions as akin to repricing depending on the facts and circumstances.

Also, vote against or withhold from members of the Compensation Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder approval, even if such repricings are allowed in their equity plan.

Vote against plans that do not expressly prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts without shareholder approval, and the applicable listing standards would not preclude them from doing so.

#### Problematic Pay Practices or Significant Pay-for-Performance Disconnect
If the equity plan on the ballot is a vehicle for <u>problematic pay practices</u>, vote against the plan.

ISS may recommend a vote against the equity plan if the plan is determined to be a vehicle for pay-for-performance misalignment. Considerations in voting against the equity plan may include, but are not limited to:

• Severity of the pay-for-performance misalignment;

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• Whether problematic equity grant practices are driving the misalignment; and/or

• Whether equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.

#### Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))
**General Recommendation:** Vote case-by-case on amendments to cash and equity incentive plans. <br>

Generally vote for proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:

• Addresses administrative features only; or

• Seeks approval for Section 162(m) purposes <u>only</u>, and the plan administering committee consists entirely of independent directors, per ISS' Classification of Directors. Note that if the company is presenting the plan to shareholders for the first time for any reason (including after the company's initial public offering), or if the proposal is bundled with other material plan amendments, then the recommendation will be case-by-case (see below).

Vote against proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:

• Seeks approval for Section 162(m) purposes only, and the plan administering committee does not consist entirely of independent directors, per <u>ISS' Classification of Directors</u>.

Vote case-by-case on all other proposals to amend <u>cash</u> incentive plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals that bundle material amendment(s) other than those for Section 162(m) purposes.

Vote case-by-case on all other proposals to amend <u>equity</u> incentive plans, considering the following:

• If the proposal requests additional shares and/or the amendments include a term extension or addition of full value awards as an award type, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of the amendments.

• If the plan is being presented to shareholders for the first time (including after the company's IPO), whether or not additional shares are being requested, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of any amendments.

• If there is no request for additional shares and the amendments do not include a term extension or addition of full value awards as an award type, then the recommendation will be based entirely on an analysis of the overall impact of the amendments, and the EPSC evaluation will be shown only for informational purposes.

In the first two case-by-case evaluation scenarios, the EPSC evaluation/score is the more heavily weighted consideration.

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#### Specific Treatment of Certain Award Types in Equity Plan Evaluations

#### Dividend Equivalent Rights
Options that have Dividend Equivalent Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model, based on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans, and shares awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non-employee directors and this cost should be captured.

#### Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)
For Real Estate Investment Trusts (REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the purposes of determining: (1) market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding in the burn rate analysis.

Other Compensation Plans

#### 401(k) Employee Benefit Plans
**General Recommendation:** Vote for proposals to implement a 401(k) savings plan for employees. <br>

#### Employee Stock Ownership Plans (ESOPs)
**General Recommendation:** Vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares). <br>

#### Employee Stock Purchase Plans — Qualified Plans
**General Recommendation:** Vote case-by-case on qualified employee stock purchase plans. Vote for employee stock purchase plans where all of the following apply: <br>

• Purchase price is at least 85 percent of fair market value;

• Offering period is 27 months or less; and

• The number of shares allocated to the plan is 10 percent or less of the outstanding shares.

Vote against qualified employee stock purchase plans where when the plan features do not meet all of the above criteria.

#### Employee Stock Purchase Plans — Non-Qualified Plans
**General Recommendation:** Vote case-by-case on nonqualified employee stock purchase plans. Vote for nonqualified employee stock purchase plans with all the following features: <br>

• Broad-based participation;

• Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary;

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• Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value; and

• No discount on the stock price on the date of purchase when there is a company matching contribution.

Vote against nonqualified employee stock purchase plans when the plan features do not meet all of the above criteria. If the matching contribution or effective discount exceeds the above, ISS may evaluate the SVT cost of the plan as part of the assessment.

#### Option Exchange Programs/Repricing Options
**General Recommendation:** Vote case-by-case on management proposals seeking approval to exchange/reprice options taking into consideration: <br>

• Historic trading patterns — the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

• Rationale for the re-pricing — was the stock price decline beyond management's control?;

• Is this a value-for-value exchange?;

• Are surrendered stock options added back to the plan reserve?;

• Timing — repricing should occur at least one year out from any precipitous drop in company's stock price;

• Option vesting — does the new option vest immediately or is there a black-out period?;

• Term of the option — the term should remain the same as that of the replaced option;

• Exercise price — should be set at fair market or a premium to market;

• Participants — executive officers and directors must be excluded.

If the surrendered options are added back to the equity plans for re-issuance, then also take into consideration the company's total cost of equity plans and its three-year average burn rate.

In addition to the above considerations, evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company's stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly, the exercise price of surrendered options should be above the 52-week high for the stock price.

Vote for shareholder proposals to put option repricings to a shareholder vote.

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#### Stock Plans in Lieu of Cash
**General Recommendation:** Vote case-by-case on plans that provide participants with the option of taking all or a portion of their cash compensation in the form of stock. <br>

Vote for non-employee director-only equity plans that provide a dollar-for-dollar cash-for-stock exchange.

Vote case-by-case on plans which do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture the total cost of total compensation, ISS will not make any adjustments to carve out the in-lieu-of cash compensation.

#### Transfer Stock Option (TSO) Programs
**General Recommendation:** One-time Transfers: Vote against or withhold from compensation committee members if they fail to submit one-time transfers to shareholders for approval. <br>

Vote case-by-case on one-time transfers. Vote for if:

• Executive officers and non-employee directors are excluded from participating;

• Stock options are purchased by third-party financial institutions at a discount to their fair value using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and

• There is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.

Additionally, management should provide a clear explanation of why options are being transferred to a third-party institution and whether the events leading up to a decline in stock price were beyond management's control. A review of the company's historic stock price volatility should indicate if the options are likely to be back "in-the-money" over the near term.

Ongoing TSO program: Vote against equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types under a stock plan, the ongoing TSO program, structure, and mechanics must be disclosed to shareholders. The specific criteria to be considered in evaluating these proposals include, but not limited, to the following:

• Eligibility;

• Vesting;

• Bid-price;

• Term of options;

• Cost of the program and impact of the TSOs on company's total option expense; and

• Option repricing policy.

Amendments to existing plans that allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be transferable.

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Director Compensation

#### Shareholder Ratification of Director Pay Programs
**General Recommendation:** Vote case-by-case on management proposals seeking ratification of non-employee director compensation, based on the following factors: <br>

• If the equity plan under which non-employee director grants are made is on the ballot, whether or not it warrants support; and

• An assessment of the following qualitative factors:

• The relative magnitude of director compensation as compared to companies of a similar profile;

• The presence of problematic pay practices relating to director compensation;

• Director stock ownership guidelines and holding requirements;

• Equity award vesting schedules;

• The mix of cash and equity-based compensation;

• Meaningful limits on director compensation;

• The availability of retirement benefits or perquisites; and

• The quality of disclosure surrounding director compensation.

#### Equity Plans for Non-Employee Directors
**General Recommendation:** Vote case-by-case on compensation plans for non-employee directors, based on: <br>

• The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants;

• The company's three-year burn rate relative to its industry/market cap peers (in certain circumstances); and

• The presence of any egregious plan features (such as an option repricing provision or liberal CIC vesting risk).

On occasion, non-employee director stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, vote case-by-case on the plan taking into consideration the following qualitative factors:

• The relative magnitude of director compensation as compared to companies of a similar profile;

• The presence of problematic pay practices relating to director compensation;

• Director stock ownership guidelines and holding requirements;

• Equity award vesting schedules;

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• The mix of cash and equity-based compensation;

• Meaningful limits on director compensation;

• The availability of retirement benefits or perquisites; and

• The quality of disclosure surrounding director compensation.

#### Non-Employee Director Retirement Plans
**General Recommendation:** Vote against retirement plans for non-employee directors. Vote for shareholder proposals to eliminate retirement plans for non-employee directors. <br>

Shareholder Proposals on Compensation

#### Bonus Banking/Bonus Banking "Plus"
**General Recommendation:** Vote case-by-case on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees), taking into account the following factors: <br>

• The company's past practices regarding equity and cash compensation;

• Whether the company has a holding period or stock ownership requirements in place, such as a meaningful retention ratio (at least 50 percent for full tenure); and

• Whether the company has a rigorous claw-back policy in place.

#### Compensation Consultants — Disclosure of Board or Company's Utilization
**General Recommendation:** Generally vote for shareholder proposals seeking disclosure regarding the company, board, or compensation committee's use of compensation consultants, such as company name, business relationship(s), and fees paid. <br>

#### Disclosure/Setting Levels or Types of Compensation for Executives and Directors
**General Recommendation:** Generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company. <br>

Generally vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation (such as types of compensation elements or specific metrics) to be used for executive or directors.

Generally vote against shareholder proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

Vote case-by-case on all other shareholder proposals regarding executive and director pay, taking into account relevant factors, including but not limited to: company performance, pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive nature of the proposal.

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#### Golden Coffins/Executive Death Benefits
**General Recommendation:** Generally vote for proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible. <br>

#### Hold Equity Past Retirement or for a Significant Period of Time
**General Recommendation:** Vote case-by-case on shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion of net shares acquired through compensation plans. The following factors will be taken into account: <br>

• The percentage/ratio of net shares required to be retained;

• The time period required to retain the shares;

• Whether the company has equity retention, holding period, and/or stock ownership requirements in place and the robustness of such requirements;

• Whether the company has any other policies aimed at mitigating risk taking by executives;

• Executives' actual stock ownership and the degree to which it meets or exceeds the proponent's suggested holding period/retention ratio or the company's existing requirements; and

• Problematic pay practices, current and past, which may demonstrate a short-term versus long-term focus.

#### Pay Disparity
**General Recommendation:** Vote case-by-case on proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees. The following factors will be considered: <br>

• The company's current level of disclosure of its executive compensation setting process, including how the company considers pay disparity;

• If any problematic pay practices or pay-for-performance concerns have been identified at the company; and

• The level of shareholder support for the company's pay programs.

Generally vote against proposals calling for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.

#### Pay for Performance/Performance-Based Awards
**General Recommendation:** Vote case-by-case on shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to senior executives shall be <br>

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performance-based and requesting that the board adopt and disclose challenging performance metrics to shareholders, based on the following analytical steps:

• First, vote for shareholder proposals advocating the use of performance-based equity awards, such as performance contingent options or restricted stock, indexed options, or premium-priced options, unless the proposal is overly restrictive or if the company has demonstrated that it is using a "substantial" portion of performance-based awards for its top executives. Standard stock options and performance-accelerated awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced options should have a meaningful premium to be considered performance-based awards.

• Second, assess the rigor of the company's performance-based equity program. If the bar set for the performance-based program is too low based on the company's historical or peer group comparison, generally vote for the proposal. Furthermore, if target performance results in an above target payout, vote for the shareholder proposal due to program's poor design. If the company does not disclose the performance metric of the performance-based equity program, vote for the shareholder proposal regardless of the outcome of the first step to the test.

In general, vote for the shareholder proposal if the company does not meet both of the above two steps.

#### Pay for Superior Performance
**General Recommendation:** Vote case-by-case on shareholder proposals that request the board establish a pay-for-superior performance standard in the company's executive compensation plan for senior executives. These proposals generally include the following principles: <br>

• Set compensation targets for the plan's annual and long-term incentive pay components at or below the peer group median;

• Deliver a majority of the plan's target long-term compensation through performance-vested, not simply time-vested, equity awards;

• Provide the strategic rationale and relative weightings of the financial and non-financial performance metrics or criteria used in the annual and performance-vested long-term incentive components of the plan;

• Establish performance targets for each plan financial metric relative to the performance of the company's peer companies;

• Limit payment under the annual and performance-vested long-term incentive components of the plan to when the company's performance on its selected financial performance metrics exceeds peer group median performance.

Consider the following factors in evaluating this proposal:

• What aspects of the company's annual and long-term equity incentive programs are performance driven?

• If the annual and long-term equity incentive programs are performance driven, are the performance criteria and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?

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• Can shareholders assess the correlation between pay and performance based on the current disclosure?

• What type of industry and stage of business cycle does the company belong to?

#### Pre-Arranged Trading Plans (10b5-1 Plans)
**General Recommendation:** Generally vote for shareholder proposals calling for the addition of certain safeguards in prearranged trading plans (10b5-1 plans) for executives. Safeguards may include: <br>

• Adoption, amendment, or termination of a 10b5-1 Plan must be disclosed in a Form 8-K;

• Amendment or early termination of a 10b5-1 Plan allowed only under extraordinary circumstances, as determined by the board;

• Request that a certain number of days that must elapse between adoption or amendment of a 10b5-1 Plan and initial trading under the plan;

• Reports on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;

• An executive may not trade in company stock outside the 10b5-1 Plan;

• Trades under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions for the executive.

#### Prohibit Outside CEOs from Serving on Compensation Committees
**General Recommendation:** Generally vote against proposals seeking a policy to prohibit any outside CEO from serving on a company's compensation committee, unless the company has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee. <br>

#### Recoupment of Incentive or Stock Compensation in Specified Circumstances
**General Recommendation:** Vote case-by-case on proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures upon which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy or has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company. Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct, negligence, or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have long-lasting impact. <br>

In considering whether to support such shareholder proposals, ISS will take into consideration the following factors:

• If the company has adopted a formal recoupment policy;

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• The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup incentive or stock compensation;

• Whether the company has chronic restatement history or material financial problems;

• Whether the company's policy substantially addresses the concerns raised by the proponent;

• Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof; or

• Any other relevant factors.

#### Severance Agreements for Executives/Golden Parachutes
**General Recommendation:** Vote for shareholder proposals requiring that golden parachutes or executive severance agreements be submitted for shareholder ratification, unless the proposal requires shareholder approval *prior* to entering into employment contracts. <br>

Vote case-by-case on proposals to ratify or cancel golden parachutes. An acceptable parachute should include, but is not limited to, the following:

• The triggering mechanism should be beyond the control of management;

• The amount should not exceed three times base amount (defined as the average annual taxable W-2 compensation during the five years prior to the year in which the change of control occurs);

• Change-in-control payments should be double-triggered, i.e., (1) after a change in control has taken place, and (2) termination of the executive as a result of the change in control. Change in control is defined as a change in the company ownership structure.

#### Share Buyback Impact on Incentive Program Metrics
**General Recommendation:** Vote case-by-case on proposals requesting the company exclude the impact of share buybacks from the calculation of incentive program metrics, considering the following factors: <br>

• The frequency and timing of the company's share buybacks;

• The use of per-share metrics in incentive plans;

• The effect of recent buybacks on incentive metric results and payouts; and

• Whether there is any indication of metric result manipulation.

#### Supplemental Executive Retirement Plans (SERPs)
**General Recommendation:** Generally vote for shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans. <br>

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Generally vote for shareholder proposals requesting to limit the executive benefits provided under the company's supplemental executive retirement plan (SERP) by limiting covered compensation to a senior executive's annual salary or those pay elements covered for the general employee population.

#### Tax Gross-Up Proposals
**General Recommendation:** Generally vote for proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives, except in situations where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such as a relocation or expatriate tax equalization policy. <br>

#### Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity
**General Recommendation:** Vote case-by-case on shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested equity. <br>

The following factors will be considered:

• The company's current treatment of equity upon employment termination and/or in change-in-control situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption of equity by acquiring company, the treatment of performance shares, etc.);

• Current employment agreements, including potential poor pay practices such as gross-ups embedded in those agreements.

Generally vote for proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a voluntary termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control).

6. Routine/Miscellaneous

#### Adjourn Meeting
**General Recommendation:** Generally vote against proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal. <br>

Vote for proposals that relate specifically to soliciting votes for a merger or transaction if supporting that merger or transaction. Vote against proposals if the wording is too vague or if the proposal includes "other business."

#### Amend Quorum Requirements
**General Recommendation:** Vote case-by-case on proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding, taking into consideration: <br>

• The new quorum threshold requested;

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• The rationale presented for the reduction;

• The market capitalization of the company (size, inclusion in indices);

• The company's ownership structure;

• Previous voter turnout or attempts to achieve quorum;

• Any provisions or commitments to restore quorum to a majority of shares outstanding, should voter turnout improve sufficiently; and

• Other factors as appropriate.

In general, a quorum threshold kept as close to a majority of shares outstanding as is achievable is preferred.

Vote case-by-case on directors who unilaterally lower the quorum requirements below a majority of the shares outstanding, taking into consideration the factors listed above.

#### Amend Minor Bylaws
**General Recommendation:** Vote for bylaw or charter changes that are of a housekeeping nature (updates or corrections). <br>

#### Change Company Name
**General Recommendation:** Vote for proposals to change the corporate name unless there is compelling evidence that the change would adversely impact shareholder value. <br>

#### Change Date, Time, or Location of Annual Meeting
**General Recommendation:** Vote for management proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable. <br>

Vote against shareholder proposals to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.

#### Other Business
**General Recommendation:** Vote against proposals to approve other business when it appears as a voting item. <br>

7. Social and Environmental Issues

Global Approach — E&S Shareholder Proposals

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

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**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered: <br>

• If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

• If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

• Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

• The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

• Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal;

• If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

• If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

Endorsement of Principles

**General Recommendation:** Generally vote against proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing a set of principles may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility with respect to future developments. Management and the board should be afforded the flexibility to make decisions on specific public policy positions based on their own assessment of the most beneficial strategies for the company. <br>

Animal Welfare

#### Animal Welfare Policies
**General Recommendation:** Generally vote for proposals seeking a report on a company's animal welfare standards, or animal welfare-related risks, unless: <br>

• The company has already published a set of animal welfare standards and monitors compliance;

• The company's standards are comparable to industry peers; and

• There are no recent significant fines, litigation, or controversies related to the company's and/or its suppliers' treatment of animals.

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#### Animal Testing
**General Recommendation:** Generally vote against proposals to phase out the use of animals in product testing, unless: <br>

• The company is conducting animal testing programs that are unnecessary or not required by regulation;

• The company is conducting animal testing when suitable alternatives are commonly accepted and used by industry peers; or

• There are recent, significant fines or litigation related to the company's treatment of animals.

#### Animal Slaughter
**General Recommendation:** Generally vote against proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier operations unless such methods are required by legislation or generally accepted as the industry standard. <br>

Vote case-by-case on proposals requesting a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing procedures at the company.

Consumer Issues

#### Genetically Modified Ingredients
**General Recommendation:** Generally vote against proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products. The labeling of products with GE ingredients is best left to the appropriate regulatory authorities. <br>

Vote case-by-case on proposals asking for a report on the feasibility of labeling products containing GE ingredients, taking into account:

• The potential impact of such labeling on the company's business;

• The quality of the company's disclosure on GE product labeling, related voluntary initiatives, and how this disclosure compares with industry peer disclosure; and

• Company's current disclosure on the feasibility of GE product labeling.

Generally vote against proposals seeking a report on the social, health, and environmental effects of genetically modified organisms (GMOs). Studies of this sort are better undertaken by regulators and the scientific community.

Generally vote against proposals to eliminate GE ingredients from the company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the company's products. Such decisions are more appropriately made by management with consideration of current regulations.

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#### Reports on Potentially Controversial Business/Financial Practices
**General Recommendation:** Vote case-by-case on requests for reports on a company's potentially controversial business or financial practices or products, taking into account: <br>

• Whether the company has adequately disclosed mechanisms in place to prevent abuses;

• Whether the company has adequately disclosed the financial risks of the products/practices in question;

• Whether the company has been subject to violations of related laws or serious controversies; and

• Peer companies' policies/practices in this area.

#### Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation
**General Recommendation:** Generally vote against proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company fails to adhere to legislative guidelines or industry norms in its product pricing practices. <br>

Vote case-by-case on proposals requesting that a company report on its product pricing or access to medicine policies, considering:

• The potential for reputational, market, and regulatory risk exposure;

• Existing disclosure of relevant policies;

• Deviation from established industry norms;

• Relevant company initiatives to provide research and/or products to disadvantaged consumers;

• Whether the proposal focuses on specific products or geographic regions;

• The potential burden and scope of the requested report;

• Recent significant controversies, litigation, or fines at the company.

Generally vote for proposals requesting that a company report on the financial and legal impact of its prescription drug reimportation policies unless such information is already publicly disclosed.

Generally vote against proposals requesting that companies adopt specific policies to encourage or constrain prescription drug reimportation. Such matters are more appropriately the province of legislative activity and may place the company at a competitive disadvantage relative to its peers.

#### Product Safety and Toxic/Hazardous Materials
**General Recommendation:** Generally vote for proposals requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials or product safety in its supply chain, unless: <br>

• The company already discloses similar information through existing reports such as a supplier code of conduct and/or a sustainability report;

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• The company has formally committed to the implementation of a toxic/hazardous materials and/or product safety and supply chain reporting and monitoring program based on industry norms or similar standards within a specified time frame; and

• The company has not been recently involved in relevant significant controversies, fines, or litigation.

Vote case-by-case on resolutions requesting that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the potential financial and legal risks associated with utilizing certain materials, considering:

• The company's current level of disclosure regarding its product safety policies, initiatives, and oversight mechanisms;

• Current regulations in the markets in which the company operates; and

• Recent significant controversies, litigation, or fines stemming from toxic/hazardous materials at the company.

Generally vote against resolutions requiring that a company reformulate its products.

#### Tobacco-Related Proposals
**General Recommendation:** Vote case-by-case on resolutions regarding the advertisement of tobacco products, considering: <br>

• Recent related fines, controversies, or significant litigation;

• Whether the company complies with relevant laws and regulations on the marketing of tobacco;

• Whether the company's advertising restrictions deviate from those of industry peers;

• Whether the company entered into the Master Settlement Agreement, which restricts marketing of tobacco to youth; and

• Whether restrictions on marketing to youth extend to foreign countries.

Vote case-by-case on proposals regarding second-hand smoke, considering;

• Whether the company complies with all laws and regulations;

• The degree that voluntary restrictions beyond those mandated by law might hurt the company's competitiveness; and

• The risk of any health-related liabilities.

Generally vote against resolutions to cease production of tobacco-related products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco equities. Such business decisions are better left to company management or portfolio managers.

Generally vote against proposals regarding tobacco product warnings. Such decisions are better left to public health authorities.

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Climate Change

#### Say on Climate (SoC) Management Proposals
**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan<sup>23</sup>, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following: <br>

• The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

• Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

• The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

• Whether the company has sought and received third-party approval that its targets are science-based;

• Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

• Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

• Whether the company's climate data has received third-party assurance;

• Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

• Whether there are specific industry decarbonization challenges; and

• The company's related commitment, disclosure, and performance compared to its industry peers.

#### Say on Climate (SoC) Shareholder Proposals
**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following: <br>

• The completeness and rigor of the company's climate-related disclosure;

• The company's actual GHG emissions performance;

• Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

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<sup>23</sup> Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

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• Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

#### Climate Change/Greenhouse Gas (GHG) Emissions
**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering: <br>

• Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

• The company's level of disclosure compared to industry peers; and

• Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

• The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

• The company's level of disclosure is comparable to that of industry peers; and

• There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

• Whether the company provides disclosure of year-over-year GHG emissions performance data;

• Whether company disclosure lags behind industry peers;

• The company's actual GHG emissions performance;

• The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

• Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

#### Energy Efficiency
**General Recommendation:** Generally vote for proposals requesting that a company report on its energy efficiency policies, unless: <br>

• The company complies with applicable energy efficiency regulations and laws, and discloses its participation in energy efficiency policies and programs, including disclosure of benchmark data, targets, and performance measures; or

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• The proponent requests adoption of specific energy efficiency goals within specific timelines.

#### Renewable Energy
**General Recommendation:** Generally vote for requests for reports on the feasibility of developing renewable energy resources unless the report would be duplicative of existing disclosure or irrelevant to the company's line of business. <br>

Generally vote against proposals requesting that the company invest in renewable energy resources. Such decisions are best left to management's evaluation of the feasibility and financial impact that such programs may have on the company.

Generally vote against proposals that call for the adoption of renewable energy goals, taking into account:

• The scope and structure of the proposal;

• The company's current level of disclosure on renewable energy use and GHG emissions; and

• The company's disclosure of policies, practices, and oversight implemented to manage GHG emissions and mitigate climate change risks.

Diversity

#### Board Diversity
**General Recommendation:** Generally vote for requests for reports on a company's efforts to diversify the board, unless: <br>

• The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

• The board already reports on its nominating procedures and gender and racial minority initiatives on the board and within the company.

Vote case-by-case on proposals asking a company to increase the gender and racial minority representation on its board, taking into account:

• The degree of existing gender and racial minority diversity on the company's board and among its executive officers;

• The level of gender and racial minority representation that exists at the company's industry peers;

• The company's established process for addressing gender and racial minority board representation;

• Whether the proposal includes an overly prescriptive request to amend nominating committee charter language;

• The independence of the company's nominating committee;

• Whether the company uses an outside search firm to identify potential director nominees; and

• Whether the company has had recent controversies, fines, or litigation regarding equal employment practices.

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#### Equality of Opportunity
**General Recommendation:** Generally vote for proposals requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a company's comprehensive workforce diversity data, including requests for EEO-1 data, unless: <br>

• The company publicly discloses equal opportunity policies and initiatives in a comprehensive manner;

• The company already publicly discloses comprehensive workforce diversity data; and

• The company has no recent significant EEO-related violations or litigation.

Generally vote against proposals seeking information on the diversity efforts of suppliers and service providers. Such requests may pose a significant burden on the company.

#### Gender Identity, Sexual Orientation, and Domestic Partner Benefits
**General Recommendation:** Generally vote for proposals seeking to amend a company's EEO statement or diversity policies to prohibit discrimination based on sexual orientation and/or gender identity, unless the change would be unduly burdensome. <br>

Generally vote against proposals to extend company benefits to, or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion of the company.

#### Gender, Race/Ethnicity Pay Gap
**General Recommendation:** Vote case-by-case on requests for reports on a company's pay data by gender or race/ ethnicity, or a report on a company's policies and goals to reduce any gender or race/ethnicity pay gaps, taking into account: <br>

• The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy on fair and equitable compensation practices;

• Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to gender, race, or ethnicity pay gap issues;

• The company's disclosure regarding gender, race, or ethnicity pay gap policies or initiatives compared to its industry peers; and

• Local laws regarding categorization of race and/or ethnicity and definitions of ethnic and/or racial minorities.

#### Racial Equity and/or Civil Rights Audit Guidelines
**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account: <br>

• The company's established process or framework for addressing racial inequity and discrimination internally;

• Whether the company adequately discloses workforce diversity and inclusion metrics and goals;

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• Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review;

• Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;

• The company's track record in recent years of racial justice measures and outreach externally; and

• Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination.

Environment and Sustainability

#### Facility and Workplace Safety
**General Recommendation:** Vote case-by-case on requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account: <br>

• The company's current level of disclosure of its workplace health and safety performance data, health and safety management policies, initiatives, and oversight mechanisms;

• The nature of the company's business, specifically regarding company and employee exposure to health and safety risks;

• Recent significant controversies, fines, or violations related to workplace health and safety; and

• The company's workplace health and safety performance relative to industry peers.

Vote case-by-case on resolutions requesting that a company report on safety and/or security risks associated with its operations and/or facilities, considering:

• The company's compliance with applicable regulations and guidelines;

• The company's current level of disclosure regarding its security and safety policies, procedures, and compliance monitoring; and

• The existence of recent, significant violations, fines, or controversy regarding the safety and security of the company's operations and/or facilities.

#### General Environmental Proposals and Community Impact Assessments
**General Recommendation:** Vote case-by-case on requests for reports on policies and/or the potential (community) social and/or environmental impact of company operations, considering: <br>

• Current disclosure of applicable policies and risk assessment report(s) and risk management procedures;

• The impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be associated with failure to manage the company's operations in question, including the management of relevant community and stakeholder relations;

• The nature, purpose, and scope of the company's operations in the specific region(s);

• The degree to which company policies and procedures are consistent with industry norms; and

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• The scope of the resolution.

#### Hydraulic Fracturing
**General Recommendation:** Generally vote for proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures the company has taken to manage and mitigate the potential community and environmental impacts of those operations, considering: <br>

• The company's current level of disclosure of relevant policies and oversight mechanisms;

• The company's current level of such disclosure relative to its industry peers;

• Potential relevant local, state, or national regulatory developments; and

• Controversies, fines, or litigation related to the company's hydraulic fracturing operations.

#### Operations in Protected Areas
**General Recommendation:** Generally vote for requests for reports on potential environmental damage as a result of company operations in protected regions, unless: <br>

• Operations in the specified regions are not permitted by current laws or regulations;

• The company does not currently have operations or plans to develop operations in these protected regions; or

• The company's disclosure of its operations and environmental policies in these regions is comparable to industry peers.

#### Recycling
**General Recommendation:** Vote case-by-case on proposals to report on an existing recycling program, or adopt a new recycling program, taking into account: <br>

• The nature of the company's business;

• The current level of disclosure of the company's existing related programs;

• The timetable and methods of program implementation prescribed by the proposal;

• The company's ability to address the issues raised in the proposal; and

• How the company's recycling programs compare to similar programs of its industry peers.

#### Sustainability Reporting
**General Recommendation:** Generally vote for proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental sustainability, unless: <br>

• The company already discloses similar information through existing reports or policies such as an environment, health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report; or

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• The company has formally committed to the implementation of a reporting program based on Global Reporting Initiative (GRI) guidelines or a similar standard within a specified time frame.

#### Water Issues
**General Recommendation:** Vote case-by-case on proposals requesting a company report on, or adopt a new policy on, water-related risks and concerns, taking into account: <br>

• The company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water usage metrics;

• Whether or not the company's existing water-related policies and practices are consistent with relevant internationally recognized standards and national/local regulations;

• The potential financial impact or risk to the company associated with water-related concerns or issues; and

• Recent, significant company controversies, fines, or litigation regarding water use by the company and its suppliers.

General Corporate Issues

#### Charitable Contributions
**General Recommendation:** Vote against proposals restricting a company from making charitable contributions. Charitable contributions are generally useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence, management should determine which, and if, contributions are in the best interests of the company. <br>

#### Data Security, Privacy, and Internet Issues
**General Recommendation:** Vote case-by-case on proposals requesting the disclosure or implementation of data security, privacy, or information access and management policies and procedures, considering: <br>

• The level of disclosure of company policies and procedures relating to data security, privacy, freedom of speech, information access and management, and Internet censorship;

• Engagement in dialogue with governments or relevant groups with respect to data security, privacy, or the free flow of information on the Internet;

• The scope of business involvement and of investment in countries whose governments censor or monitor the Internet and other telecommunications;

• Applicable market-specific laws or regulations that may be imposed on the company; and

• Controversies, fines, or litigation related to data security, privacy, freedom of speech, or Internet censorship.

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#### ESG Compensation-Related Proposals
**General Recommendation:** Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering: <br>

• The scope and prescriptive nature of the proposal;

• The company's current level of disclosure regarding its environmental and social performance and governance;

• The degree to which the board or compensation committee already discloses information on whether it has considered related E&S criteria; and

• Whether the company has significant controversies or regulatory violations regarding social or environmental issues.

Human Rights, Human Capital Management, and International Operations

#### Human Rights Proposals
**General Recommendation:** Generally vote for proposals requesting a report on company or company supplier labor and/or human rights standards and policies unless such information is already publicly disclosed. <br>

Vote case-by-case on proposals to implement company or company supplier labor and/or human rights standards and policies, considering:

• The degree to which existing relevant policies and practices are disclosed;

• Whether or not existing relevant policies are consistent with internationally recognized standards;

• Whether company facilities and those of its suppliers are monitored and how;

• Company participation in fair labor organizations or other internationally recognized human rights initiatives;

• Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

• The scope of the request; and

• Deviation from industry sector peer company standards and practices.

Vote case-by-case on proposals requesting that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights risk assessment process, considering:

• The degree to which existing relevant policies and practices are disclosed, including information on the implementation of these policies and any related oversight mechanisms;

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• The company's industry and whether the company or its suppliers operate in countries or areas where there is a history of human rights concerns;

• Recent significant controversies, fines, or litigation regarding human rights involving the company or its suppliers, and whether the company has taken remedial steps; and

• Whether the proposal is unduly burdensome or overly prescriptive.

#### Mandatory Arbitration
**General Recommendation:** Vote case-by-case on requests for a report on a company's use of mandatory arbitration on employment-related claims, taking into account: <br>

• The company's current policies and practices related to the use of mandatory arbitration agreements on workplace claims;

• Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to the use of mandatory arbitration agreements on workplace claims; and

• The company's disclosure of its policies and practices related to the use of mandatory arbitration agreements compared to its peers.

#### Operations in High-Risk Markets
**General Recommendation:** Vote case-by-case on requests for a report on a company's potential financial and reputational risks associated with operations in "high-risk" markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account: <br>

• The nature, purpose, and scope of the operations and business involved that could be affected by social or political disruption;

• Current disclosure of applicable risk assessment(s) and risk management procedures;

• Compliance with U.S. sanctions and laws;

• Consideration of other international policies, standards, and laws; and

• Whether the company has been recently involved in recent, significant controversies, fines, or litigation related to its operations in "high-risk" markets.

#### Outsourcing/Offshoring
**General Recommendation:** Vote case-by-case on proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering: <br>

• Controversies surrounding operations in the relevant market(s);

• The value of the requested report to shareholders;

• The company's current level of disclosure of relevant information on outsourcing and plant closure procedures; and

• The company's existing human rights standards relative to industry peers.

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#### Sexual Harassment
**General Recommendation:** Vote case-by-case on requests for a report on company actions taken to strengthen policies and oversight to prevent workplace sexual harassment, or a report on risks posed by a company's failure to prevent workplace sexual harassment, taking into account: <br>

• The company's current policies, practices, oversight mechanisms related to preventing workplace sexual harassment;

• Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to workplace sexual harassment issues; and

• The company's disclosure regarding workplace sexual harassment policies or initiatives compared to its industry peers.

#### Weapons and Military Sales
**General Recommendation:** Vote against reports on foreign military sales or offsets. Such disclosures may involve sensitive and confidential information. Moreover, companies must comply with government controls and reporting on foreign military sales. <br>

Generally vote against proposals asking a company to cease production or report on the risks associated with the use of depleted uranium munitions or nuclear weapons components and delivery systems, including disengaging from current and proposed contracts. Such contracts are monitored by government agencies, serve multiple military and non-military uses, and withdrawal from these contracts could have a negative impact on the company's business.

Political Activities

#### Lobbying
**General Recommendation:** Vote case-by-case on proposals requesting information on a company's lobbying (including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering: <br>

• The company's current disclosure of relevant lobbying policies, and management and board oversight;

• The company's disclosure regarding trade associations or other groups that it supports, or is a member of, that engage in lobbying activities; and

• Recent significant controversies, fines, or litigation regarding the company's lobbying-related activities.

#### Political Contributions
**General Recommendation:** Generally vote for proposals requesting greater disclosure of a company's political contributions and trade association spending policies and activities, considering: <br>

• The company's policies, and management and board oversight related to its direct political contributions and payments to trade associations or other groups that may be used for political purposes;

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• The company's disclosure regarding its support of, and participation in, trade associations or other groups that may make political contributions; and

• Recent significant controversies, fines, or litigation related to the company's political contributions or political activities.

Vote against proposals barring a company from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring political contributions can put the company at a competitive disadvantage.

Vote against proposals to publish in newspapers and other media a company's political contributions. Such publications could present significant cost to the company without providing commensurate value to shareholders.

#### Political Expenditures and Lobbying Congruency
**General Recommendation:** Generally vote case-by-case on proposals requesting greater disclosure of a company's alignment of political contributions, lobbying, and electioneering spending with a company's publicly stated values and policies, considering: <br>

• The company's policies, management, board oversight, governance processes, and level of disclosure related to direct political contributions, lobbying activities, and payments to trade associations, political action committees, or other groups that may be used for political purposes;

• The company's disclosure regarding: the reasons for its support of candidates for public offices; the reasons for support of and participation in trade associations or other groups that may make political contributions; and other political activities;

• Any incongruencies identified between a company's direct and indirect political expenditures and its publicly stated values and priorities.

• Recent significant controversies related to the company's direct and indirect lobbying, political contributions, or political activities.

Generally vote case-by-case on proposals requesting comparison of a company's political spending to objectives that can mitigate material risks for the company, such as limiting global warming.

#### Political Ties
**General Recommendation:** Generally vote against proposals asking a company to affirm political nonpartisanship in the workplace, so long as: <br>

• There are no recent, significant controversies, fines, or litigation regarding the company's political contributions or trade association spending; and

• The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibit coercion.

Vote against proposals asking for a list of company executives, directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government service and whether such service had a

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bearing on the business of the company. Such a list would be burdensome to prepare without providing any meaningful information to shareholders.

8. Mutual Fund Proxies

#### Election of Directors

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on the election of directors and trustees, following the same guidelines for uncontested directors for public company shareholder meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack of this committee.  |

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#### Closed End Funds- Unilateral Opt-In to Control Share Acquisition Statutes

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** For closed-end management investment companies (CEFs), vote against or withhold from nominating/governance committee members (or other directors on a case-by-case basis) at CEFs that have not provided a compelling rationale for opting-in to a Control Share Acquisition statute, nor submitted a by-law amendment to a shareholder vote.  |

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#### Converting Closed-end Fund to Open-end Fund

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on conversion proposals, considering the following factors:  |

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• Past performance as a closed-end fund;

• Market in which the fund invests;

• Measures taken by the board to address the discount; and

• Past shareholder activism, board activity, and votes on related proposals.

#### Proxy Contests

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on proxy contests, considering the following factors:  |

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• Past performance relative to its peers;

• Market in which the fund invests;

• Measures taken by the board to address the issues;

• Past shareholder activism, board activity, and votes on related proposals;

• Strategy of the incumbents versus the dissidents;

• Independence of directors;

• Experience and skills of director candidates;

• Governance profile of the company;

• Evidence of management entrenchment.

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#### Investment Advisory Agreements

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote case-by-case on investment advisory agreements, considering the following factors:  |

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• Proposed and current fee schedules;

• Fund category/investment objective;

• Performance benchmarks;

• Share price performance as compared with peers;

• Resulting fees relative to peers;

• Assignments (where the advisor undergoes a change of control).

#### Approving New Classes or Series of Shares

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| ![LOGO](g376385g09a01.jpg) | **General Recommendation:** Vote for the establishment of new classes or series of shares.  |

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#### Preferred Stock Proposals
**General Recommendation:** Vote case-by-case on the authorization for or increase in preferred shares, considering the following factors: <br>

• Stated specific financing purpose;

• Possible dilution for common shares;

• Whether the shares can be used for antitakeover purposes.

#### 1940 Act Policies
**General Recommendation:** Vote case-by-case on policies under the Investment Advisor Act of 1940, considering the following factors: <br>

• Potential competitiveness;

• Regulatory developments;

• Current and potential returns; and

• Current and potential risk.

Generally vote for these amendments as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.

#### Changing a Fundamental Restriction to a Nonfundamental Restriction
**General Recommendation:** Vote case-by-case on proposals to change a fundamental restriction to a non-fundamental restriction, considering the following factors: <br>

• The fund's target investments;

• The reasons given by the fund for the change; and

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• The projected impact of the change on the portfolio.

#### Change Fundamental Investment Objective to Nonfundamental
**General Recommendation:** Vote against proposals to change a fund's fundamental investment objective to non-fundamental. <br>

#### Name Change Proposals
**General Recommendation:** Vote case-by-case on name change proposals, considering the following factors: <br>

• Political/economic changes in the target market;

• Consolidation in the target market; and

• Current asset composition.

#### Change in Fund's Subclassification
**General Recommendation:** Vote case-by-case on changes in a fund's sub-classification, considering the following factors: <br>

• Potential competitiveness;

• Current and potential returns;

• Risk of concentration;

• Consolidation in target industry.

#### Business Development Companies — Authorization to Sell Shares of Common Stock at a Price below Net Asset Value
**General Recommendation:** Vote for proposals authorizing the board to issue shares below Net Asset Value (NAV) if: <br>

• The proposal to allow share issuances below NAV has an expiration date no more than one year from the date shareholders approve the underlying proposal, as required under the Investment Company Act of 1940;

• The sale is deemed to be in the best interests of shareholders by (1) a majority of the company's independent directors and (2) a majority of the company's directors who have no financial interest in the issuance; and

• The company has demonstrated responsible past use of share issuances by either:

• Outperforming peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or

• Providing disclosure that its past share issuances were priced at levels that resulted in only small or moderate discounts to NAV and economic dilution to existing non-participating shareholders.

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#### Disposition of Assets/Termination/Liquidation
**General Recommendation:** Vote case-by-case on proposals to dispose of assets, to terminate or liquidate, considering the following factors: <br>

• Strategies employed to salvage the company;

• The fund's past performance;

• The terms of the liquidation.

#### Changes to the Charter Document
**General Recommendation:** Vote case-by-case on changes to the charter document, considering the following factors: <br>

• The degree of change implied by the proposal;

• The efficiencies that could result;

• The state of incorporation;

• Regulatory standards and implications.

Vote against any of the following changes:

• Removal of shareholder approval requirement to reorganize or terminate the trust or any of its series;

• Removal of shareholder approval requirement for amendments to the new declaration of trust;

• Removal of shareholder approval requirement to amend the fund's management contract, allowing the contract to be modified by the investment manager and the trust management, as permitted by the 1940 Act;

• Allow the trustees to impose other fees in addition to sales charges on investment in a fund, such as deferred sales charges and redemption fees that may be imposed upon redemption of a fund's shares;

• Removal of shareholder approval requirement to engage in and terminate subadvisory arrangements;

• Removal of shareholder approval requirement to change the domicile of the fund.

#### Changing the Domicile of a Fund
**General Recommendation:** Vote case-by-case on re-incorporations, considering the following factors: <br>

• Regulations of both states;

• Required fundamental policies of both states;

• The increased flexibility available.

#### Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval
**General Recommendation:** Vote against proposals authorizing the board to hire or terminate subadvisers without shareholder approval if the investment adviser currently employs only one subadviser. <br>

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#### Distribution Agreements
**General Recommendation:** Vote case-by-case on distribution agreement proposals, considering the following factors: <br>

• Fees charged to comparably sized funds with similar objectives;

• The proposed distributor's reputation and past performance;

• The competitiveness of the fund in the industry;

• The terms of the agreement.

#### Master-Feeder Structure
**General Recommendation:** Vote for the establishment of a master-feeder structure. <br>

#### Mergers
**General Recommendation:** Vote case-by-case on merger proposals, considering the following factors: <br>

• Resulting fee structure;

• Performance of both funds;

• Continuity of management personnel;

• Changes in corporate governance and their impact on shareholder rights.

Shareholder Proposals for Mutual Funds

#### Establish Director Ownership Requirement
**General Recommendation:** Generally vote against shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director or to remain on the board. <br>

#### Reimburse Shareholder for Expenses Incurred
**General Recommendation:** Vote case-by-case on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote for the reimbursement of the proxy solicitation expenses. <br>

#### Terminate the Investment Advisor
**General Recommendation:** Vote case-by-case on proposals to terminate the investment advisor, considering the following factors: <br>

• Performance of the fund's Net Asset Value (NAV);

• The fund's history of shareholder relations;

• The performance of other funds under the advisor's management.

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We empower investors and companies to build

for long-term and sustainable growth by providing

high-quality data, analytics, and insight.

#### GET STARTED WITH ISS SOLUTIONS
Email sales@issgovernance.com or visit www.issgovernance.com for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

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#### EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC

#### EQUITABLE INVESTMENT MANAGEMENT, LLC

#### PROXY VOTING POLICIES AND PROCEDURES
**I.** **OVERVIEW** 

In accordance with Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended, Equitable Investment Management Group, LLC ("EIM") has adopted the Proxy Voting Policies and Procedures set forth below (the "Policies and Procedures"). EIM and Equitable Investment Management, LLC (the "Administrator") serve as the investment adviser and administrator, respectively, to each series (each, a "Portfolio" and together, the "Portfolios") of EQ Advisors Trust, EQ Premier VIP Trust and 1290 Funds (each, a "Trust" and together, the "Trusts"). Each Trust has delegated proxy voting responsibility with respect to each Portfolio to EIM. The Administrator is generally responsible for monitoring, testing and maintaining compliance policies, procedures and other items for the Trusts, and thus assists in monitoring the Trusts' compliance with these Policies and Procedures. These Policies and Procedures have been designed to ensure that proxies relating to each Trust's portfolio securities are voted in the best interest of the Trust.

**II.** **TRUSTS' PROXY VOTING PROGRAM** 

EIM has established a Proxy Voting Committee that is responsible for monitoring and administering the Trusts' proxy voting program (the "Program"), as described below. The Administrator, as the administrator, assists with the administration of the Program. The Proxy Voting Committee is composed of EIM's and the Administrator's Chief Compliance Officer ("CCO"), officers of EIM and the Administrator, and/or members of EIM's or the Administrator's (as applicable) Investment Management Services, Legal Departments and Compliance Departments, or any combination thereof, who may be advisory members of the Committee. The Proxy Voting Committee holds meetings as needed, but no less frequently than annually.

A. *Sub-Advised Portfolios*.&nbsp;&nbsp;&nbsp;&nbsp;EIM is responsible for the selection and ongoing monitoring of investment sub-advisers (the "Sub-Advisers") who, among other responsibilities, provide portfolio management services including day-to-day research and stock selection for a Portfolio or an allocated portion of a Portfolio (a "Sub-Advised Portfolio"). EIM views proxy voting as a function that is incidental and integral to the portfolio management services provided by Sub-Advisers. Therefore, except as described in Section III below, EIM, in turn, delegates proxy voting responsibility with respect to each Sub-Advised Portfolio to the applicable Sub-Adviser.

B. *" Fund-of-Funds " Portfolios*.&nbsp;&nbsp;&nbsp;&nbsp;EIM provides the day-to-day portfolio management services to certain Portfolios or an allocated portion of a Portfolio ("Allocated Portion"), each of which seeks to achieve its investment objective by investing in other mutual funds managed by EIM ("Underlying Affiliated Portfolios"), unaffiliated mutual funds ("Underlying Unaffiliated Funds") or exchange-traded funds ("Underlying ETFs") (referred to collectively as the "Fund-of-Funds Portfolios"). Accordingly, EIM retains proxy voting responsibility with respect to each Fund-of-Funds Portfolio and votes proxies in accordance with the Policies and Procedures set forth in Section III below.

**III.** **PROXY VOTING POLICIES AND PROCEDURES** 

It is EIM's policy to vote proxies on behalf of a Portfolio in the best interest of the Portfolio and its shareholders. EIM believes that these Policies and Procedures represent the voting positions most likely to support a Portfolio's and its shareholders' best interests across a range of sectors and contexts.

A. *Underlying Affiliated Portfolios*.&nbsp;&nbsp;&nbsp;&nbsp;EIM will vote the Fund-of-Funds Portfolios' or Allocated Portions' shares in Underlying Affiliated Portfolios either for or against a proposal, or abstain, in the same proportion as the vote of all other securities holders of the applicable Underlying Affiliated Portfolio (whether or not the proposal presents an issue as to which EIM or its affiliates could be deemed to have a conflict of interest). If there are no security holders of an Underlying Affiliated Portfolio except Fund-of-Funds Portfolio, EIM will vote a Fund-of-Funds' Portfolios' shares in Underlying

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Affiliated Portfolio in its discretion, subject to compliance with other provisions of these Procedures, including Section III.E.2. below regarding resolution of potential conflicts of interest regarding a proposal.

B. *Underlying Unaffiliated Funds, Underlying ETFs and Certain Sub-Advised Portfolios*.

a. With respect to voting proxies of Underlying Unaffiliated Funds and Underlying ETFs where a Portfolio, and other members of its "advisory group" (as defined in Rule 12d1-4 under the Investment Company Act of 1940) in the aggregate (i) hold more than 25% of the outstanding voting securities of an Underlying Unaffiliated Fund or Unaffiliated ETF as a result of a decrease in the outstanding voting securities of the acquired fund, or (ii) hold more than 10% of the outstanding voting securities of an Underlying Unaffiliated Fund or Unaffiliated ETF that is a registered closed-end management investment company or business development company, each member of such "advisory group" will vote its securities in the same proportion as the vote of all other holders of such securities; provided, however, that in circumstances where all holders of the outstanding voting securities of the Underlying Affiliated Fund or Unaffiliated ETF are required by the rule or otherwise under Section 12(d)(1) to vote such securities in the same proportion as the vote of all other holders of such securities, the Portfolio will seek instructions from its security holders with regard to the voting of all proxies with respect to such Underlying Unaffiliated Fund or Underlying ETF securities and vote such proxies in accordance with such instructions.

b. With respect to voting proxies for Underlying Unaffiliated Funds, Underlying ETFs, and certain Sub-Advised Portfolios in all other circumstances as described in Section III.D below, the following guidelines generally will apply:

1. The decision whether, and if so, how to vote a proxy will be made by EIM based on what it determines to be in the best interest of the relevant Portfolio and its shareholders and in accordance with these procedures.

2. EIM, with the assistance of Administrator, may enlist the services of an independent proxy voting service to assist with the research and analysis of voting issues, provide voting recommendations and/or carry out the actual voting process, as further described in Section III.E below.

3. EIM's policy is to vote all proxies, except under circumstances in which EIM has determined that it is consistent with the best interest of the relevant Portfolio and its shareholders not to vote the proxy or to abstain on one or more proposals. Such circumstances may include the following:

1. EIM's policy is to vote all proxies, except under circumstances in which EIM has determined that it is consistent with the best interest of the relevant Portfolio and its shareholders not to vote the proxy or to abstain on one or more proposals. Such circumstances may include the following:

a. When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, at its discretion. In most cases, EIM will not take steps to see that loaned securities are voted. However, if EIM determines that a proxy vote is materially important to the relevant Portfolio, EIM will make a good faith effort to recall the loaned security in order to vote.

b. If an issuer is based in a country that requires "share blocking"<sup>1</sup>, EIM may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during the blocking period, in which case EIM may not vote the proxy.

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<sup>1</sup> Shareholders in "share blocking" countries wishing to vote must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During the blocking period shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to clients' custodian banks. 

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c. EIM may abstain or vote against ballot issues where EIM has not received sufficient information to make an informed decision.

2. EIM, or the Administrator on EIM's behalf, provides clients with a copy of these procedures upon request and a description of these procedures is included in EIM's Form ADV, Part II.

3. Any potential material conflicts of interest associated with voting proxies will be disclosed and reviewed by the Trusts' CCO or other member of EIM's and the Administrator Legal Department ("Legal") and Compliance Department ("Compliance").

4. EIM will cast votes in a manner consistent with any applicable rule or regulation of the United States Securities and Exchange Commission ("SEC").

C. Seed Capital Investments. EIM and any affiliate will vote Portfolio shares they own, including through "seed money" investments in a Portfolio, either for or against a proposal, or abstain, in the same proportion as the vote of all other security holders of the Portfolio (whether or not the proposal presents an issue as to which EIM or its affiliates could be deemed to have a conflict of interest), or as otherwise required under applicable law (e.g., as may be required under a "mixed and shared funding" order). If EIM or an affiliate is the sole shareholder of a Portfolio, EIM or the affiliate will vote the Portfolio's shares that it owns in its discretion.

D. *Sub-Advised Portfolios; No Delegation*.&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances EIM may assume responsibility for voting the proxies for shares held by a Sub-Advised Portfolio. For example, if a Sub-Adviser notifies EIM that it is unable or unwilling to assume responsibility for voting a proxy for a Sub-Advised Portfolio (*e.g., if voting such proxy presents a potential material conflict of interest for the Sub-Adviser*), EIM will vote such proxy in accordance with these procedures.

E. *Record Retention and Inspection*.&nbsp;&nbsp;&nbsp;&nbsp;EIM and the Administrator will maintain all documentation associated with EIM's proxy voting decisions. EIM and the Administrator Compliance is responsible for verifying that such documentation is properly maintained in accordance with its procedures and applicable laws and regulations.

**IV.** **CONFLICTS OF INTEREST** 

If EIM or the Administrator becomes aware that a proxy voting issue may present a potential material conflict of interest, the issue will be referred to the CCO or other member of Legal and Compliance Department. If the CCO and/or the Legal and Compliance Department determines that an affiliated person of EIM has a potential material conflict, that affiliated person will not participate in the voting decision.

Potential material conflicts may arise between the interests of a Portfolio and EIM or any of its affiliated persons if, for example, a proxy vote relates to a matter involving issuers in which EIM or its affiliates have a substantial economic interest. Potential conflicts of interest include, but are not limited to:

• Portfolio Managers owning shares of Underlying Unaffiliated Funds, ETFs or shares of securities that are also held in the Portfolios of the Trust(s).

• Equitable Financial Life Insurance Company ("Equitable") holding investments in Underlying Unaffiliated Funds or ETFs that are also held in the Portfolios of the Trust(s).

**V.** **PROXY VOTING SERVICES** 

EIM, with the assistance of the Administrator, may engage an independent proxy voting service to assist with the research and analysis of voting issues, provide voting recommendations and/or carry out the actual voting process as deemed necessary. Currently, EIM subscribes to the corporate governance and proxy research services of International Shareholder Services (ISS), a provider of proxy voting services. ISS provides voting recommendations based on established guidelines and practices. The ISS U.S. Proxy Voting Guidelines

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(the "ISS Guidelines") are attached hereto as Appendix A. Based on its review of the ISS Guidelines, EIM has determined generally to instruct ISS to vote proxies for Underlying Unaffiliated Funds, Underlying ETFs and certain Sub-Advised Portfolios as described in Section III.C above consistent with the ISS Guidelines. However, EIM's use of the ISS Guidelines is not intended to constrain EIM's consideration of any proxy proposal, and so there may be times when EIM deviates from the ISS Guidelines. EIM reserves the right not to vote in accordance with the ISS recommendation if it determines that it is not in the best interest of a Portfolio and its Shareholders to do so. In addition, if EIM becomes aware of a conflict of interest between ISS and an issuer subject to a proxy vote, EIM will consider the recommendation of the issuer and instruct ISS to vote the proxy based on what EIM believes to be in the best interest of the Portfolio and its shareholders.

The Proxy Voting Committee, with the assistance of the Administrator, will maintain records regarding EIM's determination generally to vote proxies for Underlying Unaffiliated Funds, Underlying ETFs, and certain Sub-Advised Portfolios as described in Section III.D above consistent with the ISS Guidelines, and that determination will be reviewed periodically.

The following guidelines describe EIM's general positions on common proxy issues for Underlying Unaffiliated Funds and Underlying ETFs:

• *Election of Directors*: EIM generally votes in favor of slates recommended by the board of directors.

• *Fee Increases*: EIM generally votes against proposals to increase fees.

• *Changes to the investment strategy, investment objective or fundamental investment restrictions*, *and proposed mergers*: EIM generally votes against changes that would impact adversely the allocation model of a Fund-of-Funds Portfolio.

Legal and Compliance will conduct a due diligence review of any proxy voting service ("Proxy Service") to assess (1) the adequacy and quality of the Proxy Service's staffing, personnel and technology, and whether the Proxy Service has the capacity and competence to adequately analyze proxy issues and the ability to make proxy voting recommendations based on materially accurate and complete information; (2) whether the Proxy Service has the ability to execute proxy votes in accordance with EIM's instructions; (3) whether the Proxy Service has adequately disclosed to EIM the methodologies it uses in formulating its voting recommendations, including its process for obtaining current and accurate information relevant to matters included in its research and on which it makes recommendations, the nature of any third-party information sources that the Proxy Service uses as a basis for its voting recommendations, and how and when the Proxy Service would expect to engage with issuers and third parties; (4) the effectiveness of the Proxy Service's process for seeking timely input from issuers; and (5) the adequacy of the Proxy Service's policies and procedures for identifying, disclosing and addressing actual and potential conflicts of interest. EIM or the Administrator will require the Proxy Service to update them on an ongoing basis regarding (1) any business changes relevant to its capacity and competence to provide independent proxy voting advice or carry out voting instructions, (2) any conflicts of interest that may arise with respect to its proxy voting recommendations, and (3) any operational or compliance issues or problems. The due diligence review will be conducted at least annually and may be conducted by on-site visit or written questionnaire. In the event that EIM or the Administrator becomes aware of factual errors, incompleteness or methodological weaknesses in the Proxy Service's analysis, it will assess whether this materially affected the research or recommendations used by EIM and the Proxy Service's efforts to correct any material deficiencies in its analysis or methodology.

**VI.** **SUB-ADVISERS' PROXY VOTING POLICIES AND PROCEDURES** 

Each Sub-Adviser will be required to maintain proxy voting policies and procedures in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, and that satisfy the following elements:

A. *Written Policies and Procedures*:&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser must maintain written proxy voting policies and procedures in accordance with applicable laws and regulations and must provide to the Trusts, EIM, and the Administrator, upon request, copies of such policies and procedures.

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B. *Fiduciary Duty*:&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser's policies and procedures must be reasonably designed to ensure that the Sub-Adviser votes client securities in the best interest of its clients.

C. *Conflicts of Interest*:&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser's policies and procedures must include appropriate procedures to identify and resolve as necessary, before voting client proxies, all material proxy-related conflicts of interest between the Sub-Adviser (including its affiliates) and its clients.

D. *Voting Guidelines*:&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser's policies and procedures must address with reasonable specificity how the Sub-Adviser will vote proxies, or what factors it will consider, when voting on particular types of matters, *e.g*., corporate governance proposals, compensation issues and matters involving social or corporate responsibility. The Sub-Adviser's policies and procedures also should describe the considerations it will take into account if it retains a Proxy Service to assist it in discharging its proxy voting duties and its process for conducting due diligence on, and overseeing, services provided by a Proxy Service.

E. *Monitoring Proxy Voting*:&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser must have a system and/or process that is reasonably designed to ensure that proxies are voted on behalf of its clients in a timely and efficient manner.

F. *Record Retention and Inspection*:&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser must have an established system for creating and retaining all appropriate documentation relating to its proxy voting activities as required by applicable laws and regulations. The Sub-Adviser must provide to the Trusts, EIM, and the Administrator such information and records with respect to proxies relating to the Trust's portfolio securities as required by law and as the Trusts, EIM, or the Administrator may reasonably request.

EIM, with assistance from the Administrator, will conduct a due diligence review of each Sub-Adviser's proxy voting policies and procedures (including any proxy voting guidelines) in connection with the initial selection of the Sub-Adviser to manage a Sub-Advised Portfolio and on at least an annual basis thereafter. The Sub-Advisers' proxy voting policies and procedures may be amended from time to time and need not be identical. As part of its ongoing due diligence and compliance responsibilities, EIM will seek to ensure that each Sub-Adviser maintains proxy voting policies and procedures that are reasonably designed to comply with applicable laws and regulations.

**VII.** **DISCLOSURE OF TRUSTS' PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD** 

EIM and the Administrator, on behalf of the Trusts, will take reasonable steps as necessary to seek to ensure that the Trusts comply with all applicable laws and regulations relating to disclosure of the Trusts' proxy voting policies and procedures and proxy voting records. EIM and the Administrator (including, at their option, through third-party service providers) will maintain a system that is reasonably designed to ensure that EIM's actual proxy voting record and the actual proxy voting record of the Sub-Advisers with respect to the Trusts' portfolio securities are collected, processed, filed with the SEC and made available to the Trusts' shareholders as required by applicable laws and regulations.

Amended: September 12_, 2019

Amended: December 10, 2014

Amended: July 11, 2007

Adopted: August 6, 2003

Amended: December 15, 2020

Amended: August 2021

Amended: December 2021

------

---

| | |
|:---|:---|
|  ![LOGO](g376385g88o20.jpg)  | March 2023 |

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#### PROXY VOTING AND

#### GOVERNANCE POLICY

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| 1. | [INTRODUCTION](#saiappc376385_758b) | [INTRODUCTION](#saiappc376385_758b) | 104 |
| 2. | [RESEARCH UNDERPINS DECISION MAKING](#saiappc376385_759b) | [RESEARCH UNDERPINS DECISION MAKING](#saiappc376385_759b) | 104 |
| 3. | [PROXY VOTING GUIDELINES](#saiappc376385_760b) | [PROXY VOTING GUIDELINES](#saiappc376385_760b) | 105 |
|  | 3.1 | [BOARD AND DIRECTOR PROPOSALS](#saiappc376385_761b) | 106 |
|  | 3.2 | [COMPENSATION PROPOSALS](#saiappc376385_762b) | 111 |
|  | 3.3 | [CAPITAL CHANGES AND ANTI-TAKEOVER PROPOSALS](#saiappc376385_763b) | 114 |
|  | 3.4 | [AUDITOR PROPOSALS](#saiappc376385_764b) | 118 |
|  | 3.5 | [SHAREHOLDER ACCESS AND VOTING PROPOSALS](#saiappc376385_765b) | 119 |
|  | 3.6 | [ENVIRONMENTAL, SOCIAL AND DISCLOSURE PROPOSALS](#saiappc376385_766b) | 122 |
| 4. | [CONFLICTS OF INTEREST](#saiappc376385_767b) | [CONFLICTS OF INTEREST](#saiappc376385_767b) | 126 |
|  | 4.1 | [INTRODUCTION](#saiappc376385_768b) | 126 |
|  | 4.2 | [ADHERENCE TO STATED PROXY VOTING POLICIES](#saiappc376385_769b) | 126 |
|  | 4.3 | [DISCLOSURE OF CONFLICTS](#saiappc376385_770b) | 126 |
|  | 4.4 | [POTENTIAL CONFLICTS LIST](#saiappc376385_771b) | 127 |
|  | 4.5 | [DETERMINE EXISTENCE OF CONFLICT OF INTEREST](#saiappc376385_772b) | 127 |
|  | 4.6 | [REVIEW OF THIRD-PARTY RESEARCH SERVICE CONFLICTS OF INTEREST](#saiappc376385_773b) | 127 |
|  | 4.7 | [CONFIDENTIAL VOTING](#saiappc376385_774b) | 128 |
|  | 4.8 | [A NOTE REGARDING AB'S STRUCTURE](#saiappc376385_775b) | 129 |
| 5. | [VOTING TRANSPARENCY](#saiappc376385_776b) | [VOTING TRANSPARENCY](#saiappc376385_776b) | 129 |
| 6. | [RECORDKEEPING](#saiappc376385_777b) | [RECORDKEEPING](#saiappc376385_777b) | 129 |
|  | 6.1 | [PROXY VOTING AND GOVERNANCE POLICY](#saiappc376385_778b) | 129 |
|  | 6.2 | [PROXY STATEMENTS RECEIVED REGARDING CLIENT SECURITIES](#saiappc376385_779b) | 129 |
|  | 6.3 | [RECORDS OF VOTES CAST ON BEHALF OF CLIENTS](#saiappc376385_780b) | 129 |
|  | 6.4 | [PRE-DISCLOSRE OF VOTE INTENTIONS ON SELECT PROPOSALS](#saiappc376385_781b) | 129 |
|  | 6.5 | [RECORDS OF CLIENTS REQUESTS FOR PROXY VOTING INFORMATION](#saiappc376385_782b) | 130 |
|  | 6.6 | [DOCUMENTS PREPARED BY AB THAT ARE MATERIAL TO VOTING DECISIONS](#saiappc376385_783b) | 130 |
| 7. | [PROXY VOTING PROCEDURES](#saiappc376385_784b) | [PROXY VOTING PROCEDURES](#saiappc376385_784b) | 130 |
|  | 7.1 | [VOTE ADMINISTRATION](#saiappc376385_785b) | 130 |
|  | 7.2 | [SHARE BLOCKING AND ABSTAINING FROM VOTING CLIENT SECURITIES](#saiappc376385_786b) | 130 |
|  | 7.3 | [LOANED SECURITIES](#saiappc376385_787b) | 131 |

---

#### EXHIBITS
• Proxy Voting Guideline Summary

• Proxy Voting Conflict of Interest Form

PROXY VOTING AND GOVERNANCE POLICY 2

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**1.** **INTRODUCTION** 

AllianceBernstein L.P.'s ("AB," "we," "us," "our" and similar terms) mission is to work in our clients' best interests to deliver better investment outcomes through differentiated research insights and innovative portfolio solutions. As a fiduciary and investment adviser, we place the interests of our clients first and treat all our clients fairly and equitably, and we have an obligation to responsibly allocate, manage and oversee their investments to seek sustainable, long-term shareholder value.

AB has authority to vote proxies relating to securities in certain client portfolios and, accordingly, AB's fiduciary obligations extend to AB's exercise of such proxy voting authority for each client AB has agreed to exercise that duty. AB's general policy is to vote proxy proposals, amendments, consents or resolutions relating to client securities, including interests in private investment funds, if any (collectively, "proxies"), in a manner that serves the best interests of each respective client as determined by AB in its discretion, after consideration of the relevant clients' investment strategies, and in accordance with this Proxy Voting and Governance Policy ("**Proxy Voting and Governance Policy**" or "**Policy**") and the operative agreements governing the relationship with each respective client ("Governing Agreements"). This Policy outlines our principles for proxy voting, includes a wide range of issues that often appear on voting ballots, and applies to all of AB's internally managed assets, globally. It is intended for use by those involved in the proxy voting decision-making process and those responsible for the administration of proxy voting ("**members of Responsibility team**"), in order to ensure that this Policy and its procedures are implemented consistently.

To be effective stewards of our client's investments and maximize shareholder value, we need to vote proxies on behalf of our clients responsibly. This Policy forms part of a suite of policies and frameworks beginning with **AB's Stewardship Statement** that outline our approach to Responsibility, stewardship, engagement, climate change, human rights, global slavery and human trafficking, and controversial investments. Proxy voting is an integral part of this process, enabling us to support strong corporate governance structures, shareholder rights, transparency, and disclosure, and encourage corporate action on material environmental, social and governance ("ESG") and climate issues.

This Policy is overseen by the Proxy Voting and Governance Committee ("**Proxy Voting and Governance Committee"** or **"Committee")**, which provides oversight and includes senior representatives from Equities, Fixed Income, Responsibility, Legal and Operations. It is the responsibility of the Committee to evaluate and maintain proxy voting procedures and guidelines, to evaluate proposals and issues not covered by these guidelines, to consider changes in the Policy, and to review the Policy no less frequently than annually. In addition, the Committee meets at least three times a year and as necessary to address special situations.

**2.** **RESEARCH UNDERPINS DECISION MAKING** 

As a research-driven firm, we approach our proxy voting responsibilities with the same commitment to rigorous research and engagement that we apply to all our investment activities. The different investment philosophies utilized by our investment teams may occasionally result in different conclusions being drawn regarding certain proposals. In turn, our votes on some proposals may vary by issuer, while maintaining the goal of maximizing the value of the securities in client portfolios.

We sometimes manage accounts where proxy voting is directed by clients or newly acquired subsidiary companies. In these cases, voting decisions may deviate from this Policy. Where we have agreed to vote proxies on behalf of our clients, we have an obligation to vote proxies in a timely manner and we apply the principles in this Policy to our proxy decisions. To the extent there are any inconsistencies between this Policy and a client's Governing Agreements, the Governing Agreements shall supersede this Policy.

PROXY VOTING AND GOVERNANCE POLICY 3

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#### RESEARCH SERVICES
We subscribe to the corporate governance and proxy research services of vendors such as Institutional Shareholder Services Inc. ("**ISS**") and Glass Lewis at different levels. This research includes proxy voting recommendations distributed by ISS and Glass Lewis. All our investment professionals can access these materials via the members of the Responsibility team and/or the Committee. ISS and Glass Lewis's research services serve as supplementary data sources in addition to the company filings and reports. AB considers additional disclosures provided by issuers into its vote decisions, if we are notified of such updates by the companies themselves, or by one of the proxy research services we subscribe to, ahead of the vote cut off date.

#### ENGAGEMENT
In evaluating proxy issues and determining our votes, we welcome and seek perspectives of various parties. Internally, members of Responsibility team may consult the Committee, Chief Investment Officers, Portfolio Managers, and/or Research Analysts across our equities platforms, and Portfolio Managers who manage accounts in which a stock is held. Externally, we may engage with companies in advance of their Annual General Meeting, and throughout the year. We believe engagement provides the opportunity to share our philosophy, our corporate governance values, and more importantly, affect positive change that we believe will drive shareholder value. Also, these meetings often are joint efforts between the investment professionals, who are best positioned to comment on company-specific details, and members of Responsibility team, who offer a more holistic view of ESG and climate practices and relevant trends. In addition, we engage with shareholder proposal proponents and other stakeholders to understand different viewpoints and objectives.

**3.** **PROXY VOTING GUIDELINES** 

Our proxy voting guidelines are both principles-based and rules-based. We adhere to a core set of principles that are described in this Policy. We assess each proxy proposal in light of these principles. Our proxy voting "litmus test" will always be guided by what we view as most likely to maximize long-term shareholder value. We believe that authority and accountability for setting and executing corporate policies, goals and compensation generally should rest with a company's board of directors and senior management. In return, we support strong investor rights that allow shareholders to hold directors and management accountable if they fail to act in the best interests of shareholders.

With this as a backdrop, our proxy voting guidelines pertaining to specific issues are set forth below. We generally vote proposals in accordance with these guidelines but, consistent with our "principles-based" approach to proxy voting, we may deviate from these guidelines if we believe that deviating from our stated Policy is necessary to help maximize long-term shareholder value) or as otherwise warranted by the specific facts and circumstances of an investment. In addition, these guidelines are not intended to address all issues that may appear on all proxy ballots. We will evaluate on a case-by-case basis anyproposal not specifically addressed by these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that, by maximizing long-term shareholder value, are in our clients' best interests.

#### SHAREHOLDER PROPOSAL ASSESSMENT FRAMEWORK
AB's commitment to maximize the long-term value of clients' portfolios drives how we analyze shareholder proposals (each an "SHP"). We believe ESG and climate considerations are important elements that help improve the accuracy of our valuation of companies. We think it is in our clients' best interests to incorporate a more comprehensive set of risks and opportunities, such as ESG and climate issues, from a long-term shareholder value perspective. Rather than opting to automatically support all shareholder proposals that mention an ESG or climate issue, we evaluate whether or not each shareholder proposal promotes genuine improvement in the way a company addresses an ESG or climate issue, thereby enhancing shareholder value for our clients in managing a more comprehensive set of risks and opportunities for the company's business.

PROXY VOTING AND GOVERNANCE POLICY 4

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The evaluation of a proposal that addresses an ESG or climate issue will consider (among other things) the following core factors, as necessary:

• Materiality of the mentioned ESG or climate issue for the company's business

• The company's current practice, policy, and framework

• Prescriptiveness of the proposal – does the shareholder demand unreasonably restrict management from conducting its business?

• Context of the shareholder proposal – is the proponent tied to any particular interest group(s)? Does the proposal aim to promote the interest of the shareholders or group that they are associated with?

• How does the proposal add value for the shareholders?

This shareholder proposal framework applies to all proposal items labeled "SHP" throughout the Policy and any shareholder proposals that aren't discussed in the Policy but appear in our voting universe.

#### ESCALATION STRATEGIES
Proxy voting and engagements work in conjunction to raise and escalate investor concerns to companies. However, we may encounter circumstances where continued voting against management or engagement dialogues are no longer productive or helpful in driving progress. In cases where we feel that the issuer's behavior isn't aligned with our clients' best interests, we can escalate our voting and engagement by taking actions including, but not limited to, as outlined in **AB Stewardship Statement**. The materiality of the issue and the response of management will drive our approach.

**3.1** **BOARD AND DIRECTOR PROPOSALS** 

**1.** **Board Oversight and Director Accountability on Material Environmental and Social Topics Impacting Shareholder Value: Climate Risk Management and Human Rights Oversight** 

#### CASE-BY-CASE
AB believes that board oversight and director accountability are critical elements of corporate governance. Companies demonstrate effective governance through proactive monitoring of material risks and opportunities, including ESG related risks and opportunities. In evaluating investee companies' adaptiveness to evolving climate risks and human rights oversight, AB engages its significant holdings on climate strategy through a firmwide campaign. Based on each company's response, AB will hold respective directors accountable as defined by the committee charter of the company.

**2.** **Establish New Board Committees and Elect Board Members with Specific Expertise (SHP)** 

We believe that establishing committees should be the prerogative of a well-functioning board of directors. However, we may support shareholder proposals to establish additional board committees to address specific shareholder issues, including ESG and climate issues. In some cases, oversight for material ESG issues can be managed effectively by existing committees of the board of directors, depending on the expertise of the directors assigned to such committees. We consider on a case-by-case basis proposals that require the addition of a board member with a specific area of expertise.

**3.** **Changes in Board Structure and Amending the Articles of Incorporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Companies may propose various provisions with respect to the structure of the board of directors, including changing the manner in which board vacancies are filled, directors are nominated and the number of directors. Such proposals may require amending the charter or by-laws or may otherwise require

PROXY VOTING AND GOVERNANCE POLICY 5

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shareholder approval. When these proposals are not controversial or meant as an anti-takeover device, which is generally the case, we vote in their favor. However, if we believe a proposal is intended as an anti-takeover device and diminishes shareholder rights, we generally vote against.

We may vote against directors for amending by-laws without seeking shareholder approval and/or restricting or diminishing shareholder rights.

**4.** **Classified Boards &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

A classified board typically is divided into three separate classes. Each class holds office for a term of two or three years. Only a portion of the board can be elected or replaced each year. Because this type of proposal has fundamental anti- takeover implications, we generally oppose the adoption of classified boards unless there is a justifiable financial reason or an adequate sunset provision. We may also vote against directors that fail to implement shareholder approved proposals to declassify boards that we previously supported.

**5.** **Director Liability and Indemnification&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Some companies argue that increased indemnification and decreased liability for directors are important to ensure the continued availability of competent directors. However, others argue that the risk of such personal liability minimizes the propensity for corruption and recklessness.

We generally support indemnification provisions that are consistent with the local jurisdiction in which the company has been formed.. "With respect to acts conducted in the normal course of business, we vote in favor of proposals adopting i) indemnification for directors or ii) exculpation of officers." We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, we believe the director or officer acted in good faith and in the best interests of thecompany. We oppose proposals to indemnify directors for gross negligence.

**6.** **Disclose CEO Succession Plan (SHP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Proposals like these are often suggested by shareholders of companies with long-tenured CEOs and/or high employee turnover rates. Even though some markets might not require the disclosure of a CEO succession plan, we do think it is good business practice and will support these proposals.

**7.** **Election of Directors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

The election of directors is an important vote. We expect directors to represent shareholder interests at the company and maximize shareholder value. We generally vote in favor of the management-proposed slate of directors while considering a number of factors, including local market best practice. We believe companies should have a majority of independent directors and independent key committees. However, we will incorporate local market regulation and corporate governance codes into our decision making. We may support requirements that surpass market regulation and corporate governance codes implemented in a local market if we believe heightened requirements may improve corporate governance practices. We will generally regard a director as independent if the director satisfies the criteria for independence either (i) espoused by the primary exchange on which the company's shares are traded, or (ii) set forth in the code we determine to be best practice in the country where the subject company is domiciled. We may also take into account affiliations, related-party transactions, and prior service to the company. We consider the election of directors who are "bundled" on a single slate to be a poor governance practice and vote on a case-by-case basis considering the amount of information available and an assessment of the group's qualifications.

PROXY VOTING AND GOVERNANCE POLICY 6

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In addition:

We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may vote against directors (or withhold votes for directors if plurality voting applies) who fail to act on key issues. We oppose directors who fail to attend at least 75% of board meetings within a given year without a reasonable excuse.

We may abstain or vote against (depending on a company's history of disclosure in this regard) directors of issuers where there is insufficient information about the nominees disclosed in the proxy statement.

We may vote against directors for poor compensation, audit, or governance practices, including the lack of a formal key committee.

We may vote against directors for unilateral bylaw amendments that diminish shareholder rights.

We also may consider engaging company management (by phone, in writing and in person), until any issues have been satisfactorily resolved.

a. **Controlled Company Exemption &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

In certain markets, a different standard for director independence may be applicable for controlled companies, which are companies where more than 50% of the voting power is held by an individual, group or another company, or as otherwise defined by local market standards. We may take these local standards into consideration when determining the appropriate level of independence required for the board and key committees.

Exchanges in certain jurisdictions do not have a controlled company exemption (or something similar). In such a jurisdiction, if a company has a majority shareholder or group of related majority shareholders with a majority economic interest, we generally will not oppose that company's directors simply because the board does not include a majority of independent members, although we may take local standards into consideration when determining the appropriate level of independence required for the board and key committees. We will, however, consider these directors in a negative light if the company has a history of violating the rights of minority shareholders.

b. **Voting for Director Nominees in a Contested Election &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

Votes in a contested election of directors are evaluated on a case-by-case basis with the goal of maximizing shareholder value.

**8.** **Board Capacity** 

We believe that incorporating an assessment of each director's capacity into consideration for a director election is essential to promote meaningful board oversight of the management. Director effectiveness aside, a social externality arises when the practice of directors serving on many public company boards becomes widespread, as this limits the opportunities for other board candidates,. AB currently votes against the appointment of directors who occupy, or would occupy following the vote: four (4) or more total public company board seats for non-CEOs, three (3) or more total public company board seats for the sitting CEO of the company in question and two (2) or more total public company board seats for sitting CEOs of companies other than the company under consideration. We may also exercise flexibility on occasions where the "over-boarded" director nominee's presence on the board is critical, based on company specific contexts in absence of any notable accountability concerns.

PROXY VOTING AND GOVERNANCE POLICY 7

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**9.** **Board Diversity** 

Diversity is an important element of assessing the board's quality, as it promotes wider range of perspectives to be considered for companies to both strategize and mitigate risks. In line with this view, several European countries legally require a quota of female directors. Other European countries have a comply-or-explain policy. In the US, California requires corporations headquartered in the State of California to have at least one female director on board.

We believe that boards should develop, as part of their refreshment process, a framework for identifying diverse candidates for all open board positions. We believe diversity is broader than gender and should also take into consideration factors such as business experience, ethnicity, tenure, and nationality. As such, we generally vote in favor of proposals that encourage the adoption of a diverse search policy, so-called "Rooney Rules", assuring that each director search includes at least one woman, and in the US, at least one underrepresented person of color, in the slate of nominees. Our views on board diversity translate to the following two voting approaches:

a. Gender Diversity: AB will generally vote against the nominating/governance committee chair, or a relevant incumbent member in case of classified boards, when the board has no female members. In Japan, we will vote against the top management. This approach applies globally *.* 

Ethnic and Racial Diversity: AB will escalate the topic of board level ethnic/racial diversity and engage with itssignificant holdings that lack a minority ethnic/racial representation on the board through 2021. Based on the outcome of such engagements, AB will begin voting against the nominating/governance committee chair or a relevant incumbent member for classified boards of companies that lack minority ethnic/racial representation on their board in 2022 without a valid explanation

**10.** **Independent Lead Director (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We support shareholder proposals that request a company to amend its by-laws to establish an independent lead director if the position of chairman is non-independent. We view the existence of a strong independent lead director, whose role is robust and includes clearly defined duties and responsibilities, such as the authority to call meetings and approve agendas, as a good example of the sufficient counter-balancing governance. If a company has such an independent lead director in place, we will generally oppose a proposal to require an independent board chairman, barring any additional board leadership concerns.

**11.** **Limit Term of Directorship (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

These proposals seek to limit the term during which a director may serve on a board to a set number of years.

Accounting for local market practice, we generally consider a number of factors, such as overall level of board independence, director qualifications, tenure, board diversity and board effectiveness in representing our interests as shareholders, in assessing whether limiting directorship terms is in shareholders' best interests. Accordingly, we evaluate these items case-by-case.

**12.** **Majority Independent<sup>1</sup> Directors (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Each company's board of directors has a duty to act in the best interest of the company's shareholders at all times. We believe that these interests are best served by having directors who bring objectivity to the

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1 For purposes of this Policy, generally, we will consider a director independent if the director satisfies the independence definition set forth in the listing standards of the exchange on which the common stock is listed. However, we may deem local independence classification criteria insufficient.

PROXY VOTING AND GOVERNANCE POLICY 8

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company and are free from potential conflicts of interests. Accordingly, we support proposals seeking a majority of independent directors on the board while taking into consideration local market regulation and corporate governance codes.

**13.** **Majority of Independent Directors on Key Committees (SHP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

In order to ensure that those who evaluate management's performance, recruit directors, and set management's compensation are free from conflicts of interests, we believe that the audit<sup>2</sup>, nominating/governance, and compensation committees should be composed of a majority of independent directors, considering the local market regulation and corporate governance codes as well as controlled company status.

**14.** **Majority Votes for Directors (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We believe that good corporate governance requires shareholders to have a meaningful voice in the affairs of the company. This objective is strengthened if directors are elected by a majority of votes cast at an annual meeting rather than by the plurality method commonly used. With plurality voting a director could be elected by a single affirmative vote even if the rest of the votes were withheld.

We further believe that majority voting provisions will lead to greater director accountability. Therefore, we support shareholder proposals that companies amend their by-laws to provide that director nominees be elected by an affirmative vote of a majority of the votes cast, provided the proposal includes a carve-out to provide for plurality voting in contested elections where the number of nominees exceeds the number of directors to be elected.

**15.** **Removal of Directors Without Cause (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Company by-laws sometimes define cause very narrowly, including only conditions of criminal indictment, final adverse adjudication that fiduciary duties were breached or incapacitation, while also providing shareholders with the right to remove directors only upon "cause".

We believe that the circumstances under which shareholders have the right to remove directors should not be limited to those traditionally defined by companies as "cause". We also believe that shareholders should have the right to conduct a vote to remove directors who fail to perform in a manner consistent with their fiduciary duties or representative of shareholders' best interests. And, while we would prefer shareholder proposals that seek to broaden the definition of "cause" to include situations like these, we generally support proposals that would provide shareholders with the right to remove directors without cause.

**16.** **Require Independent Board Chairman (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

We believe there can be benefits to an executive chairman and to having the positions of chairman and CEO combined as well as split. When the chair is non-independent, the company must have sufficient counter-balancing governance in place, generally through a strong independent lead director. Also, for companies with smaller market capitalizations, separate chairman and CEO positions may not be practical.

**17.** **Cross-Shareholding (Japan)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGAINST** 

Independent oversight at the board level can be disrupted if top management representatives or directors of the board hold notable amount of shares of another entity for purposes other than meeting the share holding requirement as an executive. Such practice can result in misalignment between the shareholders and

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<sup>2</sup> Pursuant to the SEC rules, adopted pursuant to the Sarbanes-Oxley Act of 2002, as of October 31, 2004, each U.S. listed issuer must have a fully independent audit committee.

PROXY VOTING AND GOVERNANCE POLICY 9

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their board and management. This has historically been a widely-debated concern in Japan. Accordingly, we will vote against the top management on ballot, if 20% or greater of the company's net asset is identified to be under cross-shareholding practice.

**3.2** **COMPENSATION PROPOSALS** 

**18.** **Pro Rata Vesting of Equity Compensation Awards-Change in Control (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

We examine proposals on the treatment of equity awards in the event of a change in control on a case-by-case basis. If a change in control is accompanied by termination of employment, often referred to as a double trigger, we generally support accelerated vesting of equity awards. If, however, there is no termination agreement in connection with a change in control, often referred to as a single trigger, we generally prefer pro rata vesting of outstanding equity awards.

**19.** **Adopt Policies to Prohibit any Death Benefits to Senior Executives (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGAINST** 

We view these bundled proposals as too restrictive and conclude that blanket restrictions on any and all such benefits, including the payment of life insurance premiums for senior executives, could put a company at a competitive disadvantage.

**20.** **Advisory Vote to Ratify Directors' Compensation (SHP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

Similar to advisory votes on executive compensation, shareholders may request a non-binding advisory vote to approve compensation given to board members. We generally support this item

**21.** **Amend Executive Compensation Plan Tied to Performance (Bonus Banking) (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

These proposals seek to force a company to amend executive compensation plans such that compensation awards tied to performance are deferred for shareholder specified and extended periods of time. As a result, awards may be adjusted downward if performance goals achieved during the vesting period are not sustained during the added deferral period.

We believe that most companies have adequate vesting schedules and clawbacks in place. Under such circumstances, we will oppose these proposals. However, if a company does not have what we believe to be adequate vesting and/or clawback requirements, we decide these proposals on a case-by-case basis.

**22.** **Approve Remuneration for Directors and Auditors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

We will vote on a case-by-case basis where we are asked to approve remuneration for directors or auditors. We will generally oppose performance-based remuneration for non-executive directors as this may compromise independent oversight. In addition, where disclosure relating to the details of such remuneration is inadequate or provided without sufficient time for us to consider our vote, we may abstain or vote against, depending on the adequacy of the company's prior disclosures in this regard and the local market practice.

**23.** **Approve Retirement Bonuses for Directors (Japan and South Korea) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

Retirement bonuses are customary in Japan and South Korea. Companies seek approval to give the board authority to grant retirement bonuses for directors and/or auditors and to leave the exact amount of bonuses to the board's discretion. We will analyze such proposals on a case-by-case basis, considering management's commitment to maximizing long- term shareholder value. However, when the details of the retirement bonus are inadequate or undisclosed, we may abstain or vote against.

PROXY VOTING AND GOVERNANCE POLICY 10

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**24.** **Approve Special Payments to Continuing Directors and Auditors (Japan) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

In conjunction with the abolition of a company's retirement allowance system, we will generally support special payment allowances for continuing directors and auditors if there is no evidence of their independence becoming impaired. However, when the details of the special payments are inadequate or undisclosed, we may abstain or vote against.

**25.** **Disclose Executive and Director Pay (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

The United States Securities and Exchange Commission ("**SEC**") has adopted rules requiring increased and/or enhanced compensation-related and corporate governance-related disclosure in proxy statements and Forms 10-K. Similar steps have been taken by regulators in foreign jurisdictions. We believe the rules enacted by the SEC and various foreign regulators generally ensure more complete and transparent disclosure. Therefore, while we will consider them on a case-by-case basis (analyzing whether there are any relevant disclosure concerns), we generally vote against shareholder proposals seeking additional disclosure of executive and director compensation, including proposals that seek to specify the measurement of performance-based compensation, if the company is subject to SEC rules or similar rules espoused by a regulator in a foreign jurisdiction. Similarly, we generally support proposals seeking additional disclosure of executive and director compensation if the company is not subject to any such rules.

**26.** **Executive and Employee Compensation Plans, Policies and Reports &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Compensation plans usually are complex and are a major corporate expense, so we evaluate them carefully and on a case-by-case basis. In all cases, however, we assess each proposed Compensation Plan within the framework of four guiding principles, each of which ensures a company's Compensation Plan helps to align the long- term interests of management with shareholders:

Valid measures of business performance tied to the firm's strategy and shareholder value creation, which are clearly articulated and incorporate appropriate time periods, should be utilized; Compensation costs should be managed in the same way as any other expense; Compensation should reflect management's handling, or failure to handle, any recent social, environmental, governance, ethical or legal issue that had a significant adverse financial or reputational effect on the company and; In granting compensatory awards, management should exhibit a history of integrity and decision-making based on logic and well thought out processes.

We may oppose plans which include, and directors who establish, compensation plan provisions deemed to be poor practice such as automatic acceleration of equity, or single-triggered, in the event of a change in control. Although votes on compensation plans are by nature only broad indications of shareholder views, they do lead to more compensation-related dialogue between management and shareholders and help ensure that management and shareholders meet their common objective: maximizing shareholder value.

In markets where votes on compensation plans are not required for all companies, we will support shareholder proposals asking the board to adopt such a vote on an advisory basis.

Where disclosure relating to the details of Compensation Plans is inadequate or provided without sufficient time for us to consider our vote, we may abstain or vote against, depending on the adequacy of the company's prior disclosures in this regard. Where appropriate, we may raise the issue with the company directly or take other steps.

**27.** **Limit Executive Pay (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

We believe that management and directors, within reason, should be given latitude in determining the mix and types of awards offered to executive officers. We vote against shareholder proposals seeking to limit executive pay if we deem them too restrictive. Depending on our analysis of the specific circumstances, we are generally against requiring a company to adopt a policy prohibiting tax gross up payments to senior executives.

PROXY VOTING AND GOVERNANCE POLICY 11

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**28.** **Mandatory Holding Periods (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

We generally vote against shareholder proposals asking companies to require a company's executives to hold stock for a specified period of time after acquiring that stock by exercising company-issued stock options (i.e., precluding "cashless" option exercises), unless we believe implementing a mandatory holding period is necessary to help resolve underlying problems at a company that have hurt, and may continue to hurt, shareholder value. We are generally in favor of reasonable stock ownership guidelines for executives.

**29.** **Performance-Based Stock Option Plans (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

These shareholder proposals require a company to adopt a policy that all or a portion of future stock options granted to executives be performance-based. Performance-based options usually take the form of indexed options (where the option sale price is linked to the company's stock performance versus an industry index), premium priced options (where the strike price is significantly above the market price at the time of the grant) or performance vesting options (where options vest when the company's stock price exceeds a specific target). Proponents argue that performance-based options provide an incentive for executives to outperform the market as a whole and prevent management from being rewarded for average performance. We believe that management, within reason, should be given latitude in determining the mix and types of awards it offers. However, we recognize the benefit of linking a portion of executive compensation to certain types of performance benchmarks. While we will not support proposals that require all options to be performance-based, we will generally support proposals that require a portion of options granted to senior executives be performance-based. However, because performance-based options can also result in unfavorable tax treatment and the company may already have in place an option plan that sufficiently ties executive stock option plans to the company's performance, we will consider such proposals on a case-by-case basis.

**30.** **Prohibit Relocation Benefits to Senior Executives (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

We do not consider such perquisites to be problematic pay practices as long as they are properly disclosed. Therefore, we will vote against shareholder proposals asking to prohibit relocation benefits.

**31.** **Recovery of Performance-Based Compensation (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We generally support shareholder proposals requiring the board to seek recovery of performance-based compensation awards to senior management and directors in the event of a fraud or other reasons that resulted in the detriment to shareholder value and/or company reputation due to gross ethical lapses. In deciding how to vote, we consider the adequacy of the existing company clawback policy, if any.

**32.** **Submit Golden Parachutes/Severance Plans to a Shareholder Vote (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

Golden Parachutes assure key officers of a company lucrative compensation packages if the company is acquired and/or if the new owners terminate such officers. We recognize that offering generous compensation packages that are triggered by a change in control may help attract qualified officers. However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism. Accordingly, we support proposals to submit severance plans (including supplemental retirement plans), to a shareholder vote, and we review proposals to ratify or redeem such plans retrospectively on a case-by-case basis.

**33.** **Submit Golden Parachutes/Severance Plans to a Shareholder Vote Prior to Their Being Negotiated by Management (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

We believe that in order to attract qualified employees, companies must be free to negotiate compensation packages without shareholder interference. However, shareholders must be given an opportunity to analyze

PROXY VOTING AND GOVERNANCE POLICY 12

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a compensation plan's final, material terms in order to ensure it is within acceptable limits. Accordingly, we evaluate proposals that require submitting severance plans and/or employment contracts for a shareholder vote prior to being negotiated by management on a case-by-case basis.

**34.** **Submit Survivor Benefit Compensation Plan to Shareholder Vote (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Survivor benefit compensation plans, or "golden coffins", can require a company to make substantial payments or awards to a senior executive's beneficiaries following the death of the senior executive. The compensation can take the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards. This compensation would not include compensation that the senior executive chooses to defer during his or her lifetime.

We recognize that offering generous compensation packages that are triggered by the passing of senior executives may help attract qualified officers. However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism.

**3.3** **CAPITAL CHANGES AND ANTI-TAKEOVER PROPOSALS** 

**35.** **Amend Exclusive Forum Bylaw (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

We will generally oppose proposals that ask the board to repeal the company's exclusive forum bylaw. Such bylaws require certain legal action against the company to take place in the state of the company's incorporation. The courts within the state of incorporation are considered best suited to interpret that state's laws.

**36.** **Amend Net Operating Loss ("NOL") Rights Plans &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

NOL Rights Plans are established to protect a company's net operating loss carry forwards and tax credits, which can be used to offset future income. We believe this is a reasonable strategy for a company to employ. Accordingly, we will vote in favor of NOL Rights Plans unless we believe the terms of the NOL Rights Plan may provide for a long-term anti- takeover device.

**37.** **Authorize Share Repurchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

We generally support share repurchase proposals that are part of a well-articulated and well-conceived capital strategy. We assess proposals to give the board unlimited authorization to repurchase shares on a case-by-case basis.

Furthermore, we would generally support the use of derivative instruments (e.g., put options and call options) as part of a share repurchase plan absent a compelling reason to the contrary. Also, absent a specific concern at the company, we will generally support a repurchase plan that could be continued during a takeover period.

**38.** **Blank Check Preferred Stock &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

Blank check preferred stock proposals authorize the issuance of certain preferred stock at some future point in time and allow the board to establish voting, dividend, conversion, and other rights at the time of issuance. While blank check preferred stock can provide a corporation with the flexibility needed to meet changing financial conditions, it also may be used as the vehicle for implementing a "poison pill" defense or some other entrenchment device.

We are concerned that, once this stock has been authorized, shareholders have no further power to determine how or when it will be allocated. Accordingly, we generally oppose this type of proposal.

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**39.** **Corporate Restructurings, Merger Proposals and Spin-Offs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Proposals requesting shareholder approval of corporate restructurings, merger proposals and spin-offs are determined on a case-by-case basis. In evaluating these proposals and determining our votes, we are singularly focused on meeting our goal of maximizing long-term shareholder value.

**40.** **Elimination of Preemptive Rights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Preemptive rights allow the shareholders of the company to buy newly issued shares before they are offered to the public in order to maintain their percentage ownership. We believe that, because preemptive rights are an important shareholder right, careful scrutiny must be given to management's attempts to eliminate them. However, because preemptive rights can be prohibitively expensive to widely held companies, the benefit of such rights will be weighed against the economic effect of maintaining them.

41. Expensing Stock Options (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR

US generally accepted accounting principles require companies to expense stock options, as do the accounting rules in many other jurisdictions (including those jurisdictions that have adopted IFRS – international financial reporting standards). If a company is domiciled in a jurisdiction where the accounting rules do not already require the expensing of stock options, we will support shareholder proposals requiring this practice and disclosing information about it.

**42.** **Fair Price Provisions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

A fair price provision in the company's charter or by laws is designed to ensure that each shareholder's securities will be purchased at the same price if the corporation is acquired under a plan not agreed to by the board. In most instances, the provision requires that any tender offer made by a third party must be made to all shareholders at the same price.

Fair pricing provisions attempt to prevent the "two-tiered front-loaded offer" where the acquirer of a company initially offers a premium for a sufficient percentage of shares of the company to gain control and subsequently makes an offer for the remaining shares at a much lower price. The remaining shareholders have no choice but to accept the offer. The two -tiered approach is coercive as it compels a shareholder to sell his or her shares immediately in order to receive the higher price per share. This type of tactic has caused many states to adopt fair price provision statutes to restrict this practice.

We consider fair price provisions on a case-by-case basis. We oppose any provision where there is evidence that management intends to use the provision as an anti-takeover device as well as any provision where the shareholder vote requirement is greater than a majority of disinterested shares (i.e., shares beneficially owned by individuals other than the acquiring party).

**43.** **Increase Authorized Common Stock &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

In general we regard increases in authorized common stock as serving a legitimate corporate purpose when used to: implement a stock split, aid in a recapitalization or acquisition, raise needed capital for the firm, or provide for employee savings plans, stock option plans or executive compensation plans. That said, we may oppose a particular proposed increase if we consider the authorization likely to lower the share price (this would happen, for example, if the firm were proposing to use the proceeds to overpay for an acquisition, to invest in a project unlikely to earn the firm's cost of capital, or to compensate employees well above market rates). We oppose increases in authorized common stock where there is evidence that the shares are to be used to implement a "poison pill" or another form of anti-takeover device, or if the issuance of new shares would, in our judgment, excessively dilute the value of the outstanding shares upon issuance. In addition, a satisfactory explanation of a company's intentions—going beyond the standard "general corporate

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purposes"— must be disclosed in the proxy statement for proposals requesting an increase of greater than 100% of the shares outstanding. We view the use of derivatives, particularly warrants, as legitimate capital-raising instruments and apply these same principles to their use as we do to the authorization of common stock. Under certain circumstances where we believe it is important for shareholders to have an opportunity to maintain their proportional ownership, we may oppose proposals requesting shareholders approve the issuance of additional shares if those shares do not include preemptive rights.

In Hong Kong, it is common for companies to request board authority to issue new shares up to 20% of outstanding share capital. The authority typically lapses after one year. We may vote against plans that do not prohibit issuing shares at a discount, taking into account whether a company has a history of doing so.

**44.** **Issuance of Equity Without Preemptive Rights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We are generally in favor of issuances of equity without preemptive rights of up to 30% of a company's outstanding shares unless there is concern that the issuance will be used in a manner that could hurt shareholder value (e.g., issuing the equity at a discount from the current market price or using the equity to help create a "poison pill" mechanism).

**45.** **Multi Class Equity Structure&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGAINST** 

The *one share, one vote principle —* stating that voting power should be proportional to an investor's economic ownership *—* is generally preferred in order to hold the board accountable to shareholders. AB's general expectation of companies with multi class equity structures is to attach safeguards for minority shareholders when appropriate and in a cost-effective manner, which may include measures such as sunset provisions or requiring periodic shareholder reauthorizations. We expect boards to routinely review existing multi-class vote structures and share their current view.

With that backdrop, we acknowledge that multi-class structures may be beneficial for a period of time, allowing management to focus on longer-term value creation which benefits all shareholders. Accordingly, AB recommends companies that had an initial public offering (IPO) in the past two (2) years to institute a time-based sunset to be triggered seven (7) years from the year of the IPO. In 2021, we will engage with companies in our significant holdings universe that fall under this category. We may vote against the relevant board member of companies that remain unresponsive starting 2022 AGM, unless there is a valid case to apply an exemption.

For companies that instituted a multi-class share structure unrelated to an IPO event or had an IPO two (2) or more years ago, sunset should be seven (7) years from the year when the issuer implemented the multi-class structure. If the structure was adopted greater than seven (7) years ago, we will expect the issuer to consider the shortest sunset plan that makes sense based on the issuer's context. In 2021, we will engage with our portfolio companies in scope. We may vote against the respective boardmember if we don't see any progress starting 2022 AGM, unless there is a valid case to apply an exemption.

**46.** **Net Long Position Requirement &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

We support proposals that require the ownership level needed to call a special meeting to be based on the net long position of a shareholder or shareholder group. This standard ensures that a significant economic interest accompanies the voting power.

**47.** **Reincorporation &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

There are many valid business reasons a corporation may choose to reincorporate in another jurisdiction. We perform a case-by-case review of such proposals, taking into consideration management's stated reasons for the proposed move.

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Careful scrutiny also will be given to proposals that seek approval to reincorporate in countries that serve as tax havens. When evaluating such proposals, we consider factors such as the location of the company's business, the statutory protections available in the country to enforce shareholder rights and the tax consequences of the reincorporation to shareholders.

**48.** **Reincorporation to Another Jurisdiction to Permit Majority Voting or Other Changes in Corporate Governance (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

If a shareholder proposes that a company move to a jurisdiction where majority voting (among other shareholder-friendly conditions) is permitted, we will generally oppose the move notwithstanding the fact that we favor majority voting for directors. Our rationale is that the legal costs, taxes, other expenses, and other factors, such as business disruption, in almost all cases would be material and outweigh the benefit of majority voting. If, however, we should find that these costs are not material and/or do not outweigh the benefit of majority voting, we may vote in favor of this kind of proposal. We will evaluate similarly proposals that would require reincorporation in another state to accomplish other changes in corporate governance.

**49.** **Stock Splits &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

Stock splits are intended to increase the liquidity of a company's common stock by lowering the price, thereby making the stock seem more attractive to small investors. We generally vote in favor of stock split proposals.

**50.** **Submit Company's Shareholder Rights Plan to Shareholder Vote (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

Most shareholder rights plans (also known as "**poison pills**") permit the shareholders of a target company involved in a hostile takeover to acquire shares of the target company, the acquiring company, or both, at a substantial discount once a "**triggering event**" occurs. A triggering event is usually a hostile tender offer or the acquisition by an outside party of a certain percentage of the target company's stock. Because most plans exclude the hostile bidder from the purchase, the effect in most instances is to dilute the equity interest and the voting rights of the potential acquirer once the plan is triggered. A shareholder rights plan is designed to discourage potential acquirers from acquiring shares to make a bid for the issuer. We believe that measures that impede takeovers or entrench management not only infringe on the rights of shareholders but also may have a detrimental effect on the value of the company.

We support shareholder proposals that seek to require the company to submit a shareholder rights plan to a shareholder vote. We evaluate on a case-by-case basis proposals to implement or eliminate a shareholder rights plan.

**51.** **Transferrable Stock Options &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

In cases where a compensation plan includes a transferable stock option program, we will consider the plan on a case-by- case basis.

These programs allow stock options to be transferred to third parties in exchange for cash or stock. In effect, management becomes insulated from the downside risk of holding a stock option, while the ordinary shareholder remains exposed to downside risk. This insulation may unacceptably remove management's exposure to downside risk, which significantly misaligns management and shareholder interests. Accordingly, we generally vote against these programs if the transfer can be executed without shareholder approval, is available to executive officers or non-employee directors, or we consider the available disclosure relating to the mechanics and structure of the program to be insufficient to determine the costs, benefits, and key terms of the program.

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**3.4** **AUDITOR PROPOSALS** 

**52.** **Appointment of Auditors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We believe that the company is in the best position to choose its accounting firm, and we generally support management's recommendation.

We recognize that there may be inherent conflicts when a company's independent auditors perform substantial non-audit related services for the company. Therefore, in reviewing a proposed auditor, we will consider the amount of fees paid for non-audit related services performed compared to the total audit fees paid by the company to the auditing firm, and whether there are any other reasons for us to question the independence or performance of the firm's auditor such as, for example, tenure. We generally will deem as excessive the non-audit fees paid by a company to its auditor if those fees account for 50% or more of total fees paid. In the UK market, which utilizes a different calculation, we adhere to a non- audit fee cap of 100% of audit fees. Under these circumstances, we generally vote against the auditor and the directors, in particular the members of the company's audit committee. In addition, we generally vote against authorizing the audit committee to set the remuneration of such auditors. We exclude from this analysis non-audit fees related to IPOs, bankruptcy emergence, and spin-offs and other extraordinary events. We may vote against or abstain due to a lack of disclosure of the name of the auditor while taking into account local market practice.

**53.** **Approval of Financial Statements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

In some markets, companies are required to submit their financial statements for shareholder approval. This is generally a routine item and, as such, we will vote for the approval of financial statements unless there are appropriate reasons to vote otherwise. We may vote against if the information is not available in advance of the meeting.

**54.** **Approval of Internal Statutory Auditors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Some markets (e.g., Japan) require the annual election of internal statutory auditors. Internal statutory auditors have a number of duties, including supervising management, ensuring compliance with the articles of association, and reporting to a company's board on certain financial issues. In most cases, the election of internal statutory auditors is a routine item, and we will support management's nominee provided that the nominee meets the regulatory requirements for serving as internal statutory auditors. However, we may vote against nominees who are designated independent statutory auditors who serve as executives of a subsidiary or affiliate of the issuer or if there are other reasons to question the independence of the nominees.

**55.** **Limitation of Liability of External Statutory Auditors (Japan) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

In Japan, companies may limit the liability of external statutory auditors in the event of a shareholder lawsuit through any of three mechanisms: (i) submitting the proposed limits to shareholder vote; (ii) setting limits by modifying the company's articles of incorporation; and (iii) setting limits in contracts with outside directors, outside statutory auditors and external audit firms (requires a modification to the company's articles of incorporation). A vote by 3% or more of shareholders can nullify a limit set through the second mechanism. The third mechanism has historically been the most prevalent.

We review proposals to set limits on auditor liability on a case-by-case basis, considering whether such a provision is necessary to secure appointment and whether it helps to maximize long-term shareholder value.

**56.** **Separating Auditors and Consultants (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

We believe that a company serves its shareholders' interests by avoiding potential conflicts of interest that might interfere with an auditor's independent judgment. SEC rules adopted as a result of the Sarbanes-Oxley Act of 2002 attempted to address these concerns by prohibiting certain services by a company's independent auditors and requiring additional disclosure of other non-audit related services.

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We evaluate on a case-by-case basis proposals that go beyond the SEC rules or other local market standards by prohibiting auditors from performing other non-audit services or calling for the board to adopt a policy to ensure auditor independence.

We take into consideration the policies and procedures the company already has in place to ensure auditor independence and non-audit fees as a percentage of total fees paid to the auditor are not excessive.

**3.5** **SHAREHOLDER ACCESS AND VOTING PROPOSALS** 

**57.** **A Shareholder's Right to Call Special Meetings (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

Most state corporation statutes (though not Delaware, where many US issuers are domiciled) allow shareholders to call a special meeting when they want to take action on certain matters that arise between regularly scheduled annual meetings. This right may apply only if a shareholder, or a group of shareholders, owns a specified percentage as defined by the relevant company bylaws.

We recognize the importance of the right of shareholders to remove poorly performing directors, respond to takeover offers and take other actions without having to wait for the next annual meeting. However, we also believe it is important to protect companies and shareholders from nuisance proposals. We further believe that striking a balance between these competing interests will maximize shareholder value. We believe that encouraging active share ownership among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Accordingly, we will generally support a proposal to establish shareholders' right to call a special meeting unless we see a potential abuse of the right based on the company's current share ownership structure.

**58.** **Adopt Cumulative Voting (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Cumulative voting is a method of electing directors that enables each shareholder to multiply the number of his or her shares by the number of directors being considered. A shareholder may then cast the total votes for any one director or a selected group of directors. For example, a holder of 10 shares normally casts 10 votes for each of 12 nominees to the board thus giving the shareholder 120 (10 × 12) votes. Under cumulative voting, the shareholder may cast all 120 votes for a single nominee, 60 for two, 40 for three, or any other combination that the shareholder may choose.

We believe that encouraging activism among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Cumulative voting supports the interests of minority shareholders in contested elections by enabling them to concentrate their votes and dramatically increase their chances of electing a dissident director to a board. Accordingly, we generally will support shareholder proposals to restore or provide for cumulative voting and we generally will oppose management proposals to eliminate cumulative voting. However, we may oppose cumulative voting if a company has in place both proxy access, which allows shareholders to nominate directors to the company's ballot, and majority voting (with a carve-out for plurality voting in situations where there are more nominees than seats), which requires each director to receive the affirmative vote of a majority of votes cast and, we believe, leads to greater director accountability to shareholders.

Also, we support cumulative voting at controlled companies regardless of any other shareholder protections that may be in place.

**59.** **Adopt Cumulative Voting in Dual Shareholder Class Structures (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

**In** dual class structures (such as A and B shares) where the shareholders with a majority economic interest have a minority voting interest, we generally vote in favor of cumulative voting for those shareholders.

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**60.** **Early Disclosure of Voting Results (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

These proposals seek to require a company to disclose votes sooner than is required by the local market. In the US, the SEC requires disclosure in the first periodic report filed after the company's annual meeting which we believe is reasonable. We do not support requests that require disclosure earlier than the time required by the local regulator.

**61.** **Limiting a Shareholder's Right to Call Special Meetings &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

Companies contend that limitations on shareholders' rights to call special meetings are needed to prevent minority shareholders from taking control of the company's agenda. However, such limits also have anti-takeover implications because they prevent a shareholder or a group of shareholders who have acquired a significant stake in the company from forcing management to address urgent issues, such as the potential sale of the company. Because most states prohibit shareholders from abusing this right, we see no justifiable reason for management to eliminate this fundamental shareholder right. Accordingly, we generally will vote against such proposals.

In addition, if the board of directors, without shareholder consent, raises the ownership threshold a shareholder must reach before the shareholder can call a special meeting, we will vote against those directors.

**62.** **Permit a Shareholder's Right to Act by Written Consent (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Action by written consent enables a large shareholder or group of shareholders to initiate votes on corporate matters prior to the annual meeting. We believe this is a fundamental shareholder right and, accordingly, will generally support shareholder proposals seeking to restore this right. However, in cases where a company has a majority shareholder or group of related majority shareholders with majority economic interest, we will oppose proposals seeking to restore this right as there is a potential risk of abuse by the majority shareholder or group of majority shareholders. We may also vote against the proposal if the company provides shareholders a right to call special meetings with an ownership threshold of 15% or below in absence of material restrictions, as we believe that shareholder access rights should be considered from a holistic view rather than promoting all possible access rights that may impede one another in contrast to long-term shareholder value.

**63.** **Proxy Access for Annual Meetings (SHP) (Management) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

These proposals allow "qualified shareholders" to nominate directors. We generally vote in favor of management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access (adopted by the SEC in 2010, but vacated by the US District of Columbia Circuit Court of Appeals in 2011), which would have allowed a single shareholder, or group of shareholders, who hold at least 3% of the voting power for at least three years continuously to nominate up to 25% of the current board seats, or two directors, for inclusion in the subject company's annual proxy statement alongside management nominees.

We may vote against proposals that use requirements that are stricter than the SEC's framework including implementation restrictions and against individual board members, or entire boards, who exclude from their ballot properly submitted shareholder proxy access proposals or compete against shareholder proxy access proposals with stricter management proposals on the same ballot We will generally vote in favor of proposals that seek to amend an existing right to more closely align with the SEC framework.

We will evaluate on a case-by-case basis proposals with less stringent requirements than the vacated SEC framework.

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From time to time we may receive requests to join with other shareholders to support a shareholder action. We may, for example, receive requests to join a voting block for purposes of influencing management. If the third parties requesting our participation are not affiliated with us and have no business relationships with us, we will consider the request on a case-by-case basis. However, where the requesting party has a business relationship with us (e.g., the requesting party is a client or a significant service provider), agreeing to such a request may pose a potential conflict of interest. As a fiduciary we have an obligation to vote proxies in the best interest of our clients (without regard to our own interests in generating and maintaining business with our other clients) and given our desire to avoid even the appearance of a conflict, we will generally decline such a request.

**64.** **Reduce Meeting Notification from 21 Days to 14 Days (UK) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR** 

Companies in the United Kingdom may, with shareholder approval, reduce the notice period for extraordinary general meetings from 21 days to 14 days.

A reduced notice period expedites the process of obtaining shareholder approval of additional financing needs and other

important matters. Accordingly, we support these proposals.

**65.** **Shareholder Proponent Engagement Process (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We believe that proper corporate governance requires that proposals receiving support from a majority of shareholders be considered and implemented by the company. Accordingly, we support establishing an engagement process between shareholders and management to ensure proponents of majority-supported proposals, have an established means of communicating with management.

**66.** **Supermajority Vote Requirements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGAINST** 

A supermajority vote requirement is a charter or by-law requirement that, when implemented, raises the percentage (higher than the customary simple majority) of shareholder votes needed to approve certain proposals, such as mergers, changes of control, or proposals to amend or repeal a portion of the Articles of Incorporation.

In most instances, we oppose these proposals and support shareholder proposals that seek to reinstate the simple majority vote requirement. However, we may support supermajority vote requirements at controlled companies as a protection to minority shareholders from unilateral action of the controlling shareholder.

**67.** **Authorize Virtual-Only Shareholder Meetings &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

COVID-19 has called for a need to authorize companies in holding virtual-only shareholder meetings. While recognizing technology has enabled shareholders to remain connected with the board and management, AB acknowledges that virtual only shareholder meetings have resulted in certain companies abusing their authority by limiting shareholders from raising questions and demanding onerous requirements to be able to read their questions during the meeting. Because such practice varies by company and jurisdiction with different safeguard provisions, we will consider — among other things — a company's disclosure on elements such as those below when voting on management or shareholder proposals for authorizing the company to hold virtual-only shareholder meetings:

• Explanation for eliminating the in-person meeting;

• Clear description of which shareholders are qualified to participate in virtual-only shareholder meetings and how attendees can join the meeting;

• How to submit and ask questions;

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• How the company plans to mimic a real-time in-person question and answer session; and

• List of questions received from shareholders in their entirety, both prior to and during the meeting, as well as associated responses from the company

**3.6** **ENVIRONMENTAL, SOCIAL AND DISCLOSURE PROPOSALS** 

**68.** **Animal Welfare (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

These proposals may include reporting requests or policy adoption on items such as pig gestation crates and animal welfare in the supply chain. For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company'sincorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

**69.** **Climate Change (SHP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE , Generally FOR (on proposals described below)** 

Proposals addressing climate change concerns are plentiful and their scope varies. Climate change increasingly receives investor attention as a potentially critical and material risk to the sustainability of a wide range of business-specific activities. These proposals may include emissions standards or reduction targets, quantitative goals, and impact assessments. We generally support these proposals, while taking into account the materiality of the issue and whether the proposed information is of added benefit to shareholders.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure, while taking into account existing policies and procedures of the company and whether the proposal is of added benefit to shareholders.

**70.** **Say on Climate** 

Say on Climate is an advisory vote mechanism that seeks to obtain shareholder approval on the company's existing climate risk management related efforts. We recognize both the benefits of having an opportunity to review the company's climate program, but also the risks entailed in formally approving the plan.<sup>3</sup> Accordingly, we are generally unsupportive of shareholder proposals that require management to establish a say on climate mechanism.

In assessing the climate risk management strategy of issuers, AllianceBernstein considers factors such as following, but not limited to:

Emissions Metrics and Targets

• Does the company have emissions metrics and targets in place for Scopes 1 and 2 emissions in alignment with the Paris Agreement?

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<sup>3</sup> https://www.unpri.org/stewardship/climate-transition-plan-votes-investor-briefing/9096.article 

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Climate Risk Management

• Does the company perform scenario analysis that includes the use of a widely recognized, scientifically-based 1.5-degree scenario?

Governance

• Does the Board provide oversight on the issuer's climate change strategy?

• Has the company incurred any recent material failures, or been involved in any controversies, related to managing climate-related risk?

Disclosure

• Does the company disclose its exposure to climate risk via the framework developed by the Taskforce on Climate-related Financial Disclosure?

While Say on Climate ("SOC") vote offers us an additional opportunity to express our view of the company's relevant risk management, AllianceBernstein's engagement and fundamental research processes drive our integration of climate related risks and opportunities apart from the SOC mechanism.

**71.** **Charitable Contributions (SHP) (Management) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

Proposals relating to charitable contributions may be sponsored by either management or shareholders.

Management proposals may ask to approve the amount for charitable contributions.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

**72.** **Environmental Proposals (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

These proposals can include reporting and policy adoption requests in a wide variety of areas, including, but not limited to, (nuclear) waste, deforestation, biodiversity, packaging and recycling, renewable energy, toxic material, palm oil and water.

We consider company specific contexts as well as our ongoing research and engagements for evaluating the company's existing policies and practices. National standards, best practices and the potential enactment of new regulations in addition to any investment risk regarding the specific issue are also incorporated into our assessments.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

**73.** **Genetically Altered or Engineered Food and Pesticides (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

These proposals may include reporting requests on pesticides monitoring/use and Genetically Modified Organism (GMO) as well as GMO labeling.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

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We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

**74.** **Health Proposals (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

These proposals may include reports on pharmaceutical pricing, antibiotic use in the meat supply, and tobacco products. We generally support shareholder proposals calling for reports and disclosure while taking into account the current reporting policies of the company and whether the proposed information is of added benefit to shareholders.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue. We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposal is of added benefit to shareholders.

**75.** **Human Rights Policies and Reports (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CASE-BY-CASE** 

These proposals may include reporting requests on human rights risk assessments ("HRIA"), humanitarian engagement and mediation policies, working conditions, adopting policies on supply chain oversight, and expanding existing policies in these areas. We recognize that many companies have complex supply chains which have led to increased awareness of supply chain issues as an investment risk.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

For proposals addressing forced labor and supply chain management from the human rights perspective, AB assesses the proposal based on its proprietary framework. The framework considers factors such as oversight of the issue, risk identification process, action plan to mitigate risks, the effectiveness of the action plan, and future improvement.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

**76.** **Include Sustainability as a Performance Measure (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASE-BY-CASE** 

We believe management and directors should be given latitude in determining appropriate performance measurements. While doing so, consideration should be given to how long-term sustainability issues might affect future company performance. Therefore, we will evaluate on a case-by-case basis proposals requesting companies to consider incorporating specific, measurable, practical goals consisting of sustainability principles and environmental impacts as metrics for incentive compensation and how they are linked with our objectives as long-term shareholders.

**77.** **Lobbying and Political Spending (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We generally vote in favor of proposals requesting increased disclosure of political contributions and lobbying expenses, including those paid to trade organizations and political action committees, whether at the federal, state, or local level. These proposals may increase transparency.

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**78.** **Other Business &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

In certain jurisdictions, these proposals allow management to act on issues that shareholders may raise at the annual meeting. Because it is impossible to know what issues may be raised, we will vote against these proposals.

**79.** **Reimbursement of Shareholder Expenses (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST** 

These shareholder proposals would require companies to reimburse the expenses of shareholders who submit proposals that receive a majority of votes cast or the cost of proxy contest expenses. We generally vote against these proposals, unless reimbursement occurs only in cases where management fails to implement a majority passed shareholder proposal, in which case we may vote in favor.

**80.** **Sustainability Report (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We generally support shareholder proposals calling for reports and disclosure related to sustainability while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

**81.** **Workplace: Diversity (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

We generally support shareholder proposals calling for reports and disclosure surrounding workplace diversity while

taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

We generally support proposals requiring a company to amend its Equal Employment Opportunity policies to prohibit workplace discrimination based on sexual orientation and gender identity.

**82.** **Workplace: Gender Pay Equity (SHP) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR** 

A report on pay disparity between genders typically compares the difference between male and female median earnings expressed as a percentage of male earnings and may include, (i) statistics and rationale explanation pertaining to changes in the size of the gap, (ii) recommended actions, and (iii) information on whether greater oversight is needed over certain aspects of the company's compensation policies. In the U.S., we are generally supportive of proposals to require companies to make similar assessments and disclosure related to the pay disparity between different gender and ethnic/racial groups. Shareholder requests to place a limit on a global median ethnic/racial pay gap will be assessed based on the cultural and the legal context of markets to which the company is exposed.

The SEC requires US issuers with fiscal years ending on or after January 1, 2017, to contrast CEO pay with median employee pay. This requirement, however, does not specifically address gender pay equity issues in such pay disparity reports.

Accordingly, we will generally support proposals requiring gender pay metrics, taking into account the specific metrics and scope of the information requested and whether the SEC's requirement renders the proposal unnecessary.

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**4.** **CONFLICTS OF INTEREST** 

**4.1** **INTRODUCTION** 

As a fiduciary, we always must act in our clients' best interests. We strive to avoid even the appearance of a conflict that may compromise the trust our clients have placed in us, and we insist on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. We have adopted a comprehensive Code of Business Conduct and Ethics ("**Code**") to help us meet these obligations. As part of this responsibility and as expressed throughout the Code, we place the interests of our clients first and attempt to avoid any perceived or actual conflicts of interest.

AB recognizes that potentially material conflicts of interest arise when we engage with a company or vote a proxy solicited by an issuer that sponsors a retirement plan we manage (or administer), that distributes AB-sponsored mutual funds, or with which AB or one or more of our employees have another business or personal relationship, and that such conflicts could affect how we vote on the issuer's proxy. Similarly, potentially material conflicts of interest arise when engaging with and deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. In order to address any perceived or actual conflict of interest, the procedures set forth below in sections 4.2 through 4.8 have been established for use when we encounter a potential conflict to ensure that our engagement activities and voting decisions are in our clients' best interest consistent with our fiduciary duties and seek to maximize shareholder value.

**4.2** **ADHERENCE TO STATED PROXY VOTING POLICIES** 

Votes generally are cast in accordance with this Policy<sup>4</sup>. In situations where our Policy involves a case-by-case assessment, the following sections provide criteria that will guide our decision. In situations where our Policy on a particular issue involves a case-by-case assessment and the vote cannot be clearly decided by an application of our stated Policy, a member of the Committee or his/her designee will make the voting decision in accordance with the basic principle of our Policy to vote proxies with the intention of maximizing the value of the securities in our client accounts. In these situations, the voting rationale must be documented either on the voting platform of our proxy services vendor, by retaining relevant emails or another appropriate method. Where appropriate, the views of investment professionals are considered. All votes cast contrary to our stated voting Policy on specific issues must be documented. If a proxy vote involves a potential conflict of interest, the voting decision will be determined in accordance with the processes outlined in section 4.5 of the Policy. On an annual basis, the Committee will receive and review a report of all such votes so as to confirm adherence with the Policy.

**4.3** **DISCLOSURE OF CONFLICTS** 

When considering a proxy proposal, members of the Committee or investment professionals involved in the decision- making process must disclose to the Committee any potential conflict (including personal relationships) of which they are aware and any substantive contact that they have had with any interested outside party (including the issuer or shareholder group sponsoring a proposal) regarding the proposal. Any previously unknown conflict will be recorded on the Potential Conflicts List (discussed below). If a member of the Committee has a material conflict of interest, he or she generally must recuse himself or herself from the decision-making process.

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<sup>4</sup> From time to time a client may request that we vote their proxies consistent with AFL-CIO guidelines or the policy of the National Association of Pension Funds. In those situations, AB reserves the right to depart from those policies if we believe it to be in the client's best interests. 

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**4.4** **POTENTIAL CONFLICTS LIST** 

No less frequently than annually, a list of companies and organizations whose engagement and proxies may pose potential conflicts of interest is compiled by the Legal and Compliance Department (the "**Potential Conflicts List**"). The Potential Conflicts List generally includes:

• Publicly traded clients of AB;

• Publicly traded companies that distribute AB mutual funds;

• Bernstein private clients who are directors, officers, or 10% shareholders of publicly traded companies;

• Publicly traded companies that are sell-side clients of our affiliated broker-dealer, SCB&Co.;

• Companies where an employee of AB or Equitable Holdings, Inc., the parent company of AB, has identified an interest;

• Publicly traded affiliated companies;

• Clients who sponsor, publicly support or have material interest in a proposal upon which we will be eligible to vote;

• Publicly traded companies targeted by the AFL-CIO for engagement and voting; and

• Any other company subject to a material conflict of which a Committee member becomes aware<sup>5</sup>.

We determine our votes for all meetings of companies that may present a conflict by applying the processes described in Section 4.5 below. We document all instances when the Conflicts Officer determines our vote.

**4.5** **DETERMINE EXISTENCE OF CONFLICT OF INTEREST** 

When we encounter a potential conflict of interest, we review our proposed vote using the following analysis to ensure our voting decision is in the best interest of our clients:

• If our proposed vote is explicitly addressed by and consistent with the Policy, no further review is necessary.

• If our proposed vote is contrary to the Policy (i.e., requires a case-by-case assessment or is not covered by the Policy), the vote will be presented to the Conflicts Officer. The Conflicts Officer's review will be documented using a Proxy Voting Conflict of Interest Form (a copy of which is attached hereto). The Conflicts Officer will determine whether the proposed vote is reasonable. If the Conflicts Officer cannot determine that the proposed vote is reasonable, the Conflicts Officer may instruct AB to refer the votes back to the client(s) or take other actions as the Conflicts Officer deems appropriate in light of the facts and circumstances of the particular potential conflict. The Conflicts Officer may take or recommend that AB take the following steps:

• Recuse or "wall-off" certain personnel from the proxy voting process;

• Confirm whether AB's proposed vote is consistent with the voting recommendations of our proxy research services vendor; or

• Take other actions as the Conflicts Officer deems appropriate.

**4.6** **REVIEW OF THIRD-PARTY PROXY SERVICE VENDORS** 

AB engages one or more Proxy Service Vendors to provide voting recommendations and voting execution services. From time to time, AB will evaluate each Proxy Service Vendor's services to assess that they are

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<sup>5</sup> The Committee must notify the Legal and Compliance Department promptly of any previously unknown conflict.

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consistent with this Policy and the best interest of our clients. This evaluation may include: (i) a review of pre-populated votes on the Proxy Service Vendor's electronic voting platform before such votes are cast, and (ii) a review of policies that address the consideration of additional information that becomes available regarding a proposal before the vote is cast. AB will also periodically review whether Proxy Service Vendors have the capacity and competency to adequately analyze proxy issues and provide the necessary services to AB. AB will consider, among other things, the adequacy and quality of the Proxy Service Vendor's staffing, personnel and/or technology, as well as whether the Proxy Service Vendor has adequate disclosures regarding its methodologies in formulating voting recommendations. If applicable, we will also review whether any potential factual errors, incompleteness or methodological weaknesses materially affected the Proxy Service Vendor's services and the effectiveness of the Proxy Service Vendor's procedures for obtaining current and accurate information relevant to matters included in its research.

The Committee also takes reasonable steps to review the Proxy Service Vendor's policies and procedures addressing conflicts of interest and verify that the Proxy Service Vendor(s) to which we have a full- level subscription is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing each Proxy Service Vendor's conflict management procedures on an annual basis. When reviewing these conflict management procedures, we will consider, among other things, (i) whether the Proxy Service Vendor has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest; and (ii) whether the Proxy Service Vendor provides adequate disclosure of actual and potential conflicts of interest with respect to the services provided to AB by the Proxy Service Vendor and (iii) whether the Proxy Service Vendor's policies and procedures utilize technology in delivering conflicts disclosure; and (iv) can offer research in an impartial manner and in the best interests of our clients.

**4.7** **CONFIDENTIAL VOTING** 

It is AB's policy to support confidentiality before the actual vote has been cast. Employees are prohibited from revealing how we intend to vote except to (i) members of the Committee; (ii) Portfolio Managers who hold the security in their managed accounts; (iii) the Research Analyst(s) who cover(s) the security; (iv) clients, upon request, for the securities held in their portfolios; (v) clients who do not hold the security or for whom AB does not have proxy voting authority, but who provide AB with a signed a Non-Disclosure Agreement; or (vi) declare our stance on an ESG related shareholder proposal(s) that is (are) deemed material for the issuer's business for generating long-term value in our clients' best interests. Once the votes have been cast for our mutual fund clients, they are made public in accordance with mutual fund proxy vote disclosures required by the SEC, and we generally post all votes to our public website one business day after the meeting date.

We may participate in proxy surveys conducted by shareholder groups or consultants so long as such participation does not compromise our confidential voting policy. Specifically, prior to our required SEC disclosures each year, we may respond to surveys asking about our proxy voting policies, but not any specific votes. After our mutual fund proxy vote disclosures required by the SEC each year have been made public and/or votes have been posted to our public website, we may respond to surveys that cover specific votes in addition to our voting policies.

On occasion, clients for whom we do not have proxy voting authority may ask us how AB's Policy would be implemented. A member of the Committee or one or more members of Responsibility team may provide the results of a potential implementation of the AB policy to the client's account subject to an understanding with the client that the implementation shall remain confidential.

Any substantive contact regarding proxy issues from the issuer, the issuer's agent or a shareholder group sponsoring a proposal must be reported to the Committee if such contact was material to a decision to vote contrary to this Policy. Routine administrative inquiries from proxy solicitors need not be reported.

PROXY VOTING AND GOVERNANCE POLICY 27

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**4.8** **A NOTE REGARDING AB'S STRUCTURE** 

AB and AllianceBernstein Holding L.P. ("**AB Holding**") are Delaware limited partnerships. As limited partnerships, neither company is required to produce an annual proxy statement or hold an annual shareholder meeting. In addition, the general partner of AB and AB Holding, AllianceBernstein Corporation is an indirect wholly owned subsidiary of Equitable Holdings, Inc.

As a result, most of the positions we express in this Proxy Voting Policy are inapplicable to our business. For example, although units in AB Holding are publicly traded on the New York Stock Exchange ("**NYSE**"), the NYSE Listed Company Manual exempts limited partnerships and controlled companies from compliance with various listing requirements, including the requirement that our board have a majority of independent directors.

**5.** **VOTING TRANSPARENCY** 

We publish our voting records on our **website** one business day after the shareholder meeting date for each issuer company. Many clients have requested that we provide them with periodic reports on how we voted their proxies. Clients may obtain information about how we voted proxies on their behalf by contacting their Advisor.

**6.** **RECORDKEEPING** 

All of the records referenced below will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six (6) years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six (6) or more years. If the local regulation requires that records are kept for more than six (6) or more years, we will comply with the local regulation.<sup>6</sup> We maintain the vast majority of these records electronically.

**6.1** **PROXY VOTING AND GOVERNANCE POLICY** 

The Policy shall be maintained in the Legal and Compliance Department and posted on our company intranet and on the **AB website**.

**6.2** **PROXY STATEMENTS RECEIVED REGARDING CLIENT SECURITIES** 

For US Securities<sup>5</sup>, AB relies on the SEC to maintain copies of each proxy statement we receive regarding client securities. For Non-US Securities, we rely on ISS, our proxy voting agent, to retain such proxy statements.

**6.3** **RECORDS OF VOTES CAST ON BEHALF OF CLIENTS** 

Records of votes cast by AB are retained electronically by our proxy research service vendor.

**6.4** **PRE-DISCLOSURE OF VOTE INTENTIONS ON SELECT PROPOSALS** 

As part of our engagement and stewardship efforts, AB publishes our vote intentions on certain proposals in advance of select shareholder meetings, with an emphasis on issuers where our discretionary managed accounts have significant economic exposure. The selected proposals are chosen because they impact a range of key topics where AB may have expressed our viewpoints publicly, through prior engagement or proxy voting. We do not pre-disclose our vote intentions on mergers and acquisition activity. The published vote intentions are available on our **RI webpage.**

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<sup>6</sup> US securities are defined as securities of issuers required to make reports pursuant to §12 of the Securities Exchange Act of 1934, as amended. Non-US securities are defined as all other securities.

PROXY VOTING AND GOVERNANCE POLICY 28

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**6.5** **RECORDS OF CLIENTS REQUESTS FOR PROXY VOTING INFORMATION** 

Copies of written requests from clients for information on how AB voted their proxies shall be maintained by the Legal and Compliance Department. Responses to written and oral requests for information on how we voted clients' proxies will be kept in the Client Group.

**6.6** **DOCUMENTS PREPARED BY AB THAT ARE MATERIAL TO VOTING DECISIONS** 

The Committee is responsible for maintaining documents prepared by the Committee or any AB employee that were material to a voting decision. Therefore, where an investment professional's opinion is essential to the voting decision, the recommendation from investment professionals must be made in writing to a member of Responsibility team.

**7.** **PROXY VOTING PROCEDURES** 

**7.1** **VOTE ADMINISTRATION** 

In an effort to increase the efficiency of voting proxies, AB currently uses ISS to submit votes electronically for our clients' holdings globally.

Issuers initially send proxy information to the custodians of our client accounts. We instruct these custodian banks to direct proxy related materials to ISS's offices. ISS provides us with research related to each resolution and pre-populates certain ballots based on the guidelines contained in this Policy. Members of Responsibility team assess the proposals via ISS's web platform, ProxyExchange, and submit all votes electronically. ISS then returns the proxy ballot forms to the designated returnee for tabulation. In addition, AB's proxy votes are double-checked in a two-tiered approach. Votes for significant holdings, as defined by our stake, are reviewed real-time by an offshore team to verify that the executed votes are in-line with our Policy. Votes outside of the significant holdings universe are sampled and reviewed on a monthly basis by the members of Responsibility team to ensure their compliance with our Policy.

If necessary, any paper ballots we receive will be voted online using ProxyVote or via mail or fax.

**7.2** **SHARE BLOCKING AND ABSTAINING FROM VOTING CLIENT SECURITIES** 

Proxy voting in certain countries requires "share blocking." Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian banks. We may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during this period. In cases where we want to retain the ability to trade shares, we may determine to not vote those shares.

We seek to vote all proxies for securities held in client accounts for which we have proxy voting authority. However, in some markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, we may receive meeting notices after the cut-off date for voting or without enough time to fully consider the proxy. Similarly, proxy materials for some issuers may not contain disclosure sufficient to arrive at a voting decision, in which cases we may abstain from voting. Some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing our voting instructions.

AB will abstain from voting (which generally requires submission of a proxy voting card) or affirmatively decide not to vote if AB determines that abstaining or not voting would be in the applicable client's best interest. In making such a determination, AB will consider various factors, including, but not limited to: (i) the costs associated with exercising the proxy (e.g., translation or travel costs); (ii) any legal restrictions on trading

PROXY VOTING AND GOVERNANCE POLICY 29

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resulting from the exercise of a proxy (e.g., share-blocking jurisdictions); (iii) whether AB's clients have sold the underlying securities since the record date for the proxy; and (iv) whether casting a vote would not reasonably be expected to have a material effect on the value of the client's investment.

**7.3** **LOANED SECURITIES** 

Many of our clients have entered into securities lending arrangements with agent lenders to generate additional revenue. We will not be able to vote securities that are on loan under these types of arrangements. However, for AB managed funds, the agent lenders have standing instructions to recall all securities on loan systematically in a timely manner on a best effort basis in order for AB to vote the proxies on those previously loaned shares.

If you have questions or desire additional information about this Policy, please contact ProxyTeam@alliancebernstein.com**.** 

#### PROXY VOTING GUIDELINE SUMMARY

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Shareholder**<br> **Proposal** | **Board and Director Proposals** | **For** | **Against** | **Case-by-<br>Case** |
|  | Board Diversity |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Establish New Board Committees and Elect Board Members with Specific Expertise |  |  | + |
|  | Changes in Board Structure and Amending the Articles of Incorporation | + |  |  |
|  | Classified Boards |  | + |  |
|  | Director Liability and Indemnification |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Disclose CEO Succession Plan | + |  |  |
|  | Election of Directors | + |  |  |
|  | Controlled Company Exemption |  |  | + |
|  | Voting for Director Nominees in a Contested Election |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Independent Lead Director | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Limit Term of Directorship |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Majority of Independent Directors | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Majority of Independent Directors on Key Committees | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Majority Votes for Directors | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Removal of Directors Without Cause | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Require Independent Board Chairman |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Require Two Candidates for Each Board Seat |  | + |  |
|  | Cross-Shareholding (Japan) |  | + |  |
|  | **Compensation Proposals** |  |  |  |
| &nbsp;&nbsp;&nbsp;+ | Elimination of Single Trigger Change-in-Control Agreements | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Pro Rata Vesting of Equity Compensation Awards-Change of Control |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Adopt Policies to Prohibit any Death Benefits to Senior Executives |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Advisory Vote to Ratify Directors' Compensation | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Amend Executive Compensation Plan Tied to Performance (Bonus Banking) |  | + |  |
|  | Approve Remuneration for Directors and Auditors |  |  | + |
|  | Approve Remuneration Reports |  |  | + |
|  | Approve Retirement Bonuses for Directors (Japan and South Korea) |  |  | + |
|  | Approve Special Payments to Continuing Directors and Auditors (Japan) |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Disclose Executive and Director Pay |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Exclude Pension Income from Performance-Based Compensation | + |  |  |
|  | Executive and Employee Compensation Plans |  |  | + |

---

PROXY VOTING AND GOVERNANCE POLICY 30

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Shareholder**<br> **Proposal** | **Board and Director Proposals** | **For** | **Against** | **Case-by-<br>Case** |
| &nbsp;&nbsp;&nbsp;+ | Limit Dividend Payments to Executives |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Limit Executive Pay |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Mandatory Holding Periods |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Performance-Based Stock Option Plans |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Prohibit Relocation Benefits to Senior Executives |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Recovery of Performance-Based Compensation | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Submit Golden Parachutes/Severance Plans to a Shareholder Vote |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Submit Golden Parachutes/Severance Plans to a Shareholder Vote prior to their being Negotiated by Management |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Submit Survivor Benefit Compensation Plans to a Shareholder Vote | + |  |  |
|  | **Capital Changes and Anti-Take Over Proposals** |  |  |  |
| &nbsp;&nbsp;&nbsp;+ | Amend Exclusive Forum Bylaw |  | + |  |
|  | Amend Net Operating Loss ("NOL") Rights Plans | + |  |  |
|  | Authorize Share Repurchase | + |  |  |
|  | Blank Check Preferred Stock |  | + |  |
|  | Corporate Restructurings, Merger Proposals and Spin-Offs |  |  | + |
|  | Elimination of Preemptive Rights |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Expensing Stock Options | + |  |  |
|  | Fair Price Provisions |  |  | + |
|  | Increase Authorized Common Stock |  |  | + |
|  | Issuance of Equity without Preemptive Rights | + |  |  |
|  | Issuance of Stock with Unequal Voting Rights |  |  | + |
|  | Net Long Position Requirement | + |  |  |
|  | Reincorporation |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Reincorporation to Another jurisdiction to Permit Majority Voting or Other Changes in Corporate Governance |  |  | + |
|  | Stock Splits | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Submit Company's Shareholder Rights Plan to a Shareholder Vote | + |  |  |
|  | Transferrable Stock Options |  |  | + |
|  | **Auditor Proposals** |  |  |  |
|  | Appointment of Auditors | + |  |  |
|  | Approval of Financial Statements | + |  |  |
|  | Approval of Internal Statutory Auditors | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Limit Compensation Consultant Services |  | + |  |
|  | Limitation of Liability of External Statutory Auditors (Japan) |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Separating Auditors and Consultants |  |  | + |
|  | **Shareholder Access & Voting Proposals** |  |  |  |
| &nbsp;&nbsp;&nbsp;+ | A Shareholder's Right to Call Special Meetings | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Adopt Cumulative Voting |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Adopt Cumulative Voting in Dual Shareholder Class Structures | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Early Disclosure of Voting Results |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Implement Confidential Voting | + |  |  |
|  | Limiting a Shareholder's Right to Call Special Meetings |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Permit a Shareholder's Right to Act by Written Consent |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Proxy Access for Annual Meetings | + |  |  |
|  | Reduce Meeting Notification from 21 Days to 14 Days (UK) | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Rotation of Locale for Annual Meeting |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Shareholder Proponent Engagement Process | + |  |  |
|  | Supermajority Vote Requirements |  | + |  |

---

PROXY VOTING AND GOVERNANCE POLICY 31

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Shareholder**<br> **Proposal** | **Board and Director Proposals** | **For** | **Against** | **Case-by-<br>Case** |
|  | **Environmental & Social, Disclosure Proposals** |  |  |  |
| &nbsp;&nbsp;&nbsp;+ | Animal Welfare |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Climate Change |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Say on Climate |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Charitable Contributions |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Environmental Proposals |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Genetically Altered or Engineered Food and Pesticides |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Health Proposals |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Pharmaceutical Pricing (US) |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Human Rights Policies and Reports |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Include Sustainability as a Performance Measure (SHP) |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Lobbying and Political Spending | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Other Business |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Reimbursement of Shareholder Expenses |  | + |  |
| &nbsp;&nbsp;&nbsp;+ | Sustainability Report |  |  | + |
| &nbsp;&nbsp;&nbsp;+ | Workplace: Diversity | + |  |  |
| &nbsp;&nbsp;&nbsp;+ | Workplace: Pay Disparity |  |  | + |

---

PROXY VOTING AND GOVERNANCE POLICY 32

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#### PROXY VOTING CONFLICT OF INTEREST FORM
Name of Security   <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Date of Shareholder Meeting    

&nbsp;&nbsp;&nbsp;**Short Description of the conflict (client, mutual fund distributor, etc.):**

---

| | |
|:---|:---|
| 1. Is our proposed vote on all issues explicitly addressed by, and consistent with our stated proxy voting policy? | ☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If yes, stop here and sign below as no further review is necessary. |  |
| 2. Is our proposed vote on consistent with our client's recommended vote? | ☐ Yes ☐ No |
| Leave blank if not applicable; if yes, continue to question 3; if no, provide a memo<br>reflecting the guidelines provided below. |  |
| 3. Is our proposed vote consistent with the views of Institutional Shareholder Services? | ☐ Yes ☐ No |
| Leave blank if not applicable. |  |

---

Please attach a memo containing the following information and documentation supporting the proxy voting decision:

• A list of the issue(s) where our proposed vote is contrary to our stated Policy (director election, cumulative voting, compensation)

• A description of any substantive contact with any interested outside party and a proxy voting and governance committee or an AB investment professional that was material to our voting decision. Please include date, attendees, titles, organization they represent and topics discussed. If there was no such contact, please note as such.

• If the Independent Compliance Officer has NOT determined that the proposed vote is reasonable, please explain and indicate what action has been, or will be taken.

---

| | |
|:---|:---|
| **AB Conflicts Officer Approval (if necessary. Email approval is acceptable.):** | Prepared by: |
| I hereby confirm that the proxy voting decision referenced on this form is reasonable. |  |
| | Print Name: |
| AB Conflicts Officer | Date: |
| Date: |  |

---

**Please return this completed form and all supporting documentation to the Conflicts Officer in the Legal and Compliance Department and keep a copy for your records.** 

PROXY VOTING AND GOVERNANCE POLICY 33

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**PART C: OTHER INFORMATION**

**Item 28. Exhibits** 

---

| | |
|:---|:---|
| (a)(1) | [<u>Third Amended and Restated Agreement and Declaration of Trust</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522287338/d416002dex991a.htm).<sup>72</sup> <br>|
| (a)(2) | [<u>Certificate of Trust.</u>](http://www.sec.gov/Archives/edgar/data/1027263/0000950136-96-001165.txt)<sup>1</sup> <br>|
| (a)(2)(i) | [<u>Certificate of Amendment to the Certificate of Trust.</u>](http://www.sec.gov/Archives/edgar/data/1027263/0000950136-97-000061.txt)<sup>2</sup> <br>|
| (b) | [<u>Fourth Amended and Restated By-Laws</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522287338/d416002dex992.htm).<sup>72</sup> <br>|
| (c) | None, other than Exhibits (a)(1) and (b). |
| (d) | Investment Advisory Contracts |
| (d)(1) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Investment Advisory Agreement dated as of July 16, 2020, between EQ Advisors Trust (the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ai.htm)<br> [<u>"Trust") and Equitable Investment Management Group, LLC ("EIM").</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ai.htm)<sup>63</sup> <br>|
| (d)(1)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated February 1, 2021, to the Amended and Restated Investment Advisory Agreement dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aii.htm)<br> [<u>July 16, 2020 between the Trust and EIM.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aii.htm)<sup>63</sup> <br>|
| (d)(1)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated February 26, 2021, to the Amended and Restated Investment Advisory Agreement dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d1ii.htm)<br> [<u>July 16, 2020 between the Trust and EIM.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d1ii.htm)<sup>65</sup> <br>|
| (d)(1)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated June 23, 2021, to the Amended and Restated Investment Advisory Agreement dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d1iii.htm)<br> [<u>July 16, 2020 between the Trust and EIM.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d1iii.htm)<sup>66</sup> <br>|
| (d)(1)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated July 22, 2021, to the Amended and Restated Investment Advisory Agreement dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d1iv.htm)<br> [<u>July 16, 2020 between the Trust and EIM.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d1iv.htm)<sup>67</sup> <br>|
| (d)(1)(v) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 5 dated October 1, 2021, to the Amended and Restated Investment Advisory Agreement dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521352702/d594189dex99d1v.htm)<br> [<u>July 16, 2020 between the Trust and EIM.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521352702/d594189dex99d1v.htm)<sup>68</sup> <br>|
| (d)(1)(vi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 dated January 13, 2022 to the Amended and Restated Investment Advisory Agreement dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312522029634/d290937dex99d1vi.htm)<br> [<u>July 16, 2020 between the Trust and EIM.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312522029634/d290937dex99d1vi.htm)<sup>69</sup> <br>|
| (d)(1)(vii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 10 dated March 16, 2023, to the Amended and Restated Investment Advisory Agreement dated as of</u>](d434904dex99d1vii.htm)<br> [<u>July 16, 2020 between the Trust and EIM. (filed herewith)</u>](d434904dex99d1vii.htm)<br>|
| (d)(2)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and T. Rowe Price Associates, Inc. ("T. Rowe Price") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aiii.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aiii.htm)<sup>63</sup> <br>|
| (d)(3)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Massachusetts Financial Services Company (doing business as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aiva.htm)<br> [<u>MFS Investment Management) ("MFS") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aiva.htm)<sup>63</sup> <br>|
| (d)(3)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated January 1, 2021, to the Investment Sub-Advisory Agreement between EIM and MFS dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d3ii.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d3ii.htm)<sup>62</sup> <br>|
| (d)(4)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Morgan Stanley Investment Management Inc. ("MSIM") dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996av.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996av.htm)<sup>63</sup> <br>|
| (d)(4)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Sub-Advisory Agreement between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d4ii.htm)<br> [<u>Management Company dated July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d4ii.htm)<sup>65</sup> <br>|
| (d)(5)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and J.P. Morgan Investment Management, Inc. ("J.P. Morgan")</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996avi.htm)<br> [<u>dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996avi.htm)<sup>63</sup> <br>|
| (d)(6)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and AllianceBernstein L.P. ("AllianceBernstein") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aviia.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aviia.htm)<sup>63</sup> <br>|
| (d)(6)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated December 1, 2020, to the Investment Sub-Advisory Agreement between EIM and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d6ii.htm)<br> [<u>AllianceBernstein dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d6ii.htm)<sup>62</sup> <br>|
| (d)(6)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated July 30, 2021, to the Investment Sub-Advisory Agreement between EIM and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d6iii.htm)<br> [<u>AllianceBernstein dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d6iii.htm)<sup>67</sup> <br>|
| (d)(6)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 effective as of February 15, 2022, to the Investment Sub-Advisory Agreement between EIM and</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d6iv.htm)<br> [<u>AllianceBernstein dated as of July 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d6iv.htm)<sup>71</sup> <br>|

---

------

---

| | |
|:---|:---|
| (d)(6)(v) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 effective as of March 1, 2022, to the Investment Sub-Advisory Agreement between EIM and</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d6v.htm)<br> [<u>AllianceBernstein dated as of July 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d6v.htm)<sup>71</sup> <br>|
| (d)(6)(vi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 effective as of April 3, 2023, to the Investment Sub-Advisory Agreement between EIM and</u>](d434904dex99d6vi.htm)<br> [<u>AllianceBernstein dated as of July 16, 2020. (filed herewith)</u>](d434904dex99d6vi.htm)<br>|
| (d)(7)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Capital International, Inc. ("Capital International") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aviii.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aviii.htm)<sup>63</sup> <br>|
| (d)(8)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Pacific Investment Management Company, LLC ("PIMCO")</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aix.htm)<br> [<u>dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996aix.htm)<sup>63</sup> <br>|
| (d)(8)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 effective as of March 21, 2022, to the Investment Sub-Advisory Agreement between EIM and</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d8ii.htm)<br> [<u>PIMCO dated as of July 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d8ii.htm)<sup>71</sup> <br>|
| (d)(9)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Wellington Management Company, LLP ("Wellington") dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ax.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ax.htm)<sup>63</sup> <br>|
| (d)(10)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and GAMCO Asset Management, Inc. ("GAMCO") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axi.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axi.htm)<sup>63</sup> <br>|
| (d)(10)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 effective as of March 1, 2022, to the Investment Sub-Advisory Agreement between EIM and</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d10ii.htm)<br> [<u>GAMCO dated as of July 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d10ii.htm)<sup>71</sup> <br>|
| (d)(11)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and SSgA Funds Management, Inc. ("SSgA FM") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axii.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axii.htm)<sup>63</sup> <br>|
| (d)(11)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated June 23, 2021, to the Investment Sub-Advisory Agreement between EIM and SSgA FM dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d11ii.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d11ii.htm)<sup>66</sup> <br>|
| (d)(12)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Lord Abbett & Co. LLC ("Lord Abbett") dated as of August 1,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axiv.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axiv.htm)<sup>63</sup> <br>|
| (d)(13)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and BNY Mellon Investment Adviser, Inc. ("BNY Mellon") dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axv.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axv.htm)<sup>63</sup> <br>|
| (d)(14)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Franklin Mutual Advisers, LLC ("Franklin Mutual") dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axvi.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996axvi.htm)<sup>63</sup> <br>|
| (d)(14)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated June 18, 2021, to the Investment Sub-Advisory between EIM and Franklin Mutual dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d14ii.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d14ii.htm)<sup>67</sup> <br>|
| (d)(15)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Franklin Advisers, Inc. ("Franklin Advisers") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996bi.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996bi.htm)<sup>63</sup> <br>|
| (d)(15)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated June 18, 2021, to the Investment Sub-Advisory Agreement between EIM and Franklin</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d16ii.htm)<br> [<u>Advisers dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d16ii.htm)<sup>66</sup> <br>|
| (d)(16)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Investment Sub-Advisory Agreement between EIM and Franklin Advisers dated August 7,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d16i.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99d16i.htm)<sup>67</sup> <br>|
| (d)(17)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and BlackRock Investment Management, LLC ("BlackRock</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996biia.htm)<br> [<u>Investment") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996biia.htm)<sup>63</sup> <br>|
| (d)(17)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated February 1, 2021, to the Investment Sub-Advisory Agreement between EIM and BlackRock</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d17ii.htm)<br> [<u>Investment dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d17ii.htm)<sup>65</sup> <br>|
| (d)(17)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated June 18, 2021, to the Investment Sub-Advisory Agreement between EIM and BlackRock</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d17iii.htm)<br> [<u>Investment dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d17iii.htm)<sup>66</sup> <br>|
| (d)(18)(i) | [<u>Investment Sub-Advisory Agreement between EIM and Invesco Advisers, Inc. ("Invesco") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d18ii.htm)<sup>63</sup> <br>|
| (d)(18)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated May 1, 2021, to the Investment Sub-Advisory Agreement between EIM and Invesco dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d18ii.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d18ii.htm)<sup>65</sup> <br>|
| (d)(18)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Sub-Advisory Agreement among Invesco Advisers, Inc. and Invesco Asset Management Limited dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d18iii.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99d18iii.htm)<sup>65</sup> <br>|

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------

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| |
|:---|
| (d)(19)(i) |
| (d)(20)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and EARNEST Partners, LLC ("Earnest") dated as of July 16,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ci.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ci.htm)<sup>63</sup> <br>|
| (d)(21)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and AXA Investment Managers US Inc. (formerly AXA Investment</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996cii.htm)<br> [<u>Managers, Inc.) ("AXA IM") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996cii.htm)<sup>63</sup> <br>|
| (d)(21)(ii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated April 12, 2021, to the Investment Sub-Advisory Agreement between EIM and AXA IM dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d21ii.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d21ii.htm)<sup>62</sup> <br>|
| (d)(21)(iii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated April 30, 2021, to the Investment Sub-Advisory Agreement between EIM and AXA IM dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d21iii.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d21iii.htm)<sup>66</sup> <br>|
| (d)(21)(iv)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 effective as of January 1, 2022, to the Investment Sub-Advisory Agreement between EIM and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312522029634/d290937dex99d21iv.htm)<br> [<u>IM dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312522029634/d290937dex99d21iv.htm)<sup>69</sup> <br>|
| (d)(21)(v)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 effective as of March 21, 2022, to the Investment Sub-Advisory Agreement between EIM and AXA</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d21v.htm)<br> [<u>IM dated as of July 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d21v.htm)<sup>71</sup> <br>|
| (d)(22)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Diamond Hill Capital Management, Inc. ("Diamond Hill")</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996cvi.htm)<br> [<u>dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996cvi.htm)<sup>63</sup> <br>|
| (d)(23)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and BlackRock Financial Management, Inc. ("BlackRock</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996diii.htm)<br> [<u>Financial"), dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996diii.htm)<sup>63</sup> <br>|
| (d)(24)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and ClearBridge Investments LLC ("ClearBridge") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996div.htm)<br> [<u>July 31, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996div.htm)<sup>63</sup> <br>|
| (d)(24)(ii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 effective March 21, 2022, to the Investment Sub-Advisory Agreement between EIM and</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d25ii.htm)<br> [<u>ClearBridge dated as of July 31, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99d25ii.htm)<sup>71</sup> <br>|
| (d)(25)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Horizon Kinetics Asset Management, LLC ("Horizon</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996dv.htm)<br> [<u>Kinetics") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996dv.htm)<sup>63</sup> <br>|
| (d)(26)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Westfield Capital Management Company ("Westfield") dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ei.htm)<br> [<u>as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996ei.htm)<sup>63</sup> <br>|
| (d)(27)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Post Advisory Group, LLC ("Post") dated as of July 16,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996eii.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996eii.htm)<sup>63</sup> <br>|
| (d)(28)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and DoubleLine Capital L.P. ("DoubleLine"), dated as of July 16,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996eiii.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996eiii.htm)<sup>63</sup> <br>|
| (d)(29)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Goldman Sachs Asset Management, L.P. ("Goldman") dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996fi.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996fi.htm)<sup>63</sup> <br>|
| (d)(30)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Loomis, Sayles & Company, L.P. ("Loomis") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996fii.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996fii.htm)<sup>63</sup> <br>|
| (d)(30)(ii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated April 12, 2021, to the Investment Sub-Advisory Agreement between EIM and Loomis dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d33ii.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d33ii.htm)<sup>62</sup> <br>|
| (d)(30)(iii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated April 30, 2021, to the Investment Sub-Advisory Agreement between EIM and Loomis dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d33iii.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99d33iii.htm)<sup>66</sup> <br>|
| (d)(31)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Federated Global Investment Management Corp. ("Federated")</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996gi.htm)<br> [<u>dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996gi.htm)<sup>63</sup> <br>|
| (d)(32)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Vaughan Nelson Investment Management ("Vaughan Nelson")</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hi.htm)<br> [<u>dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hi.htm)<sup>63</sup> <br>|
| (d)(33)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and HS Management Partners, LLC ("HS Management") dated as</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hii.htm)<br> [<u>of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hii.htm)<sup>63</sup> <br>|
| (d)(34)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Polen Capital Management, LLC ("Polen Capital") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hiii.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hiii.htm)<sup>63</sup> <br>|

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| | |
|:---|:---|
| (d)(35)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Janus Capital Management LLC ("Janus Capital") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hv.htm)<br> [<u>July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hv.htm)<sup>63</sup> <br>|
| (d)(36)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hvi.htm)<br> [<u>Hanley") dated as of November 17, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hvi.htm)<sup>63</sup> <br>|
| (d)(37)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and American Century Investment Management, Inc. ("American</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hvii.htm)<br> [<u>Century") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hvii.htm)<sup>63</sup> <br>|
| (d)(38)(i) | [<u>Investment Sub-Advisory Agreement between EIM and FIAM LLC ("FIAM") dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hviii.htm)<sup>63</sup> <br>|
| (d)(39)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Lazard Asset Management LLC ("Lazard") dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hix.htm)<br> [<u>August 1, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996hix.htm)<sup>63</sup> <br>|
| (d)(40)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and 1832 Asset Management U.S. Inc. ("1832 Asset Management")</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996iii.htm)<br> [<u>dated as of July 16, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996iii.htm)<sup>63</sup> <br>|
| (d)(41)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and GQG Partners LLC ("GQG Partners") dated as of July 1,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996iiii.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex996iiii.htm)<sup>63</sup> <br>|
| (d)(42)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement between EIM and Aristotle Capital Management, LLC ("Aristotle") dated</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d49i.htm)<br> [<u>February 1, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99d49i.htm)<sup>62</sup> <br>|
| (e) | Underwriting Contracts |
| (e)(1)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Distribution Agreement between the Trust and Equitable Distributors, LLC ("Equitable Distributors"), dated as of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997ai.htm)<br> [<u>July 16, 2020 with respect to Class IB shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997ai.htm)<sup>63</sup> <br>|
| (e)(1)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated February 1, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997aii.htm)<br> [<u>Equitable Distributors with respect to Class IB shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997aii.htm)<sup>63</sup> <br>|
| (e)(1)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated February 26, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99e1iii.htm)<br> [<u>Equitable Distributors with respect to Class IB Shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99e1iii.htm)<sup>65</sup> <br>|
| (e)(1)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated July 22, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99e1iv.htm)<br> [<u>Equitable Distributors with respect to Class IB shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99e1iv.htm)<sup>67</sup> <br>|
| (e)(1)(v) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated as of January 13, 2022, to the Distribution Agreement dated July 16, 2020 between the Trust</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99e1v.htm)<br> [<u>and Equitable Distributors with respect to Class IB shares.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99e1v.htm)<sup>71</sup> <br>|
| (e)(1)(vi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 7 dated as of March 16, 2023, to the Distribution Agreement dated July 16, 2020 between the Trust</u>](d434904dex99e1vi.htm)<br> [<u>and Equitable Distributors with respect to Class IB shares. (filed herewith)</u>](d434904dex99e1vi.htm)<br>|
| (e)(2)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Distribution Agreement between the Trust and Equitable Distributors, dated as of July 16, 2020 with respect to Class K</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997aiii.htm)<br> [<u>shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997aiii.htm)<sup>63</sup> <br>|
| (e)(2)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated February 1, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997aiv.htm)<br> [<u>Equitable Distributors with respect to Class K shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997aiv.htm)<sup>63</sup> <br>|
| (e)(2)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated February 26, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99e2iii.htm)<br> [<u>Equitable Distributors with respect to Class K shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99e2iii.htm)<sup>65</sup> <br>|
| (e)(2)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated July 22, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99e2iv.htm)<br> [<u>Equitable Distributors with respect to Class K shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99e2iv.htm)<sup>67</sup> <br>|
| (e)(2)(v) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated as of January 13, 2022, to the Distribution Agreement dated July 16, 2020 between the Trust</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99e2v.htm)<br> [<u>and Equitable Distributors with respect to Class K shares.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99e2v.htm)<sup>71</sup> <br>|
| (e)(2)(vi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 7 dated as of March 16, 2023, to the Distribution Agreement dated July 16, 2020 between the Trust</u>](d434904dex99e2vi.htm)<br> [<u>and Equitable Distributors with respect to Class K shares. (filed herewith)</u>](d434904dex99e2vi.htm)<br>|
| (e)(3)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Distribution Agreement between the Trust and Equitable Distributors, dated as of July 16, 2020 with respect to Class IA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997av.htm)<br> [<u>shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997av.htm)<sup>63</sup> <br>|
| (e)(3)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated February 1, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997avi.htm)<br> [<u>Equitable Distributors with respect to Class IA shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex997avi.htm)<sup>63</sup> <br>|
| (e)(3)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated February 26, 2021, to the Distribution Agreement dated July 16, 2020 between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99e3iii.htm)<br> [<u>Equitable Distributors with respect to Class IA shares.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99e3iii.htm)<sup>65</sup> <br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (f) | [<u>Form of Deferred Compensation Plan.</u>](http://www.sec.gov/Archives/edgar/data/1027263/0000950136-97-000396.txt)<sup>3</sup> <br>|
| (g) | <u>Custodian Agreements</u> |
| (g)(1)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000095013602000978/file003.txt)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000095013602000978/file003.txt)<sup>5</sup> <br>|
| (g)(1)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated May 2, 2003, to the Amended and Restated Global Custody Agreement between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312504018480/dex99g3ii.txt)<br> [<u>JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312504018480/dex99g3ii.txt)<sup>7</sup> <br>|
| (g)(1)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated July 8, 2004, to the Amended and Restated Global Custody Agreement between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312504172243/dex99g3iii.htm)<br> [<u>JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312504172243/dex99g3iii.htm)<sup>8</sup> <br>|
| (g)(1)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated September 13, 2004, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312504172243/dex99g3iv.htm)<br> [<u>Trust and JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312504172243/dex99g3iv.htm)<sup>8</sup> <br>|
| (g)(1)(v) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated May 1, 2005, to the Amended and Restated Global Custody Agreement between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312505072205/dex99g3v.htm)<br> [<u>JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312505072205/dex99g3v.htm)<sup>10</sup> <br>|
| (g)(1)(vi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 5 dated September 30, 2005, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312505173976/dex99g3vi.htm)<br> [<u>Trust and JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312505173976/dex99g3vi.htm)<sup>11</sup> <br>|
| (g)(1)(vii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 dated August 1, 2006, to the Amended and Restated Global Custody Agreement between the Trust</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507019396/dex99g3vii.htm)<br> [<u>and JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507019396/dex99g3vii.htm)<sup>14</sup> <br>|
| (g)(1)(viii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 7 dated May 1, 2007, to the Amended and Restated Global Custody Agreement between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507093825/dex99g3viii.htm)<br> [<u>JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507093825/dex99g3viii.htm)<sup>15</sup> <br>|
| (g)(1)(ix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 8 dated April 1, 2007, to the Amended and Restated Global Custody Agreement between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507213466/dex99g3ix.htm)<br> [<u>JP Morgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507213466/dex99g3ix.htm)<sup>16</sup> <br>|
| (g)(1)(x) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 9 dated January 1, 2008, to the Amended and Restated Global Custody Agreement between the Trust</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507272165/dex99g3x.htm)<br> [<u>and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312507272165/dex99g3x.htm)<sup>17</sup> <br>|
| (g)(1)(xi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 10 dated May 1, 2008, to the Amended and Restated Global Custody Agreement between the Trust</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509029347/dex99g3xi.htm)<br> [<u>and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509029347/dex99g3xi.htm)<sup>20</sup> <br>|
| (g)(1)(xii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 11 dated July 1, 2008, to the Amended and Restated Global Custody Agreement between the Trust and</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509029347/dex99g3xii.htm)<br> [<u>JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509029347/dex99g3xii.htm)<sup>20</sup> <br>|
| (g)(1)(xiii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 12 dated January 1, 2009, to the Amended and Restated Global Custody Agreement between the Trust</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509055627/dex99g3xiii.htm)<br> [<u>and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509055627/dex99g3xiii.htm)<sup>21</sup> <br>|
| (g)(1)(xiv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 13 dated May 1, 2009, to the Amended and Restated Global Custody Agreement between the Trust</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509079614/dex99g3xiv.htm)<br> [<u>and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312509079614/dex99g3xiv.htm)<sup>22</sup> <br>|
| (g)(1)(xv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 14 dated as of September 29, 2009, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312510009822/dex99g3xv.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312510009822/dex99g3xv.htm)<sup>24</sup> <br>|
| (g)(1)(xvi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 15 dated as of October 1, 2009, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312510009822/dex99g3xvi.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312510009822/dex99g3xvi.htm)<sup>24</sup> <br>|
| (g)(1)(xvii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 16 dated as of August 16, 2010, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511022980/dex99g3xvii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511022980/dex99g3xvii.htm)<sup>27</sup> <br>|
| (g)(1)(xviii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 17 dated as of December 15, 2010, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511022980/dex99g3xviii.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511022980/dex99g3xviii.htm)<sup>27</sup> <br>|
| (g)(1)(xix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 18 dated as of December 7, 2010, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511115421/dex99g3xix.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511115421/dex99g3xix.htm)<sup>28</sup> <br>|
| (g)(1)(xx) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 19 dated as of May 1, 2011, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511224311/dex99g1xx.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511224311/dex99g1xx.htm)<sup>29</sup> <br>|
| (g)(1)(xxi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 20 dated as of July 12, 2011, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511224311/dex99g1xxi.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312511224311/dex99g1xxi.htm)<sup>29</sup> <br>|
| (g)(1)(xxii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 21 dated as of April 30, 2012, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312512181575/d290240dex99g1xxii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312512181575/d290240dex99g1xxii.htm)<sup>34</sup> <br>|

---

------

---

| | |
|:---|:---|
| (g)(1)(xxiii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 22 dated as of June 1, 2013, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99g1xxiii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99g1xxiii.htm)<sup>39</sup> <br>|
| (g)(1)(xxiv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 23 dated as of October 21, 2013, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99g1xxiv.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99g1xxiv.htm)<sup>39</sup> <br>|
| (g)(1)(xxv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 24 dated as of April 4, 2014, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99g1xxv.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99g1xxv.htm)<sup>43</sup> <br>|
| (g)(1)(xxvi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 25 dated as of June 1, 2014, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99g1xxvi.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99g1xxvi.htm)<sup>43</sup> <br>|
| (g)(1)(xxvii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 26 dated as of July 16, 2014, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99g1xxvii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99g1xxvii.htm)<sup>44</sup> <br>|
| (g)(1)(xxviii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 27 dated as of April 30, 2015, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515146907/d791830dex99g1xxviii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515146907/d791830dex99g1xxviii.htm)<sup>46</sup> <br>|
| (g)(1)(xxvix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 28 dated as of December 21, 2015, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99g1xxvix.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99g1xxvix.htm)<sup>48</sup> <br>|
| (g)(1)(xxx) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 29 dated as of December 9, 2016, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99g1xxx.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99g1xxx.htm)<sup>51</sup> <br>|
| (g)(1)(xxxi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 30 dated as of May 1, 2017, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99g1xxxi.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99g1xxxi.htm)<sup>52</sup> <br>|
| (g)(1)(xxxii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 31 dated as of November 1, 2017, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518021654/d454403dex99g1xxxii.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518021654/d454403dex99g1xxxii.htm).<sup>54</sup> <br>|
| (g)(1)(xxxiii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 32 dated as of February 21, 2018, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99g1xxxiii.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99g1xxxiii.htm)<sup>56</sup> <br>|
| (g)(1)(xxxiv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 33 dated as of June 14, 2018, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99g1xxxiv.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99g1xxxiv.htm)<sup>56</sup> <br>|
| (g)(1)(xxxv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 34 dated as of December 6, 2018, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99g1xxxv.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99g1xxxv.htm).<sup>59</sup> <br>|
| (g)(1)(xxxvi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 35 dated as of February 19, 2019, to the Amended and Restated Global Custody Agreement between</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99g1xxxvi.htm)<br> [<u>the Trust and JPMorgan Chase Bank dated February 1, 2002</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99g1xxxvi.htm).<sup>59</sup> <br>|
| (g)(1)(xxxvii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 36 dated as of July 16, 2020, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex999axxxvii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex999axxxvii.htm)<sup>63</sup> <br>|
| (g)(1)(xxxviii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 37 dated as of January 1, 2021, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99g1xxxviii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99g1xxxviii.htm)<sup>66</sup> <br>|
| (g)(1)(xxxix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 38 dated as of April 12, 2021, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99g1xxxix.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521214201/d12600dex99g1xxxix.htm)<sup>66</sup> <br>|
| (g)(1)(xl) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 39 dated as of July 16, 2021, to the Amended and Restated Global Custody Agreement between the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99g1xl.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99g1xl.htm)<sup>67</sup> <br>|
| (g)(1)(xli) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 40 dated as of January 24, 2022, to the Amended and Restated Global Custody Agreement between the</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99g1xli.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99g1xli.htm)<sup>71</sup> <br>|
| (g)(1)(xlii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 43 dated as of March 16, 2023, to the Amended and Restated Global Custody Agreement between the</u>](d434904dex99g1xlii.htm)<br> [<u>Trust and JPMorgan Chase Bank dated February 1, 2002. (filed herewith)</u>](d434904dex99g1xlii.htm)<br>|
| (h) | <u>Other Material Contracts</u> |
| (h)(1)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Mutual Funds Service Agreement dated January 1, 2023, between the Trust, Equitable Investment Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312523025387/d453298dex99h1i.htm)<br> [<u>("Administrator"), Equitable Financial Investment Management, LLC ("EFIM") and EIM</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312523025387/d453298dex99h1i.htm).<sup>73</sup> <br>|
| (h)(1)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated as of March 16, 2023, to the Mutual Funds Service Agreement dated January 1, 2023, between</u>](d434904dex99h1ii.htm)<br> [<u>the Trust, the Administrator, EFIM and EIM. (filed herewith)</u>](d434904dex99h1ii.htm)<br>|
| (h)(2)(i) | [<u>Expense Limitation Agreement dated January 1, 2023, between the Trust, the Administrator and EIM</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312523025387/d453298dex99h2i.htm).<sup>73</sup> <br>|

---

------

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| | |
|:---|:---|
| (h)(2)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated March 16, 2023, to the Expense Limitation Agreement dated January 1, 2023, between the</u>](d434904dex99h2ii.htm)<br> [<u>Trust, the Administrator and EIM. (filed herewith)</u>](d434904dex99h2ii.htm)<br>|
| (h)(4)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Second Amended and Restated Participation Agreement among the Trust, AXA Equitable, EIM and AXA Distributors</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513297460/d562572dex99h4xviii.htm)<br> [<u>dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513297460/d562572dex99h4xviii.htm)<sup>38</sup> <br>|
| (h)(4)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated as of June 4, 2013, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99h4xix.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99h4xix.htm)<sup>39</sup> <br>|
| (h)(4)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated as of October 21, 2013, to the Second Amended and Restated Participation Agreement among</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99h4xx.htm)<br> [<u>the Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513385626/d562572dex99h4xx.htm)<sup>39</sup> <br>|
| (h)(4)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated as of April 4, 2014, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h4xxi.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h4xxi.htm)<sup>43</sup> <br>|
| (h)(4)(v) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated as of June 1, 2014, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h4xxii.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h4xxii.htm)<sup>43</sup> <br>|
| (h)(4)(vi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 5 dated as of July 16, 2014, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h4xxiii.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h4xxiii.htm)<sup>44</sup> <br>|
| (h)(4)(vii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 dated as of April 30, 2015, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515136153/d834999dex99h4xxiv.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515136153/d834999dex99h4xxiv.htm)<sup>45</sup> <br>|
| (h)(4)(viii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 7 dated as of December 21, 2015, to the Second Amended and Restated Participation Agreement</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99h4xxv.htm)<br> [<u>among the Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99h4xxv.htm)<sup>48</sup> <br>|
| (h)(4)(ix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 8 dated as of December 9, 2016, to the Second Amended and Restated Participation Agreement among</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h4xxvi.htm)<br> [<u>the Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h4xxvi.htm)<sup>51</sup> <br>|
| (h)(4)(x) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 9 dated as of May 1, 2017, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99h4xxvii.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99h4xxvii.htm)<sup>52</sup> <br>|
| (h)(4)(xi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 10 dated as of November 1, 2017, to the Second Amended and Restated Participation Agreement</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517323091/d422414dex99h4xxviii.htm)<br> [<u>among the Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517323091/d422414dex99h4xxviii.htm)<sup>53</sup> <br>|
| (h)(4)(xii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 11 dated as of July 12, 2018, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h4xxix.htm)<br> [<u>Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h4xxix.htm)<sup>56</sup> <br>|
| (h)(4)(xiii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 12 dated as of December 6, 2018, to the Second Amended and Restated Participation Agreement</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99h4xxx.htm)<br> [<u>among the Trust, AXA Equitable, EIM and AXA Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99h4xxx.htm)<sup>59</sup> <br>|
| (h)(4)(xiv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 13 dated as of July 16, 2020, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913exiv.htm)<br> [<u>Trust, Equitable, EIM and Equitable Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913exiv.htm)<sup>63</sup> <br>|
| (h)(4)(xv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 14 dated as of February 1, 2021, to the Second Amended and Restated Participation Agreement among</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913exv.htm)<br> [<u>the Trust, Equitable, EIM and Equitable Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913exv.htm)<sup>63</sup> <br>|
| (h)(4)(xvi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 15 dated as of February 26, 2021, to the Second Amended and Restated Participation Agreement</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99h4xxxiii.htm)<br> [<u>among the Trust, Equitable, EIM and Equitable Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99h4xxxiii.htm)<sup>65</sup> <br>|
| (h)(4)(xvii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 16 dated as of July 22, 2021, to the Second Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h4xxxiv.htm)<br> [<u>Trust, Equitable, EIM and Equitable Distributors dated May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h4xxxiv.htm)<sup>67</sup> <br>|
| (h)(4)(xviii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 17 dated as of January 13, 2022, to the Second Amended and Restated Participation Agreement among</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h4xviii.htm)<br> [<u>the Trust, Equitable, EIM and Equitable Distributors dated May 23, 2012.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h4xviii.htm)<sup>71</sup> <br>|
| (h)(4)(xix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 20 dated as of March 16, 2023, to the Second Amended and Restated Participation Agreement among</u>](d434904dex99h4xix.htm)<br> [<u>the Trust, Equitable, EIM and Equitable Distributors dated May 23, 2012. (filed herewith)</u>](d434904dex99h4xix.htm)<br>|
| (h)(5)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Second Amended and Restated Retirement Plan Participation Agreement among the Trust, AXA Distributors, the AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513043195/d428453dex99h5ii.htm)<br> [<u>Equitable 401(k) Plan and AXA Equitable dated April 26, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312513043195/d428453dex99h5ii.htm)<sup>36</sup> <br>|
| (h)(5)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated as of September 1, 2014, to the Second Amended and Restated Retirement Plan Participation</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h5iii.htm)<br> [<u>Agreement among the Trust, AXA Distributors, the AXA Equitable 401(k) Plan and AXA Equitable dated April 26,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h5iii.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h5iii.htm)<sup>44</sup> <br>|

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------

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| |
|:---|
| (h)(5)(iii) |
| (h)(5)(iv)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated as of May 1, 2017, to the Second Amended and Restated Retirement Plan Participation</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99h5v.htm)<br> [<u>Agreement among the Trust, AXA Distributors, the AXA Equitable 401(k) Plan and AXA Equitable dated April 26,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99h5v.htm)<br> &nbsp;&nbsp;&nbsp;&nbsp;[<u>2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99h5v.htm)<sup>62</sup> <br>|
| (h)(5)(v)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated as of February 1, 2021, to the Second Amended and Restated Retirement Plan Participation</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99h5vi.htm)<br> [<u>Agreement among the Trust, Equitable Distributors, the Equitable 401(k) Plan and Equitable dated April 26, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521030324/d78391dex99h5vi.htm)<sup>62</sup> <br>|
| (h)(6)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Participation Agreement among the Trust, MONY Life Insurance Company ("MONY") and AXA Distributors effective</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h6iii.htm)<br> [<u>as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h6iii.htm)<sup>40</sup> <br>|
| (h)(6)(ii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated as of April 4, 2014, to the Participation Agreement among the Trust, MONY and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h6iv.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h6iv.htm)<sup>43</sup> <br>|
| (h)(6)(iii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated as of June 1, 2014, to the Participation Agreement among the Trust, MONY and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h6v.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h6v.htm)<sup>43</sup> <br>|
| (h)(6)(iv)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated as of July 16, 2014, to the Participation Agreement among the Trust, MONY and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h6vi.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h6vi.htm)<sup>44</sup> <br>|
| (h)(6)(v)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated as of April 30, 2015, to the Participation Agreement among the Trust, MONY, and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515406392/d29026dex99h6vii.htm)<br> [<u>Distributors effective as of October 1, 2013</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515406392/d29026dex99h6vii.htm).<sup>47</sup> <br>|
| (h)(6)(vi)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 5 dated as of December 9, 2016, to the Participation Agreement among the Trust, MONY, and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h6viii.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h6viii.htm)<sup>51</sup> <br>|
| (h)(6)(vii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 dated as of May 1, 2017, to the Participation Agreement among the Trust, MONY and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518021654/d454403dex99h6ix.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518021654/d454403dex99h6ix.htm)<sup>54</sup> <br>|
| (h)(6)(viii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 7 dated as of July 13, 2018, to the Participation Agreement among the Trust, MONY and AXA</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h6x.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h6x.htm)<sup>56</sup> <br>|
| (h)(6)(ix)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 8 dated July 16, 2020, to the Participation Agreement among the Trust, MONY and Equitable</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913hix.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913hix.htm)<sup>63</sup> <br>|
| (h)(6)(x)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 9 dated July 22, 2021, to the Participation Agreement among the Trust, MONY and Equitable</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h6xii.htm)<br> [<u>Distributors effective as of October 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h6xii.htm)<sup>67</sup> <br>|
| (h)(7)(i)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Participation Agreement among the Trust, MONY Life Insurance Company of America</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h7i.htm)<br> [<u>("MLOA") and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h7i.htm)<sup>40</sup> <br>|
| (h)(7)(ii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated as of June 4, 2013, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h7ii.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h7ii.htm)<sup>40</sup> <br>|
| (h)(7)(iii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 dated as of October 21, 2013, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h7iii.htm)<br> [<u>Trust, MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514008136/d651249dex99h7iii.htm)<sup>40</sup> <br>|
| (h)(7)(iv)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 3 dated as of November 1, 2013, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514140646/d651249dex99h7iv.htm)<br> [<u>Trust, MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514140646/d651249dex99h7iv.htm)<sup>42</sup> <br>|
| (h)(7)(v)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 4 dated as of April 4, 2014, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h7v.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h7v.htm)<sup>43</sup> <br>|
| (h)(7)(vi)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 5 dated as of June 1, 2014, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h7vi.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514171839/d633602dex99h7vi.htm)<sup>43</sup> <br>|
| (h)(7)(vii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 dated as of July 16, 2014, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h7vii.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515035385/d791830dex99h7vii.htm)<sup>44</sup> <br>|
| (h)(7)(viii)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 7 dated as of April 30, 2015, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515136153/d834999dex99h7viii.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312515136153/d834999dex99h7viii.htm)<sup>45</sup> <br>|
| (h)(7)(ix)<br> &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 8 dated as of December 21, 2015, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99h7ix.htm)<br> [<u>Trust, MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312516460017/d137642dex99h7ix.htm)<sup>48</sup> <br>|

---

------

---

| | |
|:---|:---|
| (h)(7)(x) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 9 dated as of December 9, 2016, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h7x.htm)<br> [<u>Trust, MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517025910/d252890dex99h7x.htm)<sup>51</sup> <br>|
| (h)(7)(xi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 10 dated as of May 1, 2017, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99h7xi.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517148664/d252890dex99h7xi.htm)<sup>52</sup> <br>|
| (h)(7)(xii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 11 dated as of November 1, 2017, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517323091/d422414dex99h7xii.htm)<br> [<u>Trust, MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312517323091/d422414dex99h7xii.htm)<sup>53</sup> <br>|
| (h)(7)(xiii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 12 dated as of July 12, 2018, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h7xiii.htm)<br> [<u>MLOA and AXA Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99h7xiii.htm)<sup>56</sup> <br>|
| (h)(7)(xiv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 13 dated as of December 6, 2018, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99h7xiv.htm)<br> [<u>Trust, MLOA and AXA Distributors dated as of May 23, 2012</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99h7xiv.htm).<sup>59</sup> <br>|
| (h)(7)(xv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 14 dated as of July 16, 2020, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913ixv.htm)<br> [<u>Equitable Financial Life Insurance Company of America (</u><u>"</u><u>EFLOA</u><u>"</u><u>) (formerly, MONY Life Insurance Company of</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913ixv.htm)<br> [<u>America) and Equitable Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913ixv.htm)<sup>63</sup> <br>|
| (h)(7)(xvi) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 15 dated as of February 1, 2021, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913ixvi.htm)<br> [<u>Trust, EFLOA and Equitable Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521079082/d126321dex9913ixvi.htm)<sup>63</sup> <br>|
| (h)(7)(xvii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 16 dated as of February 26, 2021, to the Amended and Restated Participation Agreement among the</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99h7xvii.htm)<br> [<u>Trust, EFLOA and Equitable Distributors dated as of May 23, 2012</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521139946/d78391dex99h7xvii.htm).<sup>65</sup> <br>|
| (h)(7)(xviii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 17 dated as of July 22, 2021, to the Amended and Restated Participation Agreement among the Trust,</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h7xviii.htm)<br> [<u>EFLOA and Equitable Distributors dated as of May 23, 2012.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99h7xviii.htm)<sup>67</sup> <br>|
| (h)(7)(xix) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 18 dated as of January 13, 2022, to the Amended and Restated Participation Agreement among the</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h7xix.htm)<br> [<u>Trust, EFLOA and Equitable Distributors dated as of May 23, 2012.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h7xix.htm)<sup>71</sup> <br>|
| (h)(7)(xx) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 21 dated as of March 16, 2023, to the Amended and Restated Participation Agreement among the</u>](d434904dex99h7xx.htm)<br> [<u>Trust, EFLOA and Equitable Distributors dated as of May 23, 2012. (filed herewith)</u>](d434904dex99h7xx.htm)<br>|
| (h)(8)(i) | [<u>Securities Lending Agreement dated April 11, 2016, with JPMorgan Chase Bank National Association.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521352702/d594189dex99h8i.htm)<sup>68</sup> <br>|
| (h)(8)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 1 dated as of October 18, 2021, to the Securities Lending Agreement with JPMorgan Chase Bank</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521352702/d594189dex99h8ii.htm)<br> [<u>National Association.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521352702/d594189dex99h8ii.htm)<sup>68</sup> <br>|
| (h)(8)(iii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 2 effective as of March 16, 2022, to the Securities Lending Agreement with JPMorgan Chase Bank</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h8iii.htm)<br> [<u>National Association.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h8iii.htm)<sup>71</sup> <br>|
| (h)(8)(iv) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amendment No. 6 dated as of March 16, 2023, to the Securities Lending Agreement with JPMorgan Chase Bank</u>](d434904dex99h8iv.htm)<br> [<u>National Association. (filed herewith)</u>](d434904dex99h8iv.htm)<br>|
| (h)(9)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and AB Cap Fund,</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h9i.htm)<br> [<u>Inc.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h9i.htm)<sup>71</sup> <br>|
| (h)(9)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h9ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and AB Cap Fund, Inc. (filed herewith)</u>](d434904dex99h9ii.htm)<br>|
| (h)(10)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and BlackRock ETF</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h10i.htm)<br> [<u>Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h10i.htm)<sup>71</sup> <br>|
| (h)(10)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h10ii.htm)<br> [<u>2022, among the Trust, 1290 Funds, BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc. and</u>](d434904dex99h10ii.htm)<br> [<u>iShares U.S. ETF Trust. (filed herewith)</u>](d434904dex99h10ii.htm)<br>|
| (h)(11)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and The Bank of</u>](d434904dex99h11i.htm)<br> [<u>New York Mellon, solely in its capacity as Trustee and on behalf of the SPDR S&P MidCap 400 ETF Trust. (filed</u>](d434904dex99h11i.htm)<br> [<u>herewith)</u>](d434904dex99h11i.htm)<br>|
| (h)(11)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h11ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and The Bank of New York Mellon, solely in its capacity as Trustee and on behalf</u>](d434904dex99h11ii.htm)<br> [<u>of the SPDR S&P MidCap 400 ETF Trust (filed herewith)</u>](d434904dex99h11ii.htm)<br>|
| (h)(12)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and IndexIQ ETF</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h12i.htm)<br> [<u>Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h12i.htm)<sup>71</sup> <br>|

---

------

---

| | |
|:---|:---|
| (h)(12)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h12ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and IndexIQ ETF Trust. (filed herewith)</u>](d434904dex99h12ii.htm)<br>|
| (h)(13)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and the Invesco</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h13i.htm)<br> [<u>Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust,</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h13i.htm)<br> [<u>Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h13i.htm)<br> [<u>Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h13i.htm)<sup>71</sup> <br>|
| (h)(13)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Funds of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h13ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II,</u>](d434904dex99h13ii.htm)<br> [<u>Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively</u>](d434904dex99h13ii.htm)<br> [<u>Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust. (filed</u>](d434904dex99h13ii.htm)<br> [<u>herewith)</u>](d434904dex99h13ii.htm)<br>|
| (h)(14)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and the J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h14i.htm)<br> [<u>Exchange-Traded Fund Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h14i.htm)<sup>71</sup> <br>|
| (h)(14)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h14ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and the J.P. Morgan Exchange-Traded Fund Trust. (filed herewith)</u>](d434904dex99h14ii.htm)<br>|
| (h)(15)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and ProShares Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h15i.htm)<br> <sup>71</sup> <br>|
| (h)(15)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h15ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and ProShares Trust. (filed herewith)</u>](d434904dex99h15ii.htm)<br>|
| (h)(16)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and The Select Sector</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h16i.htm)<br> [<u>SPDR Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h16i.htm)<sup>71</sup> <br>|
| (h)(16)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h16ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and The Select Sector SPDR Trust. (filed herewith)</u>](d434904dex99h16ii.htm)<br>|
| (h)(17)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and SPDR Series</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h17i.htm)<br> [<u>Trust, SPDR Index Shares Funds and SSGA Active Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h17i.htm)<sup>71</sup> <br>|
| (h)(17)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h17ii.htm)<br> [<u>2022, among the Trust, 1290 Funds, SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust. (filed</u>](d434904dex99h17ii.htm)<br> [<u>herewith)</u>](d434904dex99h17ii.htm)<br>|
| (h)(18)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and SPDR S&P 500</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h18i.htm)<br> [<u>ETF Trust and SPDR Dow Jones Industrial Average ETF Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h18i.htm)<sup>71</sup> <br>|
| (h)(18)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h18ii.htm)<br> [<u>2022, among the Trust, 1290 Funds, SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust.</u>](d434904dex99h18ii.htm)<br> [<u>(filed herewith)</u>](d434904dex99h18ii.htm)<br>|
| (h)(19)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and certain Vanguard</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h19i.htm)<br> [<u>Funds.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h19i.htm)<sup>71</sup> <br>|
| (h)(19)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Schedule A dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19, 2022, among the</u>](d434904dex99h19ii.htm)<br> [<u>Trust, 1290 Funds and Vanguard Funds. (filed herewith)</u>](d434904dex99h19ii.htm)<br>|
| (h)(20)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of January 19, 2022, among the Trust, 1290 Funds and WisdomTree</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h20i.htm)<br> [<u>Trust.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99h20i.htm)<sup>71</sup> <br>|
| (h)(20)(ii) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Form of Amendment No. 2 dated March 16, 2023 to the Fund of Funds Investment Agreement dated as of January 19,</u>](d434904dex99h20ii.htm)<br> [<u>2022, among the Trust, 1290 Funds and WisdomTree Trust. (filed herewith)</u>](d434904dex99h20ii.htm)<br>|
| (h)(21)(i) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Fund of Funds Investment Agreement dated as of February 8, 2023, among the Trust, 1290 Funds and Litman Gregory</u>](d434904dex99h21i.htm)<br> [<u>Funds Trust. (filed herewith)</u>](d434904dex99h21i.htm)<br>|
| (i) | <u>Legal Opinion</u> |
| (i)(1) | [<u>Opinion and Consent of K&L Gates LLP. (filed herewith)</u>](d434904dex99i1.htm) |
| (j) | <u>Other Consents</u> |
| (j)(1) |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (k) |  |
| (l) |  |
| (m) | <u>Distribution Plans</u> |
| (m)(1) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Amended and Restated Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Trust's Class IB shares</u>](d434904dex99m1.htm)<br> [<u>adopted as of July 14, 2010. (filed herewith)</u>](d434904dex99m1.htm)<br>|
| (m)(2) | &nbsp;&nbsp;&nbsp;&nbsp; [<u>Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Trust's Class IA shares</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312512041337/d238296dex99m3a.htm)<br> [<u>adopted as of July 12, 2011.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312512041337/d238296dex99m3a.htm)<sup>33</sup> <br>|
| (n) | <u>Multiple Class Plan</u> |
| (n)(1) | [<u>Revised Amended and Restated Plan Pursuant to Rule 18f-3 under the 1940 Act.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521352702/d594189dex99n1.htm)<sup>68</sup> <br>|
| (p) | <u>Codes of Ethics</u> |
| (p)(1) | [<u>Code of Ethics of the Trust, the Administrator, EIM and Equitable Distributors, revised as of April 2022.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p1.htm)<sup>71</sup> <br>|
| (p)(2) | [<u>Revised Code of Business Conduct and Ethics of AllianceBernstein, revised January 2023. (filed herewith)</u>](d434904dex99p2.htm) |
| (p)(3) | [<u>Revised Code of Ethics of Capital International, revised July 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p3.htm)<sup>67</sup> <br>|
| (p)(4) | [<u>Code of Ethics of J.P. Morgan, revised July 2, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p4.htm)<sup>71</sup> <br>|
| (p)(5) | [<u>Code of Ethics of MFS, revised October 15, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p5.htm)<sup>71</sup> <br>|
| (p)(6) | [<u>Code of Ethics of MSIM, revised as of October 28, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p6.htm)<sup>71</sup> <br>|
| (p)(7) | [<u>Code of Ethics of T. Rowe Price, revised as of March 1, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p7.htm)<sup>67</sup> <br>|
| (p)(8) | [<u>Code of Ethics of PIMCO, revised as of November 22, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p8.htm)<sup>71</sup> <br>|
| (p)(9) | [<u>Code of Ethics of Wellington, revised August 2, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p9.htm)<sup>71</sup> <br>|
| (p)(10) | [<u>Code of Ethics of GAMCO, revised as of March 15, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99p10.htm)<sup>59</sup> <br>|
| (p)(11) | [<u>Revised Code of Ethics of SSgA FM, revised March 31, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p11.htm)<sup>67</sup> <br>|
| (p)(12) | [<u>Revised Code of Ethics of Lord Abbett, revised February 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521105134/d78391dex99p14.htm)<sup>64</sup> <br>|
| (p)(13) | [<u>Personal Securities Trading Policy of BNY Mellon, effective March 31, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p13.htm)<sup>71</sup> <br>|
| (p)(14) | [<u>Personal Investments and Insider Trading Policy of Franklin Templeton, revised December 27, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p14.htm)<sup>71</sup> <br>|
| (p)(15) | [<u>Global Personal Trading Policy of BlackRock, revised as of September 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p15.htm)<sup>71</sup> <br>|
| (p)(16) | [<u>Code of Ethics of Invesco, revised as of January 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p16.htm)<sup>67</sup> <br>|
| (p)(17) | [<u>Code of Ethics of Harris Associates, as amended December 3, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p17.htm)<sup>71</sup> <br>|
| (p)(18) | [<u>Code of Ethics of EARNEST, revised July 10, 2018.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312519122613/d618447dex99p21.htm)<sup>59</sup> <br>|
| (p)(19) | [<u>Code of Ethics of AXA IM, revised as of February 26, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521105134/d78391dex99p21.htm)<sup>64</sup> <br>|
| (p)(20) | [<u>Code of Ethics of Diamond Hill, revised July 31, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p20.htm)<sup>71</sup> <br>|
| (p)(21) | [<u>Code of Ethics of ClearBridge.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312514140646/d651249dex99p39.htm)<sup>42</sup> <br>|
| (p)(22) | [<u>Code of Ethics of Horizon, updated October 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p23.htm)<sup>71</sup> <br>|
| (p)(23) | [<u>Revised Code of Ethics of 1832 Asset Management, revised September 2019.</u>](http://www.sec.gov/Archives/edgar/data/0001027263/000119312520028227/d858767dex99p28.htm)<sup>60</sup> <br>|
| (p)(24) | [<u>Revised Code of Ethics of Westfield, revised June 6, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p26.htm)<sup>67</sup> <br>|
| (p)(25) | [<u>Code of Ethics of Post, revised November 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p26.htm)<sup>71</sup> <br>|
| (p)(26) | [<u>Code of Ethics of DoubleLine and DoubleLine Equity, revised as of January 1, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p28.htm)<sup>67</sup> <br>|
| (p)(27) | [<u>Revised Code of Ethics of Goldman, revised August 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/0001027263/000119312520028227/d858767dex99p33.htm)<sup>60</sup> <br>|

---

------

---

| | |
|:---|:---|
| (p)(28) | [<u>Code of Ethics of Loomis, revised as of December 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p29.htm)<sup>71</sup> <br>|
| (p)(29) | [<u>Code of Ethics of Federated, revised November 10, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p30.htm)<sup>71</sup> <br>|
| (p)(30) | [<u>Code of Ethics of Vaughan Nelson, revised November 23, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p31.htm)<sup>71</sup> <br>|
| (p)(31) | [<u>Code of Ethics of HS Management, revised January 13, 2020.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521105134/d78391dex99p38.htm)<sup>64</sup> <br>|
| (p)(32) | [<u>Revised Code of Ethics of Janus, revised January 1, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p34.htm)<sup>67</sup> <br>|
| (p)(33) | [<u>Code of Ethics of Polen, revised April 1, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p35.htm)<sup>67</sup> <br>|
| (p)(34) | [<u>Code of Ethics of Barrow Hanley.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518021654/d454403dex99p56.htm)<sup>54</sup> <br>|
| (p)(35) | [<u>Code of Ethics of American Century, revised November 19, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1027263/000119312522127767/d293503dex99p36.htm)<sup>71</sup> <br>|
| (p)(36) | [<u>Code of Ethics of FIAM, revised February 23, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p38.htm)<sup>67</sup> <br>|
| (p)(37) | [<u>Code of Ethics of Lazard.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312518233112/d525823dex99p46.htm)<sup>56</sup> <br>|
| (p)(38) | [<u>Code of Ethics of GQG Partners, revised March 22, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p41.htm)<sup>67</sup> <br>|
| (p)(39) | [<u>Code of Ethics of Aristotle, revised January 19, 2021.</u>](http://www.sec.gov/Archives/edgar/data/1027263/000119312521282461/d594189dex99p42.htm)<sup>67</sup> <br>|
| <u>Other Exhibits:</u> | <u>Other Exhibits:</u> |
|  | [<u>Powers of Attorney. (filed herewith)</u>](d434904dex99poa.htm) |
| 101.INS | &nbsp;&nbsp;&nbsp;&nbsp; XBRL Instance – the instance document does not appear in the Interactive Data File because its XBRL tags are <br> embedded within the inline XBRL document<br>|
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

------

<sup>1.</sup>

Incorporated by reference to and/or previously filed with Registrant's Registration Statement on Form N-1A filed on December 3, 1996 (File No. 333-17217).

<sup>2.</sup>

Incorporated by reference to and/or previously filed with Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A filed on January 23, 1997 (File No. 333-17217).

<sup>3.</sup>

Incorporated by reference to and/or previously filed with Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A filed on April 7, 1997 (File No. 333-17217).

<sup>5.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 24 to Registrant's Registration Statement on Form N-1A filed on April 3, 2002 (File No. 333-17217).

<sup>6.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 25 to Registrant's Registration Statement on Form N-1A filed on February 7, 2003 (File No. 333-17217).

<sup>7.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 28 to Registrant's Registration Statement on Form N-1A filed on February 10, 2004 (File No. 333-17217).

<sup>8.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 35 to Registrant's Registration Statement on Form N-1A filed on October 15, 2004 (File No. 333-17217).

<sup>10.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 37 to Registrant's Registration Statement on Form N-1A filed on April 7, 2005 (File No. 333-17217).

<sup>11.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 42 to Registrant's Registration Statement on Form N-1A filed on August 24, 2005 (File No. 333-17217).

<sup>12.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 44 to Registrant's Registration Statement on Form N-1A filed on April 5, 2006 (File No. 333-17217).

<sup>14.</sup>

Incorporated by reference to Post-Effective Amendment No. 51 to Registrant's Registration Statement on Form N-1A filed on February 2, 2007 (File No. 333-17217).

<sup>15.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 53 to Registrant's Registration Statement on Form N-1A filed on April 27, 2007 (File No. 333-17217).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>16.</sup>

Incorporated by reference to Post-Effective Amendment No. 54 to Registrant's Registration Statement on Form N-1A filed on October 4, 2007 (File No. 333-17217).

<sup>17.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A filed on December 27, 2007 (File No. 333-17217).

<sup>20.</sup>

Incorporated by reference to Post-Effective Amendment No. 61 to the Registrant's Registration Statement on Form N-1A filed on February 13, 2009 (File No. 333-17217).

<sup>21.</sup>

Incorporated by reference to Post-Effective Amendment No. 64 to the Registrant's Registration Statement on Form N-1A filed on March 16, 2009 (File No. 333-17217).

<sup>22.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 67 to the Registrant's Registration Statement on Form N-1A filed on April 15, 2009 (File No. 333-17217).

<sup>24.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 70 to the Registrant's Registration Statement on Form N-1A filed on January 21, 2010 (File No. 333-17217).

<sup>26.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 75 to the Registrant's Registration Statement on Form N-1A filed on October 5, 2010 (File No. 333-17217).

<sup>27.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 77 to the Registrant's Registration Statement on Form N-1A filed on February 3, 2011 (File No. 333-17217).

<sup>28.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 79 to the Registrant's Registration Statement on Form N-1A filed on April 28, 2011 (File No. 333-17217).

<sup>29.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 83 to the Registrant's Registration Statement on Form N-1A filed on August 16, 2011 (File No. 333-17217).

<sup>30.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 84 to the Registrant's Registration Statement on Form N-1A filed on August 17, 2011 (File No. 333-17217).

<sup>31.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 87 to the Registrant's Registration Statement on Form N-1A filed on January 13, 2012 (File No. 333-17217).

<sup>33.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 89 to the Registrant's Registration Statement on Form N-1A filed on February 6, 2012 (File No. 333-17217).

<sup>34.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 91 to the Registrant's Registration Statement on Form N-1A filed on April 25, 2012 (File No. 333-17217).

<sup>36.</sup>

Incorporated by reference to and/or previously filed with Post-Effective Amendment No. 96 to the Registrant's Registration Statement on Form N-1A filed on February 7, 2013 (File No. 333-17217).

<sup>38.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 100 to the Registrant's Registration Statement filed on July 22, 2013 (File No. 333-17217).

<sup>39.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 101 to the Registrant's Registration Statement filed on October 1, 2013 (File No. 333-17217).

<sup>40.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 103 to the Registrant's Registration Statement filed on January 10, 2014 (File No. 333-17217).

<sup>42.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 106 to the Registrant's Registration Statement filed on April 11, 2014 (File No. 333-17217).

<sup>43.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 108 to the Registrant's Registration Statement filed on April 30, 2014 (File No. 333-17217).

<sup>44.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 112 to the Registrant's Registration Statement filed on February 5, 2015 (File No. 333-17217).

<sup>45.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 113 to the Registrant's Registration Statement filed on April 17, 2015 (File No. 333-17217).

<sup>46.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 114 to the Registrant's Registration Statement filed on April 24, 2015 (File No. 333-17217).

<sup>47.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 118 to the Registrant's Registration Statement filed on December 17, 2015 (File No. 333-17217).\

<sup>48.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 120 to the Registrant's Registration Statement filed on February 11, 2016 (File No. 333-17217).

<sup>49.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 121 to the Registrant's Registration Statement filed on April 25, 2016 (File No. 333-17217).

<sup>50.</sup>

Incorporated by reference and/or previously filed with Registrant's Registration Statement on Form N-14 filed on January 17, 2017 (File No. 333-17217).

<sup>51.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 123 to the Registrant's Registration Statement filed on January 31, 2017 (File No. 333-17217).

<sup>52.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 125 to the Registrant's Registration Statement filed on April 28, 2017 (File No. 333-17217).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>53.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 128 to the Registrant's Registration Statement filed on October 27, 2017 (File No. 333-17217).

<sup>54.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 130 to the Registrant's Registration Statement filed on January 26, 2018 (File No. 333-17217).

<sup>55.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 132 to the Registrant's Registration Statement filed on April 26, 2018 (File No. 333-17217).

<sup>56.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 135 to the Registrant's Registration Statement filed on July 31, 2018 (File No. 333-17217).

<sup>57.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 138 to the Registrant's Registration Statement filed on December 20, 2018 (File No. 333-17217)

<sup>58.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 140 to the Registrant's Registration Statement filed on February 8, 2019 (File No. 333-17217)

<sup>59.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 142 to the Registrant's Registration Statement filed on April 26, 2019 (File No. 333-17217)

<sup>60.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 144 to the Registrant's Registration Statement filed on February 7, 2020 (File No. 333-17217)

<sup>61.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 146 to the Registrant's Registration Statement filed on April 28, 2020 (File No. 333-17217)

<sup>62.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 151 to the Registrant's Registration Statement filed on February 5, 2021 (File No. 333-17217)

<sup>63.</sup>

Incorporated by reference and/or previously filed with Registrant's Registration Statement on Form N-14 filed on March 12, 2021 (File No. 333-254202)

<sup>64.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 152 to the Registrant's Registration Statement filed on April 2, 2021 (File No. 333-17217)

<sup>65.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 154 to the Registrant's Registration Statement on Form N-1A filed on April 29, 2021 (File No. 333-17217)

<sup>66.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 156 to the Registrant's Registration Statement on Form N-1A filed on July 13, 2021 (File No. 333-17217)

<sup>67.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 157 to the Registrant's Registration Statement on Form N-1A filed on September 24, 2021 (File No. 333-17217)

<sup>68.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 159 to the Registrant's Registration Statement on Form N-1A filed on December 9, 2021 (File No. 333-17217)

<sup>69.</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 160 to the Registrant's Registration Statement on Form N-1A filed on February 7, 2022 (File No. 333-17217)

<sup>70</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 161 to the Registrant's Registration Statement on Form N-1A filed on April 1, 2022 (File No. 333-17217)

<sup>71</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 162 to the Registrant's Registration Statement on Form N-1A filed on April 28, 2022 (File No. 333-17217)

<sup>72</sup>

Incorporated by reference and/or previously filed with Registrant's Registration Statement on Form N-14 filed on November 17, 2022 (File No. 333-265918)

------

<sup>73</sup>

Incorporated by reference and/or previously filed with Post-Effective Amendment No. 164 to the Registrant's Registration Statement on Form N-1A filed on February 6, 2023 (File No. 333-17217)

**Item 29. Persons Controlled by or Under Common Control with the Trust**

Equitable Financial Life Insurance Company ("Equitable") controls the Trust by virtue of its ownership of a substantial majority of the Trust's shares. All shareholders of the Trust are required to solicit instructions from their respective contract owners as to certain matters, if applicable. The Trust may in the future offer its shares to insurance companies affiliated and unaffiliated with Equitable, to the Equitable 401(k) Plan, to other tax-qualified retirement plans, to other series of the Trust and to series of EQ Premier VIP Trust, a separate registered investment company managed by EIM, and to other investors eligible under applicable tax regulations.

Equitable is a New York stock life insurance corporation and is a wholly owned subsidiary of Equitable Holdings, Inc. ("EQH"). EQH is a publicly-owned company. EIM is a wholly owned subsidiary of Equitable.

**Item 30. Indemnification**

*Registrant's Third Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") states:*

Article VII, Section 2 of the Declaration of Trust of EQ Advisors Trust ("Trust") states, in relevant part, that a "Trustee or officer of the Trust, when acting in such capacity, shall not be personally liable to any Person, other than to the Trust, a Series or a Shareholder to the extent expressly provided in this Article VII. No person who is or has been a Trustee or officer of the Trust shall be liable to the Trust, or a Series or a Shareholder for any action or failure to act or for any other reason except solely for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office of Trustee or officer as described herein, and shall not be liable for errors of judgment or mistakes of fact or law. A Trustee or officer of the Trust shall not be responsible or liable in any event for any neglect or wrongdoing of any person, including any other Trustee, officer, agent, employee, Manager, or Principal Underwriter of the Trust or any Series." Article VII, Section 4 of the Trust's Declaration of Trust states, in relevant part, that the "Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase with Trust assets insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee, officer, employee, or agent of the Trust in connection with any claim, action, suit, or proceeding in which he or she may become involved by virtue of his or her capacity or former capacity as a Trustee of the Trust." Article VII, Section 5 of the Trust's Declaration of Trust further states:

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(a) Subject to the exceptions and limitations contained in subsection (b) below:

(i) every person who is, or has been, a Trustee or an officer or employee of the Trust, or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each Series to the maximum extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.

(b) To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person:

(i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust, a Series or any Shareholder by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office as described herein; or

(ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office as described herein: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

*Registrant's Amended and Restated Investment Advisory Agreement states:*

Limitations on Liability. The Adviser will exercise its best judgment in rendering its services to the Trust, and the Trust agrees, as an inducement to the Adviser's undertaking to do so, that the Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which this Agreement relates, but will be liable only for willful misconduct, bad faith, gross negligence, reckless disregard of its duties or its failure to exercise due care in rendering its services to the Trust as specified in this Agreement.

*Registrant's Investment Sub-Advisory Agreements generally state:*

6. LIABILITY AND INDEMNIFICATION

A. Except as may otherwise be provided by the Investment Company Act or any other federal securities law (whose provisions may not be waived or altered by contract), the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable attorneys fees) incurred or suffered by the Portfolio(s), the Trust or the Adviser as a result of any error of judgment, mistake of law, or other action or omission by the Sub-Adviser; provided, however, that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Adviser and the Trust, all affiliated persons thereof (as defined in Section 2(a)(3) of the Investment Company Act) and all controlling persons thereof (as described in Section 15 of the Securities Act) (collectively, "Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnitees may become subject under the Securities Act, the Investment Company Act, the Advisers Act or any other statute, or at common law or otherwise, arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Portfolio(s), the Trust or the Adviser, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees (as defined below) for use therein.

B. Except as may otherwise be provided by the Investment Company Act or any other federal securities law (whose provisions may not be waived or altered by contract), the Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including reasonable attorneys fees) incurred or suffered by the Sub-Adviser as a result of any error of judgment, mistake of law, or other action or omission by the Adviser; provided, however, that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof (as defined in Section 2(a)(3) of the Investment Company Act) and all controlling persons thereof (as described in Section 15 of the Securities Act) (collectively, "Sub-Adviser Indemnitees") against, any and all losses, claims, damages, liabilities or litigation

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(including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the Securities Act, the Investment Company Act, the Advisers Act or any other statute, or at common law or otherwise, arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Portfolio(s), the Trust or the Adviser, or the omission to state therein a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees.

*Section 14 of the Registrant's Distribution Agreements states:*

The Trust shall indemnify and hold harmless [the Distributor] from any and all losses, claims, damages or liabilities (or actions in respect thereof) to which [the Distributor] may be subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or result from negligent, improper, fraudulent or unauthorized acts or omissions by the Trust or its officers, trustees, agents or representatives, other than acts or omissions caused directly or indirectly by [the Distributor].

[The Distributor] will indemnify and hold harmless the Trust, its officers, trustees, agents and representatives against any losses, claims, damages or liabilities, to which the Trust, its officers, trustees, agents and representatives may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of any material fact contained in the Trust Prospectus and/or SAI or any supplements thereto; (ii) the omission or alleged omission to state any material fact required to be stated in the Trust Prospectus and/or SAI or any supplements thereto or necessary to make the statements therein not misleading; or (iii) other misconduct or negligence of [the Distributor] in its capacity as a principal underwriter of the Trust's Class [IA, IB and/or K] shares and will reimburse the Trust, its officers, Trustees, agents and representatives for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending against such loss, claim, damage, liability or action; provided, however, that [the Distributor] shall not be liable in any such instance to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Trust Prospectus and/or SAI or any supplement in good faith reliance upon and in conformity with written information furnished by the Preparing Parties specifically for use in the preparation of the Trust Prospectus and/or SAI.

*Section 6 of the Registrant's Mutual Funds Service Agreement states:*

(a) Administrator shall not be liable for any error of judgment or mistake of law or for any loss or expense suffered by the Trust, in connection with the matters to which this Agreement relates, except for a loss or expense caused by or resulting from or attributable to willful misfeasance, bad faith or gross negligence on Administrator's part (or on the part of any third party to whom Administrator has delegated any of its duties and obligations pursuant to Section 4(c) hereunder) in the performance of its (or such third party's) duties or from reckless disregard by Administrator (or by such third party) of its obligations and duties under this Agreement (in the case of Administrator) or under an agreement with Administrator (in the case of such third party) or, subject to Section 10 below, Administrator's (or such third party) refusal or failure to comply with the terms of this Agreement (in the case of Administrator) or an agreement with Administrator (in the case of such third party) or its breach of any representation or warranty under this Agreement (in the case of Administrator) or under an agreement with Administrator (in the case of such third party). In no event shall Administrator (or such third party) be liable for any indirect, incidental, special or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if Administrator (or such third party) has been advised of the likelihood of such loss or damage and regardless of the form of action.

(b) Except to the extent that Administrator may be held liable pursuant to Section 6(a) above, Administrator shall not be responsible for, and the Trust shall indemnify and hold Administrator harmless from and against, any and all losses, damages, costs, reasonable attorneys' fees and expenses, payments, expenses and liabilities including, but not limited to, those arising out of or attributable to:

(i) any and all actions of Administrator or its officers or agents required to be taken pursuant to this Agreement;

(ii) the reliance on or use by Administrator or its officers or agents of information, records, or documents which are received by Administrator or its officers or agents and furnished to it or them by or on behalf of the Trust, and which have been prepared or maintained by the Trust or any third party on behalf of the Trust;

(iii) the Trust's refusal or failure to comply with the terms of this Agreement or the Trust's lack of good faith, or its actions, or lack thereof, involving gross negligence or willful misfeasance;

(iv) the breach of any representation or warranty of the Trust hereunder;

(v) the reliance on or the carrying out by Administrator or its officers or agents of any proper instructions reasonably believed to be duly authorized, or requests of the Trust;

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(vi) any delays, inaccuracies, errors in or omissions from information or data provided to Administrator by data services, including data services providing information in connection with any third-party computer system licensed to Administrator, and by any corporate action services, pricing services or securities brokers and dealers;

(vii) the offer or sale of shares by the Trust in violation of any requirement under the Federal securities laws or regulations or the securities laws or regulations of any state, or in violation of any stop order or other determination or ruling by any Federal agency or any state agency with respect to the offer or sale of such shares in such state (1) resulting from activities, actions, or omissions by the Trust or its other service providers and agents, or (2) existing or arising out of activities, actions or omissions by or on behalf of the Trust prior to the effective date of this Agreement;

(viii) any failure of the Trust's Registration Statement to comply with the 1933 Act and the 1940 Act (including the rules and regulations thereunder) and any other applicable laws, or any untrue statement of a material fact or omission of a material fact necessary to make any statement therein not misleading in a Trust's prospectus;

(ix) except as provided for in Schedule B.III., the actions taken by the Trust, its Adviser, its investment sub-advisers, and its distributor in compliance with applicable securities, tax, commodities and other laws, rules and regulations, or the failure to so comply; and

(x) all actions, inactions, omissions, or errors caused by third parties to whom Administrator or the Trust has assigned any rights and/or delegated any duties under this Agreement at the specific request of or as required by the Trust, its Fund, investment sub-advisers, or Trust distributors. The Trust shall not be liable for any indirect, incidental, special or consequential losses or damages of any kind whatsoever (including, but not limited to, lost profits) even if the Trust has been advised of the likelihood of such loss or damage and regardless of the form of action, except when the Trust is required to indemnify Administrator pursuant to this Agreement.

(c) In connection with the termination of the Prior Mutual Funds Service Agreement, Administrator hereby assumes any obligation of EFIM to indemnify the Trust under Section 6(a) of the Prior Mutual Funds Service Agreement.

(d) Until such time as Administrator becomes the investment adviser to the Trust, EQ Premier VIP Trust and 1290 Funds, in connection with the indemnity provided to the Trust by the Administrator pursuant to Sections 6(a) and 6(c) hereof, and solely in the event that Administrator fails to pay any indemnity properly due and owing to the Trust after the passage of a reasonable amount of time after the Trust's written demand upon Administrator in accordance with Section 9 hereof, upon a written demand upon EIM pursuant to Section 9 hereof setting forth in detail the basis for an indemnity being required of EIM, EIM shall reimburse the Trust for any shortfall properly due and owing to the Trust by Administrator.

*Section 12(a)(iv) of the Registrant's Global Custody Agreement states:*

(A) Customer shall indemnify and hold Bank and its directors, officers, agents and employees (collectively the "Indemnitees") harmless from and against any and all claims, liabilities, losses, damages, fines, penalties, and expenses, including out-of-pocket and incidental expenses and legal fees ("Losses") that may be incurred by, or asserted against, the Indemnitees or any of them for following any instructions or other directions upon which Bank is authorized to rely pursuant to the terms of this Agreement. (B) In addition to and not in limitation of the preceding subparagraph, Customer shall also indemnify and hold the Indemnitees and each of them harmless from and against any and all Losses that may be incurred by, or asserted against, the Indemnitees or any of them in connection with or arising out of Bank's performance under this Agreement, provided the Indemnitees have not acted with negligence or engaged in willful misconduct. (C) In performing its obligations hereunder, Bank may rely on the genuineness of any document which it reasonably believes in good faith to have been validly executed.

*Article VIII of the Registrant's Participation Agreement states:*

8.1(a). Equitable Financial Life Insurance Company (for the purposes of this Article, "Equitable") agrees to indemnify and hold harmless the Trust, each member of the Board, the Distributors, and the directors and officers and each person, if any, who controls any such person within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 8.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of Equitable), investigation of claims or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Trust's shares or the Equitable Contracts or interests in the Accounts and:

(i) arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the registration statement, prospectus, or Statement of Additional Information for the Equitable Contracts or contained in the Equitable Contracts or sales literature for the Equitable Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement

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or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to Equitable by or on behalf of the Trust for use in the registration statement, prospectus, or Statement of Additional Information for the Equitable Contracts or in the Equitable Contracts or sales literature (or any amendment or supplement) or otherwise for use in connection with the sale of the Equitable Contracts or Trust shares; or

(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Statement of Additional Information, or sales literature of the Trust not supplied by Equitable or persons under its control) or wrongful conduct of Equitable or persons under its control, with respect to the sale or distribution of the Equitable Contracts or Trust shares; or

(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, or Statement of Additional Information, or sales literature of the Trust or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Trust by or on behalf of Equitable; or

(iv) arise as a result of any failure by Equitable to provide the services and furnish the materials required to be provided or furnished by it under the terms of this Agreement; or

(v) arise out of or result from any material breach of any representation and/or warranty made by Equitable in this Agreement or arise out of or result from any other material breach of this Agreement by Equitable;

as limited by and in accordance with the provisions of Sections 8.1(b) and 8.1(c) hereof…

8.2(a). Each of the Distributors agrees to indemnify and hold harmless Equitable, and the Trust and each of their directors and officers and each person, if any, who controls Equitable within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 8.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Distributors), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Trust's shares or the Equitable Contracts or interests in the Accounts and:

(i) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, prospectus or Statement of Additional Information, or sales literature of the Trust (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Distributors or Trust by or on behalf of Equitable for use in the Registration Statement, prospectus, or Statement of Additional Information for the Trust, or in sales literature (or any amendment or supplement) or otherwise for use in connection with the sale of the Equitable Contracts or Trust shares; or

(ii) arise out of or as a result of statements or representations (other than statements or representations contained in the registration statement, prospectus or Statement of Additional Information, or sales literature for the Equitable Contracts not supplied by the Distributors or persons under their control) or wrongful conduct of the Distributors or persons under their control, with respect to the sale or distribution of the Equitable Contracts or Trust shares; or

(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in a registration statement, prospectus, or Statement of Additional Information or sales literature covering the Equitable Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to Equitable by or on behalf of the Distributors or the Trust; or

(iv) arise as a result of any failure by the Distributors or the Trust to provide the services and furnish the materials required to be provided or furnished by the Distributors or the Trust under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the diversification or other qualification requirements specified in Article VI of this Agreement); or

(v) arise out of or result from any material breach of any representation and/or warranty made by the Distributors in this Agreement or arise out of or result from any other material breach of this Agreement by the Distributors;

as limited by and in accordance with the provisions of Sections 8.2(b) and 8.2(c) hereof…

8.3(a) The Trust agrees to indemnify and hold harmless Equitable and each of its directors and officers and each person, if any, who

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controls Equitable within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 8.3) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Trust), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements result from the gross negligence, bad faith or willful misconduct of the Board or any member thereof, are related to the operations of the Trust and:

(i) arise as a result of any failure by the Trust to provide the services and furnish the materials required to be provided or furnished by it under the terms of this Agreement (including a failure to comply with the diversification and other qualification requirements specified in … this Agreement); or

(ii) arise out of or result from any material breach of any representation and/or warranty made by the Trust in this Agreement or arise out of or result from any other material breach of this Agreement by the Trust;

as limited by and in accordance with the provisions of Sections 8.3(b) and 8.3(c) hereof…

*Article VII of the Registrant's Second Amended and Restated Retirement Plan Participation Agreement states:*

7.1. Indemnification By the Plan. Except as provided to the contrary in Section 7.4 or 7.5 hereof, Equitable and the Plan shall jointly and severally indemnify and hold harmless the Trust, each member of the Board, the Distributor, the trustees, directors and officers thereof and each person, if any, who controls any such person within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of Equitable and the Plan), investigation of claims or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to, arise out of or are based upon:

(i) the failure (intentional or otherwise) of the Plan at any time to be or to continue to be a Qualified Plan…;

(ii) the sale or acquisition of the Class K shares of the Designated Portfolios and (1) arise out of or are based upon any untrue statements or alleged untrue statements of any material fact made by Equitable or the Plan or any person under its control or the omission or the alleged omission to state a material fact required to be stated or necessary to make such statements not misleading, unless such statement or omission or alleged statement or omission was made in reliance upon and in conformity with information furnished by the Trust or the Distributor to Equitable or the Plan for use in connection with the sale or distribution of Class K shares of the Designated Portfolios; or (2) arise out of or as a result of warranties or representations (other than warranties or representations contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust not supplied by the Plan or persons under its control) or wrongful conduct of Equitable or the Plan or any of such, with respect to the sale or distribution of Class K shares of the Designated Portfolios; or (3) arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only if such a statement or omission was made in reliance upon information furnished to the Trust or the Distributor by Equitable or the Plan or persons under their control; or

(iii) arise as a result of any failure by the Plan to provide the services or furnish the materials required to be provided or furnished by it under the terms of this Agreement; or

(iv) arise out of or result from any material breach of any representation and/or warranty made by Equitable or the Plan in this Agreement or arise out of or result from any other material breach of this Agreement by Equitable or the Plan.

7.2. Indemnification by the Distributor. Except as provided to the contrary in Section 7.4 or 7.5 hereof, the Distributor shall indemnify and hold harmless the Plan, its trustees, the Trust, the Board and their officers and each person, if any, who controls the Plan within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Distributor), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to, arise out of or are based upon

(i) the sale or acquisition of Class K shares of the Designated Portfolios by the Plan and (1) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished by the Distributor to the Trust for use in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or otherwise for use in connection with the sale or

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acquisition of Class K shares of the Delegated Portfolios by the Plan; or (2) arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, any SEC Disclosure Materials or sales literature of the Trust or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, but only if such statement or omission was made in reliance upon information furnished to the Plan or the Trust by the Distributor; or

(ii) any failure by the Distributor to provide the services and furnish the materials required to be provided or furnished by the Distributor under the terms of this Agreement; or

(iii) arise out of or result from any material breach of any representation and/or warranty made by the Distributor in this Agreement or arise out of or result from any other material breach of this Agreement by the Distributor.

7.3. Indemnification by the Trust. Except as provided to the contrary in Section 7.4 or 7.5 hereof, the Trust shall indemnify and hold harmless the Plan and each of its trustees and officers, the Distributor, the directors and officers thereof and each person, if any, who controls any such person within the meaning of Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for purposes of this Section 7.3) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Trust), investigation of claims or litigation (including legal and other expenses) to which the Indemnified Parties may become subject under any statute, regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements result from the gross negligence, bad faith or willful misconduct of the Board or any member thereof, are related to, arise out of or are based upon:

(i) any failure by the Trust to provide the services and furnish the materials required to be provided or furnished by it under the terms of this Agreement (including a failure to comply with the diversification and other qualification requirements specified in this Agreement); or

(ii) arise out of or result from any material breach of any representation and/or warranty made by the Trust in this Agreement or arise out of or result from any other material breach of this Agreement by the Trust

UNDERTAKING

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of the Adviser and Sub-Advisers**

EIM is a registered investment adviser and serves as investment adviser for all portfolios of the Registrant. The descriptions of EIM and each of the sub-advisers, as applicable, under the caption "Management of the Trust—The Adviser" or "About the Investment Portfolios" in the Prospectuses and under the caption "Investment Management and Other Services" in the Statement of Additional Information constituting Parts A and B, respectively, of the Trust's Registration Statement are incorporated herein by reference.

The information as to the directors and officers of EIM is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-72220) and is incorporated herein by reference.

EIM, with the approval of the Registrant's Board of Trustees, selects sub-advisers for certain portfolios of the Registrant. The following companies, all of which are registered investment advisers, serve as sub-advisers for such portfolios.

The information as to the directors and officers of MFS is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-17352) and is incorporated herein by reference.

The information as to the directors and officers of MSIM is set forth in Morgan Stanley Dean Witter Investment Management Inc.'s Form ADV filed with the Securities and Exchange Commission (File No. 801-15757) and is incorporated herein by reference.

The information as to the directors and officers of J. P. Morgan is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-21011) and is incorporated herein by reference.

The information as to the directors and officers of AllianceBernstein is set forth in its Form ADV filed with the Securities and Exchange

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Commission (File No. 801-56720) and is incorporated herein by reference.

The information as to the directors and officers of Capital International is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-60145) and is incorporated herein by reference.

The information as to the directors and officers of GAMCO is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-14132) and is incorporated herein by reference.

The information as to the directors and officers of GQG Partners is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-107734) and is incorporated herein by reference.

The information as to the directors and officers of Wellington is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-15908) and is incorporated herein by reference.

The information as to the directors and officers of PIMCO is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-48187) and is incorporated herein by reference.

The information as to the directors and officers of Lord Abbett is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-6997) and is incorporated herein by reference.

The information as to the directors and officers of BNY Mellon is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-8147) and is incorporated herein by reference.

The information as to the directors and officers of Franklin Mutual is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-53068) and is incorporated herein by reference.

The information as to the directors and officers of Franklin Advisers is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-26292) and is incorporated herein by reference.

The information as to the directors and officers of BlackRock Investment is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-56972) and is incorporated herein by reference.

The information as to the directors and officers of T. Rowe Price is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-856) and is incorporated herein by reference.

The information as to the directors and officers of SSgA FM is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-60103) and is incorporated herein by reference.

The information as to the directors and officers of Invesco is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-33949) and is incorporated herein by reference.

The information as to the directors and officers of EARNEST is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-56189) and is incorporated herein by reference.

The information as to the directors and officers of AXA IM is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-60374) and is incorporated herein by reference.

The information as to the directors and officers of Diamond Hill is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-32176) and is incorporated herein by reference.

The information as to the directors and officers of BlackRock Financial is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-48433) and is incorporated herein by reference.

The information as to the directors and officers of ClearBridge is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-64710) and is incorporated herein by reference.

The information as to the directors and officers of Horizon Kinetics is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-47515) and is incorporated herein by reference.

The information as to the directors and officers of 1832 Asset Management is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-61257) and is incorporated herein by reference.

The information as to the directors and officers of Westfield is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-69413) and is incorporated herein by reference.

------

The information as to the directors and officers of Post is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-57939) and is incorporated herein by reference.

The information as to the directors and officers of DoubleLine is set forth in its Form ADV filed with the Securities and Exchange Commission (File Nos. 801-70942 and 801-77611, respectively) and is incorporated herein by reference.

The information as to the directors and officers of Goldman is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-37591) and is incorporated herein by reference.

The information as to the directors and officers of Loomis is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-170) and is incorporated herein by reference.

The information as to the directors and officers of Federated is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-62500) and is incorporated herein by reference.

The information as to the directors and officers of Vaughan Nelson is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-51795) and is incorporated herein by reference.

The information as to the directors and officers of HS Management is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-68501) and is incorporated herein by reference.

The information as to the directors and officers of Polen is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-15180) and is incorporated herein by reference.

The information as to the directors and officers of Janus is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-13991) and is incorporated herein by reference.

The information f as to the directors and officers of Barrow Hanley is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-31237) and is incorporated herein by reference.

The information as to the directors and officers of American Century is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-08174) and is incorporated herein by reference.

The information as to the directors and officers of FIAM is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-63658) and is incorporated herein by reference.

The information as to the directors and officers of Lazard is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-61701) and is incorporated herein by reference.

The information as to the directors and officers of Harris Associates is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-50333) and is incorporated herein by reference.

The information as to the directors and officers of Aristotle is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-60014) and is incorporated herein by reference.

**Item 32. Principal Underwriter.**

(a) Equitable Distributors is the principal underwriter of the Trust's shares. Equitable Distributors also serves as a principal underwriter for EQ Premier VIP Trust and Separate Account No. 49 of Equitable.

(b) Set forth below is certain information regarding the directors and officers of Equitable Distributors, the principal underwriter of the Trust's shares. The business address of each person listed below is 1290 Avenue of the Americas, New York, New York 10104.

---

| | | |
|:---|:---|:---|
| **Equitable Distributors, LLC** | **Equitable Distributors, LLC** | **Equitable Distributors, LLC** |
| **Name** | **Positions and Offices with**<br> **Equitable Distributors, Inc.** <br>| **Positions and Offices**<br> **with the Trust**<br>|
| **Directors** |  |  |
| Jessica Baehr | Director | None |
| Nicholas B. Lane | Director | None |
| Hector Martinez | Director | None |
| Stephen Scanlon | Director | None |
| **Officers** |  |  |
| Nicholas B. Lane | Chairman of the Board, President and Chief Executive Officer | None |

---

------

---

| | | |
|:---|:---|:---|
| **Equitable Distributors, LLC** | **Equitable Distributors, LLC** | **Equitable Distributors, LLC** |
| **Name** | **Positions and Offices with**<br> **Equitable Distributors, Inc.** <br>| **Positions and Offices**<br> **with the Trust**<br>|
| Jessica Baehr | Executive Vice President and Head of Group Retirement | None |
| Hector Martinez | Executive Vice President and Head of Life Business | None |
| Stephen Scanlon | Executive Vice President and Head of Individual Retirement | None |
| Eric Brown | Senior Vice President | None |
| James Crimmins | Senior Vice President | None |
| James Daninello | Senior Vice President | None |
| Richard Frink | Senior Vice President | None |
| Patrick Ferris | Senior Vice President | None |
| Brett Ford | Senior Vice President | None |
| Michael B. Healey | Senior Vice President | None |
| Bernard Heffernon | Senior Vice President | None |
| David Kahal | Senior Vice President | None |
| Fred Makonnen | Senior Vice President | None |
| Prabha ("Mary") Ng | Senior Vice President and Chief Information Security Officer | None |
| Matthew Schirripa | Senior Vice President | None |
| Mark Teitelbaum | Senior Vice President | None |
| David Veale | Senior Vice President | None |
| Alfred Ayensu-Ghartey | Vice President and General Counsel | None |
| Alfred D'Urso | Vice President and Chief Compliance Officer | None |
| Karen Farley | Vice President | None |
| Michael J. Gass | Vice President | None |
| Timothy Jaeger | Vice President | None |
| Laird Johnson | Vice President | None |
| Gina Jones | Vice President and Financial Crime Officer | None |
| Jeremy Kachejian | Vice President | None |
| Kathie Gopie | Vice President | None |
| James S. O'Connor | Vice President | None |
| Candace Scappator | &nbsp;&nbsp; Vice President, Chief Financial Officer, Principal Financial <br> Officer and Principal Operations Officer<br>| None |
| Samuel Schwartz | Vice President | None |
| Greg Seavey | Vice President | None |
| Jon Zales | Senior Vice President | None |
| Yun ("Julia") Zhang | Senior Vice President and Treasurer | None |
| Gregory C. Lashinsky | Assistant Vice President and Financial Operations Principal | None |
| Enrico Mossa | Assistant Vice President | None |
| James C. Pazareskis | Assistant Vice President | None |
| Caitlin Schirripa | Assistant Vice President | None |
| Francesca Divone | Secretary | None |
| Michael Brudoley | Assistant Secretary | None |
| Christine Medy | Assistant Secretary | None |
| Michael Cole | Assistant Treasurer | None |

---

(c) Inapplicable.

**Item 33. Location of Accounts and Records**

------

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the Rules promulgated thereunder, are maintained as follows:

(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records are maintained at the offices of Registrant's Custodian:

JPMorgan Chase Bank

270 Park Avenue

New York, New York 10007

(b) With respect to Rules 31a-1(a); 31a-1(b)(1), (4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11) and 31a-1(f), the required books and records are currently maintained at the offices of the Registrant's Adviser, Administrator or Sub-Administrator:

Equitable Investment Management Group, LLC\*

Equitable Investment Management, LLC

1290 Avenue of the Americas

New York, NY 10104

J.P. Morgan Chase Bank, N.A.

70 Fargo Street

Boston, MA 02210

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the principal offices of the Registrant's Adviser or Sub-Advisers:

Equitable Investment Management Group, LLC\*

1290 Avenue of the Americas

New York, NY 10104

AllianceBernstein, L.P.

1345 Avenue of the Americas

New York, NY 10105

American Century Investment Management, Inc.

4500 Main Street

Kansas City, MO 64111

AXA Investment Managers US Inc.

One Fawcett Place

Greenwich, CT 06830

Barrow, Hanley, Mewhinney & Strauss, LLC

2200 Ross Avenue, 31st Flr.

Dallas, TX 75201-2761

BlackRock Financial Management, Inc.

40 East 52nd Street

New York, NY 10022

BlackRock Investment Management LLC

P.O. Box 9011

Princeton, NJ 08543-9011

BNY Mellon Investment Adviser, Inc.

200 Park Avenue

New York, NY 10166

Capital International, Inc.

11100 Santa Monica Boulevard

17th Floor

Los Angeles, CA 90025

ClearBridge Advisors LLC

620 Eighth Avenue

New York, NY 10018

Diamond Hill Capital Management, Inc.

325 John H. McConnell Blvd., Suite 200

Columbus, OH 43215

DoubleLine Capital LP

333 South Grand Avenue, 18th Flr.

Los Angeles, CA 90071

EARNEST Partners, LLC

1180 Peachtree Street, NE

Atlanta, GA, 30309

FIAM LLC

900 Salem Street

Smithfield, RI 02917

Federated Global Investment Corp.

101 Park Avenue, Suite 4100

New York, NY 10178-0002

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Franklin Mutual Advisers, LLC

101 John F. Kennedy Parkway

Short Hills, NJ 07078

GAMCO Asset Management Inc.

One Corporate Center

Rye, NY 10580

Goldman Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

Harris Associates LP

111 S. Wacker Drive, Suite 4600

Chicago, IL 60606

------

Horizon Kinetics Asset Management, LLC

470 Park Avenue South

New York, NY 10016

HS Management Partners, LLC

640 Fifth Avenue,

New York, NY 10019

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Janus Capital Management LLC

151 Detroit Street,

Denver, Colorado

80206-4805

JPMorgan Investment Management Inc.

522 Fifth Avenue

New York, NY 10036

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, NY 10112

Loomis, Sayles & Company, L.P.

One Financial Center

Boston, Massachusetts 02111

Lord Abbett & Co. LLC

90 Hudson Street

Jersey City, NJ 07302

MFS Investment Management

111 Huntington Avenue

Boston, MA 02199

Morgan Stanley Investment Management Inc.

1221 Avenue of the Americas

New York, NY 10020

Pacific Investment Management Company, LLC

840 Newport Center Drive

Newport Beach, CA 92660

Polen Capital Management

1825 NW Corporate Boulevard, Suite 300,

Boca Raton, FL 33431

Post Advisory Group, LLC

11755 Wilshire Boulevard

Suite, 1400

Los Angeles, CA 90025

SSgA Funds Management

One Lincoln Street

Boston, MA 02111

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

1832 Asset Management U.S. Inc.

1 Adelaide Street East

Toronto, Ontario

Canada M5C2V9

Vaughan Nelson Investment Management, LP

600 Travis, Suite 6300

Houston, TX 77002-3071

Wellington Management Company LLP

75 State Street

Boston, MA 02109

Westfield Capital Management Company

One Financial Center

Boston, MA 02111

GQG Partners, LLC

450 East Las Olas Boulevard

Suite 750

Fort Lauderdale, FL 33301

Aristotle Capital Management, LLC

11100 Santa Monica Blvd.

Suite 1700

Los Angeles, CA 90025

\*

Equitable Investment Management Group, LLC may maintain certain books and records at the offices of its parent, Equitable Financial Life Insurance Company, at 525 Washington Blvd, Jersey City, NJ 07310 and 780 Johnson Ferry Road, Suite 600, Atlanta, GA 30342 and at offsite storage facilities, including: (1) EDM Americas, 109 Lakeside Avenue, Delano, PA 18220, W.W. Scranton Office Park, 100 Ernie Preate Dr., Moosic, PA 18507, 199 South St., West Pittston, PA 18643 and 151-15 East Market St., Wilkes-Barre, PA 18701; (2) Iron Mountain 6667 Deere Road, Syracuse, NY 13206-1724, 4500 Steelway Blvd., Liverpool, NY 13090-3514 and 220 Wavel St., Syracuse, NY 13206-1312.

**Item 34. Management Services**

None.

**Item 35. Undertakings**

Inapplicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 166 to its Registration Statement on Form N-1A ("Post-Effective Amendment") meets all of the requirements for effectiveness under Rule 485(b) under the 1933 Act and that the Registrant has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York on March 29, 2023.

---

| | |
|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** |
| By: | /s/ Steven M. Joenk |
| Name: | Steven M. Joenk |
| Title: | Trustee and Chief Executive Officer |

---

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Steven M. Joenk | Trustee and Chief Executive Officer | March 29, 2023 |
| Steven M. Joenk | Trustee and Chief Executive Officer | March 29, 2023 |
| /s/ Gary S. Schpero\* | Trustee and Chairman of the Board | March 29, 2023 |
| Gary S. Schpero | Trustee and Chairman of the Board | March 29, 2023 |
| /s/ Donald E. Foley\* | Trustee | March 29, 2023 |
| Donald E. Foley | Trustee | March 29, 2023 |
| /s/ H. Thomas McMeekin\* | Trustee | March 29, 2023 |
| H. Thomas McMeekin | Trustee | March 29, 2023 |
| /s/ Thomas W. Brock\* | Trustee | March 29, 2023 |
| Thomas W. Brock | Trustee | March 29, 2023 |
| /s/ Mark A. Barnard\* | Trustee | March 29, 2023 |
| Mark A. Barnard | Trustee | March 29, 2023 |
| /s/ Michael Clement\* | Trustee | March 29, 2023 |
| Michael Clement | Trustee | March 29, 2023 |
| /s/ Kathleen Stephansen\* | Trustee | March 29, 2023 |
| Kathleen Stephansen | Trustee | March 29, 2023 |
| /s/ Patricia M. Haverland\* | Trustee | March 29, 2023 |
| Patricia M. Haverland | Trustee | March 29, 2023 |
| /s/ Jeffery S. Perry\* | Trustee | March 29, 2023 |
| Jeffery S. Perry | Trustee | March 29, 2023 |
| /s/ Brian Walsh\* | &nbsp;&nbsp; Treasurer and Chief Financial Officer<br> (Chief Accounting Officer) | March 29, 2023 |
| Brian Walsh | &nbsp;&nbsp; Treasurer and Chief Financial Officer<br> (Chief Accounting Officer) | March 29, 2023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* By: | /s/ Steven M. Joenk |
|  | Steven M. Joenk<br> (Attorney-in-Fact)<br>|

---

------

## Ex-99.(D)(1)(Vii)

**Exhibit (d)(1)(vii)** 

**AMENDMENT NO. 10** 

**TO THE** 

**AMENDED AND RESTATED** 

**INVESTMENT ADVISORY AGREEMENT** 

AMENDMENT NO. 10 dated March 16, 2023 (Amendment No. 10"), to the Amended and Restated Investment Advisory Agreement dated July 16, 2020 ("Agreement") between EQ Advisors Trust, a Delaware statutory trust ("Trust"), and Equitable Investment Management Group, LLC, a limited liability company organized in the State of Delaware ("Adviser").

WHEREAS, the Trust and Adviser desire to add a newly authorized Portfolio to the Agreement;

NOW THEREFORE, the Trust and Adviser agree to modify and amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio is hereby
added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duration of Agreement for the New Portfolio</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to the New Portfolio, the Agreement will continue in effect for two years after the applicable
date specified in section 1 above and may be continued thereafter pursuant to subsection (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to the New Portfolio, the Agreement shall continue in effect annually after the applicable date
specified in section 1 above only so long as such continuance is specifically approved at least annually by a majority of the Trustees who are not a party to the Agreement or interested persons (as defined in the Investment Company Act of 1940, as
amended ("1940 Act") ("Independent Trustees"), by a vote cast in person at a meeting called for the purpose of voting on such approval, and by either the Board of Trustees or a vote of a majority of the outstanding shares of the
New Portfolio. The required shareholder approval of the Agreement or of any continuance of the Agreement shall be effective with respect to the New Portfolio if a majority of the outstanding voting securities of the series (as defined in Rule 18f-2(h) under the 1940 Act) vote to approve the Agreement or its continuance, notwithstanding that the Agreement or its continuance may not have been approved by majority of the outstanding voting securities of
(a) any other Portfolio affected by the Agreement, or (b) all the Portfolios of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Appendix A</u>. Appendix A to the Agreement, which sets forth the Portfolios of the Trust for which the
Adviser is appointed investment adviser, is hereby replaced in its entirety by Appendix A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Appendix B</u>. Appendix B to the Agreement, which sets forth the fees payable to the Adviser with respect
to each Portfolio, is hereby replaced in its entirety by Appendix B attached hereto.

------

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 10 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** |
| By: | /s/ Brian Walsh | By: | /s/ Kenneth Kozlowski |
|  | Brian Walsh |  | Kenneth Kozlowski |
|  | Chief Financial Officer and |  | Executive Vice President and Chief |
|  | Treasurer |  | Investment Officer |

---

------

**APPENDIX A** 

**<u>AMENDMENT NO. 10</u>**

**AMENDED AND RESTATED** 

**INVESTMENT ADVISORY AGREEMENT** 

**<u>Portfolios</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup>Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio**

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

------

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

------

**APPENDIX B** 

**AMENDMENT NO. 10** 

**AMENDED AND RESTATED** 

**INVESTMENT ADVISORY AGREEMENT** 

The Trust shall pay the Adviser, at the end of each calendar month, compensation computed daily at an annual rate equal to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Index Portfolios** | **First**<br>**$2 Billion** | **Next**<br>**$4 Billion** | **Next**<br>**$2 Billion** | **Thereafter** |
|  1290 VT Convertible Securities | 0.500% | 0.450% | 0.425% | 0.400% |
|  1290 VT Natural Resources | 0.500% | 0.450% | 0.425% | 0.400% |
|  1290 VT Real Estate | 0.500% | 0.450% | 0.425% | 0.400% |
|  1290 VT Socially Responsible | 0.500% | 0.450% | 0.425% | 0.400% |
|  EQ/Common Stock Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Core Bond Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Equity 500 Index | 0.250% | 0.200% | 0.175% | 0.150% |
|  **EQ/Intermediate Corporate Bond** | **0.350%** | **0.300%** | **0.275%** | **0.250%** |
|  EQ/Intermediate Government Bond | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/International Equity Index | 0.400% | 0.350% | 0.325% | 0.300% |
|  EQ/Large Cap Growth Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Large Cap Value Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Long-Term Bond | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Mid Cap Index | 0.350% | 0.300% | 0.275% | 0.250% |
|  EQ/Small Company Index | 0.250% | 0.200% | 0.175% | 0.150% |

---

---

| | | | |
|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **ETF Portfolios** | **First**<br>**$2 Billion** | **Next**<br>**$4 Billion** | **Thereafter** |
|  1290 VT Multi-Alternative Strategies | 0.500% | 0.450% | 0.425% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Money Market Portfolio** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  EQ/Money Market | 0.350% | 0.325% | 0.280% | 0.270% | 0.250% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Equity Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  1290 VT Equity Income | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  1290 VT GAMCO Mergers & Acquisitions | 0.900% | 0.850% | 0.825% | 0.800% | 0.775% |
|  1290 VT GAMCO Small Company Value | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  1290 VT SmartBeta Equity ESG | 0.700% | 0.650% | 0.625% | 0.600% | 0.575% |
|  EQ/American Century Mid Cap Value | 0.900% | 0.850% | 0.825% | 0.800% | 0.775% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Equity Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  EQ/Capital Group Research | 0.650% | 0.600% | 0.575% | 0.550% | 0.525% |
|  EQ/ClearBridge Large Cap Growth ESG | 0.650% | 0.600% | 0.575% | 0.550% | 0.525% |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 0.540% | 0.500% | 0.475% | 0.450% | 0.425% |
|  EQ/Franklin Rising Dividends | 0.600% | 0.550% | 0.510% | 0.490% | 0.475% |
|  EQ/Goldman Sachs Mid Cap Value | 0.770% | 0.750% | 0.725% | 0.680% | 0.670% |
|  EQ/Invesco Comstock | 0.650% | 0.600% | 0.575% | 0.550% | 0.525% |
|  EQ/Invesco Global Real Assets | 0.735% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/Janus Enterprise | 0.700% | 0.650% | 0.625% | 0.600% | 0.575% |
|  EQ/JPMorgan Value Opportunities | 0.600% | 0.550% | 0.525% | 0.500% | 0.475% |
|  EQ/Invesco Global | 0.850% | 0.800% | 0.775% | 0.750% | 0.725% |
|  EQ/Lazard Emerging Markets Equity | 1.000% | 0.950% | 0.925% | 0.900% | 0.875% |
|  EQ/Loomis Sayles Growth Portfolio | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/MFS International Growth | 0.850% | 0.800% | 0.775% | 0.750% | 0.725% |
|  EQ/MFS International Intrinsic Value | 0.860% | 0.820% | 0.700% | 0.700% | 0.700% |
|  EQ/MFS Mid Cap Focused Growth | 0.850% | 0.800% | 0.775% | 0.750% | 0.725% |
|  EQ/MFS Technology | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/MFS Utilities Series | 0.730% | 0.700% | 0.670% | 0.650% | 0.625% |
|  EQ/T. Rowe Price Growth Stock | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/T. Rowe Price Health Sciences | 0.950% | 0.900% | 0.875% | 0.850% | 0.825% |
|  EQ/Value Equity | 0.560% | 0.540% | 0.520% | 0.500% | 0.475% |
|  EQ/Wellington Energy | 0.850% | 0.800% | 0.775% | 0.750% | 0.725% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Allocation Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  1290 VT Moderate Growth Allocation | 0.700% | 0.650% | 0.625% | 0.600% | 0.575% |
|  EQ/AB Dynamic Aggressive Growth | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/AB Dynamic Growth | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/AB Dynamic Moderate Growth | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/American Century Moderate Growth Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/Franklin Moderate Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/Goldman Sachs Growth Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/Goldman Sachs Moderate Growth Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/Invesco Moderate Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/Invesco Moderate Growth Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/JPMorgan Growth Allocation | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Pactive Equity Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  1290 VT Micro Cap | 0.850% | 0.800% | 0.775% | 0.750% | 0.725% |
|  1290 VT Small Cap Value | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  EQ/AB Small Cap Growth | 0.550% | 0.500% | 0.475% | 0.450% | 0.425% |
|  EQ/Emerging Markets Equity PLUS | 0.700% | 0.650% | 0.625% | 0.600% | 0.575% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Pactive Equity Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  EQ/Morgan Stanley Small Cap Growth | 0.800% | 0.750% | 0.725% | 0.700% | 0.675% |
|  Multimanager Aggressive Equity | 0.580% | 0.550% | 0.525% | 0.500% | 0.475% |
|  Multimanager Technology | 0.950% | 0.900% | 0.875% | 0.850% | 0.825% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Pactive Volatility Managed Equity Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  EQ/ClearBridge Select Equity Managed Volatility | 0.700% | 0.665% | 0.635% | 0.610% | 0.560% | 0.540% |
|  EQ/Franklin Small Cap Value Managed Volatility | 0.700% | 0.665% | 0.635% | 0.610% | 0.560% | 0.540% |
|  EQ/Global Equity Managed Volatility | 0.740% | 0.720% | 0.690% | 0.665% | 0.615% | 0.590% |
|  EQ/International Core Managed Volatility | 0.600% | 0.575% | 0.550% | 0.525% | 0.475% | 0.450% |
|  EQ/International Value Managed Volatility | 0.600% | 0.575% | 0.550% | 0.525% | 0.475% | 0.450% |
|  EQ/Large Cap Core Managed Volatility | 0.500% | 0.475% | 0.450% | 0.425% | 0.375% | 0.350% |
|  EQ/Large Cap Growth Managed Volatility | 0.500% | 0.475% | 0.450% | 0.425% | 0.375% | 0.350% |
|  EQ/Large Cap Value Managed Volatility | 0.500% | 0.475% | 0.450% | 0.425% | 0.375% | 0.350% |
|  EQ/Mid Cap Value Managed Volatility | 0.550% | 0.525% | 0.500% | 0.475% | 0.425% | 0.400% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Pactive Fixed Income Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  1290 VT High Yield | 0.600% | 0.580% | 0.560% | 0.540% | 0.530% |
|  EQ/Quality Bond PLUS | 0.400% | 0.380% | 0.360% | 0.340% | 0.330% |
|  Multimanager Core Bond | 0.550% | 0.530% | 0.510% | 0.490% | 0.480% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Fixed Income Portfolios** | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  1290 VT DoubleLine Opportunistic Bond | 0.600% | 0.575% | 0.550% | 0.530% | 0.520% |
|  EQ/AB Short Duration Government Bond | 0.450% | 0.430% | 0.410% | 0.390% | 0.380% |
|  EQ/PIMCO Global Real Return | 0.600% | 0.575% | 0.550% | 0.530% | 0.520% |
|  EQ/PIMCO Real Return | 0.500% | 0.475% | 0.450% | 0.430% | 0.420% |
|  EQ/PIMCO Total Return ESG | 0.500% | 0.475% | 0.450% | 0.430% | 0.420% |
|  EQ/PIMCO Ultra Short Bond | 0.500% | 0.475% | 0.450% | 0.430% | 0.420% |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
|  | **First**<br>**$2 Billion** | **Next**<br>**$2 Billion** | **Next**<br>**$2 Billion** | **Next**<br>**$3 Billion** | **Next**<br>**$3 Billion** | **Thereafter** |
|  **ATM Portfolios** |  |  |  |  |  |  |
|  ATM International Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  ATM Large Cap Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  ATM Mid Cap Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  ATM Small Cap Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  EQ/2000 Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  EQ/400 Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  EQ/500 Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  EQ/International Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
|  | **First**<br>**$1 Billion** | **Next**<br>**$1Billion** | **Next**<br>**$3 Billion** | **Next**<br>**$4 Billion** | **Next**<br>**$3 Billion** | **Thereafter** |
|  **Strategic Allocation Portfolios** |  |  |  |  |  |  |
|  EQ/Aggressive Growth Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Balanced Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Conservative Growth Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Conservative Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Growth Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Moderate Growth Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Ultra Conservative Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |

---

---

| | |
|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
|  EQ/All Asset Growth Allocation | 0.100% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
|  | **First**<br>**$2 Billion** | **Next**<br>**$2Billion** | **Next**<br>**$2 Billion** | **Next**<br>**$3 Billion** | **Thereafter** |
|  Equitable Growth MF/ETF | 0.1500% | 0.1425% | 0.1400% | 0.1375% | 0.1350% |
|  Equitable Moderate Growth MF/ETF | 0.1500% | 0.1425% | 0.1400% | 0.1375% | 0.1350% |
|  Equitable Conservative Growth MF/ETF | 0.1500% | 0.1425% | 0.1400% | 0.1375% | 0.1350% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
|  | **First**<br>**$750 Million** | **Next**<br>**$750 Million** | **Next**<br>**$1 Billion** | **Next**<br>**$2.5 Billion** | **Thereafter** |
|  EQ/AB Sustainable U.S. Thematic | 0.650% | 0.600% | 0.575% | 0.550% | 0.525% |

---

## Ex-99.(D)(6)(Vi)

**Exhibit (d)(6)(vi)** 

**EQ ADVISORS TRUST** 

**AMENDMENT NO. 6 TO THE** 

**INVESTMENT SUB-ADVISORY AGREEMENT** 

**AMENDMENT NO. 6** to the Investment Sub-Advisory Agreement dated March 16, 2023 ("Amendment No. 6") between Equitable Investment Management Group, LLC, a Delaware limited liability company ("Adviser"), and AllianceBernstein L.P., a Delaware limited partnership ("AllianceBernstein" or "Sub-Adviser").

Adviser and AllianceBernstein agree to modify the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, Adviser hereby appoints AllianceBernstein as a Sub-Adviser to the EQ/Intermediate Corporate Bond Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duration of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to the New Portfolio, the Agreement will continue in effect for a period of two years from the
date first set forth above and may be continued thereafter pursuant to subsection (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to the New Portfolio, the Agreement shall continue in effect annually after the date specified in
subsection (a), only so long as such continuance is specifically approved at least annually by a majority of the Trustees who are not a party to the Agreement or interested persons as defined in the Investment Company Act of 1940, as amended
("1940 Act") ("Independent Trustees"), and by either the Board of Trustees or a vote of a majority of the outstanding shares of the Portfolio. The required shareholder approval of the Agreement or of any continuance of the
Agreement shall be effective with respect to a Portfolio if a majority of the outstanding voting securities of the series (as defined in Rule 18f-2(h) under the 1940 Act) vote to approve the Agreement or its
continuance, notwithstanding that the Agreement or its continuance may not have been approved by a majority of the outstanding voting securities of (a) any other Portfolio affected by the Agreement, or (b) all the Portfolios of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Modified Fee</u>. Adviser and AllianceBernstein agree to amend the Agreement to modify the fee payable to
the Sub-Adviser for investment advisory and other services the Sub-Adviser provides to the EQ/Long-Term Bond Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Appendix A</u>. Appendix A to the Agreement setting forth the Portfolios of the Trust for which
AllianceBernstein is appointed as the Sub-Adviser and the fee payable to the Sub-Adviser with respect to the Portfolios is hereby replaced in its entirety by Appendix A
attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Appendix B</u>. Appendix B to the Agreement is hereby replaced in its entirety by Appendix B attached
hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Ratification</u>. Except as modified and amended hereby, the Agreement is ratified and confirmed in full
force and effect in accordance with its terms.

**IN WITNESS WHEREOF,** the parties have executed and delivered this Amendment No. 6 as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** | **ALLIANCEBERNSTEIN L.P.** | **ALLIANCEBERNSTEIN L.P.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Kenneth Kozlowski | By: | /s/ Matthew S. White |
|  | Kenneth Kozlowski<br> Director, Executive Vice President and<br> Chief Investment Officer |  | Name: Matthew S. White<br> Title: Assistant Secretary |

---

------

<u>APPENDIX A</u> 

TO

AMENDMENT NO. 6 TO

INVESTMENT SUB-ADVISORY AGREEMENT

The Adviser shall pay the Sub-Adviser monthly compensation computed daily at an annual rate equal to the following:

---

| | |
|:---|:---|
| Portfolio(s) | Annual Sub-Advisory Fee Rate |
| **Special Equity Portfolios**†, which shall include the following Portfolios or Allocated Portions of a Portfolio (collectively referred to as "Special Equity Portfolios"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Active Allocated Portion only) | 0.60% of the Special Equity Portfolios' average daily net assets up to and including $1 billion;<br> 0.55% of the Special Equity Portfolios' average daily net assets over $1 billion up to and including $1.5 billion;<br> 0.50% of the Special Equity Portfolios' average daily net assets over $1.5 billion up to and including $2 billion;<br> 0.45% of the Special Equity Portfolios' average daily net assets over $2 billion up to and including $2.5 billion; and<br> 0.40% of the Special Equity Portfolios' average daily net assets over $2.5 billion\*\* |
| **General Equity Portfolios**, which shall include the following Portfolios or Allocated Portions of a Portfolio (collectively referred to as "General Equity Portfolios"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio\*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Active Allocated Portion only) | 0.49% of the General Equity Portfolios' average daily net assets up to and including $100 million;<br> 0.30% of the General Equity Portfolios' average daily net assets over $100 million up to and including $200 million;<br> 0.25% of the General Equity Portfolios' average daily net assets over $200 million\*\* |
| **Tactical Manager Portfolios**, which shall include the Index Allocated Portions of the following Portfolios (collectively referred to as "Tactical Manager Portfolios"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio\* | 0.045% of the Tactical Manager Portfolios' average daily net assets up to and including $10 billion;<br> 0.03% of the Tactical Manager Portfolios' average daily net assets over $10 billion up to and including $20 billion; and<br> 0.02% of the Tactical Manager Portfolios' average daily net assets over $20 billion\*\* |

---

------

---

| | |
|:---|:---|
| **Dynamic Portfolios**, which shall consist of the EQ/AB Dynamic Moderate Growth Portfolio, EQ/AB Dynamic Growth Portfolio, and EQ/AB Dynamic Aggressive Growth Portfolio (collectively referred to as "Dynamic Portfolios") | 0.25% of the Dynamic Portfolios' average daily net assets up to and including $4 billion; and<br> 0.23% of the Dynamic Portfolios' average daily net assets over $4 billion\*\* |
| EQ/Common Stock Index Portfolio<br> EQ/Equity 500 Index Portfolio<br> EQ/Large Cap Growth Index Portfolio<br> EQ/Small Company Index Portfolio | 0.03% of the Portfolio's average daily net assets up to and including $3 billion;<br> 0.02% of the Portfolio's average daily net assets over $3 billion and up to and including $5 billion; and<br> 0.015% of the Portfolio's average daily net assets over $5 billion\*\*\*\* |
| EQ/Quality Bond PLUS Portfolio\*<br> (Active Allocated Portion only) | 0.29% of the Active Allocated Portion's average daily net assets up to and including $100 million; and<br> 0.20% of the Active Allocated Portion's average daily net assets over $100 million\*\*\* |
| EQ/International Equity Index Portfolio† | 0.02% of the Portfolio's average daily net assets\*\*\*\* |
| ATM International Managed Volatility Portfolio\*<br> ATM Large Cap Managed Volatility Portfolio\*<br> ATM Mid Cap Managed Volatility Portfolio\*<br> ATM Small Cap Managed Volatility Portfolio\*<br> EQ/2000 Managed Volatility Portfolio\*<br> EQ/400 Managed Volatility Portfolio\*<br> EQ/500 Managed Volatility Portfolio\*<br> EQ/International Managed Volatility Portfolio\* | 0.02% of the Sub-Adviser Allocated Portion of each Portfolio\*\*\* |
| 1290 VT Natural Resources Portfolio | 0.02% of the Index Allocated Portion's average daily net assets\*\*\* |
| 1290 VT Real Estate Portfolio | 0.02% of the Index Allocated Portion's average daily net assets\*\*\* |
| EQ/AB Small Cap Growth Portfolio\*<br> (Index Allocated Portion only)<br> EQ/Quality Bond PLUS Portfolio\*<br> (Index Allocated Portion only)<br> Multimanager Aggressive Equity Portfolio\*<br> (Index Allocated Portion only) | 0.02% of the Index Allocated Portion's average daily net assets\*\*\* |

---

------

---

| | |
|:---|:---|
| EQ/Emerging Markets Equity PLUS Portfolio\* | 0.12% of the Index Allocated Portion's average daily net assets up to and including $100 million;<br> and 0.10% of the Index Allocated Portion's average daily net assets over $100 million\*\*\* |
| EQ/AB Short Duration Government Bond Portfolio | 0.050% of the Portfolio's average daily net assets up to and including $10 billion;<br> and 0.040% of the Portfolio's average daily net assets over $10 billion\*\*\*\* |
| **Bond Portfolios, which shall consist of the EQ/Long-Term Bond Portfolio and EQ/Intermediate Corporate Bond Portfolio (collectively referred to as "Bond Portfolios")** | **0.0150% of the Bond Portfolios' average daily net assets up to and including $5 billion; and 0.0125% of the Bond Portfolios' average daily net assets in excess of $5 billion\*\*** |
| EQ/Large Cap Value Index Portfolio | 0.02% of the Portfolio's average daily net assets up to and including $150 million; and 0.015% of the Portfolio's average daily net assets in excess of $150 million\*\*\*\* |
| EQ/Mid Cap Index Portfolio | 0.02% of the Portfolio's average daily net assets up to and including $150 million; and 0.015% of the Portfolio's average daily net assets in excess of $150 million\*\*\*\* |
| Multimanager Technology Portfolio\* | 0.04% of the Sub-Adviser Allocated Portion's average daily net assets up to and including $100 million;<br> 0.03% of the Sub-Adviser Allocated Portion's average daily net assets in excess of $100 million up to and including $600 million; and<br> 0.0275% of the Sub-Adviser Allocated Portion's average daily net assets in excess of $600 million\*\*\* |
| EQ/AB Sustainable U.S. Thematic Portfolio | 0.30% of the Portfolio's average daily net assets up to and including $200 million;<br> 0.25% of the Portfolio's average daily net assets in excess of $200 million up to and including $400 million; and<br> 0.20% of the Portfolio's average daily net assets in excess of $400 million\*\*\*\* |

---

\* Fee to be paid with respect to this Portfolio shall be based only on the portion of the Portfolio's average daily net assets advised by the Sub-Adviser.

\*\* The daily sub-advisory fee for the related portfolios is calculated by multiplying the aggregate net assets of the related portfolios at the close of the immediately preceding business day by the Annual Sub-Advisory Fee Rate calculated as set forth above and then dividing the result by the number of days in the year. The daily sub-advisory fee applicable to each Portfolio/Allocated Portion is the portion of the daily sub-advisory fee for the related portfolios that is equal to the Portfolio's/Allocated Portion's net assets relative to the aggregate net assets of the related portfolios, including the Portfolio/Allocated Portion, used in the fee calculation for that day. 

------

† Assets of EQ/International Equity Index Portfolio will be aggregated with the Special Equity Portfolios for
purposes of calculating the sub-advisory fee applicable for the Special Equity Portfolios.

\*\*\* The daily sub-advisory fee for the Allocated Portion is calculated by multiplying the aggregate net assets of the Allocated Portion at the close of the immediately preceding business day by the Annual Sub-Advisory Fee Rate calculated as set forth above and then dividing the result by the number of days in the year. 

---

| | |
|:---|:---|
| \*\*\*\* | The daily sub-advisory fee for the Portfolio is calculated by multiplying the aggregate net assets of the Portfolio at the close of the immediately preceding business day by the Annual Sub-Advisory Fee Rate calculated as set forth above and then dividing the result by the number of days in the year.  |

---

------

<u>APPENDIX B</u> 

TO

AMENDMENT NO. 6 TO

INVESTMENT SUB-ADVISORY AGREEMENT

The Sub-Adviser is relying on the relief in CFTC Regulation 4.7(c) with respect to the following Portfolio(s) (each, a "4.7 Portfolio"):

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio (Active Allocated Portion only)

EQ/AB Small Cap Growth Portfolio (Index Allocated Portion only)

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Common Stock Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Large Cap Value Managed Volatility Portfolio (Active Allocated Portion only)

EQ/Long-Term Bond Portfolio

EQ/Mid Cap Index Portfolio

EQ/Quality Bond PLUS Portfolio (Active Allocated Portion only)

EQ/Quality Bond PLUS Portfolio (Index Allocated Portion only)

EQ/Small Company Index Portfolio

Multimanager Aggressive Equity Portfolio (Index Allocated Portion only)

Multimanager Technology Portfolio

## Ex-99.(E)(1)(Vi)

**Exhibit (e)(1)(vi)** 

**AMENDMENT NO. 7** 

**DISTRIBUTION AGREEMENT** 

**EQ ADVISORS TRUST – EQUITABLE DISTRIBUTORS, LLC – CLASS IB SHARES** 

AMENDMENT NO. 7 dated as of March 16, 2023 ("Amendment No. 7") to the Distribution Agreement dated as of July 16, 2020 (the "Agreement") between EQ Advisors Trust, a Delaware statutory trust (the "Trust"), and Equitable Distributors, LLC (the "Distributor"), relating to Class IB shares.

The Trust and the Distributor agree to modify and amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio (the "New
Portfolio") is hereby added to the Agreement on the terms and conditions contained in the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duration of Agreement for the New Portfolio</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to the New Portfolio, the Agreement will continue in effect for two years after the date set forth
in section 1 above and may be continued thereafter pursuant to subsection (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to the New Portfolio, the Agreement shall continue in effect annually after the date specified in
subsection (a) above only so long as such continuance is specifically approved at least annually by a majority of the Trustees of the Trust who are not interested persons of the Trust or Equitable Distributors and who have no direct or indirect
financial interest in the distribution plan pursuant to which this Agreement has been authorized (or any agreement thereunder) (the "Independent Trustees") by (a) persons having voting rights in respect of the Trust, by the vote
stated in Section 11 of the Agreement, voted in accordance with the provisions contained in the form of Participation Agreement or any policies on conflicts adopted by the Board of Trustees, or (b) the Board of Trustees of the Trust. This
Distribution Agreement may be terminated at any time, without penalty, by a majority of the Independent Trustees or by persons having voting rights in respect of the Trust by the vote stated in Section 11 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Schedule A</u>. Schedule A to the Agreement, setting forth the Portfolios of the Trust for which the
Distributor is authorized to distribute Class IB shares, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

------

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 7 as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE DISTRIBUTORS, LLC** | **EQUITABLE DISTRIBUTORS, LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Michal Levy | By: | /s/ Nicholas Lane |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Michal Levy | Name: | Nicholas Lane |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | President | Title: | Chairman of the Board, President and Chief Executive Officer |

---

------

**SCHEDULE A** 

AMENDMENT NO. 7

DISTRIBUTION AGREEMENT

<u>CLASS IB SHARES</u> 

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government

Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

------

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

## Ex-99.(E)(2)(Vi)

**Exhibit (e)(2)(vi)** 

**AMENDMENT NO. 7** 

**DISTRIBUTION AGREEMENT** 

**EQ ADVISORS TRUST – EQUITABLE DISTRIBUTORS, LLC – CLASS K SHARES** 

AMENDMENT NO. 7 dated as of March 16, 2023 ("Amendment No. 7") to the Distribution Agreement dated as of July 16, 2020 (the "Agreement"), between EQ Advisors Trust, a Delaware statutory trust (the "Trust"), and Equitable Distributors, LLC (the "Distributor"), relating to Class K shares.

The Trust and the Distributor agree to modify and amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio (the "New
Portfolio") is hereby added to the Agreement on the terms and conditions contained in the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duration of Agreement for the New Portfolio</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to the New Portfolio, the Agreement will continue in effect for two years after the date set forth
in section 1 above and may be continued thereafter pursuant to subsection (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to the New Portfolio, the Agreement shall continue in effect annually after the date specified in
subsection (a) above only so long as such continuance is specifically approved at least annually by a majority of the Trustees of the Trust who are not interested persons of the Trust or Equitable Distributors and who have no direct or indirect
financial interest in the distribution plan pursuant to which this Agreement has been authorized (or any agreement thereunder) (the "Independent Trustees") by (a) persons having voting rights in respect of the Trust, by the vote
stated in Section 11 of the Agreement, voted in accordance with the provisions contained in the form of Participation Agreement or any policies on conflicts adopted by the Board of Trustees, or (b) the Board of Trustees of the Trust. This
Distribution Agreement may be terminated at any time, without penalty, by a majority of the Independent Trustees or by persons having voting rights in respect of the Trust by the vote stated in Section 11 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Schedule A</u>. Schedule A to the Agreement, setting forth the Portfolios of the Trust for which the
Distributor is authorized to distribute Class IB shares, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

------

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 7 as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE DISTRIBUTORS, LLC** | **EQUITABLE DISTRIBUTORS, LLC** |
| By: | /s/ Michal Levy | By: | /s/ Nicholas Lane |
| Name: | Michal Levy | Name: | Nicholas Lane |
| Title: | President | Title: | Chairman of the Board, President and Chief Executive Officer |

---

------

**SCHEDULE A** 

AMENDMENT NO. 7

DISTRIBUTION AGREEMENT

<u>CLASS K SHARES</u> 

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government

Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Allocation Portfolio

EQ/Growth Strategy Portfolio

EQ/Intermediate Corporate Bond Portfolio

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

------

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

## Ex-99.(G)(1)(Xlii)

**Exhibit (g)(1)(xlii)** 

**AMENDMENT NO. 43** 

**AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT** 

**Amendment No. 43**, dated as of March 16, 2023 ("Amendment No. 43"), to the Amended and Restated Global Custody Agreement, dated as of February 1, 2002, as amended ("Agreement"), by and between EQ Advisors Trust ("Trust"), on behalf of each of the portfolios designated on Schedule C thereto, and JPMorgan Chase Bank, N.A. ("Bank"). Capitalized terms used but not defined herein have the meanings ascribed to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio is hereby
added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Schedule C</u>. Schedule C to the Agreement, setting forth the Portfolios of the Trust on behalf of which
the Trust is entering into the Agreement, is hereby replaced in its entirety by Schedule C attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 43 as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | <u>/s/ Brian Walsh</u> | By: | <u>/s/ Chris Egan</u> |
| Name: | Brian Walsh | Name: | Chris Egan |
| Title: | Chief Financial Officer and Treasurer | Title: | Vice President |
|  | Date: March 16, 2023 | Date: | March 17, 2023 |

---

------

**<u>SCHEDULE C</u>**

AMENDMENT NO. 43

AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup>Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

------

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

## Ex-99.(H)(1)(Ii)

**Exhibit (h)(1)(ii)** 

**AMENDMENT NO. 1** 

**TO THE** 

**MUTUAL FUNDS SERVICE AGREEMENT** 

AMENDMENT NO. 1, dated as of March 16, 2023 ("Amendment No. 1"), to the Mutual Funds Service Agreement dated as of January 1, 2023 ("Agreement") between EQ Advisors Trust, a Delaware statutory trust ("Trust"), Equitable Investment Management, LLC ("Administrator"), a limited liability company organized in the State of Delaware, and Equitable Investment Management Group, LLC ("EIM or "Adviser"), a limited liability company organized in the State of Delaware.

The Trust, the Adviser and the Administrator agree to modify the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio ("New
Portfolio") is hereby added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duration of Agreement for the New Portfolio</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to the New Portfolio, the Agreement will continue in effect for one year after the date set forth
in section 1 above and may be continued thereafter pursuant to subsection (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to the New Portfolio, the Agreement shall continue automatically for successive terms of one year
after the date specified in subsection (a) above, provided that such continuance is specifically approved at least annually (a) by a vote of a majority of those members of the Trust's Board of Trustees who are not parties to the
Agreement or "interested persons" of such party, cast in person at a meeting called for the purpose of voting on such approval, and (b) by the Trust's Board of Trustees or by a vote of a "majority of the outstanding voting
securities" of the Trust; provided, however, that the Agreement may be terminated by the Trust at any time, without the payment of any penalty, by vote of a majority of the entire Board of Trustees or a vote of a "majority of the
outstanding voting securities" of the Trust, on sixty (60) days prior written notice to the Administrator or by the Administrator at any time, without the payment of any penalty, on sixty (60) days prior written notice to the Trust.
(As used in the Agreement, the terms "majority of the outstanding voting securities" and "interested persons" shall have the same meaning as such terms have in the 1940 Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Schedule A</u>. Schedule A of the Agreement is hereby replaced in its entirety by Schedule A attached
hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

------

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 1 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE INVESTMENT MANAGEMENT, LLC** | **EQUITABLE INVESTMENT MANAGEMENT, LLC** |
| By: | /s/ Brian Walsh | By: | /s/ Michal Levy |
|  | Brian Walsh |  | Michal Levy |
|  | Chief Financial Officer and Treasurer |  | President and Chief Operating Officer |
| **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** |  |  |
| By: | /s/ Kenneth Kozlowski |  |  |
|  | Kenneth Kozlowski |  |  |
|  | Executive Vice President and Chief |  |  |
|  | Investment Officer |  |  |

---

------

**AMENDMENT NO. 1** 

**SCHEDULE A** 

**<u>Fees and Expenses</u>**

**Trust Administration, Accounting and Compliance Fees** 

---

| | |
|:---|:---|
| **Single-Advised Portfolios** | **Single-Advised Portfolios** |
| The greater of $30,000 per Portfolio or 0.100% of the first $30 billion; 0.0975% of the next $10<br> billion; 0.0950% of the next $5 billion; 0.0775% of the next $10 billion; 0.0750% of the next $30<br> billion; and 0.0725% thereafter (based on aggregate average daily net assets of the Single-Advised<br> Portfolios) | The greater of $30,000 per Portfolio or 0.100% of the first $30 billion; 0.0975% of the next $10<br> billion; 0.0950% of the next $5 billion; 0.0775% of the next $10 billion; 0.0750% of the next $30<br> billion; and 0.0725% thereafter (based on aggregate average daily net assets of the Single-Advised<br> Portfolios) |
|  1290 VT Convertible Securities | EQ/Invesco Comstock |
|  1290 VT DoubleLine Opportunistic Bond | EQ/Invesco Global |
|  1290 VT Equity Income | EQ/Invesco Global Real Assets |
|  1290 VT GAMCO Mergers & Acquisition | EQ/Janus Enterprise |
|  1290 VT GAMCO Small Company Value | EQ/JPMorgan Value Opportunities |
|  1290 VT Multi-Alternative Strategies | EQ/Large Cap Growth Index |
|  1290 VT Natural Resources | EQ/Large Cap Value Index |
|  1290 VT Real Estate | EQ/Lazard Emerging Markets Equity |
|  1290 VT SmartBeta Equity ESG | EQ/Long-Term Bond |
|  1290 VT Socially Responsible | EQ/Loomis Sayles Growth |
|  EQ/AB Short Duration Government Bond | EQ/MFS International Growth |
|  EQ/AB Sustainable U.S. Thematic | EQ/MFS International Intrinsic Value |
|  EQ/American Century Mid Cap Value | EQ/MFS Mid Cap Focused Growth |
|  EQ/Capital Group Research | EQ/MFS Technology |
|  EQ/ClearBridge Large Cap Growth ESG | EQ/MFS Utilities Series |
|  EQ/Common Stock Index | EQ/Mid Cap Index |
|  EQ/Core Bond Index | EQ/Money Market |
|  EQ/Equity 500 Index | EQ/PIMCO Global Real Return |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | EQ/PIMCO Real Return |
|  EQ/Franklin Rising Dividends | EQ/PIMCO Total Return ESG |
|  EQ/Goldman Sachs Mid Cap Value | EQ/PIMCO Ultra Short Bond |
|  EQ/Intermediate Corporate Bond | EQ/Small Company Index |
|  EQ/Intermediate Government Bond | EQ/T. Rowe Price Growth Stock |
|  EQ/International Equity Index | EQ/T. Rowe Price Health Sciences |
|  | EQ/Value Equity |
|  | EQ/Wellington Energy |

---

------

---

| | |
|:---|:---|
| **Hybrid, ATM and Allocation Portfolios\*** | **Hybrid, ATM and Allocation Portfolios\*** |
| The greater of $32,500 per Portfolio or 0.140% of the average daily net assets of the Portfolios for the first $60<br> billion; 0.110% of the next $20 billion; 0.0875% of the next $20 billion; 0.0775% of the next $20 billion; 0.0750% of<br> the next $20 billion; and 0.0725% thereafter (based on aggregate average daily net assets of the Hybrid Portfolios,<br> ATM and Allocation Portfolios and the Portfolios of EQ Premier VIP Trust) | The greater of $32,500 per Portfolio or 0.140% of the average daily net assets of the Portfolios for the first $60<br> billion; 0.110% of the next $20 billion; 0.0875% of the next $20 billion; 0.0775% of the next $20 billion; 0.0750% of<br> the next $20 billion; and 0.0725% thereafter (based on aggregate average daily net assets of the Hybrid Portfolios,<br> ATM and Allocation Portfolios and the Portfolios of EQ Premier VIP Trust) |
|  1290 VT High Yield Bond | EQ/Franklin Moderate Allocation |
|  1290 VT Micro Cap | EQ/Franklin Small Cap Value Managed Volatility |
|  1290 VT Moderate Growth Allocation | EQ/Global Equity Managed Volatility |
|  1290 VT Small Cap Value | EQ/Goldman Sachs Growth Allocation |
|  ATM International Managed Volatility | EQ/Goldman Sachs Moderate Growth |
|  ATM Large Cap Managed Volatility | Allocation |
|  ATM Mid Cap Managed Volatility | EQ/Growth Strategy |
|  ATM Small Cap Managed Volatility | EQ/International Core Managed Volatility |
|  EQ/500 Managed Volatility | EQ/International Value Managed Volatility |
|  EQ/International Managed Volatility | EQ/Invesco Moderate Allocation |
|  EQ/2000 Managed Volatility | EQ/Invesco Moderate Growth Allocation |
|  EQ/400 Managed Volatility | EQ/JPMorgan Growth Allocation |
|  EQ/AB Dynamic Aggressive Growth | EQ/Large Cap Core Managed Volatility |
|  EQ/AB Dynamic Growth | EQ/Large Cap Growth Managed Volatility |
|  EQ/AB Dynamic Moderate Growth | EQ/Large Cap Value Managed Volatility |
|  EQ/AB Small Cap Growth | EQ/Mid Cap Value Managed Volatility |
|  EQ/Aggressive Growth Strategy | EQ/Moderate Growth Strategy |
|  EQ/All Asset Growth Allocation | EQ/Morgan Stanley Small Cap Growth |
|  EQ/American Century Moderate Growth Allocation | EQ/Quality Bond PLUS |
|  EQ/Balanced Strategy | EQ/Ultra Conservative Strategy |
|  EQ/ClearBridge Select Equity Managed Volatility | Equitable Conservative Growth MF/ETF |
|  EQ/Conservative Growth Strategy | Equitable Moderate Growth MF/ETF |
|  EQ/Conservative Strategy | Equitable Growth MF/ETF |
|  EQ/Emerging Markets Equity PLUS | Multimanager Aggressive Equity |
|  | Multimanager Core Bond |
|  | Multimanager Technology |

---

\* Assets of these Portfolios are not included in the calculation of the single-advised Portfolio asset-based fee.

## Ex-99.(H)(2)(Ii)

**Exhibit (h)(2)(ii)** 

**AMENDMENT NO. 1** 

**EXPENSE LIMITATION AGREEMENT** 

**Amendment No. 1** dated March 16, 2023 ("Amendment No. 1") to the Expense Limitation Agreement dated January 1, 2023 ("Agreement") between Equitable Investment Management Group, LLC (the "Adviser"), Equitable Investment Management, LLC ("the Administrator") and EQ Advisors Trust (the "Trust").

The Adviser, Administrator and Trust hereby agree to modify and amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio is hereby
added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Schedule A</u>. Schedule A to the Agreement, which sets forth the maximum annual operating expense limits,
is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

**IN WITNESS WHEREOF**, the parties have executed and delivered this Amendment No. 1 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** |
| By: | /s/ Brian Walsh | By: | /s/ Kenneth Kozlowski |
|  | Brian Walsh |  | Kenneth Kozlowski |
|  | Chief Financial Officer and Treasurer |  | Executive Vice President and |
|  |  |  | Chief Investment Officer |
| **EQUITABLE INVESTMENT MANAGEMENT, LLC** | **EQUITABLE INVESTMENT MANAGEMENT, LLC** |  |  |
| By: | /s/ Michal Levy |  |  |
|  | Michal Levy |  |  |
|  | President and |  |  |
|  | Chief Operating Officer |  |  |

---

------

**AMENDMENT NO. 1** 

**SCHEDULE A** 

**MAXIMUM ANNUAL OPERATING EXPENSE LIMITS** 

This Agreement relates to the following Portfolios of the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** |  |
|  | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  1290 VT Convertible Securities Portfolio | N/A | 0.90 | % | 0.65 | % |
|  1290 VT Natural Resources Portfolio | N/A | 0.90 | %\* | 0.65 | %\* |
|  1290 VT Real Estate Portfolio | N/A | 0.90 | % | 0.65 | % |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | 1.05% | 1.05 | % | 0.80 | % |
|  EQ/Global Equity Managed Volatility Portfolio | 1.10% | 1.10 | % | 0.85 | % |
|  EQ/International Core Managed Volatility Portfolio | 1.05% | 1.05 | % | 0.80 | % |
|  EQ/International Equity Index Portfolio | 0.75%\* | 0.75 | %\* | 0.50 | %\* |
|  EQ/International Value Managed Volatility Portfolio | 1.05% | 1.05 | % | 0.80 | % |
|  EQ/Large Cap Core Managed Volatility Portfolio | 0.90% | 0.90 | % | 0.65 | % |
|  EQ/Large Cap Growth Managed Volatility Portfolio | 0.90% | 0.90 | % | 0.65 | % |
|  EQ/Large Cap Value Managed Volatility Portfolio | 0.90% | 0.90 | % | 0.65 | % |
|  EQ/Mid Cap Value Managed Volatility Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 1.05% | 1.05 | % | 0.80 | % |
|  EQ/Emerging Markets Equity PLUS Portfolio | N/A | 1.20 | % | 0.95 | % |
|  EQ/Quality Bond PLUS Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  EQ/All Asset Growth Allocation Portfolio | 1.25%\* | 1.25 | %\* | 1.00 | %\* |
|  EQ/Aggressive Growth Strategy Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Balanced Strategy Portfolio | 1.05%\* | 1.05 | %\* | 0.80 | %\* |
|  EQ/Conservative Growth Strategy Portfolio | 1.00%\* | 1.00 | %\* | 0.75 | %\* |
|  EQ/Conservative Strategy Portfolio | 0.95%\* | 0.95 | %\* | 0.70 | %\* |
|  EQ/Growth Strategy Portfolio | 1.10%\* | 1.10 | %\* | 0.85 | %\* |
|  EQ/Moderate Growth Strategy Portfolio | 1.10%\* | 1.10 | %\* | 0.85 | %\* |
|  EQ/Ultra Conservative Strategy Portfolio | 0.95%\* | 0.95 | %\* | 0.70 | %\* |
|  ATM International Managed Volatility Portfolio | N/A | 0.90 | % | 0.65 | % |
|  ATM Large Cap Managed Volatility Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  ATM Mid Cap Managed Volatility Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  ATM Small Cap Managed Volatility Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  EQ/2000 Managed Volatility Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  EQ/400 Managed Volatility Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  EQ/500 Managed Volatility Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  EQ/International Managed Volatility Portfolio | N/A | 0.90 | % | 0.65 | % |
|  1290 VT Equity Income Portfolio | 0.95% | 0.95 | % | 0.70 | % |
|  1290 VT GAMCO Small Company Value Portfolio | 1.07% | 1.07 | % | 0.82 | % |
|  1290 VT High Yield Bond Portfolio | N/A | 1.00 | % | 0.75 | % |
|  1290 VT Micro Cap Portfolio | N/A | 1.15 | % | 0.90 | % |
|  1290 VT Multi-Alternative Strategies Portfolio | N/A | 1.10 | % | 0.85 | % |
|  1290 VT Small Cap Value Portfolio | N/A | 1.15 | % | 0.90 | % |
|  1290 VT SmartBeta Equity ESG Portfolio | N/A | 1.10 | % | 0.85 | % |
|  1290 VT Socially Responsible Portfolio | 1.15% | 1.15 | % | 0.90 | % |
|  EQ/AB Dynamic Moderate Growth Portfolio | 1.15%\* | 1.15 | %\* | 0.90 | %\* |
|  EQ/AB Short Duration Government Bond Portfolio | 0.77% | 0.77 | % | 0.52 | % |
|  EQ/AB Small Cap Growth Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  EQ/ClearBridge Large Cap Growth ESG Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  EQ/Janus Enterprise Portfolio | 1.05% | 1.05 | % | 0.80 | % |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** |  |
|  | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/Loomis Sayles Growth Portfolio | 1.05% | 1.05 | % | 0.80 | % |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | N/A | 1.15 | % | 0.90 | % |
|  EQ/Capital Group Research Portfolio | 0.97% | 0.97 | % | 0.72 | % |
|  EQ/Core Bond Index Portfolio | 0.645% | 0.645 | % | 0.395 | % |
|  EQ/Invesco Comstock Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  EQ/Invesco Global Portfolio | 1.15% | 1.15 | % | 0.90 | % |
|  EQ/JPMorgan Value Opportunities Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  EQ/MFS International Growth Portfolio | 1.10% | 1.10 | % | 0.85 | % |
|  EQ/PIMCO Global Real Return Portfolio | N/A | 0.85 | % | 0.60 | % |
|  EQ/PIMCO Ultra Short Bond Portfolio | 0.79% | 0.79 | % | 0.54 | % |
|  EQ/T. Rowe Price Growth Stock Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  EQ/Value Equity Portfolio | 0.95% | 0.95 | % | 0.70 | % |
|  Multimanager Aggressive Equity Portfolio | 1.00% | 1.00 | % | 0.75 | % |
|  Multimanager Core Bond Portfolio | 0.85% | 0.85 | % | 0.60 | % |
|  Multimanager Technology Portfolio | 1.18% | 1.18 | % | 0.93 | % |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | N/A | 0.90 | % | 0.65 | % |
|  EQ/AB Dynamic Aggressive Growth Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/AB Dynamic Growth Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Franklin Moderate Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Goldman Sachs Moderate Growth Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Invesco Moderate Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/JPMorgan Growth Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  1290 VT Moderate Growth Allocation Portfolio | N/A | 1.10 | %\* | 0.85 | %\* |
|  EQ/American Century Moderate Growth Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Goldman Sachs Growth Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Invesco Moderate Growth Allocation Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/American Century Mid Cap Value Portfolio | N/A | 1.00 | %\* | 0.75 | %\* |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio | N/A | 0.87 | %\* | 0.62 | %\* |
|  EQ/Franklin Rising Dividends Portfolio | N/A | 0.87 | %\* | 0.62 | %\* |
|  EQ/Goldman Sachs Mid Cap Value Portfolio | N/A | 1.09 | %\* | 0.84 | %\* |
|  EQ/Invesco Global Real Assets Portfolio | N/A | 1.20 | %\* | 0.95 | %\* |
|  EQ/Lazard Emerging Markets Equity Portfolio | N/A | 1.35 | %\* | 1.10 | %\* |
|  EQ/MFS International Intrinsic Value Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/MFS Mid Cap Focused Growth Portfolio | N/A | 1.10 | %\* | 0.85 | %\* |
|  EQ/MFS Technology Portfolio | N/A | 1.14 | %\* | 0.89 | %\* |
|  EQ/MFS Utilities Series Portfolio | N/A | 1.05 | %\* | 0.80 | %\* |
|  EQ/PIMCO Real Return Portfolio | N/A | 0.75 | %\* | 0.50 | %\* |
|  EQ/PIMCO Total Return ESG Portfolio | N/A | 0.75 | %\* | 0.50 | %\* |
|  EQ/T. Rowe Price Health Sciences Portfolio | N/A | 1.20 | %\* | 0.95 | %\* |
|  EQ/Wellington Energy Portfolio | N/A | 1.19 | %\* | 0.94 | %\* |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio | 1.25% | 1.25 | % | 1.00 | % |
|  EQ/Common Stock Index Portfolio | 0.68% | 0.68 | % | 0.43 | % |
|  EQ/Equity 500 Index Portfolio | 0.54% | 0.54 | % | 0.29 | % |
|  EQ/Intermediate Government Bond Portfolio | 0.645% | 0.645 | % | 0.395 | % |
|  EQ/Long-Term Bond Portfolio | N/A | 0.65 | % | 0.40 | % |
|  **EQ/Intermediate Corporate Bond Portfolio** | **N/A** | **0.65** | **%** | **0.40** | **%** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** | **Maximum Annual Operating Expense**<br>**Limit (% of average daily net assets)** |  |
|  | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/Large Cap Growth Index Portfolio | 0.73% | 0.73 | % | 0.48 | % |
|  EQ/Large Cap Value Index Portfolio | 0.75% | 0.75 | % | 0.50 | % |
|  EQ/Mid Cap Index Portfolio | 0.66% | 0.66 | % | 0.41 | % |
|  EQ/Small Company Index Portfolio | 0.64% | 0.64 | % | 0.39 | % |
|  EQ/AB Sustainable U.S. Thematic Portfolio | N/A | 1.00 | % | 0.75 | % |
|  Equitable Conservative Growth MF/ETF Portfolio | N/A | 1.10 | %\* | 0.85 | %\* |
|  Equitable Growth MF/ETF Portfolio | N/A | 1.15 | %\* | 0.90 | %\* |
|  Equitable Moderate Growth MF/ETF Portfolio | N/A | 1.10 | %\* | 0.85 | %\* |

---

\* For purposes of calculating the Maximum Annual Operating Expense Limit, Acquired Fund Fees and Expenses are included in Portfolio Operating Expenses.

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

## Ex-99.(H)(4)(Xix)

**Exhibit (h)(4)(xix)** 

**AMENDMENT NO. 20** 

**SECOND AMENDED AND RESTATED PARTICIPATION AGREEMENT** 

**Amendment No. 20**, dated as of March 16, 2023 ("Amendment No. 20"), to the Second Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), Equitable Financial Life Insurance Company, Equitable Investment Management Group, LLC and Equitable Distributors, LLC (collectively, the "Parties").

The Parties wish to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio is hereby
added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Schedule B</u>. Schedule B to the Agreement, setting forth the Portfolios of the Trust on behalf of which
the Trust is entering into the Agreement, is hereby replaced in its entirety by Schedule B attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the Parties have executed and delivered this Amendment No. 20 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE FINANCIAL LIFE INSURANCE COMPANY** | **EQUITABLE FINANCIAL LIFE INSURANCE COMPANY** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Brian Walsh | By: | /s/ Kenneth Kozlowski |
|  | Name: Brian Walsh |  | Name: Kenneth Kozlowski |
|  | Title: Chief Financial Officer and Treasurer |  | Title: Signatory Officer |
| **EQUITABLE DISTRIBUTORS, LLC** | **EQUITABLE DISTRIBUTORS, LLC** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** | **EQUITABLE INVESTMENT MANAGEMENT GROUP, LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Nicholas B. Lane | By: | /s/ Michal Levy |
|  | Name: Nicholas B. Lane |  | Name: Michal Levy |
|  | Title: Chairman of the Board, President |  | Title: President and Chief Operating |
|  | and Chief Executive Officer |  | Officer |

---

------

**<u>SCHEDULE B</u>**

AMENDMENT NO. 20

SECOND AMENDED AND RESTATED PARTICIPATION AGREEMENT

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

## Ex-99.(H)(7)(Xx)

**Exhibit (h)(7)(xx)** 

**AMENDMENT NO. 21** 

**AMENDED AND RESTATED PARTICIPATION AGREEMENT** 

**Amendment No. 21**, dated as of March 16, 2023, ("Amendment No. 21"), to the Amended and Restated Participation Agreement, dated as of May 23, 2012, as amended ("Agreement"), by and among EQ Advisors Trust ("Trust"), Equitable Financial Life Insurance Company of America and Equitable Distributors, LLC (collectively, the "Parties").

The Parties wish to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio is hereby
added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Schedule A</u>. Schedule A to the Agreement, setting forth the Portfolios of the Trust on behalf of which
the Trust is entering into the Agreement, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the Parties have executed and delivered this Amendment No. 21 as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **EQ ADVISORS TRUST** | **EQ ADVISORS TRUST** | **EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA** | **EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA** |
| By: | /s/ Brian Walsh | By: | /s/ Kenneth Kozlowski |
|  | Name: Brian Walsh |  | Name: Kenneth Kozlowski |
|  | Title: Chief Financial Officer |  | Title: Signatory Officer |
|  | and Treasurer |  |  |
| **EQUITABLE DISTRIBUTORS, LLC** | **EQUITABLE DISTRIBUTORS, LLC** |  |  |
| By: | /s/ Nicholas B. Lane |  |  |
|  | Name: Nicholas B. Lane |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Chairman of the Board, President<br> &nbsp;&nbsp;&nbsp;&nbsp;and Chief Executive Officer |  |  |

---

------

**<u>SCHEDULE A</u>**

AMENDMENT NO. 21

AMENDED AND RESTATED PARTICIPATION AGREEMENT

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

## Ex-99.(H)(8)(Iv)

**Exhibit (h)(8)(iv)** 

**AMENDMENT NO. 6** 

**SECURITIES LENDING AGREEMENT** 

Amendment No. 6, dated as of March 16, 2023 ("Amendment No. 6"), to the Securities Lending Agreement dated as of April 11, 2016 ("Agreement"), by and between JPMorgan Chase Bank, National Association ("J.P. Morgan") and each Equitable investment company identified in Annex A hereto ("Lender").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>New Portfolio</u>. Effective April 3, 2023, the EQ/Intermediate Corporate Bond Portfolio, a
series of EQ Advisors Trust, is hereby added to the Agreement on the terms and conditions contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Annex A.</u> Annex A to the Agreement is deleted and replaced in its entirety by Annex A attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** <u>Schedule 4</u>. Schedule 4 to the Agreement, setting forth the Limitations on Securities Available
for Loan, Lending Accounts and Markets is deleted and replaced in its entirety by Schedule 4 attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** <u>Ratification.</u> Except as modified and amended hereby, the Agreement is hereby ratified and
confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 6 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | **JPMorgan Chase Bank, N.A.** | **JPMorgan Chase Bank, N.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**On behalf of each of their series listed**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**on Annex A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**On behalf of each of their series listed**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**on Annex A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Brian Walsh | By: | /s/ George Rennick |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Brian Walsh | Name: George Rennick | Name: George Rennick |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Chief Financial Officer | Title: | Managing Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | March 16, 2023 | Date: | March 20, 2023 |

---

------

**Securities Lending Agreement** 

**ANNEX A** 

**<u>EQ Advisors Trust</u>**

1290 VT Micro Cap Portfolio

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

Equitable Conservative Growth MF/ETF Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/ 2000 Managed Volatility Portfolio

EQ/ 400 managed Volatility Portfolio

EQ/1290 VT Moderate Growth Allocation Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 managed Volatility Portfolio

EQ/500 managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/All asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Capital Group Research Portfolio

EQ/Clearbridge Large Cap Growth ESG Portfolio

EQ/Clearbridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity Plus Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/INVESCO COMSTOCK PORTFOLIO

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JP Morgan Growth Allocation

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long Term-Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

FQ/Franklin Rising Dividends Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

EQ Advisors Trust—Intermediate Corporate Bond Portfolio

------

**<u>1290 Funds Trust</u>**

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Diversified Bond Fund

1290 Smart Beta Equity Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

1290 Essex Small Cap Growth Fund

------

**Securities Lending Agreement** 

**EACH OF THE AXA FUND LENDERS** 

**LISTED ON ANNEX A HERETO** 

**SCHEDULE 4** 

**JPMorgan Chase Bank, N.A.** 

**Securities Lending – Limitations on Securities Available for Loan, Lending Accounts and Markets** 

**Limitations on Securities Available for Loan** 

The following limitations shall apply to J.P. Morgan's authority to lend Securities held in the Lending Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At the time of any Loan, the aggregate Market Value of Lender's Securities on Loan after taking such Loan into account shall not exceed 30% of the aggregate Market Value of Lender's total assets, including collateral for Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No more than 90% of any Security held by Lender may be on loan at the time the Loan is initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At the initiation of any Loan, the maximum rebate rate must be Overnight Bank Funding Rate (OBFR) minus 25 basis points on Loans collateralized with cash; on Loans collateralized with securities, the Lender will charge Borrowers a minimum 25 basis point fee.

**Lending Accounts** 

---

| | | |
|:---|:---|:---|
| **Lending Account Name** | **Lending Account Numbers** | **Lending Account Numbers** |
|  1290 VT Micro Cap Portfolio—Lord Abbett |  | G 24412 |
|  1290 VT Micro Cap Portfolio - Blackrock |  | G 24413 |
|  1290 VT CONVERTIBLE SECURITIES PORTFOLIO —SSGA |  | P 75009 |
|  Equitable Conservative Growth MF/ETF Portfolio | EIV69 | G 30204 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | AHL95 | P 24225 |
|  1290 VT Equity Income Portfolio | 38944 | G 09834 |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio | 35949 | G 09840 |
|  1290 VT GAMCO Small Company Value Portfolio | 43362 | G 09841 |
|  1290 VT High Yield Bond Portfolio- Post | AEX34 | G 24420 |
|  1290 VT High Yield Bond Portfolio—AXA Investment Managers |  | G 30168 |
|  1290 VT High Yield Bond Portfolio—FMG LCC |  | G 23689 |
|  1290 VT Multi-Alternative Strategies Portfolio—FMG |  | P 43360 |
|  1290 VT Natural Resources Portfolio—AB | 30497 | G 30170 |
|  1290 VT Real Estate Portfolio - AllianceBernstein | ABD65 | G 30165 |
|  1290 VT Small Cap Value Portfolio—Horizon | AEX33 | G 24419 |
|  1290 VT Small Cap Value Portfolio-Blackrock |  | G 24417 |

---

------

---

| | | |
|:---|:---|:---|
| 1290 VT SmartBeta Equity ESG Portfolio | ADF89 | P 75008 |
| 1290 VT Socially Responsible Portfolio - Blackrock | 38438 | G 08437 |
| ATM International Managed Volatility Portfolio- AllianceBernstein | 57784 | P 04048 |
| ATM International Managed Volatility Portfolio- Blackrock | 57785 | P 03730 |
| ATM Large Cap Managed Volatility Portfolio- AllianceBernstein |  | P 04039 |
| ATM Large Cap Managed Volatility Portfolio- Blackrock |  | P 03721 |
| ATM Mid Cap Managed Volatility Portfolio- AllianceBernstein |  | P 04045 |
| ATM Mid Cap Managed Volatility Portfolio- Blackrock |  | P 03727 |
| ATM Small Cap Managed Volatility Portfolio- AllianceBernstein |  | P 04042 |
| ATM Small Cap Managed Volatility Portfolio- Blackrock |  | P 03724 |
| EQ/2000 Managed Volatility Portfolio- AllianceBernstein |  | P 04041 |
| EQ/400 managed Volatility Portfolio- Blackrock |  | P 03726 |
| EQ/1290 VT Moderate Growth Allocation Portfolio | EQP54 | P 93554 |
| EQ/2000 Managed Volatility Portfolio—Blackrock |  | P 03723 |
| EQ/400 managed Volatility Portfolio- AllianceBernstein |  | P 04044 |
| EQ/500 managed Volatility Portfolio- AllianceBernstein |  | P 04038 |
| EQ/500 managed Volatility Portfolio- Blackrock |  | P 03720 |
| EQ/AB Dynamic Aggressive Growth | EKY83 | P 43358 |
| EQ/AB Dynamic Growth Portfolio | AHL94 | P 24224 |
| EQ/AB Dynamic Moderate Growth Portfolio | 86997 | P 13896 |
| EQ/AB Short Duration Government Bond Portfolio | ABV48 | G 23857 |
| EQ/AB Small Cap Growth Portfolio- Passive |  | G 80447 |
| EQ/AB Small Cap Growth Portfolio- Active |  | G 80446 |
| EQ/AB Sustainable U.S. Thematic Portfolio |  | G 43883 |
| EQ/All Asset Growth AllocationPortfolio |  | G 80448 |
| EQ/American Century Mid Cap Value Portfolio | EMR57 | P 45410 |
| EQ/American Century Moderate Growth Allocation Portfolio | EQP55 | P 93555 |
| EQ/Capital Group Research Portfolio | 15733 | G 08239 |
| EQ/Clearbridge Large Cap Growth ESG Portfolio |  | G 08048 |
| EQ/Clearbridge Select Equity Managed Volatility Portfolio | 41986 | G 11251 |
| EQ/Clearbridge Select Equity Managed Volatility Portfolio—Blackrock | 53048 | P 03296 |
| EQ/Common Stock Index Portfolio—AllianceBernstein | 29812 | G 09751 |
| EQ/Core Bond Index Portfolio—SSgA | 12234 | G 07195 |
| EQ/Emerging Markets Equity Plus Portfolio- Alliance Bernstein Passive | 30500 | G 30162 |
| EQ/Emerging Markets Equity Plus Portfolio- AXA FMG |  | G 30161 |
| EQ/Emerging Markets Equity Plus Portfolio- Earnest Partners LLC | 30495 | G 30163 |
| EQ/Equity 500 Index Portfolio—AllianceBernstein | 5016 | G 05924 |
| EQ/Fidelity Institutional AM Large Cap Portfolio | EMR58 | P 45411 |
| EQ/Franklin Moderate Allocation Portfolio |  | P 59483 |
| EQ/Franklin Samll Cap Value Managed Volatility Portfolio- Blackrock | 53039 | P 03287 |
| EQ/Franklin Samll Cap Value Managed Volatility Portfolio- Franklin | 41985 | G 11250 |
| EQ/Global Equity Managed Volatility- Blackrock Portfolio-MSCI EAFE | 53044 | P 03292 |
| EQ/Global Equity Managed Volatility Portfolio- Blackrock S&P 500 |  | P 03377 |
| EQ/Global Equity Managed Volatility Portfolio- Morgan Stanley | 9919 | G 06988 |
| EQ/ Global Equity Managed Volatility Portfolio- Invesco | ACA07 | G 23895 |
| EQ/Goldman Sachs Growth Allocation Portfolio | EQP58 | P 93558 |
| EQ/Goldman Sachs Mid Cap Value Portfolio | EMR61 | P 45414 |
| EQ/Goldman Sachs Moderate Growth Allocation | AHM44 | P 24447 |

---

------

---

| | | |
|:---|:---|:---|
| EQ/Intermediate Government Bond Portfolio—SSgA | 4276 | G 05334 |
| EQ/International Core Managed Volatility- Earnest | AFE41 | G 24443 |
| EQ/International Core Managed Volatility Portfolio- Blackrock | 44730 | G 11564 |
| EQ/International Core Managed Volatility Portfolio- FMG LLC ETF |  | G 11550 |
| EQ/International Core Managed Volatility Portfolio- MFS | ACA05 | G 23893 |
| EQ/International Core Managed Volatility Portfolio- Federated Investors Inc | 46927 | G 11549 |
| EQ/International Equity Index Portfolio —AllianceBernstein | 29813 | G 09752 |
| EQ/International Managed Volatility- AllianceBernstein | 57782 | P 04047 |
| EQ/International Managed Volatility Portfolio- Blackrock | 57783 | P 03729 |
| EQ/International Value Managed Volatility—Blackrock | 9914 | G 06983 |
| EQ/International Value Managed Volatility Portfolio- Harris | 87030 | P 14003 |
| EQ/INVESCO COMSTOCK PORTFOLIO | 40317 | G 10329 |
| EQ/Invesco Global Portfolio | 41988 | G 11253 |
| EQ/Invesco Global Real Assets Portfolio | EMR62 | P 45415 |
| EQ/Invesco Moderate Allocation Portfolio | AHM45 | P 24448 |
| EQ/Invesco Moderate Growth Allocation Portfolio | EQP59 | P 93559 |
| EQ/Janus Enterprise Portfolio—Janus | 43593 | G 10330 |
| EQ/JP Morgan Gropwth Allocation | EKY84 | P 43359 |
| EQ/JPMorgan Value Opportunities Portfolio | 9913 | G 06982 |
| EQ/Large Cap Core Managed Volatility Portfolio- Capital Guardian | AWZ88 | G 23905 |
| EQ/Large Cap Core Managed Volatility Portfolio- FMG LLC ETF |  | G 11556 |
| EQ/Large Cap Core Managed Volatility Portfolio- GQG Partners LLC | AFE39 | G 24441 |
| EQ/Large Cap Core Managed Volatility Portfolio- Vaughn Nelson |  | G 11555 |
| EQ/Large Cap Core Managed Volatility POrtfolio-Blackrock | 44753 | G 11567 |
| EQ/Large Cap Growth Index Portfolio—AllianceBernstein | 15731 | G 08237 |
| EQ/Large Cap Growth Managed Volatility- Blackrock | 44732 | G 11566 |
| EQ/ Large Cap Growth Managed Volatility Portfolio- FMG LLC ETF |  | G 11554 |
| EQ/Large Cap Growth Managed Volatility Portfolio- Loomis | 44715 | G 11553 |
| EQ/Large Cap Growth Managed Volatility Portfolio- Polen Capital | EEZ18 | G 23904 |
| EQ/Large Cap Growth Managed Volatility- T Rowe | ACA02 | G 23890 |
| EQ/Large Cap Growth Managed Volatility—HS Investment Partners | EEW68 | P 88939 |
| EQ/Large Cap Value Index Portfolio—AB | 38463 | G 10983 |
| EQ/Large Cap Value Managed Volatility Portfolio-AllianceBernstein Active |  | G 07193 |
| EQ/Large Cap Value Managed Volatility Portfolio-AllianceBernsten ATM | 52661 | G 00040 |
| EQ/Large Cap Value Managed Volatility Portfolio-Aristotle Cap Mangment LLC |  | G 23902 |
| EQ/Large Cap Value Managed Volatility Portfolio-FMG |  | G 23903 |
| EQ/ Large Cap Value Managed Volatility-MFS | AFE40 | G 24442 |
| EQ/Lazard Emerging Markets Equity Portfolio | EMR36 | P 45402 |
| EQ/Long-Term Bond Portfolio—AllianceBernstein | EYM67 | G 38787 |
| EQ/Loomis Sayles Growth Portfolio |  | G 10224 |
| EQ/MFS International Growth Portfolio | 34361 | G 10232 |
| EQ/MFS International Intrinsic Value Portfolio | EMR37 | P 45403 |
| EQ/MFS Mid Cap Focused Growth Portfolio | EMR34 | P 45400 |
| EQ/MFS Technology Portfolio | EMR38 | P 45404 |
| EQ/MFS Utilities Series Portfolio | EMR39 | P 45405 |
| EQ/Mid Cap Index Portfolio—AB | 21620 | G 08812 |
| EQ/Mid Cap Value Managed Volatility—Blackrock | 44731 | G 11565 |
| EQ/Mid Cap Value Managed Volatility Portfolio—FMG LLC ETF |  | G 11552 |

---

------

---

| | | |
|:---|:---|:---|
| EQ/Mid Cap Value Managed Volatility Portfolio—Wellington | 44713 | G 11551 |
| EQ/Mid Cap Value Managed Volatility Portfolio- Diamond Hill | ACA08 | G 23896 |
| EQ/Money Market Portfolio—Dreyfus | 4275 | G 03872 |
| EQ/Morgan Stanley Small Cap Growth Portoflio | AEX32 | G 24418 |
| EQ/Morgan Stanley Small Cap Growth Portfolio-Blackrock |  | G 24414 |
| EQ/PIMCO Global Real Return Portfolio | ABD23 | G 30167 |
| EQ/PIMCO Real Return Portfolio | EMR40 | P 45406 |
| EQ/PIMCO Total Return ESG Portfolio | EMR41 | P 45407 |
| EQ/PIMCO Ultra Short Bond Portfolio | 34376 | G 10230 |
| EQ/Quality Bond PLUS—PIMCO | ACA11 | G 23899 |
| EQ/Quality Bond Plus Portfolio- Alliance Bernstein Passive |  | G 30226 |
| EQ/Quality Bond PLUS Portfolio—AllianceBernstein | 5320 | G 05827 |
| EQ/Small Company Index Portfolio—AllianceBernstein | 57999 | G 07196 |
| EQ/T. Rowe Price Growth Stock Portfolio | 47235 | G 10233 |
| EQ/T. Rowe Price Health Sciences Portfolio | EMR42 | P 45408 |
| EQ/Value Equity Portfolio | 9922 | G 06991 |
| EQ/Wellington Energy Portfolio | EMR33 | P 45399 |
| Equitable Growth MF/ETF Portfolio |  | G 43882 |
| Equitable Moderate Growth MF/ETF Portfolio |  | G 43881 |
| FQ/Franklin Rising Dividends Portfolio | EMR59 | P 45412 |
| Multimanager Aggressive Equity Portfolio—AllianceBernstein—ATM | 52766 | P 02708 |
| Multimanager Aggressive Equity Portfolio—ClearBridge | 20345 | G 08666 |
| Multimanager Aggressive Equity Portfolio—Scotia Institutional Asset Management US LTD | 25407 | G 09295 |
| Multimanager Aggressive Equity Portfolio—T. Rowe Price | 25387 | G 09275 |
| Multimanager Aggressive Equity Portfolio—Westfield | 25395 | G 09283 |
| Multimanager Core Bond Portfolio—BlackRock | 25393 | G 09281 |
| Multimanager Core Bond Portfolio—PIMCO | 25404 | G 09292 |
| Multimanager Core Bond Portfolio—SSgA | 52767 | P 02709 |
| Multimanager Core Bond Portfolio- Doubleline | AHH64 | P 22045 |
| Multimanger Technology Portfolio—FMG |  | P 03700 |
| Multimanager Technology Portfolio—Allianz | 25396 | G 09284 |
| Multimanager Technology Portfolio—AB | 52778 | P 02720 |
| Multimanager Technology Portfolio—Wellington | 25390 | G 09278 |
| Multimanger Technology Portfolio—FMG |  | P 03700 |
| EQ Advisors Trust—Intermediate Corporate Bond Portfolio |  | G 49012 |
| **1290 Funds:** |  |  |
| 1290 Diversified Bond Fund – Brandywine | ENH81 | P 78337 |
| 1290 Loomis Sayles Multi-Asset Income Fund |  | P 60811 |
| 1290 GAMCO Small/Mid Cap Value Fund | AGM33 | P 91799 |
| 1290 High Yield Bond Fund |  | P 91800 |
| 1290 Multi-AlternativeStrategies Fund – FMG LLC |  | P 33351 |
| 1290 Retirement 2020 Fund |  | P 67954 |
| 1290 Retirement 2025 Fund |  | P 67955 |
| 1290 Retirement 2030 Fund |  | P 67956 |
| 1290 Retirement 2035 Fund |  | P 67957 |
| 1290 Retirement 2040 Fund |  | P 67958 |
| 1290 Retirement 2045 Fund |  | P 67959 |
| 1290 Retirement 2050 Fund |  | P 67960 |

---

------

---

| | | |
|:---|:---|:---|
| 1290 Retirement 2055 Fund |  | P 67961 |
| 1290 Retirement 2060 Fund |  | P 67962 |
| 1290 Smartbeta Equity Fund | AGM34 | P 67961 |
| 1290 Essex Small Cap Growth Fund |  | G 45330 |

---

**Eligible Markets** 

J.P. Morgan may lend Securities in the following markets:

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **Lending Markets** | **Lender Approves**<br> (Check All That<br>Apply) | **Additional Market**<br> **Requirements** |
| 1 | Australia | X | Yes – refer to Addendum (I) below |
| 2 | Austria | X |  |
| 3 | Belgium | X |  |
| 4 | Brazil |  | Yes – An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. |
| 5 | Canada | X |  |
| 6 | Czech Republic | X |  |
| 7 | Denmark | X |  |
| 8 | Euroclear | X |  |
| 9 | Finland | X |  |
| 10 | France | X | Yes – refer to Addendum (II) below |
| 11 | Germany | X |  |
| 12 | Greece | X | Yes – refer to Addendum (III) below |
| 13 | Hong Kong | X |  |
| 14 | Hungary | X | Yes – refer to Addendum (III) below |
| 15 | Ireland | X |  |
| 16 | Israel | X |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 17.0 | Italy | X |  |
| 18.0 | Japan | X | Yes – refer to Addendum (III) below |
| 19.0 | Malaysia |  | Yes—An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. |
| 20.0 | Mexico | X | Yes – refer to Addendum (III) below |
| 21.0 | Netherlands | X |  |
| 22.0 | New Zealand | X |  |
| 23.0 | Norway | X |  |
| 24.0 | Poland | X | Yes – refer to Addendum (IV) below |
| 25.0 | Portugal | X |  |
| 26.0 | Singapore | X | Yes – refer to Addendum (III) below |
| 27.0 | South Africa | X |  |
| 28.0 | South Korea |  | Yes – An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. |
| 29.0 | Spain | X |  |
| 30.0 | Sweden | X |  |
| 31.0 | Switzerland | X |  |
| 32.0 | Taiwan |  | Yes—An additional agreement is required. Please contact your Sales Specialist or Relationship Manager for additional information. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 33.0 | Thailand | X | Yes – refer to Addendum (V) below |
| 34.0 | Turkey | X | Yes – refer to Addendum (VI) below |
| 35.0 | United Kingdom | X |  |
| 36.0 | United States | X |  |

---

Lender acknowledges that this Schedule 4 to the Securities Lending Agreement dated April 11, 2016 is effective as of the date specified below and that the relevant Addenda within this Schedule shall apply.

---

| | |
|:---|:---|
| **Each Lender severally and not jointly:** | **Each Lender severally and not jointly:** |
| **EQ ADVISORS TRUST**<br> **1290 FUNDS**<br>**on behalf of each of their series listed on Annex A** | **EQ ADVISORS TRUST**<br> **1290 FUNDS**<br>**on behalf of each of their series listed on Annex A** |
| By: |  |
|  | Name: Brian Walsh |
|  | Title: Chief Financial Officer |
|  | Date: March 16, 2023 |

---

------

**Market Terms Schedule** 

**I.** **Australia** 

Lender acknowledges and accepts that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) with regards to any Institutional Share Offering ()"**ISO**") offered by an Australian issuer to
Lender, Lender shall be solely responsible for informing J.P. Morgan that Lender has (a) been invited to participate in such ISO and (b) intends to, or otherwise, exercise any rights in relation to Securities on Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) due to the nature of an ISO, J.P. Morgan will be unaware of such ISO arising and will therefore rely solely on
Lender's notification provided in (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) subject to Clause 4 hereof (Instructions), Lender must provide election Instructions to J.P. Morgan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. prior to market expiry where the timing of the ISO announcement makes it reasonably practicable to permit
election Instructions to be given prior to such market expiry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. in all other cases, prior to the applicable Cut-Off Time.

Such election Instructions must specify whether Lender wishes to (i) take up the ISO; (ii) lapse the ISO; or (iii) lapse and take up any available cashbook build. Upon receipt, J.P. Morgan shall use reasonable endeavours to forward such election Instructions to Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) J.P. Morgan shall not be liable to Lender in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Lender does not provide to J.P. Morgan any election Instructions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Lender fails to provide J.P. Morgan with timely election Instructions with respect to such an ISO, and J.P.
Morgan in its sole discretion does not take any action in relation to such election Instructions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. election Instructions were received by Borrower after market expiry of the ISO and Borrower is unable to accept
such election Instructions.

**II.** **France** 

Lender acknowledges and accepts that when lending Securities issued by French issuers ("**French Securities**"), any additional tax credits (including, but not limited to, *Credit d'Impot*) that may be due to the holder of such French Securities had they not been on Loan over record date, will not form part of the manufactured Income (as defined in the applicable MSLA) that is collected from a Borrower on behalf of the Lender.

------

**III.** **Greece, Hungary, Japan, Mexico, Singapore** 

To the extent that Lender has approved in this Schedule that the following jurisdictions are eligible markets, Lender represents and warrants that it does **not** have a "permanent establishment" in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Greece

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Hungary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Japan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Mexico

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Singapore

**IV.** **Poland** 

Lender acknowledges and agrees that the following restrictions shall apply in respect of equity securities issued by Polish companies ("**Polish Securities**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Journal of laws of Poland 2015, No.1272, which became effective in October 2015 (the "**Act**") introduced pre-approval requirements from the Polish Government prior to any acquisition of significant shareholdings in certain Protected Companies (as defined by the Act and
subject to change from time to time). In order to manage the transaction pre-approval requirements for the Lender, J.P. Morgan will be limiting the securities lending program to actively lend only those Polish
Securities where the Lender's aggregate holding is less than 5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) as the list of Protected Companies impacted by the Act is subject to on-going change, this arrangement will be applied to all Polish Securities held through J.P. Morgan that have been made eligible for lending in the program by the Lender. As Lender's Lending Agent, J.P.
Morgan are unable to determine the Lender's total aggregate size of holding in such Polish Securities, therefore Lender will be responsible for notifying J.P. Morgan where Lender is either holding, or proposing to acquire a total holding of 5%
or greater of voting capital in Polish Securities. Lenders are required to provide such notification to J.P. Morgan no later than trade date of the acquisition transaction resulting in a 5% or above holding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a failure to comply with the notification requirement could result in securities lending transactions being
undertaken by J.P. Morgan without Lender seeking the requisite pre-approval potentially resulting in penalties being levied against the Lender by the Polish Government for which the Lender is solely
responsible.

**V.** **Thailand** 

When lending Securities issued by Thai issuers ("**Thai Securities**") Lender acknowledges and consents that the amount of all cash Distributions (as defined in Clause 2.7(a) above) payable to Lender with regard to Thai Securities on Loan may be credited to Lender's cash account in Dollars on the payable date of such cash Distributions. The amount of the cash Distributions will be converted into Dollars using the foreign exchange rate agreed with the Borrower and based on the reference rate provided by J.P. Morgan's local subcustodian.

------

Lenders opting for the "Calc & Pay" service offered by J.P.Morgan in its capacity as global custodian for the treatment of capital gains tax in Thailand (such service being, the "**Calc & Pay Service**"), should be aware that the applicable sub-custodian in Thailand has informed J.P.Morgan (in its capacity as global custodian) that it will ignore loan and return transactions generated by the agency lending discretionary program for the purposes of any calculation required for the Calc & Pay Service.

**VI.** **Turkey** 

Lender represents and warrants that all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Turkish equities in the Lending Account were purchased after 1st January, 2006 and are not subject to the
"Non Resident Investment Fund" regime; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Turkish bonds in the Lending Account were issued after 1st January, 2006,

and can be made available for lending under Applicable Law.

Lender acknowledges that it will promptly identify to J.P. Morgan by notice, which notice may be oral, if the above representation and warranty ceases to be true. Upon such notice, J.P. Morgan shall restrict the lending of the relevant Turkish Securities to Borrowers. In the event Lender fails to promptly notify J.P. Morgan that the above representation and warranty ceases to be true, J.P. Morgan shall not be liable for any Liabilities of Lender arising as a result of continued lending of such Turkish Securities.

## Ex-99.(H)(9)(Ii)

**Exhibit (h)(9)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), between 1290 Funds and EQ Advisors Trust ("EQ Trusts") and AB Cap Fund, Inc. ("AB Cap").

WHEREAS, the EQ Trusts and AB Cap desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the EQ Trusts and AB Cap desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the EQ Trusts and AB Cap agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds** | **EQ Advisors Trust**<br> **1290 Funds** | **AB Cap Fund, Inc.** | **AB Cap Fund, Inc.** |
| By: | <u> </u> | By: | <u> </u> |
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

------

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

------

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(10)(Ii)

**Exhibit (h)(10)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust, 1290 Funds, BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc. and iShares U.S. ETF Trust ("Registrants").

WHEREAS, the Registrants desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the Registrants desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the Registrants agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust** <br> **1290 Funds** | **EQ Advisors Trust** <br> **1290 Funds** | **BlackRock ETF Trust** <br> **BlackRock ETF Trust II** | **BlackRock ETF Trust** <br> **BlackRock ETF Trust II** |
| By: | <u> </u> | By: | <u> </u> |
|  | Name: Kenneth Kozlowski |  | Name: |
|  | Title: Senior Vice President and |  | Title: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  |  |
|  |  | **iShares Trust** | **iShares Trust** |
|  |  | **iShares, Inc.** | **iShares, Inc.** |
|  |  | **iShares U.S. ETF Trust** | **iShares U.S. ETF Trust** |
|  |  | **By:** | <br> <u> </u> |
|  |  |  | **Name:** |
|  |  |  | **Title:** |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

------

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

------

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(11)(I)

**Exhibit (h)(11)(i)** 

**RULE 12d1-4** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the "**Agreement**"), dated as of January 19, 2022 ("Effective Date"), is made among EQ ADVISORS TRUST and 1290 FUNDS, on behalf of each of their series listed in Schedule A (each, an "**Acquiring Fund**") and The Bank of New York Mellon, solely in its capacity as Trustee and on behalf of the SPDR S&P MidCap 400 ETF Trust (the "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**"); and

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter ("**Distributor**") or any brokers or dealers registered under the Securities Exchange Act of 1934 ("**Brokers**") may knowingly sell shares of such registered investment company to other investment companies; and

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits (i) registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered open-end investment companies, such as the Acquired Fund, as well as the Distributor and Brokers, knowingly to sell shares of the Acquired Fund to the Acquiring Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act, subject to compliance with the conditions of, and in reliance on, the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of the Acquired Fund in excess of the limitations of Section 12(d)(1)(A), in reliance on the Rule; and

WHEREAS, an Acquired Fund, Distributor, or Broker, from time to time, may knowingly sell Shares of the Acquired Fund to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

WHEREAS, to date such investments have been governed by a Purchasing Fund Agreement made in reliance on SEC exemptive relief that will be rescinded on the Effective Date;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Fund in reliance on the Rule and the Acquired Fund, Distributor, or Broker may sell shares of the Acquired Fund to the Acquiring Funds in reliance on the Rule.

------

1. Terms of Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds note that each Acquired Fund operates as an exchange-traded fund and is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption orders for shares of the Acquired Fund can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "**Authorized Participants**") that have entered into an agreement ("**Participation Agreement**") with the Acquired Fund's distributor to transact in shares of the Acquired Fund. The Acquired Fund also has policies and procedures (the "**Basket Policies**") that govern creations and redemptions of the Acquired Fund's shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Participation Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Acquiring Funds will transact in shares in the Acquired Fund on the secondary market rather than through direct creation and redemption transactions with the Acquired Fund. The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

2. Representations of the Acquired Fund.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

3. Representations and Warranties of the Acquiring Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

------

Any of the provisions of this Agreement notwithstanding, the Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. The Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor the Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder. The Acquiring Fund shall provide the Acquired Fund with information regarding the amount of the Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

4. Termination of Purchasing Fund Agreement.

The parties hereby mutually agree to terminate the Purchasing Fund Agreement as of the Effective Date of this Fund of Funds Investment Agreement and waive any notice requirement for termination as may be set forth in such Purchasing Fund Agreement.

5. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| If to the Acquiring Fund: | If to the Acquired Fund: |
| EQ Advisors Trust and 1290 Funds | SPDR S&P MidCap 400 ETF Trust |
| c/o Equitable Investment Management | 240 Greenwich Street – 8<sup>th</sup> Floor |
| 1290 Avenue of the Americas, 16th FL | New York, NY 10286 |
| New York, NY 10104 | Attn: Patrick Griffin |
| Email: FMG-Compliance@equitable.com | Email: Patrick.griffin@bnymellon.com |

---

6. Term and Termination; Assignment; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended, including the addition of Acquiring Funds to Schedule A, only in writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Funds under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund(s) that are involved in the matter in controversy and not to any other series of the Acquiring Funds.

7. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event and under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement or any third-party beneficiary, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

*Signatures appear on the following page.* 

------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**EQ ADVISORS TRUST** 

**1290 FUNDS** 

---

| | | |
|:---|:---|:---|
| Kenneth Kozlowski | Kenneth Kozlowski | /s/ Kenneth Kozlowski |
| <u> </u> | <u> </u> | <u> </u> |
| Name of Authorized Signer | Print | Signature |
| Title: Senior Vice President and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  |  |

---

**SPDR S&P MidCap 400 ETF Trust** 

---

| | |
|:---|:---|
| **By:** | **The Bank of New York Mellon,** |
|  | **solely in its capacity as Trustee** |
|  | **for the SPDR S&P MidCap 400 ETF Trust** |

---

---

| | | |
|:---|:---|:---|
| Michael Spates | Michael Spates | /s/ Michael Spates |
| <u> </u> | <u> </u> | <u> </u> |
| Name of Authorized Signer | Print | Signature |
| Title: |  |  |

---

------

**SCHEDULE A** 

Applicable Funds

**<u>Acquiring Funds</u>**

**EQ ADVISORS TRUST** 

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Dynamic Allocation Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Low Volatility Global Equity Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

------

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/AXA Investment Managers Moderate Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/First Trust Moderate Growth Allocation Portfolio

EQ/Franklin Growth Allocation Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Franklin Strategic Income Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco International Growth Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

------

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

------

**1290 FUNDS** 

1290 Diversified Bond Fund

1290 DoubleLine Dynamic Allocation Fund

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(11)(Ii)

**Exhibit (h)(11)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds ("EQ Trusts") and The Bank of New York Mellon ("BNY Mellon"), solely in its capacity as Trustee and on behalf of the SPDR S&P MidCap 400 ETF Trust.

WHEREAS, the EQ Trusts and BNY Mellon desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the EQ Trusts and BNY Mellon desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the EQ Trusts and BNY Mellon agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds** | **EQ Advisors Trust**<br> **1290 Funds** | **SPDR S&P MidCap 400 ETF Trust** | **SPDR S&P MidCap 400 ETF Trust** |
|  |  | **By:** | **The Bank of New York Mellon,**<br> **solely in its capacity as Trustee**<br> **for the SPDR S&P MidCap 400 ETF Trust** |
| By: | <br><u> </u><br>| By: | <br> <u> </u><br>|
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

------

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio**

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

------

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund**

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(12)(Ii)

**Exhibit (h)(12)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds (each, an "Acquiring Registrant") and IndexIQ ETF Trust (the "Acquired Registrant").

WHEREAS, the Acquiring Registrants and the Acquired Registrant desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the Acquiring Registrants and the Acquired Registrant desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the Acquiring Registrants and the Acquired Registrant agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds** | **EQ Advisors Trust**<br> **1290 Funds** | **IndexIQ ETF Trust** | **IndexIQ ETF Trust** |
| By: | <br><u> </u><br>| By: | <br> <u> </u><br>|
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

------

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

------

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(13)(Ii)

**Exhibit (h)(13)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds, on behalf of each of their series listed in Schedule A ("each, an "Acquiring Fund"") and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, on behalf of each of their series (except such series listed on Schedule B, as may be amended from time to time) severally and not jointly (each an "Acquired Fund" and together with the "Acquiring Funds", the "Funds",").

WHEREAS, the Funds desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the Funds desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the Funds agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds** | **EQ Advisors Trust**<br> **1290 Funds** | **INVESCO EXCHANGE-TRADED FUND TRUST**<br> **INVESCO EXCHANGE-TRADED FUND TRUST II**<br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE- TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE- TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST**<br> **INVESCO EXCHANGE-TRADED FUND TRUST II**<br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE- TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE- TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** |
| By: | <br><u> </u><br>| By: | <br> <u> </u><br>|
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

------

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

------

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(14)(Ii)

**Exhibit (h)(14)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds ("EQ Trusts") and the J.P. Morgan Exchange-Traded Fund Trust ("JPM Trust").

WHEREAS, the EQ Trusts and the JPM Trust desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement, effective April 3, 2023;

WHEREAS, the EQ Trusts and the JPM Trust desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the EQ Trusts and the JPM Trust agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds** | **EQ Advisors Trust**<br> **1290 Funds** | **J.P. Morgan Exchange-Traded Fund Trust** | **J.P. Morgan Exchange-Traded Fund Trust** |
| By: | <br><u> </u><br>| By: | <br> <u> </u><br>|
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquired Funds</u>** 

JPMorgan Active Value ETF

JPMorgan ActiveBuilders Emerging Markets Equity ETF (fka JPM Emerging Mkts Equity Core ETF)

JPMorgan ActiveBuilders International Equity ETF

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

JPMorgan BetaBuilders Canada ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

JPMorgan BetaBuilders Europe ETF

JPMorgan BetaBuilders International Equity ETF

JPMorgan BetaBuilders Japan ETF

JPMorgan BetaBuilders MSCI US REIT ETF

JPMorgan BetaBuilders U.S. Equity ETF

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

JPMorgan Carbon Transition U.S. Equity ETF

JPMorgan Core Plus Bond ETF

JPMorgan Corporate Bond Research Enhanced ETF

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

JPMorgan Diversified Return U.S. Small Cap Equity ETF

JPMorgan Equity Premium Income ETF

JPMorgan Income ETF

JPMorgan International Bond Opportunities ETF

JPMorgan High Yield Research Enhanced ETF

JPMorgan International Growth ETF

JPMorgan Municipal ETF

JPMorgan Short Duration Core Plus ETF

JPMorgan U.S. Aggregate Bond ETF

JPMorgan U.S. Dividend ETF

JPMorgan U.S. Minimum Volatility ETF

JPMorgan U.S. Momentum Factor ETF

JPMorgan U.S. Quality Factor ETF

JPMorgan U.S. Value Factor ETF

JPMorgan Ultra-Short Income ETF

JPMorgan Ultra-Short Municipal Income ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

------

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

------

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

------

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(15)(Ii)

**(h)(15)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), by and between EQ Advisors Trust and 1290 Funds ("EQ Trusts") and ProShares Trust ("ProShares").

WHEREAS, the EQ Trusts and ProShares desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement, effective April 3, 2023;

WHEREAS, the EQ Trusts and ProShares desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

WHEREAS, Section 8(i) of the Agreement provides for the amendment or modification of the Agreement by a written document signed by an authorized representative of each party in accordance with Section 5 of the Agreement;

NOW THEREFORE, the EQ Trusts and ProShares agree to modify and amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.</u> <u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in
its entirety by Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.</u> Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force
and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.</u> This Amendment may be executed in several counterparts, each of which shall be deemed to be an
original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form, and the Parties hereby adopt as original any signatures received via
electronically transmitted form.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds**  | **EQ Advisors Trust**<br> **1290 Funds**  | **ProShares Trust** | **ProShares Trust** |
| By: | <u> </u><br>| By: | <u> </u> |
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS PARTICIPATION AGREEMENT** 

**List of Funds to Which Timing/Advance Notice of Redemptions Applies** 

<u>Acquired Fund(s)</u> <u>Definition of Large Redemption</u>

None N/A

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

------

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

------

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(16)(Ii)

**Exhibit (h)(16)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds (the "Acquiring Funds") and The Select Sector SPDR Trust (the "Acquired Funds").

WHEREAS, the Acquiring Funds and the Acquired Funds desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the Acquiring Funds and the Acquired Funds desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the Acquiring Funds and the Acquired Funds agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | **The Select Sector SPDR Trust** | **The Select Sector SPDR Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |  | By: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

------

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

------

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(17)(Ii)

**Exhibit (h)(17)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds ("EQ Trusts") and SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust ("SPDR Trusts").

WHEREAS, the EQ Trusts and the SPDR Trusts desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the EQ Trusts and the SPDR Trusts desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the EQ Trusts and the SPDR Trusts agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | **SPDR Series Trust**<br> **SPDR Index Shares Funds**<br> **SSGA Active Trust** | **SPDR Series Trust**<br> **SPDR Index Shares Funds**<br> **SSGA Active Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |  | By: |  |
|  | Name: Kenneth Kozlowski |  | Name: |
|  | Title: Senior Vice President and |  | Title: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  |  |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

------

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

------

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(18)(Ii)

**Exhibit (h)(18)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds (the "Acquiring Funds") and SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust (the "Acquired Funds").

WHEREAS, the Acquiring Funds and the Acquired Funds desire to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the Acquiring Funds and the Acquired Funds desire to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the Acquiring Funds and the Acquired Funds agree to modify and amend the Agreement as follows:

<u>Schedule A</u>. Schedule A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Schedule A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EQ Advisors Trust**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Funds** | **SPDR S&P 500 ETF Trust**<br> **SPDR Dow Jones Industrial Average ETF Trust** | **SPDR S&P 500 ETF Trust**<br> **SPDR Dow Jones Industrial Average ETF Trust** |
|  |  | By: | STATE STREET GLOBAL ADVISORS TRUST COMPANY, not in its general corporate capacity but solely as Trustee of each Acquired Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |  | By: |  |
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

------

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

------

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(19)(Ii)

**Exhibit (h)(19)(ii)** 

**<u>SCHEDULE A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**LIST OF FUNDS TO WHICH THE AGREEMENT APPLIES** 

**UPDATED: MARCH 16, 2023** 

**<u>Investing Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

------

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

------

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

## Ex-99.(H)(20)(Ii)

**Exhibit (h)(20)(ii)** 

**FORM OF AMENDMENT NO. 2** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**Form of Amendment No. 2**, dated March 16, 2023 ("Amendment No. 2"), to the Fund of Funds Investment Agreement, dated as of January 19, 2022 ("Agreement"), among EQ Advisors Trust and 1290 Funds ("EQ Trusts") and WisdomTree Trust.

WHEREAS, the EQ Trusts and WisdomTree Trust desire to update the Agreement to add the EQ/Intermediate Corporate Bond Portfolio and 1290 Essex Small Cap Growth Fund ("Acquiring Funds") to the Agreement;

WHEREAS, the EQ Trusts and WisdomTree Trust desire to update the Agreement to remove references to EQ/AXA Investment Managers Moderate Allocation Portfolio, EQ/First Trust Moderate Growth Allocation Portfolio, EQ/Franklin Growth Allocation Portfolio, 1290 VT Low Volatility Global Equity Portfolio, EQ/Franklin Strategic Income Portfolio and EQ/Invesco International Growth Portfolio.

NOW THEREFORE, the EQ Trusts and WisdomTree Trust agree to modify and amend the Agreement as follows:

<u>Appendix A</u>. Appendix A to the Agreement, which sets forth the Acquiring Funds, is hereby replaced in its entirety by Appendix A attached hereto.

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 2 as of the date first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| **EQ Advisors Trust**<br> **1290 Funds**  | **EQ Advisors Trust**<br> **1290 Funds**  | **WisdomTree Trust**  | **WisdomTree Trust**  |
| By: | <u> </u><br>| By: | <u> </u> |
|  | Name: Kenneth Kozlowski<br> Title: Senior Vice President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer |  | Name:<br> Title: |

---

------

**<u>APPENDIX A</u>**

**FUND OF FUNDS INVESTMENT AGREEMENT** 

**<u>Acquiring Funds</u>**

**<u>EQ ADVISORS TRUST</u>**

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity ESG Portfolio

1290 VT Socially Responsible Portfolio

ATM International Managed Volatility Portfolio

ATM Large Cap Managed Volatility Portfolio

ATM Mid Cap Managed Volatility Portfolio

ATM Small Cap Managed Volatility Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth ESG Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM® Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

------

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

**EQ/Intermediate Corporate Bond Portfolio** 

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return ESG Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth MF/ETF Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

------

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

**<u>1290 FUNDS</u>**

1290 Diversified Bond Fund

**1290 Essex Small Cap Growth Fund** 

1290 GAMCO Small/Mid Cap Value Fund

1290 High Yield Bond Fund

1290 Loomis Sayles Multi-Asset Income Fund

1290 Multi-Alternative Strategies Fund

1290 SmartBeta Equity Fund

1290 Retirement 2020 Fund

1290 Retirement 2025 Fund

1290 Retirement 2030 Fund

1290 Retirement 2035 Fund

1290 Retirement 2040 Fund

1290 Retirement 2045 Fund

1290 Retirement 2050 Fund

1290 Retirement 2055 Fund

1290 Retirement 2060 Fund

**<u>Acquired Funds</u>**

WisdomTree ETFs

12(d) Exemptive Relief Eligibility

---

| | |
|:---|:---|
| **DOMESTIC EQUITY ETFs** | **DOMESTIC EQUITY ETFs** |
|  &nbsp;&nbsp;&nbsp;&nbsp;CORE | &nbsp;&nbsp;&nbsp;&nbsp;CORE |
| Large Cap | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. LargeCap | EPS |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Quality Dividend Growth | DGRW |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Multifactor | USMF |
| Mid & Small Cap | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. MidCap | EZM |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. SmallCap | EES |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. SmallCap Quality Dividend Growth | DGRS |
|  &nbsp;&nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;&nbsp;VALUE |
| Large Cap | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. LargeCap Dividend | DLN |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Total Dividend | DTD |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. High Dividend | DHS |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Dividend ex-Financials | DTN |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Quality Shareholder Yield | QSY |
| Mid & Small Cap | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. MidCap Dividend | DON |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. SmallCap Dividend | DES |
|  &nbsp;&nbsp;&nbsp;&nbsp;GROWTH | &nbsp;&nbsp;&nbsp;&nbsp;GROWTH |
| Large Cap | Ticker |

---

------

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Growth Leaders | PLAT |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Growth & Momentum | WGRO |
| **EMERGING MARKETS EQUITY ETFs** | **EMERGING MARKETS EQUITY ETFs** |
| Emerging Markets | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets High Dividend | DEM |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Quality Dividend Growth | DGRE |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Multifactor | EMMF |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets SmallCap Dividend | DGS |
| Regional/Single Country | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;India Earnings | EPI |
| **INTERNATIONAL EQUTIY ETFs** | **INTERNATIONAL EQUTIY ETFs** |
| International | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;International Equity | DWM |
|  &nbsp;&nbsp;&nbsp;&nbsp;International Multifactor | DWMF |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Currency Hedged International Equity | DDWM |
|  &nbsp;&nbsp;&nbsp;&nbsp;International LargeCap Dividend | DOL |
|  &nbsp;&nbsp;&nbsp;&nbsp;International Dividend ex-Financials | DOO |
|  &nbsp;&nbsp;&nbsp;&nbsp;International High Dividend | DTH |
|  &nbsp;&nbsp;&nbsp;&nbsp;International Hedged Quality Dividend Growth | IHDG |
|  &nbsp;&nbsp;&nbsp;&nbsp;International Quality Dividend Growth | IQDG |
| International Mid & Small Cap | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;International SmallCap Dividend | DLS |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Currency Hedged International SmallCap Equity | DDLS |
|  &nbsp;&nbsp;&nbsp;&nbsp;International MidCap Dividend | DIM |
| Global | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global ex-U.S. Quality Dividend Growth | DNL |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global High Dividend | DEW |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global ex-U.S. Real Estate | DRW |
| Regional/Single Country | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Japan Hedged Equity | DXJ |
|  &nbsp;&nbsp;&nbsp;&nbsp;Europe Hedged Equity | HEDJ |
|  &nbsp;&nbsp;&nbsp;&nbsp;Europe Quality Dividend Growth | EUDG |
|  &nbsp;&nbsp;&nbsp;&nbsp;Germany Hedged Equity | DXGE |
| Regional/Single Country Small Cap | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Japan SmallCap Dividend | DFJ |
|  &nbsp;&nbsp;&nbsp;&nbsp;Japan Hedged SmallCap Equity | DXJS |
|  &nbsp;&nbsp;&nbsp;&nbsp;Europe SmallCap Dividend | DFE |
|  &nbsp;&nbsp;&nbsp;&nbsp;Europe Hedged SmallCap Equity | EUSC |
| **ESG ETFs** | **ESG ETFs** |
|  | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. ESG | RESP |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets ESG | RESE |
|  &nbsp;&nbsp;&nbsp;&nbsp;International ESG | RESD |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets ex-State-Owned Enterprises | XSOE |
|  &nbsp;&nbsp;&nbsp;&nbsp;China ex-State-Owned Enterprises | CXSE |
|  &nbsp;&nbsp;&nbsp;&nbsp;India ex-State-Owned Enterprises | IXSE |
| **FIXED INCOME ETFs** | **FIXED INCOME ETFs** |

---

------

---

| | |
|:---|:---|
| Strategic Core | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Yield Enhanced U.S. Aggregate Bond | AGGY |
|  &nbsp;&nbsp;&nbsp;&nbsp;Yield Enhanced U.S. Short-Term Aggregate Bond | SHAG |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Plus Bond | MTGP |
| Short Term Government | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Treasury | USFR |
| Interest Rate Strategies | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Hedged U.S. Aggregate Bond | AGZD |
|  &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Hedged High Yield Bond | HYZD |
| Credit | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Corporate Bond | WFIG |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Short-Term Corporate Bond | SFIG |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. High Yield Corporate Bond | WFHY |
| Emerging Markets | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Local Debt | ELD |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Corporate Bond | EMCB |
| Currency Strategies | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Currency Strategy | CEW |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. Dollar Bullish | USDU |
|  &nbsp;&nbsp;&nbsp;&nbsp;Chinese Yuan Strategy | CYB |
| **ALTERNATIVE ETFs** | **ALTERNATIVE ETFs** |
| Managed Futures | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Managed Futures Strategy | WTMF |
| Option-Based | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;CBOE S&P 500 PutWrite Strategy | PUTW |
| Commodity | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Commodity Strategy<sup>1</sup> | GCC |
| Credit | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Alternative Income\* | HYIN |
| Target Range | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;Target Range | GTR |
| **CAPITAL EFFICIENT ETFs** | **CAPITAL EFFICIENT ETFs** |
| Core | Ticker |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Efficient Core<sup>2</sup> | NTSX |
|  &nbsp;&nbsp;&nbsp;&nbsp;International Efficient Core | NTSI |
|  &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Efficient Core | NTSE |

---

------

<sup>1</sup> Prior to 12/21/2020, the ticker symbol GCC was used for an Exchange Traded Commodity Pool trading under a different name and strategy.

<sup>2</sup> Formerly WisdomTree 90/60 U.S. Balanced Fund.

<sup>\*</sup> This Fund operates as a Fund-of-Funds and is not covered under WisdomTree's 12(d)(1) exemptive relief or Rule 12d1-4.

------

---

| | |
|:---|:---|
| Tactical | Ticker |
|  Efficient Gold Plus Gold Miners Strategy | GDMN |
| **MEGATRENDS** | **MEGATRENDS** |
| | Ticker |
|  Cloud Computing | WCLD |
|  Cybersecurity | WCBR |
|  BioRevolution | WDNA |
|  Artificial Intelligence and Innovation | WTAI |

---

## Ex-99.(H)(21)(I)

**Exhibit (h)(21)(i)** 

**LITMAN GREGORY FUNDS TRUST FUND OF FUNDS INVESTMENT** 

**AGREEMENT** 

**RULE 12d1-4** 

This Agreement, dated as of February 8, 2023, among EQ Advisors Trust and 1290 Funds on behalf of each of their respective existing and future series that invests in an Acquired Fund in reliance on the Rule as such terms are defined below, severally and not jointly, (each, an "**Acquiring Fund**"), and each investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), each a series of the Litman Gregory Funds Trust (the "**Trust**" and, together with EQ Advisors Trust and 1290 Funds, the "**Parties**"), severally and not jointly (each, an "**Acquired Fund**" and together with each Acquiring Fund, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission (the "**SEC**") as an open-end investment company under the 1940 Act;

WHEREAS, each of EQ Advisors Trust, 1290 Funds and the Trust intends that this Agreement be applicable to its existing series as of the date hereof and all series subsequently established by each Party;

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, including, in pertinent part, Section 12(d)(1)(A)(i) which prohibits a registered investment company (and any company or companies controlled by it) to purchase or otherwise acquire any security issued by any other investment company if the acquiring company (and any company or companies controlled by it) immediately after such purchase or acquisition own in the aggregate more than 3% of the total outstanding voting stock of the acquired company (the "**3% Limit**");

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of certain limitations of Section 12(d)(1) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Parties desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and the Acquired Funds, their principal underwriter, or any brokers or dealers registered under the Securities Exchange Act of 1934, as amended, may sell shares of the Acquired Funds to the Acquiring Funds in reliance on the Rule.:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Terms of Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the Rule, the Acquiring Funds and the Acquired Funds agree that the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, each Acquired Fund and each Acquiring Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Acquiring Fund and its advisory group, as such term is defined in the Rule, will not control (individually or in the aggregate) an Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Acquiring Fund shall purchase or otherwise acquire securities issued by an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i) of the 1940 Act (i.e., the 3% Limit), except in compliance with the Rule and as provided herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Acquiring Fund and its advisory group (in the aggregate) hold more than 25% of the outstanding voting securities of an Acquired Fund as a result of a decrease in the outstanding voting securities of the Acquired Fund, the Acquiring Fund and its advisory group will vote its securities held of an Acquired Fund in the same proportion as the vote of all other holders of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and the fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide the respective Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by such Acquiring Fund with reference to the Rule. In accordance with the foregoing and in recognition of each Acquired Fund's obligations regarding disclosure of material nonpublic information under applicable laws, rules and regulations, including without limitation Regulation FD, each Acquiring Fund and Acquired Fund agree that the information on fees and expenses of each Acquired Fund shall be provided through delivery or access to publicly available documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Representations of the Acquiring Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all

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conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notices

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below or to such other person or address as such party may designate for receipt of such notice.

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| | |
|:---|:---|
| If to the Acquired Fund:<br>| If to the Acquiring Funds:<br>|
| Litman Gregory Funds Trust<br> 1676 N. California Blvd., Suite 500<br> Walnut Creek, California 94596<br> Email: <u>j.coughlan@imgp.com</u>;<br> j.seeley@imgp.com | 1290 Funds c/o Equitable Investment Management, LLC<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> Email: FMG-Compliance@equitable.com<br>EQ Advisors Trust<br> c/o Equitable Investment Management Group, LLC<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> Email: FMG-Compliance@equitable.com |
| <br> With a copy to:<br>David A. Hearth, Esq.<br> Paul Hastings LLP<br> 101 California Street, 48th Floor<br> San Francisco, California 94111 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Term and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Acquired Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the respective Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule. For purposes of clarity, upon termination of the Agreement, the Acquiring Fund will not be required to reduce its holdings of the respective Acquired Fund. Termination of this Agreement with respect to a particular Acquiring Fund and/or Acquired Fund shall not terminate the Agreement as to other Acquiring Funds and Acquired Funds that are parties hereto.

(c) This Agreement shall automatically terminate with respect to a particular Acquiring Fund upon the termination of such Acquiring Fund. Such termination of the Agreement on behalf of the respective Acquiring Fund shall not terminate this Agreement with respect to other Acquiring Funds and Acquired Funds that are parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Survival Provision.

If this Agreement is terminated pursuant to Section 5(b) hereof with respect to an Acquiring Fund and corresponding Acquired Fund, the provisions set forth in Section 1(b)(iii) of the respective Acquiring Fund shall survive and be a continuing obligation of such Acquiring Fund so long as the Acquiring Fund holds the voting securities of the applicable Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assignment; Amendment; Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any other series of the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any other Acquired Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Acquiring Fund and Acquired Funds may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For any Acquired Fund that is a Massachusetts business trust, a copy of the Declaration of Trust of such Acquired Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent, employee or shareholder of the respective Acquired Fund shall have any personal liability under this Agreement and that this Agreement is binding only upon the assets and property of the applicable Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement shall be construed on behalf of an Acquired Fund in accordance with the laws of the State of organization of such Acquired Fund.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**EQ ADVISORS TRUST, ON BEHALF OF EACH OF ITS EXISTING AND FUTURE SERIES** 

**1290 FUNDS, ON BEHALF OF EACH OF ITS EXISTING AND FUTURE SERIES** 

**By: Equitable Investment Management, LLC, on behalf of the Acquiring Funds** 

Signature: <u>/s/ Kenneth Kozlowski</u>

Name: Kenneth Kozlowski

Title: Executive Vice President and Chief Investment Officer

**LITMAN GREGORY FUNDS TRUST, ON BEHALF OF EACH OF ITS EXISTING AND FUTURE SERIES** 

**By: iM Global Partner Fund Management, LLC, on behalf of Acquired Funds** 

Signature: <u>/s/ John Coughlan</u>

Name: John Coughlan

Title: Chief Operating Officer

## Ex-99.(I)(1)

![LOGO](g434904newkl.jpg)

March 29, 2023

EQ Advisors Trust 1290 Avenue of the Americas New York, NY 10104

Ladies and Gentlemen:

We have acted as counsel to EQ Advisors Trust, a Delaware statutory trust (the "<u>Trust</u>"), in connection with Post-Effective Amendment No. 166 (the "<u>Post</u><u>-Effective Amendment</u>") to the Trust's registration statement on Form N-1A (File Nos. 333-17217; 811-07953) (the "<u>Registration Statement</u>"), to be filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") on or about March 29, 2023, registering an indefinite number of Class IB and Class K shares of beneficial interest in EQ/Intermediate Corporate Bond Portfolio, a series of the Trust (the "<u>Shares</u>"), under the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>").

For purposes of this opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the prospectus and statement of additional information (collectively, the " <u>Prospectus</u> ") filed
as part of the Post-Effective Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's certificate of trust, governing instrument, and bylaws in effect on the date of this opinion
letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the resolutions adopted by the trustees of the Trust relating to the Post-Effective Amendment, the establishment and designation of the Shares, and the authorization for issuance and sale of the Shares.

We also have examined and relied on certificates of public officials and, as to certain matters of fact that are material to our opinions, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the

K&L GATES LLP

1601 K STREET NW WASHINGTON DC 20006

T +1 202 778 9000 F +1 202 778 9100 klgates.com

------

EQ Advisors Trust

March 29, 2023

authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the Investment Company Act that are applicable to equity securities issued by registered open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

Based upon and subject to the foregoing, it is our opinion that (1) the Shares to be issued pursuant to the Post-Effective Amendment, when issued and paid for by the purchasers upon the terms described in the Post-Effective Amendment and the Prospectus, will be validly issued, and (2) such purchasers will have no obligation to make any further payments for the purchase of the Shares or contributions to the Trust solely by reason of their ownership of the Shares.

This opinion is rendered solely in connection with the filing of the Post-Effective Amendment and supersedes any previous opinions of this firm in connection with the issuance of Shares. We hereby consent to the filing of this opinion with the Commission in connection with the Post-Effective Amendment and to the reference to this firm's name under the heading "Counsel" in the Prospectus. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement or Prospectus within the meaning of the term "expert" as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ K&L Gates LLP |

---

## Ex-99.(M)(1)

**Exhibit (m)(1)** 

**EQ ADVISORS TRUST** 

**CLASS IB** 

**AMENDED AND RESTATED DISTRIBUTION AND SERVICE PLAN** 

WHEREAS, The Board of Trustees of the EQ Advisors Trust (the "Trust"), including the Independent Trustees (as defined herein), has concluded in the exercise of reasonable business judgment and in light of the trustees' respective fiduciary duties under the Investment Company Act of 1940, as amended (the "Act"), that there is a reasonable likelihood that this Distribution and Service Plan (the "Plan") will benefit each of the Trust's portfolios identified in Schedule A hereto from time to time (each a "Portfolio") and the Class IB shareholders thereof;

NOW, THEREFORE, in consideration of the foregoing, this Plan is hereby adopted as follows:

<u>Section</u> <u>1.</u> The Trust is authorized to pay a fee (the "Fee") for services rendered and expenses borne in connection with the distribution and servicing of the Class IB shares of the Portfolios, at an annual rate with respect to each Portfolio not to exceed 0.25% of the average daily net assets attributable to the Portfolio's Class IB shares. Some or all of such Fee may be paid to each of the distributors of the Portfolios' Class IB shares (collectively, "Class IB Distributors") in accordance with the distribution agreements with each of the Class IB Distributors. If at any time this Plan shall not be in effect with respect to the Class IB shares of all Portfolios, the Fee shall be computed on the basis of the net assets of the Class IB shares of those Portfolios for which the Plan is in effect. The Fee shall be accrued daily and paid monthly or at such other intervals as the Board of Trustees shall determine.

<u>Section</u> <u>2.</u> Some or all of the Fee paid to each of the Class IB Distributors may be spent on any activities or expenses primarily intended to result in the sale of Class IB shares of the Portfolios or the servicing and maintenance of variable annuity or variable life insurance contract ("Variable Contract") accounts investing indirectly in the Portfolios' Class IB shares, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compensation to and expenses, including overhead and telephone expenses, of employees of each of the
Class IB Distributors that engage in the distribution of the Class IB shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) printing and mailing of prospectuses, statements of additional information, any supplements thereto, and
reports for prospective purchasers of Variable Contracts investing indirectly in Class IB shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) compensation to financial intermediaries and broker-dealers to pay or reimburse them for their services or
expenses in connection with the distribution of Variable Contracts investing indirectly in Class IB shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) expenses relating to the development, preparation, printing, and mailing of advertisements, sales literature,
and other promotional materials describing and/or relating to the Portfolios and their Class IB shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expenses of holding or participating in seminars and sales meetings designed to promote the distribution of the
Class IB shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) expenses of obtaining information and providing explanations to Variable Contract owners regarding investment
objectives and policies and other information about the Trust and the Portfolios, including the performance of the Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) expenses of training sales personnel regarding the Portfolios and their Class IB shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) expenses of compensating sales personnel in connection with the allocation of cash values and premiums of the
Variable Contracts to the Class IB shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) expenses of personal services and/or maintenance of Variable Contract accounts with respect to Class IB
shares attributable to such accounts, which may include, among others, expenses of receiving and answering correspondence from Variable Contract owners (including requests for prospectuses and statements of additional information for the
Portfolios), assisting Variable Contract owners in selecting underlying mutual fund investment options and completing applications for Variable Contracts, and preparing, printing and distributing reports of values and sub-account performance figures to Variable Contract owners who have values allocated to the Portfolios.

<u>Section</u> <u>3.</u> This Plan shall not take effect until it has been approved, together with any related agreements, by votes of the majority (or whatever greater percentage may, from time to time, be required by Section 12(b) of the Act or the rules and regulations thereunder) of both (a) the Trustees of the Trust, and (b) a majority of the Trustees who (i) are not interested persons of the Trust, and (ii) have no direct or indirect financial interest in the operation of the Plan or any agreements related thereto ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on this Plan or such agreement.

<u>Section</u> <u>4.</u> This Plan shall continue in effect for a period of more than one year after it takes effect only for so long as such continuance is specifically approved at least annually in the manner provided for approval of this Plan in Section 3 hereof.

<u>Section</u> <u>5.</u> Any person authorized to direct the disposition of monies paid or payable by the Class IB shares of a Portfolio pursuant to this Plan or any related agreement shall provide to the Board of Trustees of the Trust, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

------

<u>Section</u> <u>6.</u> This Plan may be terminated at any time with respect to the Class IB shares of a Portfolio by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities representing the Class IB shares of that Portfolio.

<u>Section</u> <u>7.</u> All agreements with any person relating to implementation of this Plan with respect to the Class IB shares of a Portfolio shall be in writing, and any agreement related to this Plan with respect to the Class IB shares of a Portfolio shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the
Independent Trustees or by vote of a majority of the outstanding voting securities representing the Class IB shares of such Portfolio, on not more than 60 days' written notice to any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That such agreement shall terminate automatically in the event of its assignment.

<u>Section</u> <u>8.</u> This Plan may not be amended to increase materially the amount of the Fee permitted pursuant to Section 1 hereof with respect to a Portfolio unless such amendment has been approved by a vote of at least a majority of the outstanding voting securities representing the Class IB shares of that Portfolio. In addition, all material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3 hereof.

<u>Section</u> <u>9.</u> The Trust shall preserve copies of this Plan (including any amendments thereto) and any related agreements and all reports made pursuant to Section 6 hereof for a period of not less than six years from the date of the Plan, agreement or report, the first two years in an easily accessible place.

<u>Section</u> <u>10.</u> Each Portfolio is a separate series of the Trust and all debts, liabilities and expenses of the Class IB shares of a Portfolio shall be enforceable only against the assets of the Class IB shares of such Portfolio and not against the assets of any other Portfolio or class of shares or of the Trust as a whole. This Plan constitutes a separate distribution and service plan with respect to the Class IB shares of each Portfolio named in Schedule A from time to time.

<u>Section</u> <u>11.</u> As used in this Plan, the terms "affiliated person," "assignment," "independent legal counsel," "interested person," "majority of the outstanding voting securities" and "promoter" shall have the respective meanings specified in the Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

Adopted as of July 16-18, 2019

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**SCHEDULE A TO THE EQ ADVISORS TRUST** 

**<u>CLASS IB DISTRIBUTION AND SERVICE PLAN</u>**

The Plan shall apply to the following Portfolios of the Trust:

1290 VT Convertible Securities Portfolio

1290 VT DoubleLine Opportunistic Bond Portfolio

1290 VT Equity Income Portfolio

1290 VT GAMCO Mergers & Acquisitions Portfolio

1290 VT GAMCO Small Company Value Portfolio

1290 VT High Yield Bond Portfolio

1290 VT Micro Cap Portfolio

1290 VT Moderate Growth Allocation Portfolio

1290 VT Multi-Alternative Strategies Portfolio

1290 VT Natural Resources Portfolio

1290 VT Real Estate Portfolio

1290 VT Small Cap Value Portfolio

1290 VT SmartBeta Equity Portfolio

1290 VT Socially Responsible Portfolio

EQ/2000 Managed Volatility Portfolio

EQ/400 Managed Volatility Portfolio

EQ/500 Managed Volatility Portfolio

EQ/AB Dynamic Aggressive Growth Portfolio

EQ/AB Dynamic Growth Portfolio

EQ/AB Dynamic Moderate Growth Portfolio

EQ/AB Short Duration Government Bond Portfolio

EQ/AB Small Cap Growth Portfolio

EQ/AB Sustainable U.S. Thematic Portfolio

EQ/Aggressive Growth Strategy Portfolio

EQ/All Asset Growth Allocation Portfolio

EQ/American Century Mid Cap Value Portfolio

EQ/American Century Moderate Growth Allocation Portfolio

EQ/Balanced Strategy Portfolio

EQ/Capital Group Research Portfolio

EQ/ClearBridge Large Cap Growth Portfolio

EQ/ClearBridge Select Equity Managed Volatility Portfolio

EQ/Common Stock Index Portfolio

EQ/Conservative Growth Strategy Portfolio

EQ/Conservative Strategy Portfolio

EQ/Core Bond Index Portfolio

EQ/Emerging Markets Equity PLUS Portfolio

EQ/Equity 500 Index Portfolio

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio

EQ/Franklin Moderate Allocation Portfolio

EQ/Franklin Rising Dividends Portfolio

EQ/Franklin Small Cap Value Managed Volatility Portfolio

EQ/Global Equity Managed Volatility Portfolio

EQ/Goldman Sachs Growth Allocation Portfolio

EQ/Goldman Sachs Mid Cap Value Portfolio

EQ/Goldman Sachs Moderate Growth Allocation Portfolio

EQ/Growth Strategy Portfolio

EQ/Intermediate Corporate Bond Portfolio

EQ/Intermediate Government Bond Portfolio

EQ/International Core Managed Volatility Portfolio

EQ/International Equity Index Portfolio

EQ/International Managed Volatility Portfolio

EQ/International Value Managed Volatility Portfolio

EQ/Invesco Comstock Portfolio

EQ/Invesco Global Portfolio

EQ/Invesco Global Real Assets Portfolio

EQ/Invesco Moderate Allocation Portfolio

EQ/Invesco Moderate Growth Allocation Portfolio

EQ/Janus Enterprise Portfolio

EQ/JPMorgan Growth Allocation Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core Managed Volatility Portfolio

EQ/Large Cap Growth Index Portfolio

EQ/Large Cap Growth Managed Volatility Portfolio

EQ/Large Cap Value Index Portfolio

EQ/Large Cap Value Managed Volatility Portfolio

EQ/Lazard Emerging Markets Equity Portfolio

EQ/Long-Term Bond Portfolio

EQ/Loomis Sayles Growth Portfolio

EQ/MFS International Growth Portfolio

EQ/MFS International Intrinsic Value Portfolio

EQ/MFS Mid Cap Focused Growth Portfolio

------

EQ/MFS Technology Portfolio

EQ/MFS Utilities Series Portfolio

EQ/Mid Cap Index Portfolio

EQ/Mid Cap Value Managed Volatility Portfolio

EQ/Moderate Growth Strategy Portfolio

EQ/Money Market Portfolio

EQ/Morgan Stanley Small Cap Growth Portfolio

EQ/PIMCO Global Real Return Portfolio

EQ/PIMCO Real Return Portfolio

EQ/PIMCO Total Return Portfolio

Multimanager Aggressive Equity Portfolio

Multimanager Core Bond Portfolio

Multimanager Technology Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

EQ/Quality Bond PLUS Portfolio

EQ/Small Company Index Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

EQ/T. Rowe Price Health Sciences Portfolio

EQ/Ultra Conservative Strategy Portfolio

EQ/Value Equity Portfolio

EQ/Wellington Energy Portfolio

Equitable Conservative Growth Portfolio

Equitable Growth MF/ETF Portfolio

Equitable Moderate Growth MF/ETF Portfolio

## Ex-99.(P)(2)

**Exhibit (p)(2)**![LOGO](g434904page049.jpg)

------

**A Message from Seth Bernstein,** 

**Chief Executive Officer of AllianceBernstein** 

*Client trust is the foundation of a financial services company. As we have seen, trust takes years to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty, integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this most critical asset.* 

*Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and foremost — and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has long been committed to maintaining and promoting high ethical standards and business practices. We have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations governing our businesses, the Code is intended to establish certain guiding principles for all of us. Separately, the firm has in place a series of ethics, fiduciary and business-related policies and procedures, which set forth detailed requirements to which employees are subject. We also have prepared various Compliance Manuals, which provide in summary form, an overview of the concepts described in more detail both in this Code and in our other policies and procedures.* 

*You should take the time to familiarize yourself with the policies in this Code and use common sense in applying them to your daily work environment and circumstances. Your own personal integrity and good judgment are the best guides to ethical and responsible conduct. If you have questions, you should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. If the normal channels for reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the attention of the Company Ombudsman, who is an independent, informal and confidential resource for concerns about AllianceBernstein business matters that may raise issues of ethics or questionable practices.* 

*Our continued success depends on each of us maintaining high ethical standards and business practices. I count on each of you to place our clients' interests first – and to do so always by applying good ethics and sound judgment in your daily responsibilities.* 

*Seth Bernstein* 

------

---

| |
|:---|
| **AllianceBernstein L.P.** |
| **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

---

| | | |
|:---|:---|:---|
| 1. | Introduction | **1** |
| 2. | The AB Fiduciary Culture | **1** |
| 3. | Compliance with Laws, Rules and Regulations | **2** |
| 4. | Policy Against Discrimination and Sexual and Unlawful Harassment | **2** |
| 5. | Conflicts of Interest / Unlawful Actions | **3** |
| 6. | Insider Trading | **4** |
| 7. | Personal Trading: Summary of Restrictions | **4** |
| 8. | Outside Directorships and Other Outside Activities and Interests | **6** |
|  | a. Board Member or Trustee | 6 |
|  | b. Other Affiliations | 7 |
|  | c. Outside Financial or Business Interests | 7 |
| 9. | Gifts, Entertainment, and Inducements | **8** |
| 10. | Compliance with Anti-Corruption Laws | **9** |
| 11. | Political Contributions/Activities | **9** |
|  | a. By or on behalf of AB | 9 |
|  | b. By Employees / Directors | 10 |
| 12. | "Ethical Wall" Policy | **10** |
| 13. | Use of Client Relationships | **11** |
| 14. | Corporate Opportunities and Resources | **11** |
| 15. | Antitrust and Fair Dealing | **12** |
| 16. | Recordkeeping and Retention | **12** |
| 17. | Improper Influence on Conduct of Audits | **12** |
| 18. | Accuracy of Disclosure | **13** |
| 19. | Confidentiality | **13** |
| 20. | Protection and Proper Use of AB Assets | **14** |
| 21. | Policy on Intellectual Property | **14** |
|  | a. Overview | 14 |
|  | b. Employee Responsibilities | 15 |
|  | c. Company Policies and Practices | 15 |
| 22. | Exceptions from the Code | **15** |
|  | a. Written Statement and Supporting Documentation | 15 |

---

------

---

| | | |
|:---|:---|:---|
|  | b. Compliance Interview | 16 |
| 23. | Regulatory Inquiries, Investigations and Litigation | **16** |
|  | a. Requests for Information | 16 |
|  | b. Types of Inquiries | 16 |
|  | c. Responding to Information Requests | 16 |
|  | d. Use of Outside Counsel | 16 |
|  | e. Regulatory Investigation | 16 |
|  | f. Litigation | 17 |
| 24. | Compliance and Reporting of Misconduct / "Whistleblower" Protection | **17** |
| 25. | Company Ombudsman | **17** |
| 26. | Sanctions | **18** |
| 27. | Annual Certifications | **18** |

---

------

---

| |
|:---|
| **Personal Trading Policies and Procedures** |
| **Appendix A** |

---

---

| | | |
|:---|:---|:---|
| **1. Overview** | **1. Overview** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | Introduction | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | "Client" | 1 |
| **2. Requirements and Restrictions–All Employees** | **2. Requirements and Restrictions–All Employees** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | General Standards | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | Designated Brokerage Account | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. | Pre-Clearance Requirement | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. | Limitation on the Number of Trades | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. | Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. | Short Sales | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. | Trading in AB Units and AB Open and Closed-End Mutual Funds | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Securities Being Considered for Purchase or Sale | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. | Restricted List | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. | Dissemination of Research Information | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. | Initial Public Offerings | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. | Limited Offerings/Private Placements | 12 |
| **3. Additional Restrictions–Portfolio Managers** | **3. Additional Restrictions–Portfolio Managers** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | Blackout Periods | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | Transactions Contrary to Client Positions | 13 |
| **4. Additional Restrictions–Research Analysts** | **4. Additional Restrictions–Research Analysts** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | Blackout Periods | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | Actions Contrary to Ratings | 14 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **5. Additional Restrictions–Buy-Side Equity Traders** | **14** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **6. Additional Restrictions–Alternate Investment Strategies Groups** | **14** |
| **7. Reporting Requirements** | **7. Reporting Requirements** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | Duplicate Confirmations and Account Statements | 15 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | Initial Holdings Reports by Employees | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. | Annual Certification by Employees with Managed Accounts | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. | Annual Holdings Reports by Employees | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. | Report and Certification of Adequacy to the Board of Directors of Fund Clients | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. | Report Representations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. | Maintenance of Reports | 17 |
| **8. Reporting Requirements for Directors who are not Employees** | **8. Reporting Requirements for Directors who are not Employees** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | Outside Directors / Affiliated Outside Directors | 17 |

---

------

**1. Introduction** 

This Code of Business Conduct and Ethics (the "Code") summarizes the values, principles and business practices that guide our business conduct. The Code establishes a set of basic principles and expectations to guide all AllianceBernstein employees, officers and directors, and consultants where applicable. The Code applies to all of our offices worldwide. It is not, however, intended to provide an exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements that may apply to you as an AllianceBernstein employee, officer, director, consultant, and/or a representative of one of our regulated subsidiaries. AllianceBernstein maintains more detailed policies and procedures addressing many of the topics covered by this Code, including the Compliance Manual, available on the Legal and Compliance Department intranet site. All AllianceBernstein employees, officers, and directors are responsible for knowing and abiding by the relevant policies.

All individuals subject to the provisions of this Code must conduct themselves in a manner consistent with the requirements and procedures set forth herein. Adherence to the Code is a fundamental condition of service with us, any of our subsidiaries or joint venture entities, or our general partner (the "AB Group").

AllianceBernstein L.P. ("AB," "we" or "us") is a registered investment adviser and acts as investment manager or adviser to registered investment companies, institutional investment clients, employee benefit trusts, high net worth individuals and other types of investment advisory clients. In this capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest standards of conduct and integrity.

Personnel acting in a fiduciary capacity must carry out their duties for the **exclusive benefit** of our clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal investment objectives and other personal interests of AB personnel. Accordingly:

• Employees must work to mitigate or eliminate any conflict, or appearance of conflict, between the self-interest
of any individual covered under the Code and his or her responsibility to our clients, or to AB and its unitholders.

• Employees must never improperly use their position with AB for personal gain to themselves, their family, or any
other person.

The Code is intended to comply with Rule 17j-1 under the (U.S.) Investment Company Act of 1940 (the "1940 Act") which applies to us because we serve as an investment adviser to registered investment companies. Rule 17j-1 specifically requires us to adopt a code of ethics that contains provisions reasonably necessary to prevent our "access persons" (as defined herein) from engaging in fraudulent conduct, including insider trading. In addition, the Code is intended to comply with the provisions of the (U.S.) Investment Advisers Act of 1940 (the "Advisers Act"), including Rule 204A-1, which requires registered investment advisers to adopt and enforce codes of ethics applicable to their supervised persons. Finally, the Code is intended to comply with Section 303A.10 of the New York Stock Exchange ("NYSE") Listed Company Manual, which applies to us because the units of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") are traded on the NYSE.

Additionally, certain entities within the AB Group, such as Sanford C. Bernstein & Co., LLC and Sanford C. Bernstein Limited, have adopted supplemental codes of ethics to address specific regulatory requirements applicable to them. All employees are obligated to determine if any of these codes are applicable to them and to abide by such codes as appropriate.

**2. The AB Fiduciary Culture** 

The primary objective of AB's business is to provide value, through investment advisory and other financial services, to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals and pension funds.

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AB requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, AB is a fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to act in a manner consistent with this duty.

When dealing with or on behalf of a client, every employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the 1940 Act, the Advisers Act and the Employee Retirement Income Security Act ("ERISA") impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities. AB and its employees must comply fully with these rules and regulations. Legal and Compliance Department personnel are available to assist employees in meeting these requirements.

All employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of AB or its employees and not the clients' best interests.

Our fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as your personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the Sections that follow.

**3. Compliance with Laws, Rules and Regulations** 

AB has a long-standing commitment to conduct its business in compliance with applicable laws and regulations and in accordance with the highest ethical principles. This commitment helps ensure our reputation for honesty, quality, and integrity. All individuals subject to the Code are required to comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws. These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the Department of Justice. As mentioned above, as a listed company, we are also subject to specific rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and regulatory mandates in their respective jurisdictions, which must be fully complied with.

Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and ethical manner, trumps all other considerations, including the interests of our clients. Policies referenced in this Code provide additional details and requirements to ensure compliance. A violation under any of these policies may be deemed a violation of the Code.

**4. Policy Against Discrimination and Sexual and Unlawful Harassment** 

AB is committed to providing a working environment free from all forms of discrimination and harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability, marital status, citizenship status, sexual orientation, gender identity expression, military or veteran status, or any other basis that is by applicable law. Harassment or discrimination by any AB employee, officer, or director will not be tolerated.

------

AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of such conduct can be found in the Employee Handbook. All employees, officers, and directors are responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident of discrimination or harassment will not be subject to reprisals. Anyone who is found to have engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action, up to and including termination of employment or dismissal from the Board.

**5. Conflicts of Interest / Unlawful Actions** 

A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent with, the interests of AB's clients or to the interests of AB or its unitholders.

A conflict situation can arise when an AB employee, officer, or director takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a member of his or her family,<sup>1</sup> receives improper personal benefits (including personal loans, services, or payment for services that the AB employee performs in the course of AB business) as a result of his or her position at AB, or gains personal enrichment or benefits through access to confidential information. Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with AB or has outside business interests that may result in divided loyalties or compromise independent judgment. Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities. Conflicts of interest can also arise because of personal relationships with others within or outside AB (such as family relationships, romantic relationships, or close friendships) that may compromise objectivity and independent judgment. AB has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Compliance Manual, *Policy and Procedures for Giving and Receiving Gifts and Entertainment*, copies of which can be found on the Legal and Compliance Department intranet site. These policies highlight additional potential conflicts of interest.

Conflicts of interest can arise in many common situations, despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to our clients. All AB employees, officers, and directors are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

• Making any untrue statement of a material fact or employing any device, scheme, or artifice to defraud a client;

• Omitting to state (or failing to provide any information necessary to properly clarify any statements made, in
light of the circumstances) a material fact, thereby creating a materially misleading impression;

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<sup>1</sup> For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother-in-law, father-in-law, son-in-law, and/or daughter-in-law) and anyone who shares your home; and (ii) "relative" means members of your family (as defined), your aunts and uncles, and your first cousins. 

------

• Accepting any compensation for the purchase or sale of any property to or for a fund or other client account;

• Making investment decisions, changes in research ratings and trading decisions other than exclusively for the
benefit of, and in the best interest of, our clients;

• Using information about investment or trading decisions or changes in research ratings (whether considered,
proposed or made) to benefit or avoid economic injury to you or anyone other than our clients;

• Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or
any investment or trading decision for a client in order to avoid economic injury to you or anyone other than our clients;

• Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent
of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

• Revealing to any other person (except in the normal course of your duties on behalf of a client) any information
regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a
client or engaging in any manipulative practice with respect to any client.

AB requires all employees and directors to disclose any Conflicts of Interests that any person may become aware of upon joining AB or during their course of employment or board service. These disclosures must be made to the Compliance Department through Star Compliance.

**6. Insider Trading** 

There are instances where AB employees or directors may have confidential "inside" information about AB or its affiliates, or about a company with which we do business, or about a company in which we may invest on behalf of clients that is not known to the investing public. AB employees must maintain the confidentiality of such information. If a reasonable investor would consider this information important in reaching an investment decision, the AB employee or director with this information must not buy or sell securities of any of the companies in question or give this information to another person who trades in such securities. This rule is very important, and AB has adopted the following three specific policies that address it: *Policy and Procedures Concerning Purchases and Sales of AB Units*, *Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds*, and *Policy and Procedures Regarding Insider Trading and Control of Material Nonpublic Information* (collectively, the "AB Insider Trading Policies"). A copy of the AB Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB employees and directors are required to be familiar with these policies<sup>2</sup><u> </u>and to abide by them.

**7. Personal Trading: Summary of Restrictions** 

AB recognizes the importance to its employees and directors of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

------

<sup>2</sup> The subject of insider trading will be covered in various Compliance training programs and materials.

------

AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.**

The policies and procedures for personal trading are set forth in full detail in the AB Personal Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members and other financial dependents.

• Employees must disclose all of their brokerage accounts to the Legal and Compliance Department;

• Employees may maintain brokerage accounts only at specified designated broker-dealers (exceptions may apply
outside of the U.S.);

• Employees must pre-clear all securities trades with the Legal and
Compliance Department (via the Star Compliance Code of Ethics application) prior to placing trades with their broker-dealer (prior supervisory approval is required for portfolio managers, research analysts, traders, persons with access to AB
research, and others designated by the Legal and Compliance Department);

• Employees may only make twenty trades in individual securities during any rolling thirty calendar-day period;

• Employee purchases of individual securities, ETFs, ETNs, and closed-end mutual funds (as well as AB managed open-end funds) are subject to a 60-day holding period and 30-day buy-back period (6 months for AB Japan Ltd.);

• Employees may not engage in short-term trading of a mutual fund in violation of that fund's short-term
trading policies;

• Employees may not participate in initial public offerings of equity securities;

• Employees must get written approval, and make certain representations, in order to participate in limited or
private offerings;

• Employees must submit initial and annual holding reports, disclosing all securities and holdings in mutual funds
managed by AB held in personal accounts;

• Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in securities (and
mutual funds managed by AB) in personal accounts;

• The Legal and Compliance Department has the authority to deny:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any personal trade by an employee if the security is being considered for purchase or sale in a client account,
there are open orders for the security on a trading desk, or the security appears on any AB restricted list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any short sale by an employee for a personal account if the security is being held long in AB—managed
portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any personal trade by a portfolio manager or research analyst in a security that is subject to a blackout
period as a result of client portfolio trading or recommendations to clients.

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• Separate requirements and restrictions apply to Directors who are not employees of AB, as explained in further
detail in the AB Personal Trading Policies and Procedures, Appendix A of this document.

This summary should not be considered a substitute for reading, understanding, and complying with the detailed restrictions and requirements that appear in the AB Personal Trading Policies and Procedures, included as Appendix A to the Code.

**8. Outside Directorships and Other Outside Activities and Interests** 

Although activities outside of AB are not necessarily a conflict of interest, a conflict may exist depending upon your position within AB and AB's relationship with the particular activity in question. <u>Outside activities</u> may also create a potential conflict of interest if they cause an AB employee to choose between that interest and the interests of AB or any client of AB. AB recognizes that the guidelines in this Section are not applicable to directors of AB who do not also serve in management positions within AB.

**Important Note for Research Analysts:** *Notwithstanding the standards and prohibitions that follow in this section, any employee who acts in the capacity of a research analyst is prohibited from serving on any board of directors or trustees or in any other capacity with respect to any company, public or private, whose business is directly or indirectly related to the industry covered by that research analyst.* 

a. **Board Member or Trustee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. AB employees are prohibited from serving on any board of directors or trustees or in any other management
capacity of any unaffiliated public company. However, under certain limited circumstances, Compliance will consider exceptions to this prohibition where the employee has received prior written approval from both AB's Chief Executive Officer and
their supervisor. Once the necessary business approvals have been obtained, the employee must submit an <u>Outside Business Activities Approval Form</u> for review and approval by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No AB employee shall serve on any board of directors or trustees or in any other management capacity of any
private company (other than not-for-profit organizations, see below) without prior written approval from the employee's supervisor and Compliance Department via an <u>Outside Business Activities Approval Form.</u> This approval is also subject to review by, and may require the approval of, AB's Chief Executive Officer. The decision as to whether to grant such authorization will be based on a determination
that such service would not be inconsistent with the interests of any client, as well as an analysis of the time commitment and potential personal liabilities and responsibilities associated with the outside affiliation.<sup>3</sup>Any AB employee who serves as a director, trustee or in any other management capacity of any private company must resign that position prior to the company becoming a publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Not-for-Profit Organizations:
Generally, no approval is required to serve as a trustee/board member of not-for-profit organizations such as religious organizations, foundations, educational
institutions, co-ops, private clubs etc., provided that (a) the organization has not issued, and does not have future plans to issue, publicly held securities, including debt obligations; and/or
(b) the employee does not act in any investment-related advisory capacity (i.e., any direct or indirect role relating to investment advice or choosing investment advisers; serving on investment committee).<sup>4</sup>If the employee does act in such a capacity, or the organization has issued or plans to issue, public securities, the <u>Not-For-Profit Activities Disclosure Form</u> must be submitted and approved.

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| 3 | Such authorization requires an agreement on the part of the employee to not hold him or herself out as acting on behalf of AB (or any affiliate) and to use best efforts to ensure that AB's name (or that of any AB affiliated company) is not used in connection with the proposed affiliation (other than in a "bio" section), and in particular, activities relating to fundraising or to the advancement of a specific entity mission or agenda.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. This approval requirement applies regardless of whether an AB employee plans to serve as a director of an
outside business organization (1) in a personal capacity or (2) as a representative of AB or of an entity within the AB Group holding a corporate board seat on the outside organization (e.g., where AB or its clients may have a significant
but non- controlling equity interest in the outside company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. New employees with pre-existing relationships are required to resign
from the boards of public companies and seek and obtain the required approvals to continue to serve on the boards of private companies.

**b. Other Affiliations** 

AB discourages employees from committing to secondary employment, particularly if it poses any conflict in meeting the employee's ability to satisfactorily meet all job requirements and business needs. Before an AB employee accepts a second job, that employee must:

• Complete and submit an <u>Outside Business Activities Approval Form</u>;

• Ensure that AB's business takes priority over the secondary employment;

• Ensure that no conflict of interest exists between AB's business and the secondary employment (see also
footnote 3); and

• Require no special accommodation for late arrivals, early departures, or other special requests associated with
the secondary employment.

For employees associated with any of AB's registered broker-dealer subsidiaries, written approval of the Chief Compliance Officer for the subsidiary is also required.<sup>5</sup> New employees with pre-existing relationships are required to ensure that their affiliations conform to these restrictions, and must obtain the requisite approvals. On a periodic basis, such employees will be required to confirm that the circumstances of the approved activities have not changed.

**c. Outside Financial or Business Interests** 

AB employees should be cautious with respect to personal investments that may lead to conflicts of interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases where an AB employee, a member of his or her family, or a close personal acquaintance, holds a substantial interest in a company that has significant dealings with AB or any of its subsidiaries

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<sup>4</sup> Indeed, AB recognizes that its employees often engage in community service in their local communities and engage in a variety of charitable activities, and it commends such service. However, it is the duty of every AB employee to ensure that all outside activities, even charitable or pro bono activities, do not constitute a conflict of interest or are not otherwise inconsistent with employment by AB. Accordingly, although no approval is required, each employee must use his/her best efforts to ensure that the organization does not use the employee's affiliation with AllianceBernstein, including his/her corporate title, in any promotional (other than a "bio" section) or fundraising activities, or to advance a specific mission or agenda of the entity. Such positions also must be reported to the firm pursuant to other periodic requests for information (e.g., the AB 10-K questionnaire). 

<sup>5</sup> In the case of AB subsidiaries that are holding companies for consolidated subgroups, unless otherwise specified by the holding company's Chief Executive Officer, this approval may be granted by the Chief Executive Officer or Chief Financial Officer of each subsidiary or business unit within such a consolidated subgroup. 

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either on a recurring or "one-off" basis. For example, holding a substantial interest in a family-controlled or other privately-held company that does business with, or competes against, AB or any of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast, holding shares in a widely held public company that does business with AB from time to time may not raise the same types of concerns. Prior to making any such personal investments, AB employees must pre-clear the transaction, in accordance with the Personal Trading Policies and Procedures, attached as Appendix A of this Code, and should consult as appropriate with their supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of the Legal and Compliance Department.

AB employees should also be cautious with respect to outside business interests that may create divided loyalties, divert substantial amounts of their time and/or compromise their independent judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer and/or other representative of AB's Human Capital or Legal and Compliance Department. Business transactions that benefit relatives or close personal friends, such as awarding a service contract to them or a company in which they have a controlling or other significant interest, may also create a conflict of interest or the appearance of a conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of AB's Human Capital or Legal and Compliance Department before entering into any such transaction. New employees that have outside financial or business interests (as described herein) should report them as required and bring them to the attention of their supervisor immediately.

**9. Gifts, Entertainment, and Inducements** 

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. However, under certain circumstances, gifts, entertainment, favors, benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment. Accepting or offering such inducements could raise doubts about an AB employee's ability to make independent business judgments in our clients' or AB's best interests. For example, a problem would arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would compromise, or could be reasonably viewed as compromising, that individual's ability to make objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB employee of a gift, entertainment or other inducement appears to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships through improper means.

These situations can arise in many different circumstances (including with current or prospective suppliers and clients) and AB employees should keep in mind that certain types of inducements may constitute illegal bribes, pay-offs or kickbacks. In particular, the rules of various securities regulators place specific constraints on the activities of persons involved in the sales and marketing of securities. AB has adopted the <u>Policy and Procedures for Giving and Receiving Gifts</u> <u>and</u> <u>Entertainment</u> to address these and other matters. AB employees must familiarize themselves with this policy and comply with its requirements, which include reporting the acceptance of most business meals, gifts and entertainment to the Compliance Department. A copy of this policy can be found on the Legal and Compliance Department intranet site, and will be supplied by the Compliance Department upon request.

Each AB employee must use good judgment to ensure there is no violation of these principles. If you have any question or uncertainty about whether any gifts, entertainment or other types of inducements are appropriate, please contact your supervisor or a representative of AB's Legal and Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

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**10. Compliance with Anti-Corruption Laws** 

AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or authorization, whether directly or via a third party, of any bribe, and any other form of corruption, whether involving a government official or an employee of a public or private commercial entity. Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and private sector individuals (collectively, the "Anti-Corruption Laws").

We expect all AB employees to refuse to make or accept questionable and/or improper payments. As a component of this commitment, no AB employee may give money, gifts, or anything else of value (which include providing jobs or internships) to any official or any employee of a governmental or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an improper business advantage. In addition, any proposed payment or gift to a government official, including employees of government-owned or controlled enterprises (e.g., sovereign wealth and pension funds, public utilities, and national banks), must be reviewed in advance by a representative of the Legal and Compliance Department, even if such payment is common in the country of payment (see discussion of the Anti-Corruption Laws below and in the firm's <u>Anti-Bribery and</u> <u>Corruption Policy</u>). AB employees should be aware that they do not actually have to make the payment to violate AB's policy and the law — merely offering, promising or authorizing it will be considered a violation.

In order to ensure that AB fully complies with the requirements of the Anti-Corruption Laws, employees must be familiar with the firm's <u>Anti-Bribery and Corruption Policy.</u> Generally, the Anti-Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and agents, to provide anything of value to public or private sector employees, directly or indirectly, for the purpose of obtaining an improper business advantage (which can include improperly securing government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third party) to make a payment directly or through another person or company for any illegal, improper and/or corrupt purpose is strictly prohibited.

It is often difficult to determine at what point a business courtesy extended to another person crosses the line into becoming excessive, and what ultimately could be considered a bribe. Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any public official, including employees of government-owned or controlled enterprises, under any circumstances, without the express prior written approval (e-mail correspondence is acceptable) of the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance Department.

**11. Political Contributions/Activities** 

**a. By or on behalf of AB** 

Election laws in many jurisdictions generally prohibit political contributions by corporations to candidates. Many local laws also prohibit corporate contributions to local political campaigns. In accordance with these laws, AB does not make direct contributions to any candidates for national or local offices where applicable laws make such contributions illegal. In these cases, contributions to political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office supplies, letterhead, telephones, electronic communication systems and fax machines. This means that AB office facilities may not be used to host receptions or other events for political candidates or parties which include any fund raising activities or solicitations. In limited circumstances, AB office facilities may be used to host events for public office holders as a public service, but only where steps have been taken (such as not providing to the office holder a list of attendees) to avoid the facilitation of fund raising solicitations either during or after the event, and where the event has been pre-approved in writing by the General Counsel or Deputy General Counsel.

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Please see the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to political contributions suggested by clients.

Election laws in many jurisdictions allow corporations to establish and maintain political action or similar committees, which may lawfully make campaign contributions. AB or companies affiliated with AB may establish such committees or other mechanisms through which AB employees may make political contributions, if permitted under the laws of the jurisdictions in which they operate. Any questions about this policy should be directed to the General Counsel or Chief Compliance Officer.

**b. By Employees / Directors** 

AB employees who hold or seek to hold political office must do so on their own time, whether through vacation, after work hours or on weekends. Additionally, the employee must notify the General Counsel or Chief Compliance Officer prior to running for political office to ensure that there are no conflicts of interest with AB business.

AB employees may make personal political contributions as they see fit in accordance with all applicable laws and the guidelines in the <u>Policy and Procedures for Giving and Receiving</u> <u>Gifts and</u> <u>Entertainment</u>, the <u>Pay-to-Play: Political Contributions Policy,</u> as well as the pre- clearance requirement as described below.

Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529 Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and reporting requirements of the Municipal Securities Rulemaking Board.

Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could prohibit AB from entering into a government contract for a certain number of years if a covered employee makes or solicits a covered contribution. Other jurisdictions require AB to report contributions made by certain employees, without the accompanying ban on business. In certain jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain political contributions, AB has in place a pre-clearance requirement, under which all employees must pre-clear with the Compliance Department through Star Compliance, all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any (U.S.) federal, state or local candidate, political party, or political entity.

Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre- Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that they pre-clear with the Compliance Department all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or local candidate or political party.

**12. "Ethical Wall" Policy** 

AB has established a policy entitled Insider Trading and Control of Material Non-Public Information

("<u>Ethical Wall Policy</u>"), a copy of which can be found on the Legal and Compliance Department intranet site. This policy was established to prevent the flow of material non-public information about a listed company or its securities from AB employees who receive such information in the course of their employment to those AB employees performing investment management activities. If "Ethical Walls" are in place, AB's investment management activities may continue despite the knowledge of material non-public information by other AB employees involved in different parts of AB's business. "Investment management activities" involve making, participating in, or obtaining information regarding purchases or sales of securities of public companies or making, or obtaining information about, recommendations with respect to purchases or sales of such securities. Given AB's extensive investment management activities, it is very important for AB employees to familiarize themselves with AB's Ethical Wall Policy and abide by it.

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**13. Use of Client Relationships** 

As discussed previously, AB owes fiduciary duties to each of our clients. These require that our actions with respect to client assets or vendor relationships be based solely on the clients' best interests and avoid any appearance of being based on our own self-interest. Therefore, we must avoid using client assets or relationships to inappropriately benefit AB.

Briefly, AB regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g., brokerage, investment research, custody, administration, auditing, accounting, printing and legal services). Using the existence of these relationships to obtain discounts or favorable pricing on items purchased directly for AB or for clients other than those paying for the services may create conflicts of interest. Accordingly, business relationships maintained on behalf of our clients may not be used to leverage pricing for AB when acting for its own account unless all pricing discounts and arrangements are shared ratably with those clients whose existing relationships were used to negotiate the arrangement and the arrangement is otherwise appropriate under relevant legal/regulatory guidelines. For example, when negotiating printing services for the production of AB's Form 10-K and annual report, we may not ask the proposed vendor to consider the volume of printing business that they may get from AB on behalf of the investment funds we manage when proposing a price. On the other hand, vendor/service provider relationships with AB may be used to leverage pricing on behalf of AB's clients.

In summary, while efforts made to leverage our buying power are good business, efforts to obtain a benefit for AB as a result of vendor relationships that we structure or maintain on behalf of clients may create conflicts of interest, which should be escalated to your line manager and Compliance so that they can be reviewed and addressed.

**14. Corporate Opportunities and Resources** 

AB employees owe a duty to AB to advance the firm's legitimate interests when the opportunity to do so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and resources must not be taken or used for personal gain or promotion. AB employees are prohibited from:

• Taking for themselves personally opportunities that are discovered through the use of company property,
information or their position;

• Using company property, information, resources, or their company position for personal gain or promotion;

• Creating personal websites related to the financial services industry or which promote themselves and their
skills based on their responsibilities at AB;

• Using company property, information or their company position on personal websites or social media platforms
(e.g. YouTube, Twitter, LinkedIn, Facebook, etc.) or other marketing channels in a way that is inconsistent with AB's <u>Use of Social Media Policy</u>; and

• Competing with AB directly or indirectly.

Please also refer to the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, and its Appendix B, the Code of Conduct Regarding the Purchase of Products and Services on Behalf of AB and its Clients, which can be found on the Legal and Compliance Department intranet site.

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AB directors also owe AB a duty of loyalty, which requires, among other things, that they may not misappropriate company opportunities or misuse company assets for their personal benefit.

**15. Antitrust and Fair Dealing** 

AB believes that the welfare of consumers is best served by economic competition. Our policy is to compete vigorously, aggressively, and successfully in today's increasingly competitive business climate and to do so at all times in compliance with all applicable antitrust, competition and fair dealing laws in all the markets in which we operate. We seek to excel while operating honestly and ethically, never through taking unfair advantage of others. Each AB employee should endeavor to deal fairly with AB's customers, suppliers, competitors, and other AB employees. No one should take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practices.

The antitrust laws of many jurisdictions are designed to preserve a competitive economy and promote fair and vigorous competition. We are all required to comply with these laws and regulations. AB employees involved in marketing, sales and purchasing, contracts or in discussions with competitors have a particular responsibility to ensure that they understand our standards and are familiar with applicable competition laws. Because these laws are complex and can vary from one jurisdiction to another, AB employees are urged to seek advice from the General Counsel, Chief Compliance Officer or Corporate Secretary if questions arise. Please also refer to the Policy and Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to some of these issues.

**16. Recordkeeping and Retention** 

Properly maintaining and retaining company records is of the utmost importance. AB employees are responsible for ensuring that AB's business records are properly maintained and retained in accordance with applicable laws and regulations in the jurisdictions where it operates. AB Employees should familiarize themselves with these laws and regulations. Please see the Record Retention Policy on the Legal and Compliance intranet site for more information.

As AB on boards new electronic communications platforms, employees are required to comply with with the *<u>Use of Electronic Communications</u>* policy. Additional information on AB's requirements around electronic communications can be found on the *<u>Electronic Communications</u>* section of the Compliance Manual.

**17. Improper Influence on Conduct of Audits** 

AB employees, and persons acting under their direction, are prohibited from taking any action to coerce, manipulate, mislead, hinder, obstruct or fraudulently influence any external auditor, internal auditor or regulator engaged in the performance of an audit or review of AB's financial statements and/or procedures. AB employees are required to cooperate fully with any such audit or review. The following is a non-exhaustive list of actions that might constitute improper influence:

• Offering or paying bribes or other financial incentives to an auditor, including offering future employment or
contracts for audit or non-audit services;

• Knowingly providing an internal or external auditor or regulator with inaccurate or misleading data or
information;

• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the company's accounting;

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• Seeking to have a partner or other team member removed from the audit engagement because such person objects to
the company's accounting;

• Knowingly altering, tampering or destroying company documents;

• Knowingly withholding pertinent information; or

• Knowingly providing incomplete information.

Under the (U.S.) Sarbanes Oxley Law, any false statement — that is, any lie or attempt to deceive an investigator — may result in criminal prosecution.

**18. Accuracy of Disclosure** 

Securities and other laws impose public disclosure requirements on AB and require it to regularly file reports and financial information and make other submissions to various regulators and stock market authorities around the globe. Such reports and submissions must comply with all applicable legal requirements and may not contain misstatements or omit material facts.

AB employees who are directly or indirectly involved in preparing such reports and submissions, or who regularly communicate with the press, investors and analysts concerning AB, must ensure within the scope of the employee's job activities that such reports, submissions and communications are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements. This applies to all public disclosures, oral statements, visual presentations, press conferences and media calls concerning AB, its financial performance and similar matters. In addition, members of AB's Board, executive officers and AB employees who regularly communicate with analysts or actual or potential investors in AB securities are subject to the AB <u>Regulation FD Compliance Policy</u>. A copy of the policy can be found on the Legal and Compliance Department intranet site.

**19. Confidentiality** 

Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by AB or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by AB or mandated by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from AB or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate written request (see Section 23).

Confidential information includes all non-public information that might be of use to competitors, or harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be confidential. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with AB ends.

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To safeguard confidential information, AB employees should observe at least the following procedures:

• Special confidentiality arrangements may be required for certain parties, including outside business associates
and governmental agencies and trade associations, seeking access to confidential information;

• Papers relating to non-public matters should be appropriately
safeguarded;

• Appropriate controls for the reception and oversight of visitors to sensitive areas should be implemented and
maintained;

• Document control procedures, such as numbering counterparts and recording their distribution, should be used
where appropriate;

• If an AB employee is out of the office in connection with a material non-public transaction, staff members should use caution in disclosing the AB employee's location;

• Sensitive business conversations, whether in person or on the telephone, should be avoided in public places and
care should be taken when using portable computers and similar devices in public places; and

• E-mail messages and attachments containing material non-public information should be treated with similar discretion (including encryption, if appropriate), and recipients should be made aware of the need to exercise similar discretion.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

Please see the <u>Privacy Policy</u> on the Legal and Compliance intranet site for more information.

**20. Protection and Proper Use of AB Assets** 

AB employees have a responsibility to safeguard and make proper and efficient use of AB's property. Every AB employee also has an obligation to protect AB's property from loss, fraud, damage, misuse, theft, embezzlement or destruction. Acts of fraud, theft, loss, misuse, carelessness and waste of assets may have a direct impact on AB's profitability. Any situations or incidents that could lead to the theft, loss, fraudulent or other misuse or waste of AB property should be reported to your supervisor or a representative of AB's Human Capital or Legal and Compliance Department as soon as they come to an employee's attention. Should an employee feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

**21. Policy on Intellectual Property** 

**a. Overview** 

Ideas, inventions, discoveries, and other forms of so-called "intellectual property" are becoming increasingly important to all businesses, including ours. Recently, financial services companies have been applying for and obtaining patents on their financial product offerings and "business methods" for both offensive and defensive purposes. For example, business method patents have been obtained for information processing systems, data gathering and processing systems, billing and collection systems, tax strategies, asset allocation strategies and various other financial systems and strategies. The primary goals of the AB policy on intellectual property are to preserve our ability to use our own proprietary business methods, protect our IP investments and reduce potential risks and liabilities.

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**b. Employee Responsibilities** 

• New Products and Methods. Employees must maintain detailed records and all work papers related to the development
of new products and methods in a safe and secure location.

• Trademarks. Clearance must be obtained from the Legal and Compliance Department before any new word, phrase or
slogan, which we consider proprietary and in need of trademark protection, is adopted or used in any written materials. To obtain clearance, the proposed word, phrase or slogan and a brief description of the products or services for which it is
intended to be used should be communicated to the Legal and Compliance Department sufficiently well in advance of any actual use in order to permit any necessary clearance investigation.

**c. Company Policies and Practices** 

• Ownership. Employees acknowledge that any discoveries, inventions, or improvements (collectively,
"Inventions") made or conceived by them in connection with, and during the course of, their employment belong, and automatically are assigned, to AB. AB can keep any such Inventions as trade secrets or include them in patent applications,
and Employees will assist AB in doing so. Employees agree to take any action requested by AB, including the execution of appropriate agreements and forms of assignment, to evidence the ownership by AB of any such Invention.

• Use of Third Party Materials. In performing one's work for, or on behalf of AB, Employees will not knowingly
disclose or otherwise make available, or incorporate anything that is proprietary to a third party without obtaining appropriate permission.

• Potential Infringements. Any concern regarding copyright, trademark, or patent infringement should be immediately
communicated to the Legal and Compliance Department. Questions of infringement by AB will be investigated and resolved as promptly as possible.

By certifying in accordance with Section 27 of this Code, the individual subject to this Code agrees to comply with AB's policies and practices related to intellectual property as described in this Section 21.

**22. Exceptions from the Code** 

In addition to the exceptions contained within the specific provisions of the Code, the General Counsel, Chief Compliance Officer (or his or her designee) may, in very limited circumstances, grant other exceptions under any Section of this Code on a case-by-case basis. In these situations, the following may be required as deemed necessary considering the circumstances:

**a. Written Statement and Supporting Documentation** 

The individual seeking the exception may need to furnish to the Chief Compliance Officer, or designee, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A written statement detailing the request or efforts made to comply with the requirement from which the
individual seeks an exception;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A written statement containing a representation and warranty that (i) compliance with the requirement
would impose a severe undue hardship on the individual and (ii) the exception would not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to
any client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any supporting documentation that the Chief Compliance Officer may require.

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**b. Compliance Interview** 

The Chief Compliance Officer (or designee) may conduct an interview with the individual or take such other steps deemed appropriate in order to determine whether granting the exception will not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and shall maintain all written statements and supporting documentation, as well as documentation of the basis for granting the exception.

**PLEASE NOTE:** To the extent required by law or NYSE rule, any waiver or amendment of this Code for AB's executive officers (including AB's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer) or directors shall be made at the discretion of the Board of AllianceBernstein Corporation and promptly disclosed to the unitholders of AllianceBernstein Holding pursuant to Section 303A.10 of the NYSE Exchange Listed Company Manual.

**23. Regulatory Inquiries, Investigations and Litigation** 

**a. Requests for Information** 

Governmental agencies and regulatory organizations may from time to time conduct surveys or make inquiries that request information about AB, its customers or others that generally would be considered confidential or proprietary.

*All regulatory inquiries concerning AB are to be handled by the Chief Compliance Officer or General Counsel. Employees receiving such inquiries should refer such matters immediately to the Legal and Compliance Department.* 

**b. Types of Inquiries** 

Regulatory inquiries may be received by mail, e-mail, telephone or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any telephone or personal inquiry should be handled in a courteous manner, the caller or visitor should be informed that responses to such requests are the responsibility of AB's Legal and Compliance Department. Therefore, the visitor should be asked to wait briefly while a call is made to the Chief Compliance Officer or General Counsel for guidance on how to proceed. In the case of a telephone inquiry, the caller should be referred to the Chief Compliance Officer or General Counsel or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded promptly to the Chief Compliance Officer or General Counsel, who will provide an appropriate response.

**c. Responding to Information Requests** 

Subject to Section 23, under no circumstances should any documents or material be released to a regulator without prior approval of the Chief Compliance Officer or General Counsel. Likewise, no employee should have substantive discussions with any regulatory personnel without prior consultation with either of these individuals.

**d. Use of Outside Counsel** 

It is the responsibility of the Chief Compliance Officer or General Counsel to retain and provide information to AB's outside counsel in those instances deemed appropriate and necessary.

**e. Regulatory Investigation** 

Any employee that is notified that they are the subject of a regulatory investigation, whether in connection with his or her activities at AB or at a previous employer, must immediately notify the Chief Compliance Officer or General Counsel.

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**f. Litigation** 

Any receipt of service or other notification of a pending or threatened action against the firm should be brought to the immediate attention of the General Counsel or Chief Compliance Officer. These individuals also should be informed of any instance in which an employee is sued in a matter involving his/her activities on behalf of AB. Notice also should be given to either of these individuals upon receipt of a subpoena for information from AB relating to any matter in litigation or receipt of a garnishment lien or judgment against the firm or any of its clients or employees. The General Counsel or Chief Compliance Officer will determine the appropriate response.

**24. Compliance and Reporting of Misconduct / "Whistleblower" Protection** 

No Code can address all specific situations. Accordingly, each AB employee is responsible for applying the principles set forth in this Code in a responsible fashion and with the exercise of good judgment and common sense. Whenever uncertainty arises, an AB employee should seek guidance from an appropriate supervisor or a representative of Human Capital or the Legal and Compliance Department before proceeding.

All AB employees should promptly report any practices or actions the employee believes to be inappropriate or inconsistent with any provisions of this Code. In addition, all employees must promptly report any actual violations of the Code to the General Counsel, the Chief Compliance Officer or a designee. Any person reporting a violation in good faith, or asserting any right provided by law or in exercising their duties as set forth in our policies, will be protected against reprisals. If you have information about Code or other AB policy violations or potentially illegal or unethical activity, visit the Legal & Compliance Loop site for further information or visit <u>https://secure.ethicspoint.com/domain/media/en/gui/44414/index.html</u>.

If you feel uncomfortable utilizing the formal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

**25. Company Ombudsman** 

AB's Company Ombudsman provides a neutral, confidential, informal and independent communications channel where any AB employee can obtain assistance in surfacing and resolving work-related issues. The primary purpose of the Ombudsman is to help AB:

• Safeguard its reputation and financial, human and other company assets;

• Maintain an ethical and fiduciary culture;

• Demonstrate and achieve its commitment to "doing the right thing;" and

• Comply with relevant provisions of the Sarbanes-Oxley Act of 2002, the U.S. Sentencing Guidelines, as well as
AB's 2003 SEC Order, New York Stock Exchange Rule 303A.10 and other laws, regulations and policies.

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The Ombudsman seeks to provide early warnings and to identify changes that will prevent malfeasance and workplace issues from becoming significant or recurring. The Ombudsman has a reporting relationship to the AB CEO, the Audit Committee of the Board of Directors of AllianceBernstein Corporation and independent directors of AB's U.S. mutual fund boards.

Any type of work-related issue may be brought to the Ombudsman, including potential or actual financial malfeasance, security matters, inappropriate business practices, compliance issues, unethical behavior, violations of law, health and safety issues, and employee relations issues. The Ombudsman supplements but does not replace existing formal channels for reporting work-related issues, such as Human Capital, Legal and Compliance, Internal Audit and line management.

**26. Sanctions** 

Upon learning of a violation of this Code, any member of the AB Group, with the advice of the General Counsel, the Chief Compliance Officer and/or the AB Code of Ethics Oversight Committee, may impose such sanctions as such member deems appropriate, including, among other things, restitution, censure, suspension or termination of service. Persons subject to this Code who fail to comply with it may also be violating the U.S. federal securities laws or other federal, state or local laws within their particular jurisdictions.

**27. Annual Certifications** 

Each person subject to this Code must certify at least annually to the Chief Compliance Officer that he or she has read and understands the Code. As part of theses certifications, the employee confirms that they are (1) subject to and have complied with the Code's provisions, (2) disclosed or reported all personal securities transactions, conflicts of interests and other items required, and (3) understand and complied with the policies for electronic communications. The Chief Compliance Officer may require interim certifications for significant changes to the Code.

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**APPENDIX A** 

**AllianceBernstein L.P.** 

<u>PERSONAL TRADING POLICIES AND PROCEDURES</u> 

**1. Overview** 

a. **Introduction** 

AB recognizes the importance to its employees of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. **Employees should be aware that their ability to liquidate positions may be severely restricted under these policies, including during times of market volatility**. Therefore, as a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate**.

b. **Definitions** 

The following definitions apply for purposes of this Appendix A of the Code; however additional definitions are contained in the text itself.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **"AllianceBernstein" or "AB"** mean AllianceBernstein L.P., its subsidiaries and its
joint venture entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **"Beneficial Ownership"** is interpreted in the same manner as in determining whether a person is
subject to the provisions of Section 16 of the Securities Exchange Act of 1934 ("Exchange Act"), Rule 16a-1 and the other rules and regulations thereunder and includes ownership by any person
who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in a Security. For example, an individual has an indirect pecuniary interest in any
Security owned by the individual's spouse. Beneficial Ownership also includes, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, having or sharing "voting power" or "investment
power," as those terms are used in Section 13(d) of the Exchange Act and Rule 13d-3 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **"Client"** means any person or entity, including an investment company, for which AB serves as
investment manager or adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"Chief Compliance Officer"** refers to AB's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **"Code of Ethics Oversight Committee"** refers to the committee of AB's senior officers that
is responsible for monitoring compliance with the Code.

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<sup>1</sup> Due to the importance that AB places on promoting responsible personal trading, we have applied the definition of "access person," as used in Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and related requirements to all AB employees and officers. We have drafted special provisions for directors of AB who are not also employees of AB. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Conflicts Officer"** refers to AB's Conflicts Officer, who reports to the Chief Compliance
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **"Control"** has the meaning set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **"Director"** means any person who serves in the capacity of a director of AllianceBernstein
Corporation. "Affiliated Outside Director" means any Director who is not an Employee (as defined below) but who is an employee of an entity affiliated with AB. "Outside Director" means any Director who is neither an Employee (as
defined below) nor an employee of an entity affiliated with AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **"Employee"** refers to any person who is an employee or officer of AB, including part-time
employees and consultants (acting in the capacity of a portfolio manager, trader or research analyst, or others at the discretion of the Compliance Department) under the Control of AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **"Initial Public Offering"** means an offering of equity Securities registered under the
Securities Act of 1933 (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, as well as similar offerings of Securities issued
outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **"Investment Personnel"** refers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any Employee who acts in the capacity of a portfolio manager, research analyst or trader or any other capacity
(such as an assistant to one of the foregoing) and in connection with his or her regular duties makes or participates in making, or is in a position to be aware of, recommendations regarding the purchase or sale of securities by a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any Employee who receives or has access to AB equity research or Bernstein Research via Outlook distribution,
Fact set, Bloomberg, Research Wire or other medium/platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any other Employee designated as such by the Legal and Compliance Department; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any natural person who Controls AB and who obtains information concerning recommendations made to a Client
regarding the purchase or sale of securities by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"Limited Offering"** means an offering that is exempt from registration under the 1933 Act
pursuant to Sections 4(2) or 4(6) thereof or pursuant to Rules 504, 505 or 506 under the 1933 Act, as well as similarly exempted offerings of Securities issued outside the United States. Investments in hedge funds are typically sold in a limited
offering setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **"Ombudsman" aka "Ombuds"** means the Company Ombudsman of AB, or any of his/her staff
members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **"Personal Account"** refers to any account (including, without limitation, a custody account,
safekeeping account and an account maintained by an entity that may act in a brokerage or a principal capacity) in which any type of Security (as defined in Section 2(a)(36) of the Investment Company Act of 1940) may be traded or custodied, and
in which an Employee has any Beneficial Ownership, and any such account maintained by or for a financial dependent of an Employee. For example, this definition includes Personal Accounts of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An Employee's spouse/domestic partner (of same or opposite gender), including a legally separated or
divorced spouse who is a financial dependent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Financial dependents of an Employee, including both those residing with the Employee and those not residing
with the Employee, such as financially dependent children away at college; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any person or entity for which the Employee acts as a fiduciary (e.g., acting as a Trustee) or who has given
investment discretion to the Employee, other than accounts over which the employee has discretion as a result of his or her responsibilities at AB.

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**Personal Accounts include any account meeting the above definition even if the Employee has given discretion over the account to someone else.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **"Purchase or Sale of a Security"** includes, among other transactions, the writing or purchase
of an option to sell a Security and any short sale of a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **"Security"** has the meaning set forth in Section 2(a)(36) of the Investment Company Act
and includes any derivative thereof, commodities, options or forward contracts, except that it shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Securities issued by the government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Short-term debt securities that are government securities within the meaning of Section 2(a)(16) of the
Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shares issued by open-end mutual funds, **other than Exchange-Traded Funds ("ETFs"), and mutual funds managed by AB**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt
instruments and such other instruments as may be designated from time to time by the Chief Compliance Officer.

*<u>IMPORTANT NOTES</u>*<u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exchange-Traded Funds are covered under this definition of Security, and therefore **are subject** to the
governing rules. (See exceptions in Sections 2(d)(ii)and 2(e)(ii) of this Appendix.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Direct investment* in **Bitcoin** or other crypto currencies are currently not covered under this
definition of Security. However, as global regulators move closer to regulating them, the lack of prohibition and our position on pre-clearance and/or reporting, will likely change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. A Security **is "Being Considered for Purchase or Sale"** when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An AB Growth research analyst issues research information regarding initial coverage of, or changing a rating
with respect to, a Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A portfolio manager has indicated his or her intention to purchase or sell a Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An open order<sup>2</sup>in the Security exists on any buy-side trading desk.

*This is not an exhaustive list. At the discretion of the Legal and Compliance Department, a Security may be deemed "Being Considered for Purchase or Sale" even if none of the above events have occurred, particularly if a portfolio manager is contemplating the purchase or sale of that Security, as evidenced by e-mails or the manager's preparation of, or request for, research.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Security held or to be acquired or sold"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any Security which, within the most recent 15 days (i) is or has been held by a Client in an AB-managed account or (ii) is being or has been considered by AB for purchase or sale for the Client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any option to purchase or sell, and any Security convertible into or exchangeable for, a Security.

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<sup>2</sup> Defined as any client order on a Growth trading desk which has not been completely executed, as well as any "significant" open Value client orders, or Value "priority" purchases or sales, as those terms are defined by the applicable Value SBU CIO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **"Star Compliance Code of Ethics application"** means the web-based application used to electronically pre-clear personal securities transactions and file many of the reports required herein. The application can be accessed via
the AB network at: <u>https://alliance-ng.starcompliance.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **"Subsidiary"** refers to entities with respect to which AB, directly or indirectly, through the
ownership of voting securities, by contract or otherwise has the power to direct or cause the direction of management or policies of such entity.

**2. Requirements and Restrictions – All Employees** 

The following are the details of the standards which must be observed:

a. **General Standards** 

Employees have an obligation to conduct their personal investing activities and related Securities transactions lawfully and in a manner that avoids actual or potential conflicts between their own interests and the interests of AB and its clients. Employees must carefully consider the nature of their AB responsibilities—and the type of information that he or she might be deemed to possess in light of any particular securities transaction—before engaging in any investment-related activity or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *Material Nonpublic Information*: Employees in possession of material nonpublic information about or
affecting Securities, or their issuer, are prohibited from buying or selling such Securities, or advising any other person to buy or sell such Securities. Similarly, they may not disclose such information to anyone without the permission of the
General Counsel or Chief Compliance Officer. Please see the AB *<u>Insider Trading Policies,</u>* which can be found on the Legal and Compliance Department intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Short-Term Trading*: Employees are encouraged to adopt long-term investment strategies (see
Section 2(f) for applicable holding and buy-back periods for individual securities). Similarly, purchases of shares of most mutual funds should be made for investment purposes. Employees are therefore
prohibited from engaging in transactions in a mutual fund that are in violation of the fund's prospectus, including any applicable short-term trading or market-timing prohibitions.

With respect to the AB funds, Employees are prohibited from short-term trading, and may not effect a purchase and redemption, regardless of size, in and out of the same mutual fund within any sixty (60) day period.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *Personal Responsibility*: It is the responsibility of each Employee to ensure that all Securities
transactions in Personal Accounts are made in strict compliance with the restrictions and procedures in the Code and this Appendix A, and otherwise comply with all applicable legal and regulatory requirements.

*Affiliated Directors and Outside Directors*: The personal trading restrictions of Appendix A of the Code do not apply to any Affiliated Director or Outside Director, *provided that at the time of the transaction, he or she has no actual knowledge that the Security involved is "Being Considered for Purchase or Sale*." Affiliated Directors and Outside Directors, however, are subject to reporting requirements as described in Section 8 below.

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<sup>3</sup> These restrictions shall not apply to investments in mutual funds through professionally managed asset allocation programs; automatic reinvestment programs; automatic investments through 401(k) and similar retirement accounts; and any other non-volitional investment vehicles. These restrictions also do not apply to transactions in money market funds and other short duration funds used as checking accounts or for similar cash management purposes. 

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b. **Disclosure of Personal Accounts** 

All Employees must disclose their Personal Accounts to the Compliance Department (and take all necessary actions to close any accounts held with non-designated brokers, see next section). It is each Employee's responsibility to ensure that the Compliance Department is appropriately notified of all accounts and to direct the broker to provide the Compliance Department with electronic and/or paper brokerage transaction confirmations and account statements (and verify that it has been done). Do not assume that the broker-dealer will automatically arrange for this information to be set up and forwarded correctly.

c. **Designated Brokerage Account** 

Personal Accounts of an Employee that are maintained as brokerage accounts must be held only at the following approved designated broker-dealers <u>Approved Designated Broker-Dealer List</u> (each a "Designated Broker").<sup>4</sup> 5

Under limited circumstances, the Compliance Department may grant exceptions to this policy and approve the use of other broker-dealers or custodians (such as in the case of proprietary products that can only be held at specific firms). In addition, the Chief Compliance Officer may in the future modify this list.

All Securities in which an Employee has any Beneficial Ownership must be held in Personal Accounts and maintained in accordance with the Designated Broker requirements described above (except that shares of open-end mutual funds may be held directly with the investment company). Additionally, Employees may affect Securities transactions only in Personal Accounts (or directly through a mutual fund's transfer agent). In limited circumstances, the Chief Compliance Officer, or his designee, may grant an exception to these requirements (see Section 22 of the Code). This requirement applies to all types of Securities and personal Securities transactions including, for example, Securities issued in a Limited Offering or other direct investments.

d. **Pre-Clearance Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Subject to the exceptions specified below, an Employee may not purchase or sell, directly or indirectly, any
Security (*please note the limited pre-clearance requirement related to AB mutual funds in Section 2(h) below*) in which the Employee has (or after such transaction would have) any
Beneficial Ownership unless the Employee obtains the prior approval from the Compliance Department and, *in the case of Investment Personnel, the head of the business unit (or a designated manager) in which the Employee works*.<sup>6</sup> Pre-clearance requests must be made on the date of the contemplated transaction, through the use of the appropriate pre-clearance form, which can be accessed via the Star Compliance Code of Ethics application at <u>http://starcompliance.acml.com/</u> /. These requests will document (a) the details of the proposed
transaction and (b) representations as to compliance with the personal trading restrictions of this Code.

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<sup>4</sup> Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

<sup>5</sup> Non-discretionary accounts at Sanford C. Bernstei<u>n</u> & Co., LLC. may only be used for the following purposes: (a) Custody of securities and related activities (such as receiving and delivering positions, corporate actions, and subscribing to offerings commonly handled by operations such as State of Israel bonds, etc.); (b) Transacting in US Treasury securities; and (c) Transacting in AB products outside of a private client relationship (such as hedge funds and AB/SCB mutual funds). All equity and fixed income transactions (other than US Treasuries) are prohibited. 

<sup>6</sup> For purposes of the pre-clearance requirement, all employees in the Value SBU are considered Investment Personnel and are therefore required to have all of their trades pre-approved by the head of their respective departments (or a designee).

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*Pre-Clearance requests are reviewed by team members in Nashville and may not be addressed until 8:00 a.m. Central time. Please note that trade requests submitted after 2:30 p.m. Central time will be placed on hold until the following day.* The Legal and Compliance Department (including via its electronic pre-clearance utility) will review the request to determine if the proposed transaction complies with the Code, whether that security is restricted for AB personnel, and if appropriate, contact the appropriate supervisor (or a person designated by the supervisor) to determine whether the proposed transaction raises any potential conflicts of interest or other issues. The Compliance Department will communicate to the requesting Employee its approval or denial of the proposed transaction, either in writing (e-mail) or orally. Approvals are good through the day approved plus the following trading day. Good-until-cancel limit orders are not permitted without daily requests for pre-clearance approval. **Employees must wait for Compliance Department approval before placing the order with their broker.**

The Legal and Compliance Department will maintain an electronic log of all pre- clearance requests and indicate the approval or denial of the request in the log.

PLEASE NOTE: When a Security is Being Considered for Purchase or Sale for a Client (see Section 2(i) below) or is being purchased or sold for a Client following the approval on the same day of a personal trading request form for the same Security, the Legal and Compliance Department is authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the trading desk and the appropriate business unit head (if available), that the order, based on market conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a Client's ability to purchase or sell the Security or other Securities of the issuer involved.

ii.  **<u>Exceptions: The pre-clearance requirements do not apply to</u> <u><sup>7</sup></u> <u>:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Non-Volitional Transactions, including:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in a Personal Account over which the Employee has no direct or indirect influence or control (i.e.,
managed for an Employee on a discretionary basis by a third person or entity, when the Employee does not discuss any specific transactions for the account with the third-party manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of any Security received as part of an Employee's compensation (although any subsequent sales
must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Securities transaction effected in an Employee's Personal Account pursuant to an automatic investment
plan, which means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) a Personal Account in accordance with a predetermined schedule and allocation, and includes dividend reinvestment plans. Additional
purchases and sales that are not automatic, however, are subject to the pre-clearance requirement.

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<sup>7</sup> Additional Securities may be exempted from the pre-clearance requirement if, in the opinion of the Chief Compliance Officer, no conflict of interest could arise from personal trades in such Security.

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The Legal and Compliance Department may request an Employee to certify as to the non-volitional nature of these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exercise of Pro Rata Issued Rights</u> 

Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of the issuer's Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired. This exemption applies only to the exercise or sale of rights that are issued in connection with a specific upcoming public offering on a specified date, as opposed to rights acquired from the issuer (such as warrants or options), which may be exercised from time-to-time up until an expiration date. This exemption does not apply to the sale of stock acquired pursuant to the exercise of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>AB Managed Open-end Mutual Funds</u> 

Open-end mutual funds managed or sub-advised by AB are covered under the Code's definition of Security and therefore are subject to all applicable Code rules and prohibitions. However, investments in AB-managed funds, if transacted through the ABI Employee Desk or through an employee's Voya-sponsored 401K account, do not require pre-clearance. (If not transacted via ABI or through Voya, pre-clearance is required.)

e. **Limitation on the Number of Trades** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No more than an aggregate of twenty (20) transactions in individual Securities may occur in an
Employee's Personal Accounts during any rolling thirty-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exceptions:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The limitation on the permissible number of trades over a 30-day period
does not apply to AB-managed funds. **Note that the 60-day hold requirement (see next section) still applies to these Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The limitation is also inapplicable to transactions in a Personal Account over which the Employee has no direct
or indirect influence or control (i.e., managed for an Employee on a discretionary basis by a third person or entity), or pursuant to an automatic investment plan, including dividend reinvestment plans.

f. **Short-Term Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employees must always conduct their personal trading activities lawfully, properly and responsibly, and are
encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. AB discourages short-term trading strategies, and Employees are cautioned that such strategies may inherently carry a higher risk
of regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes with job performance, or compromises the duty that AB owes to its Clients will not be tolerated.

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**Employees are subject to a mandatory holding period of all Securities for 60 days and a buy-back period of 30 days.** By regulation, employees of AB Japan Ltd. are subject to a 6-month hold. A first-in-first-out accounting methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. As noted in Section 2(a)(ii), the applicable holding period for AB open-end funds is also 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.  **<u>Exceptions to the short-term trading rules (i.e., the 60-day hold and 30-day buy-back):</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Securities transactions in Personal Accounts of spouses and domestic partners and other non-Employees (e.g., financially dependent children) which are not directed by the Employee are subject to the mandatory holding and buy-back periods. However, after 30
calendar days, a sell transaction will be permitted for these Personal Accounts if necessary to minimize a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions in a Personal Account over which the Employee has no direct or indirect influence or control
(i.e., managed for an Employee on a discretionary basis by a third person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions in Securities held by the Employee prior to his or her employment with AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shares in the publicly traded units of AB that were acquired in connection with a compensation plan. However,
units purchased on the open market must comply with the holding period requirements herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Shares received through an employee stock plan or compensation program by a related covered person may be
transacted within the 60-day holding period or the 30-day buy-back period,

Any trade made in violation of this section of the Code shall be unwound, or, if that is not practicable, all profits from the short-term trading may be disgorged as directed by the Chief Compliance Officer.

g. **Short Sales** 

The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of a Security in a Personal Account if, at the time of the transaction, any Client has a long position in such Security in an AB-managed portfolio (except that an Employee may engage in short sales against the box and covered call writing provided that these personal Securities transactions do not violate the prohibition against short-term trading).

h. **Trading in AB Units and AB Open and Closed-End Mutual Funds** 

During certain times of the year (typically in the weeks leading up to the firm's quarterly earnings announcement), Employees may be prohibited from conducting transactions in the equity units of AB. Additional restricted periods may be required for certain individuals and events, and the Legal and Compliance Department will announce when such additional restricted periods are in effect. Transactions in AB Units and closed-end mutual funds managed by AB are subject to the same pre-clearance process as other Securities, with certain additional Legal and Compliance Department approval required. See the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Units</u>* and the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds</u>*. Employees are not permitted to transact in short sales of AB Units.

**Note that employees are not permitted to establish dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases outside of the trading window. However, plans managed by a third-party adviser may be permitted with the review and approval of Legal and Compliance.** 

**Employees who transact in open-end AB mutual funds outside of the Employee Desk at AllianceBernstein Investments or their Voya-sponsored 401K account – i.e., in a regular brokerage account, must pre-clear the transaction via Star Compliance.** 

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i. **Securities Being Considered for Purchase or Sale** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Legal and Compliance Department will, subject to the exceptions below, prohibit an Employee from purchasing
or selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal Account if, at the time of the transaction, the Security is Being Considered for Purchase or Sale for a Client or is being purchased or sold
for a Client. Please see the definition of a Security "Being Considered for Purchase or Sale" (Section 1(b) (17) of this Appendix) for a non- exhaustive list of examples which illustrate this
prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.  **<u>Exceptions: This prohibition does not apply to:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Non-Volitional Transactions, including:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in a Personal Account over which the Employee has no direct or indirect influence or control (i.e.,
managed for an Employee on a discretionary basis by a third person or entity, when the Employee does not discuss any specific transactions for the account with the third-party manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of any Security received as part of an Employee's compensation (although any subsequent sales
must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Securities transaction effected in an Employee's Personal Account pursuant to an automatic investment
plan, which means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) a Personal Account in accordance with a predetermined schedule and allocation, and includes dividend reinvestment plans. Additional
purchases and sales that are not automatic, however, are subject to this prohibition.

The Legal and Compliance Department may request an Employee to certify as to the non-volitional nature of these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exercise of Pro Rata Issued Rights</u> 

Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of the issuer's Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired. This exemption applies only to the exercise or sale of rights that are issued in connection with a specific upcoming public offering on a specified date, as opposed to rights acquired from the issuer (such as warrants or options), which may be exercised from time-to-time up until an expiration date. This exemption does not apply to the sale of stock acquired pursuant to the exercise of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>De Minimis Transactions–Fixed Income Securities</u> 

Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities transactions having a principal amount not exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-convertible debt securities and non-convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization ("NRSRO") in one of the three highest investment grade rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>De Minimis Transactions–Equity Securities</u> 

Any equity Security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open"
or "market on close;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The aggregate value of the transactions do not exceed (1) $10,000 for Securities of an issuer with a market
capitalization of less than $1 billion; (2) $25,000 for Securities of an issuer with a market capitalization of $1 billion to $5 billion and (3) $50,000 for Securities of an issuer with a market capitalization of greater than
$5 billion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or
that the Security is being purchased or sold by or for the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared by the Legal and Compliance Department in advance of being placed.

j. **Restricted List** 

A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily Restricted List is made available each business day to all Employees via the AB <u>intranet page</u>.

k. **Dissemination of Research Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An Employee may not buy or sell any Security for a Personal Account that is the subject of "significantly
new" or "significantly changed" research during the period commencing with the approval of the research and continuing for twenty-four hours subsequent to the first publication or release of the research. An Employee also may not buy
or sell any Security on the basis of research that AB has not yet made public or released. The terms "significantly new" and "significantly changed" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The initiation of coverage by an AB or Sanford C. Bernstein & Co., LLC research analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any change in a research rating or position by an AB or Sanford C. Bernstein & Co., LLC research
analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any other rating, view, opinion, or advice from an AB or Sanford C. Bernstein & Co., LLC research
analyst, the issuance (or re-issuance) of which in the opinion of such research analyst, or his or her director of research, would be reasonably likely to have a material effect on the price of the security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.  **<u>Exceptions: This prohibition does not apply to:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Non-Volitional Transactions, including:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in a Personal Account over which the Employee has no direct or indirect influence or control (i.e.,
managed for an Employee on a discretionary basis by a third person or entity, when the Employee does not discuss any specific transactions for the account with the third-party manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Security received as part of an Employee's compensation (although any subsequent sales must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Securities transaction effected in an Employee's Personal Account pursuant to an automatic investment
plan, which means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) a Personal Account in accordance with a predetermined schedule and allocation, and includes dividend reinvestment plans. Additional
purchases and sales that are not automatic, however, are subject to this prohibition.

The Legal and Compliance Department may request an Employee to certify as to the non-volitional nature of these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exercise of Pro Rata Issued Rights</u> 

Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of the issuer's Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired. This exemption applies only to the exercise or sale of rights that are issued in connection with a specific upcoming public offering on a specified date, as opposed to rights acquired from the issuer (such as warrants or options), which may be exercised from time-to-time up until an expiration date. This exemption does not apply to the sale of stock acquired pursuant to the exercise of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>De Minimis Transactions–Fixed Income Securities</u> 

***This exception does not apply to research issued by Sanford C. Bernstein & Co., LLC.*** Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the issuer is the subject of significantly new or significantly changed research:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities transactions having a principal amount not exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-convertible debt securities and non-convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization ("NRSRO") in one of the three highest investment grade rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>De Minimis Transactions–Equity Securities</u> 

**This exception does not apply to research issued by Sanford C. Bernstein & Co., LLC.** Any equity Securities transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open"
or "market on close;"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The aggregate value of the transactions do not exceed (1) $10,000 for Securities of an issuer with a market
capitalization of less than $1 billion; (2) $25,000 for Securities of an issuer with a market capitalization of $1 billion to $5 billion and (3) $50,000 for Securities of an issuer with a market capitalization of greater than
$5 billion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or
that the Security is being purchased or sold by or for the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared by the Legal and Compliance Department in advance of being placed.

**I**. **Initial Public Offerings** 

No Employee, or other person whose Personal Accounts are covered under this Code (see Section 1(b)(14)) shall acquire for a Personal Account, any equity Security issued in an Initial Public Offering.

**m.** **Limited Offerings/Private Placements** 

No Employee, or other person whose Personal Accounts are covered under this Code (see Section 1(b)(14)), shall acquire any Security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) unless the Chief Compliance Officer (or designee) and the Employee's Business Unit Head give express prior written approval and document the basis for granting approval after due inquiry. The Chief Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with AB. Employees authorized to acquire Securities issued in a limited or private offering must disclose that investment when they play a part in any Client's subsequent consideration of an investment in the issuer, and in such a case, the decision of AB to purchase Securities of that issuer for a Client will be subject to an independent review by Investment Personnel with no personal interest in such issuer. <sup>8</sup>Additional restrictions or disclosures may be required if there is a business relationship between the Employee or AB and the issuer of the offering. See also—additional restrictions that apply to employees of the Fund of Funds Group (Section 6).

**3. Additional Restrictions–Portfolio Managers** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a portfolio manager of a Client account. For purposes of the restrictions in this section, a portfolio manager is defined as an Employee who has decision-making authority regarding specific securities to be traded for Client accounts, as well as such Employee's supervisor. Please see Section 6 for restrictions relating to the Alternate Investment Strategies Group.

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<sup>8</sup> Any Employee who acquires (or any new Employee with a pre-existing position in) an interest in any private investment fund (including a "hedge fund") or any other Security that cannot be purchased and held in an accountat a Designated Broker shall be exempt from the Designated Broker requirement as described in this Appendix A of the Code. The Legal and Compliance Department may require an explanation as to why such Security cannot be purchased and held in such manner. Transactions in these Securities nevertheless remain subject to all other requirements of this Code, including applicable private placement procedures, pre-clearance requirements and blackout-period trading restrictions. 

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***General Prohibition:*** *No person acting in the capacity of a portfolio manager will be permitted to trade for a Personal Account, a Security that is an eligible portfolio investment in that manager's product group (e.g., Large Cap Growth).* 

*This prohibition does not apply to transactions directed by spouses or other persons whose Personal Accounts are covered under this Code (see Section 1(b)(14)) provided that the employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. However, such transactions are subject to the following additional restrictions.* 

a. **Blackout Periods** 

No person acting in the capacity of a portfolio manager will be permitted to trade a Security for a Personal Account within seven calendar days before and after any Client serviced in that manager's product group (e.g., Large Cap Growth) trades in the same Security. If a portfolio manager engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

b. **Actions During Blackout Periods** 

No person acting in the capacity of a portfolio manager shall delay or accelerate a Client trade due to a previous purchase or sale of a Security for a Personal Account. In the event that a portfolio manager determines that it is in the best interest of a Client to buy or sell a Security for the account of the Client within seven days of the purchase or sale of the same Security in a Personal Account, the portfolio manager must contact the Chief Compliance Officer immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

c. **Transactions Contrary to Client Positions** 

No person acting in the capacity of a portfolio manager shall trade a Security in a Personal Account contrary to investment decisions made on behalf of a Client, unless the portfolio manager represents and warrants in the personal trading request form that (1) it is appropriate for the Client account to buy, sell or continue to hold that Security and (2) the decision to purchase or sell the Security for the Personal Account arises from the need to raise or invest cash or some other valid reason specified by the portfolio manager and approved by the Chief Compliance Officer and is not otherwise based on the portfolio manager's view of how the Security is likely to perform.

**4. Additional Restrictions–Research Analysts** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a research analyst. To be clear, these additional restrictions apply to both sell-side and buy-side research analysts. However, sell-side (Bernstein) research analysts (and associates) and their family members are subject to additional restrictions to address various regulatory requirements applicable to Bernstein's global research business. Employees in Bernstein's research department should refer to Bernstein's Global Research Compliance Manual for details on those additional restrictions.

***General Prohibition****: No person acting in the capacity of research analyst will be permitted to trade for his or her Personal Account, any security of an issuer that is in the sector covered by such research analyst (i.e., an equity research analyst cannot trade in the fixed income securities of a covered issuer nor can a fixed income analyst trade in the equity securities of one). This prohibition does not apply to transactions directed by spouses or other persons whose Personal Accounts are covered under this Code (see Section 1(b)(14)), provided that the employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. However, such transactions are subject to the following additional restrictions.* 

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a. **Blackout Periods** 

No person acting as a research analyst shall trade a Security for a Personal Account within seven calendar days before and after making a change in a rating or other published view with respect to that Security. If a research analyst engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

b. **Actions During Blackout Periods** 

No person acting as a research analyst shall delay or accelerate a rating or other published view with respect to any Security because of a previous purchase or sale of a Security in such person's Personal Account. In the event that a research analyst determines that it is appropriate to make a change in a rating or other published view within seven days of the purchase or sale of the same Security in a Personal Account, the research analyst must contact the Chief Compliance Officer immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

c. **Actions Contrary to Ratings** 

No person acting as a research analyst shall trade a Security (to the extent such Security is included in the research analyst's research universe) contrary to an outstanding rating or a pending ratings change or traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason specified by the research analyst and approved by the Chief Compliance Officer and is not otherwise based on the research analyst's view of how the security is likely to perform.

**5. Additional Restrictions–Buy-Side Equity Traders** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity trading desk.

***General Prohibition****: No person acting in the capacity of buy-side equity trader will be permitted to trade for his or her Personal Account, a Security that is among the eligible portfolio investments traded on that Desk.* 

*This prohibition does not apply to transactions directed by spouses or other persons whose Personal Accounts are covered under this Code (see Section 1(b)(14)) provided that the employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. Such transactions are, of course, subject to all other Code provisions.* 

**6. Additional Restrictions–Alternate Investment Strategies Groups** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all members of the firm's Alternative Investment Management Group, as well as to the members of the Investment Policy Group and Board of Directors of Bernstein Alternative Investment Strategies, LLC.

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***General Prohibition****: No member of the groups listed above will be permitted to directly invest in a privately offered fund or other investment product that is managed by an adviser other than AB and is within the scope of the current or contemplated funds or other products in which the Alternative Investment Management Group may invest. All such investments by members of these groups shall be made through the AB Alternative Investment Services platform.* 

**7. Reporting Requirements** 

a. **Duplicate Confirmations and Account Statements** 

All Employees must direct their brokers to supply to the Chief Compliance Officer, on a timely basis, duplicate copies of broker trade confirmations of, and account statements concerning, all Securities transactions in any Personal Account. Even for Designated Brokers, each Employee must verify that the Employee's account(s) is properly "coded" for AB to receive electronic data feeds.

The Compliance Department will review such documents for Personal Accounts to ensure that AB's policies and procedures are being complied with, and make additional inquiries as necessary. Access to duplicate confirmations and account statements will be restricted to those persons who are assigned to perform review functions, and all such materials will be kept confidential except as otherwise required by law.

b. **Initial Holdings Reports by Employees** 

An Employee must, within 10 days of commencement of employment with AB, provide a signed (electronic in most cases) and dated Initial Holdings Report to the Chief Compliance Officer. New employees will receive an electronic request to perform this task via the Star Compliance Code of Ethics application. The report must contain the following information current as of a date not more than 45 days prior to the date of the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities (including private investments as well as any AB-managed mutual funds) held in a Personal Account of the Employee, including the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each Security/fund beneficially owned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker-dealer or financial institution with which the Employee maintains a Personal Account in
which any Securities are held for the Employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Details of any outside business affiliations.

Employees must then take all necessary actions to bring their accounts into compliance with the designated broker guidelines detailed in Section 2(c) of this Appendix.

c. **Quarterly Reports by Employees–including Certain Funds and Limited Offerings** 

Following each calendar quarter, the Legal and Compliance Department will forward (electronically via the Star Compliance Code of Ethics application) to each Employee, an individualized form containing all Securities transactions in the Employee's Personal Accounts during the quarter based on information reported to AB by the Employee's brokers. Transactions in Personal Accounts over which the Employee has no direct or indirect influence or control (i.e., managed for an Employee on a discretionary basis by a third person or entity) or pursuant to an automated investment program need not be included for purposes of this reporting requirement.

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Within thirty (30) days following the end of each calendar quarter, every Employee must review the form and certify its accuracy, making any necessary changes to the information provided on the pre-populated form (generally this will include those shares of mutual funds sub-advised by AB and held directly with the investment company and Securities issued in limited offerings which are not sent directly to the Compliance Department). For each such Security, the report must contain the following information: (1) the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Security involved; (2) the nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition); (3) the price of the Security at which the transaction was effected; (4) the name of the broker or other financial institution through which the transaction was effected; and (5) the date the Employee submits the report.

In addition, any new Personal Account established during the calendar quarter must be reported, including (1) the name of the broker or other financial institution with which the account was established and (2) the date the account was established.

**d.** **Annual Certification by Employees with Managed Accounts** 

On an annual basis, by a date to be specified by the Compliance Department (typically August 15th), each Employee who has reported managed accounts in the Star Compliance Code of Ethics application must provide to the Chief Compliance Officer, a signed and dated (or electronically certified via the Star Compliance application) certification. This certification confirms:

i. All managed accounts have been disclosed by the Employee in the Star Compliance application; and

ii. The Employee had no influence or investment discretion as to the transactions or holdings of such accounts.

e. **Annual Holdings Reports by Employees** 

On an annual basis, by a date to be specified by the Compliance Department (typically February 15<sup>th</sup>), each Employee must provide to the Chief Compliance Officer, a signed and dated (or electronically certified via the Star Compliance Code of Ethics application) Annual Holdings Report containing data current as of a date not more than forty five (45) days prior to the date of the submission.<sup>9</sup> The report must disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Securities (including shares of mutual funds managed by AB and limited offerings), held in a Personal
Account of the Employee, including the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each Security beneficially owned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker-dealer or financial institution with which the Employee maintains a Personal Account in
which any Securities are held for the Employee.

In the event that AB already maintains a record of the required information via duplicate copies of broker trade confirmations and account statements received from the Employee's broker-dealer, an Employee may satisfy this requirement by (i) confirming in writing (which may include e-mail) the accuracy of the record on at least an annual basis and (ii) recording the date of the confirmation.

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<sup>9</sup> Employees who join the Firm after the annual process has commenced will submit their initial holdings report (see Section 7(b)) and complete their first Annual Holdings Report during the next annual cycle and thereafter.

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f. **Report and Certification of Adequacy to the Board of Directors of Fund Clients** 

On a periodic basis, but not less than annually, the Chief Compliance Officer shall prepare a written report to the management and the board of directors of each registered investment fund (other than a unit investment trust) in which AB acts as investment adviser setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A certification on behalf of AB that AB has adopted procedures reasonably necessary to prevent Employees and
Directors from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A summary of existing procedures concerning personal investing and any changes in procedures made during the
past year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A description of any issues arising under the Code or procedures since the last report to the Board including,
but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations.

AB shall also submit any material changes to this Code to each Fund's Board at the next regular board meeting during the quarter following the change.

g. **Report Representations** 

Any Initial or Annual Holdings Report or Quarterly Transaction Report may contain a statement that the report is not to be construed as an admission by the person making the report that he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates.

h. **Maintenance of Reports** 

The Chief Compliance Officer shall maintain the information required by this Section and such other records, if any, and for such time periods required by Rule 17j-1 under the Investment Company Act and Rules 204-2 and 204A-1 under the Advisers Act. All reports furnished pursuant to this Section will be kept confidential, subject to the rights of inspection and review by the General Counsel, the Chief Compliance Officer and his or her designees, the Code of Ethics Oversight Committee (or subcommittee thereof), the Securities and Exchange Commission and by other third parties pursuant to applicable laws and regulations.

**8. Reporting Requirements for Directors who are not Employees** 

All Affiliated Outside Directors (i.e., not Employees of AB, but employees of an AB affiliate) and Outside Directors (i.e., neither Employees of AB, nor of an AB affiliate) are subject to the specific reporting requirements of this Section 8 as described below. Directors who are Employees of AB, however, are subject to the full range of personal trading requirements, restrictions and reporting obligations outlined in Sections 1 through 7 of this Appendix A of the Code, as applicable. In addition, all Directors are expected to adhere to the fiduciary duties and high ethical standards described in the Code.

a. **Outside Directors / Affiliated Outside Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **In general, pursuant to various regulatory rule exceptions and interpretations, no reporting is required of Outside Directors and Affiliated Outside Directors. However, if an Outside or Affiliated Outside Director knew, or in the ordinary course of fulfilling his or her official duties as a Director should have known,** that during the 15-day period immediately before or after the Outside or Affiliated Outside Director's transaction in a Security for a Personal Account, a Client bought or sold the Security, or the Client or AB considered
buying or selling the Security, the following reporting would be required.

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<u>Transaction Report</u> 

In the event that a transaction report is required pursuant to the scenario in the preceding paragraph, other than for accounts over which the director had no influence or control, each outside director must within thirty (30) days following the end of each calendar quarter, provide to the Chief Compliance Officer, a signed and dated report disclosing all Securities transactions in any Personal Account. For each such Security, the report must contain the following information:

a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares, and principal amount of each Security involved;

b. The nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition);

c. The price of the Security at which the transaction was effected; and

d. The name of the broker or other financial institution through which the transaction was effected.

## Ex-99.Poa

**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Mark A. Barnard | Trustee | March 20, 2023 |

---

Mark A. Barnard

------

**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Thomas W. Brock | Trustee | March 20, 2023 |
|  Thomas W. Brock |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Michael Clement | Trustee | March 20, 2023 |
| Michael Clement |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Donald Foley | Trustee | March 20, 2023 |
|  Donald Foley |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Patricia Haverland | Trustee | March 20, 2023 |
| Patricia Haverland |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Steven M. Joenk | Trustee | March 20, 2023 |
| Steven M. Joenk | and Chief Executive Officer |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ H. Thomas McMeekin | Trustee | March 20, 2023 |
| H. Thomas McMeekin |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Jeffery Perry | Trustee | March 20, 2023 |
| Jeffery Perry |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Gary Schpero | Trustee and Chairman | March 20, 2023 |
| Gary Schpero |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Kathleen Stephansen | Trustee | March 20, 2023 |
|  Kathleen Stephansen |  |  |

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**POWER OF ATTORNEY** 

The undersigned Trustee of EQ Advisors Trust (the "Trust"), whose signature appears below, hereby makes, constitutes and appoints Steven M. Joenk, Shane Daly, Esq. and Mark C. Amorosi, Esq. and each of them acting individually, to be his or her true and lawful attorneys and agents, each of them with the power to act without any other and with full power of substitution, to execute, deliver and file in the undersigned capacity as shown below, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Trust to comply with the Securities Act of 1933, as amended, including any and all amendments to the Trust's registration statement, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder in connection with the registration of shares or additional shares of beneficial interest of the Trust or any of its series or classes thereof, and the registration of the Trust or any of its series under the Investment Company Act of 1940, as amended, including any and all amendments to the Trust's registration statement; and without limitation of the foregoing, the power and authority to sign said Trustee's name on his or her behalf, and said Trustee hereby grants to said attorney or attorneys, full power and authority to do and perform each and every act and thing whatsoever as said attorney or attorneys may deem necessary or advisable to carry out fully the intent of this Power of Attorney to the same extent and with the same effect as said Trustee might or could do personally in his or her capacity as aforesaid and said Trustee ratifies, confirms and approves all acts and things which said attorney or attorneys might do or cause to be done by virtue of this Power of Attorney and his or her signature as the same may be signed by said attorney or attorneys.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Brian Walsh | Treasurer | March 20, 2023 |
| Brian Walsh | and Chief Financial Officer |  |

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