# EDGAR Filing Document

**Accession Number:** 0001131013
**File Stem:** 0001193125-26-083143
**Filing Date:** 2026-2
**Character Count:** 3842206
**Document Hash:** f4d8039b8aa2a5c050291ff1bc250dc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-083143.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-083143

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 67

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10263
- **FILM NUMBER:** 26701612

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-53432
- **FILM NUMBER:** 26701611

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

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

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

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

## Series and Classes Contracts Data

### Conservative Allocation Fund (Series ID: S000001153)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003076 | Investor      | GFIZX           |
| C000169228 | Institutional | GCAYX           |

### LOW-DURATION BOND FUND (Series ID: S000001154)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003079 | Institutional | GLDYX           |
| C000003080 | Investor      | GLDZX           |

### MEDIUM-DURATION BOND FUND (Series ID: S000001155)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003083 | Institutional | GMDYX           |
| C000003084 | Investor      | GMDZX           |

### EQUITY INDEX FUND (Series ID: S000001157)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003091 | Institutional | GEQYX           |
| C000003092 | Investor      | GEQZX           |

### VALUE EQUITY FUND (Series ID: S000001158)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003095 | Institutional | GVEYX           |
| C000003096 | Investor      | GVEZX           |

### GROWTH EQUITY FUND (Series ID: S000001159)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003099 | Institutional | GGEYX           |
| C000003100 | Investor      | GGEZX           |

### SMALL CAP EQUITY FUND (Series ID: S000001160)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003103 | Institutional | GSCYX           |
| C000003104 | Investor      | GSCZX           |

### INTERNATIONAL EQUITY FUND (Series ID: S000001161)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003107 | Institutional | GIEYX           |
| C000003108 | Investor      | GIEZX           |

### Balanced Allocation Fund (Series ID: S000001162)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003111 | Investor      | GGIZX           |
| C000169229 | Institutional | GBAYX           |

### Moderately Aggressive Allocation Fund (Series ID: S000001163)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003114 | Investor      | GCOZX           |
| C000169230 | Institutional | GGRYX           |

### Aggressive Allocation Fund (Series ID: S000001164)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003117 | Investor      | GGBZX           |
| C000169231 | Institutional | GAGYX           |

### MONEY MARKET FUND (Series ID: S000001169)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003124 | Institutional | GMYXX           |
| C000003125 | Investor      | GMZXX           |

### MyDestination 2015 Fund (Series ID: S000014477)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039440 | Investor      | GMTZX           |
| C000185894 | Institutional | GMTYX           |

### MyDestination 2025 Fund (Series ID: S000014478)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039443 | Investor      | GMWZX           |
| C000185895 | Institutional | GMWYX           |

### MyDestination 2035 Fund (Series ID: S000014479)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039446 | Investor      | GMHZX           |
| C000185896 | Institutional | GMHYX           |

### MyDestination 2045 Fund (Series ID: S000014480)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039449 | Investor      | GMFZX           |
| C000185897 | Institutional | GMYYX           |

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

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

### Global Real Estate Securities Fund (Series ID: S000014482)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039453 | Investor      | GREZX           |
| C000158247 | Institutional | GREYX           |

### Defensive Market Strategies Fund (Series ID: S000033730)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000104139 | Institutional | GDMYX           |
| C000104140 | Investor      | GDMZX           |

### MyDestination 2055 Fund (Series ID: S000035302)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000108559 | Investor      | GMGZX           |
| C000185898 | Institutional | GMGYX           |

### Emerging Markets Equity Fund (Series ID: S000041653)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000129313 | Institutional | GEMYX           |
| C000129314 | Investor      | GEMZX           |

### International Equity Index Fund (Series ID: S000049460)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000156358 | Institutional | GIIYX           |
| C000236040 | Investor      | GIIZX           |

### Strategic Alternatives Fund (Series ID: S000057426)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000183274 | Institutional | GFSYX           |
| C000183275 | Investor      | GFSZX           |

### Value Equity Index Fund (Series ID: S000077389)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000237791 | Investor      | GVIZX           |
| C000237792 | Institutional | GVIYX           |

### Growth Equity Index Fund (Series ID: S000077390)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000237793 | Investor      | GEIZX           |
| C000237794 | Institutional | GEIYX           |

### Impact Bond Fund (Series ID: S000079509)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000240563 | Investor      | GMBZX           |
| C000240564 | Institutional | GMBYX           |

### MyDestination 2065 Fund (Series ID: S000098073)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000267710 | Investor      | GMMZX           |
| C000267711 | Institutional | GMMYX           |

**As filed with the Securities and Exchange Commission on February 27, 2026**

**Registration Nos. 333-53432** <br>**811-10263**

------

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER***<br> ***THE SECURITIES ACT OF 1933***<br>| ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 102** | ☒ |

---

and

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER***<br> ***THE INVESTMENT COMPANY ACT OF 1940***<br>| ☒ |
| **Amendment No. 104** | ☒ |

---

(Check appropriate box or boxes)

------

**GUIDESTONE FUNDS**

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

------

**5005 Lyndon B Johnson Freeway, Suite 2200** <br>**Dallas, TX 75244-6152**

**(Address of Principal Executive Offices)** <br>**(Zip Code)**

**Registrant's Telephone Number, including Area Code: (214) 720-4640** 

---

| | |
|:---|:---|
|  | ***Copies to:*** |
| **Matthew A. Wolfe, Esq.**<br> **GuideStone Financial Resources of the Southern**<br> **Baptist Convention**<br> **5005 Lyndon B Johnson Freeway, Suite 2200**<br> **Dallas, TX 75244-6152**<br>**(Name and Address of Agent for Service)** | **Alison M. Fuller, Esq.**<br> **Stradley Ronon Stevens & Young, LLP**<br> **2000 K Street, N.W., Suite 700**<br> **Washington, DC 20006-1871**<br> **Telephone: (202) 419-8412**<br>|

---

------

---

| | |
|:---|:---|
| 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 (date) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a) |
| ☒ | on April 29, 2026 pursuant to paragraph (a) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) 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. |

---

------

![](g696065topprism.jpg)

![](g696065img7c8e675d1.gif)

**Prospectus**

**[May 1, 2026]**

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

---

| | | |
|:---|:---|:---|
|  | **INSTITUTIONAL** | **INVESTOR** |
| **TARGET DATE FUNDS** | **TARGET DATE FUNDS** | **TARGET DATE FUNDS** |
| MyDestination 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMTYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMTZX |
| MyDestination 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMWYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMWZX |
| MyDestination 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMHYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMHZX |
| MyDestination 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMYYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMFZX |
| MyDestination 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMGYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMGZX |
| MyDestination 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMMYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMMZX |
| <br>**TARGET RISK FUNDS** | <br>**TARGET RISK FUNDS** | <br>**TARGET RISK FUNDS** |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCAYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFIZX |
| Balanced Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBAYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGIZX |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGRYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCOZX |
| Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAGYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGBZX |
| <br>**SELECT FUNDS** | <br>**SELECT FUNDS** | <br>**SELECT FUNDS** |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMYXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMZXX |
| Low-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLDYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLDZX |
| Medium-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMDYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMDZX |
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGBEX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGBFX |
| Strategic Alternatives Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFSYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFSZX |
| *Defensive Market Strategies*® Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDMYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDMZX |
| Impact Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMBYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMBZX |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEQYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEQZX |
| Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GREYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GREZX |
| Value Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVIYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVIZX |
| Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVEYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVEZX |
| Growth Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEIYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEIZX |
| Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGEYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GGEZX |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSCYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSCZX |
| International Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIIYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIIZX |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIEYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIEZX |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEMYX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEMZX |

---

INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. THIS REGISTRATION STATEMENT FOR GUIDESTONE FUNDS HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") BUT HAS NOT YET BECOME EFFECTIVE.

THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICIATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.

*This Prospectus contains important information about the Funds, including information on investment policies, risks and fees. For your own benefit and protection, you should read it before you invest and keep it on hand for future reference.*

*These securities have not been approved or disapproved by the SEC, nor has the SEC determined whether this Prospectus is accurate or complete. Anyone who tells you otherwise is committing a criminal offense.*

------

**Table of Contents**

*A look at the objectives, fees and expenses, strategies and performance and main risks of each Fund.* 

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

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_cf23a7e0-474c-4feb-acaf-91fbc6a088ad_1)** |  |
| **[Target Date Funds](#xx_cf23a7e0-474c-4feb-acaf-91fbc6a088ad_1)** |  |
| [MyDestination 2015 Fund](#xx_cf23a7e0-474c-4feb-acaf-91fbc6a088ad_1) | 4  |
| [MyDestination 2025 Fund](#xx_5c4aa1f6-11ef-4414-bcb3-3a1b3da9d65c_1) | 12  |
| [MyDestination 2035 Fund](#xx_9ebe9550-6b74-4d27-b610-c22bea130395_1) | 20  |
| [MyDestination 2045 Fund](#xx_9d3ec846-92c4-41da-bfa6-a65aa54ae828_1) | 28  |
| [MyDestination 2055 Fund](#xx_d2c29221-83e1-46f3-8045-2fdbd611ed5b_1) | 36  |
| [MyDestination 2065 Fund](#xx_14ce4db0-e6e1-480f-86eb-23945a2d6988_1) | 44  |
| **[Target Risk Funds](#xx_f12ba8e7-4a85-4122-ac24-978d7e0d2fb3_1)** |  |
| [Conservative Allocation Fund](#xx_f12ba8e7-4a85-4122-ac24-978d7e0d2fb3_1) | 51  |
| [Balanced Allocation Fund](#xx_56c51afb-47d3-4145-a1b0-84099d1b12eb_1) | 57  |
| [Moderately Aggressive Allocation Fund](#xx_6637d698-752b-4f50-a486-55524a989f7b_1) | 63  |
| [Aggressive Allocation Fund](#xx_295ab560-deb9-406e-a695-1f639d3ed144_1) | 69  |
| **[Select Funds](#xx_15725d61-a68f-4e3b-8219-194d509ab28b_1)** |  |
| [Money Market Fund](#xx_15725d61-a68f-4e3b-8219-194d509ab28b_1) | 75  |
| [Low-Duration Bond Fund](#xx_eb264f90-38ff-41ac-9318-464e0933a1c5_1) | 79  |
| [Medium-Duration Bond Fund](#xx_9f1119b2-da3f-4616-b62e-d3367fb01375_1) | 85  |
| [Global Bond Fund](#xx_624e036d-670a-4717-89a1-2ea1e16fcefe_1) | 91  |
| [Strategic Alternatives Fund](#xx_1308b3a7-7c53-479b-abce-12521d1f916a_1) | 98  |
| [Defensive Market Strategies Fund](#xx_bc4a1d91-0650-4bac-b5b4-7eaa22c4f820_1) | 108  |
| [Impact Bond Fund](#xx_cec50da4-38ae-49b7-ad4f-34533a600186_1) | 115  |
| [Equity Index Fund](#xx_8bf05ec2-1a77-4ea9-a273-b0addd0f03c3_1) | 121  |
| [Global Real Estate Securities Fund](#xx_7d004c71-41e1-4e70-81b0-86dab4df3c60_1) | 126  |
| [Value Equity Index Fund](#xx_0e1cabea-fc88-489f-95e0-ed8a8eb4575e_1) | 132  |
| [Value Equity Fund](#xx_dcc36ba6-a19e-48ec-aea0-6b0e315dafd5_1) | 137  |
| [Growth Equity Index Fund](#xx_6e89f4e7-d6ba-4b46-8751-c84ac606850d_1) | 142  |
| [Growth Equity Fund](#xx_3297cc2c-28fd-42c7-8a13-1015b82554ba_1) | 147  |
| [Small Cap Equity Fund](#xx_e91c78e1-f5d8-4946-a4c4-7501a5c102ab_1) | 152  |
| [International Equity Index Fund](#xx_8e2a6d7d-d7ba-4355-bbd8-04449022b747_1) | 157  |
| [International Equity Fund](#xx_a237fab2-4bc6-4475-bb60-47cacb61f6da_1) | 162  |
| [Emerging Markets Equity Fund](#xx_2c0d7f5e-4e7f-4a96-b396-b32b6b334067_1) | 168  |
| [Summary of Other Important Fund Information](#xx_e0b2eda0-5d20-4990-90a7-9607fefd2dde_1) | 175  |
| **[Additional Information Regarding the Funds](#xx_b84ca6a2-3946-49df-85f8-26cfd3e98b40_1)** | 177  |
| **[Additional Information About Principal Strategies & Risks](#xx_0fdc1932-751c-49a7-b4db-84a6a5b149ca_1)** | 181  |
| **[Additional Information About Performance Benchmarks](#xx_397009cd-95c2-4b62-ab72-4ec0234232b3_1)** | 194 |

---

*Details about the Funds' management and service providers.*

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

---

| | |
|:---|:---|
| **[Management of the Funds](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_1)** | 208  |
| [Adviser](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_1) | 208  |
| [Sub-Advisers](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_3) | 210  |
| [Service Providers](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_16) | 223 |

---

*Policies and instructions for opening, maintaining and closing an account.*

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

---

| | | |
|:---|:---|:---|
| **[Shareholder Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1)** | **[Shareholder Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1)** |  |
| [Eligible Investors](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | [Eligible Investors](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | 224  |
| [Minimum Account Size](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | [Minimum Account Size](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | 224  |
| [Other Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_2) | [Other Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_2) | 225  |
| [Customer Identification](#xx_63640882-e33d-41fc-9b0e-273b370048e2_2) | [Customer Identification](#xx_63640882-e33d-41fc-9b0e-273b370048e2_2) | 225  |
| **[Transactions with the Funds](#xx_a7cb97d2-cc2d-4810-a47e-a88ba1307209_1)** | **[Transactions with the Funds](#xx_a7cb97d2-cc2d-4810-a47e-a88ba1307209_1)** | 226  |
| **[More Shareholder Information](#xx_b7182a92-2cfb-49be-806e-757065d24590_1)** | **[More Shareholder Information](#xx_b7182a92-2cfb-49be-806e-757065d24590_1)** | 230  |
| **[Shareholder Servicing Arrangements](#xx_8a7b298c-c1d5-4d7a-85f9-7e546087f3d3_1)** | **[Shareholder Servicing Arrangements](#xx_8a7b298c-c1d5-4d7a-85f9-7e546087f3d3_1)** | 239  |
| **[Financial Highlights](#xx_a829874a-b1e5-486b-a849-ff96778c610b_1)** | **[Financial Highlights](#xx_a829874a-b1e5-486b-a849-ff96778c610b_1)** | 240  |
| **[Glossary](#xx_0d0c8c82-03e9-40d8-b68d-496699910995_1)** | **[Glossary](#xx_0d0c8c82-03e9-40d8-b68d-496699910995_1)** | 241  |
| **[For More Information](#xx_dc4bb6d7-3348-4efd-bf05-f0db0751fa14_1)** | Back cover | Back cover |

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**Do you have questions about terms we use in this Prospectus?** 

For information about key terms and concepts, look for our explanations shown in boxes. For definitions of investment terms, refer to the glossary in the back of this Prospectus.

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| | |
|:---|:---|
| **GuideStone Funds MyDestination 2015 Fund** | **Institutional** GMTYX |
| **GuideStone Funds MyDestination 2015 Fund** | **Investor** GMTZX |

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**Investment Objective**

The MyDestination 2015 Fund seeks the highest total return over time consistent with its asset mix. Total return includes capital appreciation and income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the MyDestination 2015 Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.11]% | &nbsp;&nbsp; [0.11]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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<sup>(1)</sup>

[Acquired fund fees and expenses have been restated to reflect estimated expenses for the current fiscal year based on the Fund's target allocation among the underlying funds.]

<sup>(2)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

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**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its objective by investing primarily in a diversified portfolio of GuideStone Funds Select Funds ("Select Funds") that represent various asset classes. The Fund is managed to the specific retirement year included in its name ("Target Date") and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is designed for an investor who retired at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. However, if an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's Target Date.

<sup>●</sup>

Over time, the allocation to the asset classes will change according to a predetermined "glide path" shown in the chart below. The glide path adjusts the percentage of fixed income securities and the percentage of equity securities to become more conservative each year until approximately 15 years after the Target Date. The Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues the maximum amount of capital growth consistent with a reasonable amount of risk during an investor's pre-retirement years and is intended to serve as a post-retirement investment vehicle with allocations designed to support an income stream during retirement along with some portfolio growth that exceeds inflation. The Fund does not guarantee a particular level of income through retirement.

<sup>●</sup>

The Adviser uses the following glide path to allocate the Fund's assets.

![](g696065imgd8333a582.jpg)

<sup>●</sup>

At the Target Date, the Fund's allocation to equities was approximately 55% of its assets. The Fund's exposure to equities will continue to decline until approximately 15 years after its Target Date, when its allocation to equities will remain fixed at approximately 31% of its assets and the majority of the remainder will be invested in fixed income securities with allocations to real assets and alternative investments.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Services Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term

investments such as money market instruments);

GuideStone Funds Prospectus \| 5

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund is not limited with respect to the maturity, duration or credit quality of the fixed income securities in which it invests.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Adviser establishes the asset mix of the Fund based on the Target Date and selects the underlying investments in which to invest using its proprietary investment process, which is based on fundamental research regarding the investment characteristics of each asset class and the underlying Select Funds, as well as its outlook for the economy and financial markets.

<sup>●</sup>

The allocations shown in the glide path are referred to as "neutral" allocations because they do not reflect any tactical decisions by the Adviser to overweight or underweight a particular asset class based on its market outlook. Allocations generally are not expected to vary from those shown by more than plus or minus 10 percentage points. For example, an allocation of 20% to an asset class could vary between 10% and 30%. Although the Adviser will not generally vary beyond the 10 percentage point allocation range, the Adviser may at times determine in light of market and economic conditions that this range should be exceeded to protect the Fund or help achieve its objective. The Adviser may change the asset allocations and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone

Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. Shareholders should consider that no Target Date Fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through retirement. The adequacy of an investor's account at or after the Target Date will depend on a variety of factors, including the amount of money invested in the Fund, the length of time the investment was held and the Fund's return over time. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund including losses near, at or after the Target Date.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by

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Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more

sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information

GuideStone Funds Prospectus \| 7

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and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index

strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition,

8 \| GuideStone Funds Prospectus

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markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also

dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Bloomberg US Aggregate Bond Index, during the same periods. In addition, the Bloomberg US Treasury 1-3 Year Index, Russell 3000<sup>®</sup> Index and MSCI ACWI (All Country World Index) ex USA Index - Net are provided to show how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors

GuideStone Funds Prospectus \| 9

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in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 12, 2018, the Fund had a different glide path and, therefore, asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

<br>**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

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| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

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<br>**Average Annual Total Returns** as of 12/31/25

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 12/29/2006 |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2017 |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

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<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

10 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

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| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 11

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

---

| | |
|:---|:---|
| **GuideStone Funds MyDestination 2025 Fund** | **Institutional** GMWYX |
| **GuideStone Funds MyDestination 2025 Fund** | **Investor** GMWZX |

---

**Investment Objective**

The MyDestination 2025 Fund seeks the highest total return over time consistent with its asset mix. Total return includes capital appreciation and income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the MyDestination 2025 Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[Acquired fund fees and expenses have been restated to reflect estimated expenses for the current fiscal year based on the Fund's target allocation among the underlying funds.]

<sup>(2)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

12 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its objective by investing primarily in a diversified portfolio of GuideStone Funds Select Funds ("Select Funds") that represent various asset classes. The Fund is managed to the specific retirement year included in its name ("Target Date") and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. However, if an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's Target Date.

<sup>●</sup>

Over time, the allocation to the asset classes will change according to a predetermined "glide path" shown in the chart below. The glide path adjusts the percentage of fixed income securities and the percentage of equity securities to become more conservative each year until approximately 15 years after the Target Date. The Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues the maximum amount of capital growth consistent with a reasonable amount of risk during an investor's pre-retirement years and is intended to serve as a post-retirement investment vehicle with allocations designed to support an income stream during retirement along with some portfolio growth that exceeds inflation. The Fund does not guarantee a particular level of income through retirement.

<sup>●</sup>

The Adviser uses the following glide path to allocate the Fund's assets.

![](g696065img7752354e3.jpg)

<sup>●</sup>

At the Target Date, the Fund's allocation to equities will be approximately 49% of its assets. The Fund's exposure to equities will continue to decline until approximately 15 years after its Target Date, when its allocation to equities will remain fixed at approximately 31% of its assets and the majority of the remainder will be invested in fixed income securities with allocations to real assets and alternative investments.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term

investments such as money market instruments);

GuideStone Funds Prospectus \| 13

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund is not limited with respect to the maturity, duration or credit quality of the fixed income securities in which it invests.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Adviser establishes the asset mix of the Fund based on the Target Date and selects the underlying investments in which to invest using its proprietary investment process, which is based on fundamental research regarding the investment characteristics of each asset class and the underlying Select Funds, as well as its outlook for the economy and financial markets.

<sup>●</sup>

The allocations shown in the glide path are referred to as "neutral" allocations because they do not reflect any tactical decisions by the Adviser to overweight or underweight a particular asset class based on its market outlook. Allocations generally are not expected to vary from those shown by more than plus or minus 10 percentage points. For example, an allocation of 20% to an asset class could vary between 10% and 30%. Although the Adviser will not generally vary beyond the 10 percentage point allocation range, the Adviser may at times determine in light of market and economic conditions that this range should be exceeded to protect the Fund or help achieve its objective. The Adviser may change the asset allocations and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone

Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. Shareholders should consider that no Target Date Fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through retirement. The adequacy of an investor's account at or after the Target Date will depend on a variety of factors, including the amount of money invested in the Fund, the length of time the investment was held and the Fund's return over time. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund including losses near, at or after the Target Date.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by

14 \| GuideStone Funds Prospectus

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Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more

sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information

GuideStone Funds Prospectus \| 15

------

and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index

strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition,

16 \| GuideStone Funds Prospectus

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markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also

dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the Bloomberg US Treasury 1-3 Year Index, Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index and MSCI ACWI (All Country World Index) ex USA Index - Net are provided to show how the Fund's performance compares with the returns of other

GuideStone Funds Prospectus \| 17

------

securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 12, 2018, the Fund had a different glide path and, therefore, asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

<br>**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 12/29/2006 |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2017 |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

18 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

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| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

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**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 19

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

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| | |
|:---|:---|
| **GuideStone Funds MyDestination 2035 Fund** | **Institutional** GMHYX |
| **GuideStone Funds MyDestination 2035 Fund** | **Investor** GMHZX |

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**Investment Objective**

The MyDestination 2035 Fund seeks the highest total return over time consistent with its asset mix. Total return includes capital appreciation and income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the MyDestination 2035 Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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<sup>(1)</sup>

[Acquired fund fees and expenses have been restated to reflect estimated expenses for the current fiscal year based on the Fund's target allocation among the underlying funds.]

<sup>(2)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

20 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its objective by investing primarily in a diversified portfolio of GuideStone Funds Select Funds ("Select Funds") that represent various asset classes. The Fund is managed to the specific retirement year included in its name ("Target Date") and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. However, if an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's Target Date.

<sup>●</sup>

Over time, the allocation to the asset classes will change according to a predetermined "glide path" shown in the chart below. The glide path adjusts the percentage of fixed income securities and the percentage of equity securities to become more conservative each year until approximately 15 years after the Target Date. The Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues the maximum amount of capital growth consistent with a reasonable amount of risk during an investor's pre-retirement years and is intended to serve as a post-retirement investment vehicle with allocations designed to support an income stream during retirement along with some portfolio growth that exceeds inflation. The Fund does not guarantee a particular level of income through retirement.

<sup>●</sup>

The Adviser uses the following glide path to allocate the Fund's assets.

![](g696065imgcc6e95b34.jpg)

<sup>●</sup>

At the Target Date, the Fund's allocation to equities will be approximately 49% of its assets. The Fund's exposure to equities will continue to decline until approximately 15 years after its Target Date, when its allocation to equities will remain fixed at approximately 31% of its assets and the majority of the remainder will be invested in fixed income securities with allocations to real assets and alternative investments.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term

investments such as money market instruments);

GuideStone Funds Prospectus \| 21

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund is not limited with respect to the maturity, duration or credit quality of the fixed income securities in which it invests.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Adviser establishes the asset mix of the Fund based on the Target Date and selects the underlying investments in which to invest using its proprietary investment process, which is based on fundamental research regarding the investment characteristics of each asset class and the underlying Select Funds, as well as its outlook for the economy and financial markets.

<sup>●</sup>

The allocations shown in the glide path are referred to as "neutral" allocations because they do not reflect any tactical decisions by the Adviser to overweight or underweight a particular asset class based on its market outlook. Allocations generally are not expected to vary from those shown by more than plus or minus 10 percentage points. For example, an allocation of 20% to an asset class could vary between 10% and 30%. Although the Adviser will not generally vary beyond the 10 percentage point allocation range, the Adviser may at times determine in light of market and economic conditions that this range should be exceeded to protect the Fund or help achieve its objective. The Adviser may change the asset allocations and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone

Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. Shareholders should consider that no Target Date Fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through retirement. The adequacy of an investor's account at or after the Target Date will depend on a variety of factors, including the amount of money invested in the Fund, the length of time the investment was held and the Fund's return over time. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund including losses near, at or after the Target Date.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by

22 \| GuideStone Funds Prospectus

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Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more

sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information

GuideStone Funds Prospectus \| 23

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and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index

strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition,

24 \| GuideStone Funds Prospectus

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markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also

dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the Bloomberg US Treasury 1-3 Year Index, Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index and MSCI ACWI (All Country World Index) ex USA Index - Net are provided to show how the Fund's performance compares with the returns of other

GuideStone Funds Prospectus \| 25

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securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 12, 2018, the Fund had a different glide path and, therefore, asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

<br>**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

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| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

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<br>**Average Annual Total Returns** as of 12/31/25

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 12/29/2006 |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2017 |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor

Class and after tax returns for the Institutional Class will vary.

26 \| GuideStone Funds Prospectus

------

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 27

------

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

---

| | |
|:---|:---|
| **GuideStone Funds MyDestination 2045 Fund** | **Institutional** GMYYX |
| **GuideStone Funds MyDestination 2045 Fund** | **Investor** GMFZX |

---

**Investment Objective**

The MyDestination 2045 Fund seeks the highest total return over time consistent with its asset mix. Total return includes capital appreciation and income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the MyDestination 2045 Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[Acquired fund fees and expenses have been restated to reflect estimated expenses for the current fiscal year based on the Fund's target allocation among the underlying funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

28 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its objective by investing primarily in a diversified portfolio of GuideStone Funds Select Funds ("Select Funds") that represent various asset classes. The Fund is managed to the specific retirement year included in its name ("Target Date") and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. However, if an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's Target Date.

<sup>●</sup>

Over time, the allocation to the asset classes will change according to a predetermined "glide path" shown in the chart below. The glide path adjusts the percentage of fixed income securities and the percentage of equity securities to become more conservative each year until approximately 15 years after the Target Date. The Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues the maximum amount of capital growth consistent with a reasonable amount of risk during an investor's pre-retirement years and is intended to serve as a post-retirement investment vehicle with allocations designed to support an income stream during retirement along with some portfolio growth that exceeds inflation. The Fund does not guarantee a particular level of income through retirement.

<sup>●</sup>

The Adviser uses the following glide path to allocate the Fund's assets.

![](g696065img99f44e165.jpg)

<sup>●</sup>

At the Target Date, the Fund's allocation to equities will be approximately 49% of its assets. The Fund's exposure to equities will continue to decline until approximately 15 years after its Target Date, when its allocation to equities will remain fixed at approximately 31% of its assets and the majority of the remainder will be invested in fixed income securities with allocations to real assets and alternative investments.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term

investments such as money market instruments);

GuideStone Funds Prospectus \| 29

------

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund is not limited with respect to the maturity, duration or credit quality of the fixed income securities in which it invests.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Adviser establishes the asset mix of the Fund based on the Target Date and selects the underlying investments in which to invest using its proprietary investment process, which is based on fundamental research regarding the investment characteristics of each asset class and the underlying Select Funds, as well as its outlook for the economy and financial markets.

<sup>●</sup>

The allocations shown in the glide path are referred to as "neutral" allocations because they do not reflect any tactical decisions by the Adviser to overweight or underweight a particular asset class based on its market outlook. Allocations generally are not expected to vary from those shown by more than plus or minus 10 percentage points. For example, an allocation of 20% to an asset class could vary between 10% and 30%. Although the Adviser will not generally vary beyond the 10 percentage point allocation range, the Adviser may at times determine in light of market and economic conditions that this range should be exceeded to protect the Fund or help achieve its objective. The Adviser may change the asset allocations and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone

Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. Shareholders should consider that no Target Date Fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through retirement. The adequacy of an investor's account at or after the Target Date will depend on a variety of factors, including the amount of money invested in the Fund, the length of time the investment was held and the Fund's return over time. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund including losses near, at or after the Target Date.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by

30 \| GuideStone Funds Prospectus

------

Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more

sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information

GuideStone Funds Prospectus \| 31

------

and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index

strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition,

32 \| GuideStone Funds Prospectus

------

markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also

dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the Bloomberg US Treasury 1-3 Year Index, Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index and MSCI ACWI (All Country World Index) ex USA Index - Net are provided to show how the Fund's performance compares with the returns of other

GuideStone Funds Prospectus \| 33

------

securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 12, 2018, the Fund had a different glide path and, therefore, asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

<br>**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 12/29/2006 |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2017 |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor

Class and after tax returns for the Institutional Class will vary.

34 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 35

------

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

---

| | |
|:---|:---|
| **GuideStone Funds MyDestination 2055 Fund** | **Institutional** GMGYX |
| **GuideStone Funds MyDestination 2055 Fund** | **Investor** GMGZX |

---

**Investment Objective**

The MyDestination 2055 Fund seeks the highest total return over time consistent with its asset mix. Total return includes capital appreciation and income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the MyDestination 2055 Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

36 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its objective by investing primarily in a diversified portfolio of GuideStone Funds Select Funds ("Select Funds") that represent various asset classes. The Fund is managed to the specific retirement year included in its name ("Target Date") and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. However, if an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's Target Date.

<sup>●</sup>

Over time, the allocation to the asset classes will change according to a predetermined "glide path" shown in the chart below. The glide path adjusts the percentage of fixed income securities and the percentage of equity securities to become more conservative each year until approximately 15 years after the Target Date. The Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues the maximum amount of capital growth consistent with a reasonable amount of risk during an investor's pre-retirement years and is intended to serve as a post-retirement investment vehicle with allocations designed to support an income stream during retirement along with some portfolio growth that exceeds inflation. The Fund does not guarantee a particular level of income through retirement.

<sup>●</sup>

The Adviser uses the following glide path to allocate the Fund's assets.

![](g696065imga44f13c66.jpg)

<sup>●</sup>

At the Target Date, the Fund's allocation to equities will be approximately 49% of its assets. The Fund's exposure to equities will continue to decline until approximately 15 years after its Target Date, when its allocation to equities will remain fixed at approximately 31% of its assets and the majority of the remainder will be invested in fixed income securities with allocations to real assets and alternative investments.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term

investments such as money market instruments);

GuideStone Funds Prospectus \| 37

------

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund is not limited with respect to the maturity, duration or credit quality of the fixed income securities in which it invests.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Adviser establishes the asset mix of the Fund based on the Target Date and selects the underlying investments in which to invest using its proprietary investment process, which is based on fundamental research regarding the investment characteristics of each asset class and the underlying Select Funds, as well as its outlook for the economy and financial markets.

<sup>●</sup>

The allocations shown in the glide path are referred to as "neutral" allocations because they do not reflect any tactical decisions by the Adviser to overweight or underweight a particular asset class based on its market outlook. Allocations generally are not expected to vary from those shown by more than plus or minus 10 percentage points. For example, an allocation of 20% to an asset class could vary between 10% and 30%. Although the Adviser will not generally vary beyond the 10 percentage point allocation range, the Adviser may at times determine in light of market and economic conditions that this range should be exceeded to protect the Fund or help achieve its objective. The Adviser may change the asset allocations and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone

Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. Shareholders should consider that no Target Date Fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through retirement. The adequacy of an investor's account at or after the Target Date will depend on a variety of factors, including the amount of money invested in the Fund, the length of time the investment was held and the Fund's return over time. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund including losses near, at or after the Target Date.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by

38 \| GuideStone Funds Prospectus

------

Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more

sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information

GuideStone Funds Prospectus \| 39

------

and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index

strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition,

40 \| GuideStone Funds Prospectus

------

markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also

dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the Bloomberg US Treasury 1-3 Year Index, Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index and MSCI ACWI (All Country World Index) ex USA Index - Net are provided to show how the Fund's performance compares with the returns of other

GuideStone Funds Prospectus \| 41

------

securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 12, 2018, the Fund had a different glide path and, therefore, asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

<br>**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 01/01/2012 |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2017 |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor

Class and after tax returns for the Institutional Class will vary.

42 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 43

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

---

| | |
|:---|:---|
| **GuideStone Funds MyDestination 2065 Fund** | **Institutional** GMMYX |
| **GuideStone Funds MyDestination 2065 Fund** | **Investor** GMMZX |

---

**Investment Objective**

The MyDestination 2065 Fund seeks the highest total return over time consistent with its asset mix. Total return includes capital appreciation and income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the MyDestination 2065 Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses<sup>(1)</sup> <br>| &nbsp;&nbsp; [0.27]%  | &nbsp;&nbsp; [0.67]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp; [0.30]% | &nbsp;&nbsp; [0.30]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp; [0.67]% | &nbsp;&nbsp; [1.07]% |
| **Fee reimbursement** <sup>(2)</sup> <br>| &nbsp;&nbsp; [(0.22)]% | &nbsp;&nbsp; [(0.32)]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp; [0.45]% | &nbsp;&nbsp; [0.75]% |

---

<sup>(1)</sup>

Other expenses are based on estimated amounts for the current fiscal year.

<sup>(2)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class ("Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser as long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[46] | &nbsp;&nbsp; $[77] |
| **3 Years** | &nbsp;&nbsp; $[192] | &nbsp;&nbsp; $[309] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. Portfolio turnover for the Fund's last fiscal year is not provided because the Fund has not commenced operations prior to the date of this Prospectus.

44 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its objective by investing primarily in a diversified portfolio of GuideStone Funds Select Funds ("Select Funds") that represent various asset classes. The Fund is managed to the specific retirement year included in its name ("Target Date") and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. However, if an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's Target Date.

<sup>●</sup>

Over time, the allocation to the asset classes will change according to a predetermined "glide path" shown in the chart below. The glide path adjusts the percentage of fixed income securities and the percentage of equity securities to become more conservative each year until approximately 15 years after the Target Date. The Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues the maximum amount of capital growth consistent with a reasonable amount of risk during an investor's pre-retirement years and is intended to serve as a post-retirement investment vehicle with allocations designed to support an income stream during retirement along with some portfolio growth that exceeds inflation. The Fund does not guarantee a particular level of income through retirement.

<sup>●</sup>

The Adviser uses the following glide path to allocate the Fund's assets.

![](g696065imgee0478f07.jpg)

<sup>●</sup>

At the Target Date, the Fund's allocation to equities will be approximately 49% of its assets. The Fund's exposure to equities will continue to decline until approximately 15 years after its Target Date, when its allocation to equities will remain fixed at approximately 31% of its assets and the majority of the remainder will be invested in fixed income securities with allocations to real assets and alternative investments.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term

investments such as money market instruments);

GuideStone Funds Prospectus \| 45

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund is not limited with respect to the maturity, duration or credit quality of the fixed income securities in which it invests.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Adviser establishes the asset mix of the Fund based on the Target Date and selects the underlying investments in which to invest using its proprietary investment process, which is based on fundamental research regarding the investment characteristics of each asset class and the underlying Select Funds, as well as its outlook for the economy and financial markets.

<sup>●</sup>

The allocations shown in the glide path are referred to as "neutral" allocations because they do not reflect any tactical decisions by the Adviser to overweight or underweight a particular asset class based on its market outlook. Allocations generally are not expected to vary from those shown by more than plus or minus 10 percentage points. For example, an allocation of 20% to an asset class could vary between 10% and 30%. Although the Adviser will not generally vary beyond the 10 percentage point allocation range, the Adviser may at times determine in light of market and economic conditions that this range should be exceeded to protect the Fund or help achieve its objective. The Adviser may change the asset allocations and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone

Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. Shareholders should consider that no Target Date Fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through retirement. The adequacy of an investor's account at or after the Target Date will depend on a variety of factors, including the amount of money invested in the Fund, the length of time the investment was held and the Fund's return over time. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund including losses near, at or after the Target Date.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by

46 \| GuideStone Funds Prospectus

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Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more

sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information

GuideStone Funds Prospectus \| 47

------

and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index

strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition,

48 \| GuideStone Funds Prospectus

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markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**New Fund Risk:** The Fund is new with limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Fund may not be able to achieve its investment objective. The Fund may not be successful in implementing its investment strategy.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including,

among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The Fund is new and does not have a full calendar year of performance. Once it has a full calendar year of performance, total return information will be presented. Updated performance information is available on the Trust's website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637) .

GuideStone Funds Prospectus \| 49

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**Management** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since December 2025

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

Brandon Pizzurro President and Chief Investment Officer Since December 2025

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC** | **Parametric Portfolio Associates LLC** |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since December 2025 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since December 2025 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since December 2025 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since December 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

50 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Conservative Allocation Fund** | **Institutional** GCAYX |
| **GuideStone Funds Conservative Allocation Fund** | **Investor** GFIZX |

---

**Investment Objective**

The Conservative Allocation Fund seeks current income and modest capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Conservative Allocation Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[Acquired fund fees and expenses have been restated to reflect estimated expenses for the current fiscal year based on the Fund's target allocation among the underlying funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 51

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund, primarily through investments in the GuideStone Funds Select Funds ("Select Funds"), combines a greater percentage of fixed income securities with a smaller percentage of equity securities.

<sup>●</sup>

The Adviser uses the following potential ranges in allocating the Fund's assets among the Select Funds.

---

| | |
|:---|:---|
| **Asset Class**<sup>(1)</sup> | **Range** |
| Fixed Income<sup>(2)(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50-80% |
| Equities<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20-40% |
| Real Assets<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-15% |
| Alternatives<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

*All asset classes include a fund or funds which may invest a portion of its or their assets in derivatives.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>

*These allocations may include investment grade and below-investment grade fixed income securities (i.e., high yield securities or junk bonds) and foreign and domestic investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>

*The Fixed Income asset class may include impact-related investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>

*The Equities asset class may include a fund which may invest a portion of its assets in fixed income securities.*

<sup>●</sup>

The Adviser may change the allocation ranges from time to time and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade

securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund may invest to a lesser extent in investments with the intention of generating positive impact in accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, alongside financial returns, to effectively promote the Adviser's impact themes of Sanctity of Life and Spreading of the Gospel, Human Dignity and Advancement and Stewardship of God's Creation.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources' Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk and Fixed Income Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance

52 \| GuideStone Funds Prospectus

------

of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise fails.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-

counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall

GuideStone Funds Prospectus \| 53

------

due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than

the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures,

54 \| GuideStone Funds Prospectus

------

natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of

the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Bloomberg US Aggregate Bond Index, during the same periods. In addition, the performance of Bloomberg US Treasury 1-3 Year Index, Russell 3000<sup>®</sup> Index, MSCI ACWI (All Country World Index) ex USA Index - Net and a composite index are provided. The other securities market indexes show how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The Conservative Allocation Fund ("CAF") Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various securities market indexes to reflect the market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

GuideStone Funds Prospectus \| 55

------

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 27, 2023, the Fund had different asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| CAF Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

56 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Balanced Allocation Fund** | **Institutional** GBAYX |
| **GuideStone Funds Balanced Allocation Fund** | **Investor** GGIZX |

---

**Investment Objective**

The Balanced Allocation Fund seeks moderate capital appreciation with current income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Balanced Allocation Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 57

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund, primarily through investments in the GuideStone Funds Select Funds ("Select Funds"), combines approximately equal percentages of fixed income securities with equity securities.

<sup>●</sup>

The Adviser uses the following potential ranges in allocating the Fund's assets among the Select Funds.

---

| | |
|:---|:---|
| **Asset Class**<sup>(1)</sup> | **Range** |
| Fixed Income<sup>(2)(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35-60% |
| Equities<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40-65% |
| Real Assets<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-15% |
| Alternatives<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

*All asset classes include a fund or funds which may invest a portion of its or their assets in derivatives.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>

*These allocations may include investment grade and below-investment grade fixed income securities (i.e., high yield securities or junk bonds) and foreign and domestic investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>

*The Fixed Income asset class may include impact-related investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>

*The Equities asset class may include a fund which may invest a portion of its assets in fixed income securities.*

<sup>●</sup>

The Adviser may change the allocation ranges from time to time and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as inflation-indexed bonds, real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade

securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund may invest to a lesser extent in investments with the intention of generating positive impact in accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, alongside financial returns, to effectively promote the Adviser's impact themes of Sanctity of Life and Spreading of the Gospel, Human Dignity and Advancement and Stewardship of God's Creation.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources' Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk and Fixed Income Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance

58 \| GuideStone Funds Prospectus

------

of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise fails.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-

counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall

GuideStone Funds Prospectus \| 59

------

due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than

the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>●</sup>

**Inflation-Indexed Debt Securities Risk:** Inflation-indexed debt securities are fixed income securities whose principal value is periodically adjusted according to inflation. Inflation-linked debt securities, including U.S. Treasury inflation-indexed securities, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed debt securities may experience greater losses than other fixed income securities with similar durations. Interest payments on inflation-linked debt securities may be difficult to predict and may vary as the principal and/or interest is adjusted for inflation. In periods of deflation, the Fund may have no income at all from such investments.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures,

60 \| GuideStone Funds Prospectus

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natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of

the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the performance of the Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index, MSCI ACWI (All Country World Index) ex USA Index - Net and a composite index are provided. The other securities market indexes show how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The Balanced Allocation Fund ("BAF") Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various securities market indexes to reflect the market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

GuideStone Funds Prospectus \| 61

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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 27, 2023, the Fund had different asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| BAF Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

62 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Moderately Aggressive Allocation Fund** | **Institutional** GGRYX |
| **GuideStone Funds Moderately Aggressive Allocation Fund** | **Investor** GCOZX |

---

**Investment Objective**

The Moderately Aggressive Allocation Fund seeks capital appreciation with modest current income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Moderately Aggressive Allocation Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 63

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**Principal Investment Strategies**

<sup>●</sup>

The Fund, primarily through investments in the GuideStone Funds Select Funds ("Select Funds"), combines a greater percentage of equity securities with a smaller percentage of fixed income securities.

<sup>●</sup>

The Adviser uses the following potential ranges in allocating the Fund's assets among the Select Funds.

---

| | |
|:---|:---|
| **Asset Class**<sup>(1)</sup> | **Range** |
| Fixed Income<sup>(2)(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-35% |
| Equities<sup>(4)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65-90% |
| Real Assets<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-15% |
| Alternatives<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

*All asset classes include a fund or funds which may invest a portion of its or their assets in derivatives.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>

*These allocations may include investment grade and below-investment grade fixed income securities (i.e., high yield securities or junk bonds) and foreign and domestic investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>

*The Fixed Income asset class may include impact-related investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>

*The Equities asset class may include a fund which may invest a portion of its assets in fixed income securities.*

<sup>●</sup>

The Adviser may change the allocation ranges from time to time and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Real assets (such as real estate-related securities and equity securities of real estate investment trusts ("REITs")); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Alternative investments and investment strategies with lower correlation to equity and fixed income markets (such as long-short equity strategies that employ short sales of stocks, options equity strategies, currency trading strategies, global macro strategies, relative value strategies, opportunistic fixed income strategies and/or strategies that invest in below-investment grade

securities (*i.e.,* high yield securities or junk bonds) and emerging market debt securities). These strategies employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>●</sup>

The Fund may invest to a lesser extent in investments with the intention of generating positive impact in accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, alongside financial returns, to effectively promote the Adviser's impact themes of Sanctity of Life and Spreading of the Gospel, Human Dignity and Advancement and Stewardship of God's Creation.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources' Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk, Equity Risk and Fixed Income Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund.

<sup>●</sup>

**Alternative Investments Risk:** Alternative investments use a different approach to investing than do traditional investments (*i.e.*, stocks, bonds and cash) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance

64 \| GuideStone Funds Prospectus

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of alternative investments may be more dependent on an investment manager's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise fails.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-

counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall

GuideStone Funds Prospectus \| 65

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due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than

the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and

66 \| GuideStone Funds Prospectus

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asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Real Estate Investing Risk:** Investments in REITs and other real estate-related company securities will fluctuate due to factors affecting the real estate market, including, among others, interest rates, overbuilding, changes in rental fees, limited diversification and changes in law. In addition, REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are also dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these

securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the performance of the Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index, MSCI ACWI (All Country World Index) ex USA Index - Net and a composite index are provided. The other securities market indexes show how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The Moderately Aggressive Allocation Fund ("MAAF") Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various securities market indexes to reflect the market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 27, 2023, the Fund had different asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

GuideStone Funds Prospectus \| 67

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<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| MAAF Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

68 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Aggressive Allocation Fund** | **Institutional** GAGYX |
| **GuideStone Funds Aggressive Allocation Fund** | **Investor** GGBZX |

---

**Investment Objective**

The Aggressive Allocation Fund seeks capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Aggressive Allocation Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[Acquired fund fees and expenses have been restated to reflect estimated expenses for the current fiscal year based on the Fund's target allocation among the underlying funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 69

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**Principal Investment Strategies**

<sup>●</sup>

The Fund, primarily through investments in the GuideStone Funds Select Funds ("Select Funds"), combines a greater percentage of U.S. equity securities with a smaller percentage of non-U.S. equity securities.

<sup>●</sup>

The Adviser uses the following potential ranges in allocating the Fund's assets among the Select Funds.

---

| | |
|:---|:---|
| **Asset Class**<sup>(1)</sup> | **Range** |
| Fixed Income<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0-10% |
| Equities<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90-100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>

*All asset classes include a fund or funds which may invest a portion of its or their assets in derivatives.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>

*The Fixed Income asset class may include impact-related investments.*

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>

*The Equities asset class may include a fund which may invest a portion of its assets in fixed income securities.*

<sup>●</sup>

The Adviser may change the allocation ranges from time to time and may add or eliminate new or existing Select Funds without shareholder approval.

<sup>●</sup>

The asset classes in which the Fund may invest through the Select Funds generally are divided into:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Equity securities (such as common and preferred stock of U.S. companies and foreign companies, including those located in developed and emerging markets, of any sizes and employing both growth and value investment styles); and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and short-term investments such as money market instruments).

<sup>●</sup>

The Fund may invest to a lesser extent in investments with the intention of generating positive impact in accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, alongside financial returns, to effectively promote the Adviser's impact themes of Sanctity of Life and Spreading of the Gospel, Human Dignity and Advancement and Stewardship of God's Creation.

<sup>●</sup>

As part of its allocation to the equities asset class, the Fund may invest in Select Funds that employ an index strategy, which seeks to provide investment results approximating the returns of a specified index.

<sup>●</sup>

The Fund will rebalance its assets from time to time to adjust for changes in the values of the underlying Select Funds and changes to the allocation targets.

<sup>●</sup>

In accordance with GuideStone Financial Resources' Christian values, the Fund and the Select Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including the risk of investing in Underlying Funds, Faith-Based Investing Risk and Equity Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. Unless otherwise noted, these risks include those that may directly or indirectly affect the Fund through its investments in the Select Funds. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<sup>●</sup>

The Fund's value will go up and down in response to changes in the share prices of the Select Funds that it owns. There is no guarantee that the Fund's investments will increase in value. Therefore, it is possible to lose money by investing in the Fund.

<sup>●</sup>

**Asset Allocation Risk**: The Fund is subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The value of a fixed income security may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise fails.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That

70 \| GuideStone Funds Prospectus

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risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect

investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market

GuideStone Funds Prospectus \| 71

------

conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>●</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, financial institution failures,

natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Risk of Investing in Underlying Funds:** Because the Fund indirectly pays a portion of the expenses incurred by the Select Funds in which it invests, in addition to paying its own expenses, the overall cost of investing in the Fund may be higher than investing in the individual Select Funds directly. The Fund's risks will directly correspond to the risks of the underlying funds in which it invests, and the selection of the underlying funds and the allocation of the Fund's assets among the various asset classes could cause the Fund to underperform compared to other funds with a similar investment objective.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by

72 \| GuideStone Funds Prospectus

------

showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the performance of the Russell 3000<sup>®</sup> Index, MSCI ACWI (All Country World Index) ex USA Index - Net and a composite index are provided. The other securities market indexes show how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The Aggressive Allocation Fund ("AAF") Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of securities market indexes to reflect the market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Prior to January 27, 2023, the Fund had different asset class allocations. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) ex USA Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| AAF Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor

Class and after tax returns for the Institutional Class will vary.

GuideStone Funds Prospectus \| 73

------

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

74 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Money Market Fund** | **Institutional** GMYXX |
| **GuideStone Funds Money Market Fund** | **Investor** GMZXX |

---

**Investment Objective**

The Money Market Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable per share price of $1.00.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Money Market Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.11]% | &nbsp;&nbsp; [0.11]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

GuideStone Funds Prospectus \| 75

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund is a government money market fund. The Fund invests 99.5% or more of its total assets in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing ("U.S. government securities");

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Repurchase agreements that are collateralized fully by cash items or U.S. Treasury and U.S. government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Cash.

<sup>●</sup>

The Fund expects, but does not guarantee, a constant net asset value ("NAV") of $1.00 per share by valuing its portfolio securities at amortized cost. Fund affiliates have no obligation to make a capital infusion, enter into a capital support agreement or take other actions to prevent the NAV per share of the Fund from falling below $0.995.

<sup>●</sup>

The Fund maintains a dollar-weighted average portfolio maturity of 60 calendar days or less and a dollar-weighted average life portfolio maturity of 120 calendar days or less.

<sup>●</sup>

The Fund invests only in U.S. dollar-denominated securities and in instruments that mature in 397 calendar days or less from the date of purchase.

<sup>●</sup>

The Fund may invest only in securities that comply with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, ("Rule 2a-7") which regulates money market mutual funds, and other rules of the U.S. Securities and Exchange Commission ("SEC").

<sup>●</sup>

As a government money market fund, the Fund is not subject to liquidity fees, although the Board of Directors of GuideStone Funds (the "Board") may elect to impose such fees in the future. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund's policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.

<sup>●</sup>

The Adviser may, in its sole discretion, maintain a temporary defensive position with respect to the Fund. Although not required to do so, the Adviser or its affiliate may waive or cause to be waived fees owed by the Fund, in attempt to maintain a stable $1.00 NAV per share.

<sup>●</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

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

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Money Market Risk, Faith-Based Investing Risk, Repurchase Agreement Risk, Risks Associated With Holding Cash, U.S. Government Securities Risk and Interest Rate Risk. Descriptions of these and other principal risks of investing in the Fund are provided below.

<sup>●</sup>

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund may fail to pay interest or even principal due in a timely manner or at all. The value of a security held by the Fund may decline if the security's credit quality, or that of the security's issuer or provider of credit support, is downgraded or credit quality otherwise falls.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Interest Rate Risk:** A sharp rise in interest rates could cause the value of the Fund's investments and its share price to drop. A low or negative interest rate environment

76 \| GuideStone Funds Prospectus

------

may prevent the Fund from providing a positive yield or impair the Fund's ability to maintain a stable $1.00 NAV per share. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. Following a period of historically low interest rates, the U.S. Federal Reserve raised rates multiple times in an effort to combat inflation in the U.S. economy. Though the Federal Reserve has since lowered interest rates slightly, it is unclear if such lowering will continue. Changes in interest rates also may change the resale value of the instruments held in the Fund's portfolio. When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income. When interest rates go up, the market values of previously issued money market instruments generally decline and may have an adverse effect on the Fund's ability to maintain a stable $1.00 share price. The Fund's return will drop if short-term interest rates drop. There is no guarantee the Fund will maintain a positive yield. Any changes to monetary policy by the Federal Reserve or other regulatory actions may affect interest rates. Over time, the value of the Fund's return may be eroded by inflation.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. An ability to sell one or more portfolio securities can adversely affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Liquidity Risk:** From time to time, certain securities held by the Fund may become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a security. The Fund might not be able to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the Fund's liquidity and may have an adverse effect on the Fund's ability to maintain a $1.00 per share price.

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

<sup>●</sup>

**Money Market Risk:** Factors such as, but not limited to, an increase in interest rates, a decline in the credit quality of one or more issuers, large redemptions of the Fund's shares or adverse market conditions impacting the trading or the value of money market instruments could cause the Fund's share price to decrease below $1.00.

<sup>●</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund 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 Fund's performance.

<sup>●</sup>

**Repurchase Agreement Risk:** The obligations of a counterparty to a repurchase agreement are not guaranteed. The Fund permits various forms of securities as collateral whose values fluctuate and are issued or guaranteed by the U.S. government. There are risks that a counterparty may default at a time when the collateral has declined in value, or a counterparty may become insolvent, which may affect the Fund's right to control the collateral. Repurchase agreements are subject to credit risk. If the seller in a repurchase agreement transaction defaults on its obligations to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights.

<sup>●</sup>

**Risks Associated with Holding Cash:** As a government money market fund, the Fund will likely hold some of its assets in cash, which may negatively affect the Fund's performance. Maintaining cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.

<sup>●</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

<sup>●</sup>

**U.S. Government Securities Risk:** Securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac")) are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and repayment of principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal and it is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of

GuideStone Funds Prospectus \| 77

------

the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class and Institutional Class returns, averaged over certain periods of time, compare to the performance of a broad-based securities market index during the same periods.

The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

Prior to May 1, 2016, the Fund operated as a "prime money market fund," and invested in certain types of securities that it is no longer permitted to hold. Consequently, the performance information below may have been different if the current investment limitations had been in effect during the period prior to the Fund's conversion to a government money market fund. <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Treasury Bills: 1-3 Months <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

**Management**

**Investment Adviser** 

**GuideStone Capital Management, LLC** <br>

**Sub-Adviser** 

**BlackRock Advisors, LLC**<br>

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

78 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Low-Duration Bond Fund** | **Institutional** GLDYX |
| **GuideStone Funds Low-Duration Bond Fund** | **Investor** GLDZX |

---

**Investment Objective**

The Low-Duration Bond Fund seeks current income consistent with preservation of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Low-Duration Bond Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> <br>| &nbsp;&nbsp; [0.30]% | &nbsp;&nbsp; [0.30]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 79

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in investment grade fixed income instruments. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>●</sup>

The Fund invests primarily in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The U.S. government, its agencies and instrumentalities, banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Foreign governments, banks and corporations of developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Repurchase agreements relating to the above instruments.

<sup>●</sup>

The average credit quality rating for the Fund's portfolio will be greater than or equal to "A" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 15% of its assets in below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

<sup>●</sup>

The average dollar-weighted duration of the Fund normally varies between one and three years. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with a shorter dollar-weighted average duration.

<sup>●</sup>

The Fund may hold up to 30% of its assets in obligations denominated in currencies other than the U.S. dollar and may invest beyond this limit when considering U.S. dollar-denominated securities of foreign issuers. Unhedged non-U.S. dollar currency exposure is limited to 5% of the Fund's total market value.

<sup>●</sup>

The Fund may invest to a lesser extent in preferred stock.

<sup>●</sup>

The Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options thereon (to hedge against fluctuation in foreign currencies or to gain exposure to foreign currencies); interest rate futures and options, yield curve options and options on stock indexes (for investment purposes); credit default swaps, currency swaps, interest rate swaps, interest rate floors and caps and swaptions (for

investment purposes and to hedge against fluctuations in foreign currencies and interest rates); and options on mortgage-backed securities (for investment purposes and as a substitute for cash bonds). The Fund may also take long or short positions in other types of derivative instruments, such as futures contracts, forward options, options and swap agreements as a substitute for taking a position in an underlying asset, to increase returns, to manage market, foreign currency and/or duration or interest rate risk, or as part of a hedging strategy.

<sup>●</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers practice different investment styles and make investment decisions for the Fund based on an analysis of differing factors, such as interest rates, yield curve positioning, yield spreads, duration, sectors, credit ratings or fundamental issuer selection. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds ("Board") and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Faith-Based Investing Risk, Market Risk, Credit Risk and Mortgage- and Asset-Backed Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in

80 \| GuideStone Funds Prospectus

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the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-

counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration of a debt security, the greater the effect a change

GuideStone Funds Prospectus \| 81

------

in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is

required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid,

82 \| GuideStone Funds Prospectus

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which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund 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

Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has 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. Such a move, 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.

<sup>●</sup>

**Repurchase Agreement Risk:** If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Bloomberg US Aggregate Bond Index, during the same periods. In addition, the performance of the Bloomberg US Treasury 1-3 Year Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

GuideStone Funds Prospectus \| 83

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**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Treasury 1-3 Year <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **BlackRock Financial Management, Inc.,** <br> **BlackRock International Limited and** <br> **BlackRock (Singapore) Limited**  | &nbsp;&nbsp; **BlackRock Financial Management, Inc.,** <br> **BlackRock International Limited and** <br> **BlackRock (Singapore) Limited**  |
| &nbsp;&nbsp; Akiva Dickstein<br> Managing Director<br>| Since November 2020 |
| &nbsp;&nbsp; Amanda Liu, CFA<br> Director<br>| Since October 2022 |
| &nbsp;&nbsp; Scott MacLellan, CFA<br> Director<br>| Since July 2008 |
| &nbsp;&nbsp; Siddharth Mehta<br> Director<br>| Since April 2025 |
| &nbsp;&nbsp; Sam Summers<br> Director<br>| Since October 2022 |

---

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

---

| | |
|:---|:---|
| **Brown Brothers Harriman Credit Partners, LLC**  | **Brown Brothers Harriman Credit Partners, LLC**  |
| &nbsp;&nbsp; Andrew Hofer<br> Portfolio Co-Manager<br>| Since March 2025 |
| &nbsp;&nbsp; Neil Hohmann<br> Portfolio Co-Manager<br>| Since March 2025 |
| &nbsp;&nbsp; Paul Kunz, CFA<br> Portfolio Co-Manager<br>| Since March 2025 |

---

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

---

| | |
|:---|:---|
| **Pacific Investment Management Company LLC**  | **Pacific Investment Management Company LLC**  |
| &nbsp;&nbsp; Jerome Schneider<br> Managing Director<br>| Since April 2014 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since December 2019 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| **Payden & Rygel**  | **Payden & Rygel**  |
| &nbsp;&nbsp; Brian Matthews, CFA<br> Managing Director<br>| Since September 2012 |
| &nbsp;&nbsp; Mary Beth Syal, CFA<br> Managing Director<br>| Since March 2008 |
| &nbsp;&nbsp; Adam Congdon, CFA<br> Director<br>| Since January 2024 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

84 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Medium-Duration Bond Fund** | **Institutional** GMDYX |
| **GuideStone Funds Medium-Duration Bond Fund** | **Investor** GMDZX |

---

**Investment Objective**

The Medium-Duration Bond Fund seeks maximum total return consistent with preservation of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Medium-Duration Bond Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> <br>| &nbsp;&nbsp; [0.35]% | &nbsp;&nbsp; [0.35]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 85

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**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in investment grade fixed income instruments. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>●</sup>

The Fund invests primarily in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The U.S. government, its agencies and instrumentalities, banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Foreign governments, banks and corporations of developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Repurchase agreements relating to the above instruments.

<sup>●</sup>

The average credit quality rating for the Fund's portfolio will be greater than or equal to "Baa" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 15% of its assets in below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

<sup>●</sup>

The average dollar-weighted duration of the Fund normally varies, in years, between +/- 30% of the duration of the Bloomberg US Aggregate Bond Index (the "Index"). As of March 31, 2026, the average dollar-weighted duration of the Index was [5.96] years. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with a shorter dollar-weighted average duration.

<sup>●</sup>

The Fund may hold up to 30% of its assets in obligations denominated in currencies other than the U.S. dollar and may invest beyond this limit when considering U.S. dollar-denominated securities of foreign issuers. Unhedged non-U.S. dollar currency exposure is limited to 15% of the Fund's total market value.

<sup>●</sup>

The Fund may invest to a lesser extent in preferred stock.

<sup>●</sup>

The Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options and futures contracts thereon (to hedge against fluctuation in foreign currencies or to gain exposure to foreign currencies); interest rate futures and

options, yield curve options and options on stock indexes (for investment purposes); credit default swaps, currency swaps, interest rate swaps, interest rate floors and caps and swaptions (for investment purposes and to hedge against fluctuations in foreign currencies and interest rates); and U.S. Treasury futures and options (for investment purposes). The Fund may also take long or short positions in other types of derivative instruments, such as futures contracts, forward options, options and swap agreements as a substitute for taking a position in an underlying asset, to increase returns, to manage market, foreign currency and/or duration or interest rate risk, or as part of a hedging strategy.

<sup>●</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers practice different investment styles and make investment decisions for the Fund based on an analysis of differing factors, such as interest rates, yield curve positioning, yield spreads, duration, sectors, credit ratings or fundamental issuer selection. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds ("Board") and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Faith-Based Investing Risk, Market

86 \| GuideStone Funds Prospectus

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Risk, Duration Risk, Credit Risk and Mortgage- and Asset-Backed Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other

party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Longer-duration securities may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Longer-duration bonds are generally more volatile, as are lower-rated bonds. An investor in this Fund should be able to accept some short-term fluctuations in value.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities

GuideStone Funds Prospectus \| 87

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due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Currency Tax Risk:** If the U.S. Treasury were to exercise its authority to issue regulations that exclude from the definition of "qualifying income" foreign currency gains not directly related to a Fund's business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Board may authorize a significant change in investment strategy or other action.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high

portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events

88 \| GuideStone Funds Prospectus

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could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock

is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund 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 Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has 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. Such a move, 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.

<sup>●</sup>

**Repurchase Agreement Risk:** If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index during the same periods.

GuideStone Funds Prospectus \| 89

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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Goldman Sachs Asset Management, L.P.**  | **Goldman Sachs Asset Management, L.P.**  |
| &nbsp;&nbsp; Simon Dangoor<br> Managing Director<br>| Since February 2024 |
| &nbsp;&nbsp; Lindsay Rosner<br> Managing Director<br>| Since February 2024 |
| &nbsp;&nbsp; Paul Seary, CFA<br> Senior Portfolio Manager<br>| Since November 2024 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Guggenheim Partners Investment Management,** <br> **LLC**  | &nbsp;&nbsp; **Guggenheim Partners Investment Management,** <br> **LLC**  |
| &nbsp;&nbsp; Steven H. Brown, CFA<br> Chief Investment Officer, Fixed Income <br> and Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Adam J. Bloch<br> Managing Director and Portfolio Manager<br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| **Loomis, Sayles & Company, L.P.**  | **Loomis, Sayles & Company, L.P.**  |
| &nbsp;&nbsp; Matthew J. Eagan, CFA<br> Portfolio Manager<br>| Since September 2024 |
| &nbsp;&nbsp; Brian P. Kennedy<br> Portfolio Manager<br>| Since September 2024 |

---

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

---

| | |
|:---|:---|
| **Pacific Investment Management Company LLC**  | **Pacific Investment Management Company LLC**  |
| &nbsp;&nbsp; Marc Seidner<br> Chief Investment Officer – Non-<br> Traditional Strategies and <br> Managing Director<br>| Since October 2022 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since December 2019 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

90 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Global Bond Fund** | **Institutional** GGBEX |
| **GuideStone Funds Global Bond Fund** | **Investor** GGBFX |

---

**Investment Objective**

The Global Bond Fund seeks to maximize total return through capital gains and current income while preserving principal value.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Global Bond Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> <br>| &nbsp;&nbsp; [0.45]% | &nbsp;&nbsp; [0.45]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 91

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**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in a diversified portfolio of fixed income instruments of varying maturities and quality across different industries and sectors of the fixed income market.

<sup>●</sup>

The Fund invests in globally diversified fixed income securities and rotates portfolio allocations among global sectors, including:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Below-investment grade (*i.e.,* high yield securities or junk bonds) and investment grade corporate securities located in the United States and in non-U.S. developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The U.S. government, its agencies and instrumentalities, banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Foreign governments, banks and corporations of developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Contingent convertible securities.

<sup>●</sup>

Under normal market conditions, the Fund will invest significantly (at least 40%, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30%) in securities of non-U.S. issuers. An issuer is considered to be from the country or countries where it generates operating income. A single issuer's geographic exposure, therefore, may be divided between countries, including between the United States and multiple other countries. The Fund will allocate its assets among no less than three countries. In addition, the Fund will consider notional exposure of its derivative investments when determining the percentage of its assets that are invested in non-U.S. issuers.

<sup>●</sup>

The Fund may invest a substantial portion of total assets in securities denominated in foreign currencies and in U.S. dollar denominated securities of foreign issuers. In addition, the Fund may hedge its exposure to foreign currency.

<sup>●</sup>

The average credit quality for the Fund's portfolio will be greater than or equal to "Ba" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund may invest up to 30% of its assets in U.S. and non-U.S. (including emerging markets) below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

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

<sup>●</sup>

The average dollar-weighted duration of the Fund normally varies between three and 10 years. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with a shorter dollar-weighted average duration.

<sup>●</sup>

The Fund may use various types of derivative instruments including, but not limited to, futures contracts and options on futures (including U.S. Treasury futures contracts and options on futures) to alter the duration of the Fund and increase potential returns; forward currency exchange contracts (currency hedging); currency futures and options thereon (currency hedging); interest rate swaps, floors and caps (investment purposes); and credit default swaps and currency swaps (investment purposes and hedging). The Fund may also use other types of derivative instruments, such as futures and options contracts, forward contracts and swap agreements as a substitute for investing directly in an underlying asset, to increase returns, to manage market, foreign currency and/or duration or interest rate risk, or as part of a hedging strategy.

<sup>●</sup>

The Sub-Advisers seek to accomplish the objectives of the Fund by implementing a long-term approach utilizing diversified strategies across all sectors of the global fixed income market.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. Each Sub-Adviser uses different investment techniques to identify securities it believes would be the most profitable to the Fund over the long-term while maintaining diversification and risk controls. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds ("Board") and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial

92 \| GuideStone Funds Prospectus

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Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Faith-Based Investing Risk, Market Risk, Below-Investment Grade Securities Risk, Credit Risk and Foreign Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. Bonds rated below-investment grade involve greater risks of default and are more volatile than bonds rated investment grade. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Contingent Convertible Securities Risk:** Contingent convertible securities are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuer's continued viability as a going concern. Investment in this particular type of bond may result in material losses to the Fund based on certain trigger events. The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a partial or total loss of value or alternatively they may be converted into shares of the issuing company which may also have suffered a loss in value.

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

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

GuideStone Funds Prospectus \| 93

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

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration 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 Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if

followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund.

94 \| GuideStone Funds Prospectus

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Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with

blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund 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 Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has 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. Such a move, 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.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare

GuideStone Funds Prospectus \| 95

------

to the performance of a broad-based securities market index, the Bloomberg Global Aggregate Index, during the same periods. In addition, the performance of the Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index, J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and a composite index are provided. The other securities market indexes show how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The Global Bond Fund ("GBF") Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of the three securities market indexes to reflect the market sectors in which the Fund invests, during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses or <br> taxes)<br>| [ ]% | [ ]% | [ ]% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Plus (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| GBF Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Loomis, Sayles & Company, L.P.**  | **Loomis, Sayles & Company, L.P.**  |
| &nbsp;&nbsp; Matthew J. Eagan, CFA<br> Portfolio Manager<br>| Since June 2008 |
| &nbsp;&nbsp; Brian P. Kennedy<br> Portfolio Manager<br>| Since May 2016 |

---

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

---

| | |
|:---|:---|
| **MFS Institutional Advisors, Inc.**  | **MFS Institutional Advisors, Inc.**  |
| &nbsp;&nbsp; Pilar Gomez-Bravo, CFA<br> Co-Chief Investment Officer<br>| Since May 2025 |
| &nbsp;&nbsp; Robert Spector, CFA<br> Investment Officer<br>| Since May 2025 |

---

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

---

| | |
|:---|:---|
| **Neuberger Berman Investment Advisers LLC**  | **Neuberger Berman Investment Advisers LLC**  |
| &nbsp;&nbsp; Ashok K. Bhatia, CFA<br> Managing Director, Chief Investment <br> Officer and Global Head of Fixed <br> Income<br>| Since November 2019 |
| &nbsp;&nbsp; David M. Brown, CFA<br> Managing Director, Global Co-Head <br> of Investment Grade, Co-Head of <br> Multi-Sector Fixed Income and <br> Senior Portfolio Manager<br>| Since November 2019 |
| &nbsp;&nbsp; Robert Dishner<br> Managing Director and Senior <br> Portfolio Manager<br>| Since December 2024 |
| &nbsp;&nbsp; Adam Grotzinger, CFA<br> Managing Director and Senior Fixed <br> Income Portfolio Manager<br>| Since November 2019 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment Strategy<br>| Since May 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |

---

96 \| GuideStone Funds Prospectus

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**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 97

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Strategic Alternatives Fund** | **Institutional** GFSYX |
| **GuideStone Funds Strategic Alternatives Fund** | **Investor** GFSZX |

---

**Investment Objective**

The Strategic Alternatives Fund seeks absolute returns with both lower volatility than and low correlation with traditional equity and fixed income markets.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Strategic Alternatives Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.91]% | &nbsp;&nbsp; [0.91]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Dividend or interest <br> expense on short sales<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Fee repayment or** <br> **reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee repayment** <br> **or reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 1.32% for the Institutional Class and 1.57% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

98 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund pursues its investment objective by utilizing "alternative" or non-traditional principal investment strategies, managed by the Fund's investment sub-advisers ("Sub-Advisers") under the ultimate supervision of GuideStone Capital Management, LLC (the "Adviser"). The principal strategies, when combined, are intended to result in obtaining absolute (*i.e.*, positive) returns with both lower volatility than and low correlation with traditional equity and fixed income markets. Each Sub-Adviser is responsible for investing the assets allocated to the principal strategy, or the portion of the principal strategy, for which it is responsible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

The principal strategies, and the range of assets that will generally be allocated to each, are as follows:

---

| | |
|:---|:---|
| **Principal Strategy** | **Range of Assets** |
| Currency Trading | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Global Macro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Long-Short Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-50% |
| Opportunistic Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Options Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-30% |
| Relative Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Short Duration High Yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-30% |

---

<sup>●</sup>

The Adviser monitors the Fund's investments and reallocates assets among the Sub-Advisers as necessary in an attempt to ensure the Fund's portfolio, when viewed as a whole, is consistent with the Fund's principal investment objective. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, employ different investment strategies and styles that the Adviser believes complement one another in an attempt to achieve the Fund's investment objective. The Adviser may increase or decrease a strategy's weighting within the stated range of Fund assets to a level deemed appropriate to further the Fund's investment objective.

<sup>●</sup>

The Fund seeks returns that are not correlated to market movements. The Fund is intended to be a component of a broader investment program and should not be relied upon as a complete investment program.

<sup>●</sup>

The seven principal alternative investment strategies that the Fund employs are discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Currency Trading Strategy** seeks exposure to currencies primarily through futures and forwards. The strategy seeks to achieve net gains resulting from fluctuations and/or trends in the values of currencies and inefficiencies in the currency market. Net losses on currency transactions will reduce positive absolute returns. The Fund may be exposed to currencies of developed and emerging countries that, in a Sub-Adviser's opinion, have liquid currency markets. The use of futures and forwards will have the economic effect of financial leverage, which increases risk and

may magnify the Fund's gains or losses. The investment strategies may not protect against or capture extraordinary sudden market events, such as U.S. or foreign government actions or interventions, and as a result may not be as effective during these periods. The Fund may also invest in cash and investment grade fixed income securities, such as U.S. government obligations, corporate bonds and mortgage- and asset-backed securities, which serve as margin or collateral for the Fund's positions in futures and forwards.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Global Macro Strategy** seeks to take advantage of dislocations or mispricings by selecting investments based on a broadly diversified set of market factors across global markets, including both developed and emerging markets. The strategy relies heavily on key macroeconomic and technical indicators, which generally include, but are not limited to, measures of economic growth, labor market fundamentals, financial conditions, investor positioning, market sentiment, inflation rates and fiscal and monetary policies. To a lesser extent, the strategy will also analyze fundamental factors specific to individual securities, such as the credit characteristics of a particular fixed income security. Based on systematic quantitative models and/or a Sub-Adviser's analysis of macroeconomic, technical and fundamental variables, the investment strategy may implement long and short positions using both derivative and physical securities across global markets and various asset classes. Asset class exposures include some, but not necessarily all, of the following: equity securities, currencies, sovereign bonds, investment grade and below-investment grade (*i.e.,* high yield securities or junk bonds) fixed income securities, emerging market debt, agency mortgage-backed securities (including those backed by subprime mortgages), contingent convertible securities, as well as cash and cash equivalent securities. The Global Macro Strategy intends to use a significant amount of derivatives to implement its positions, such as futures, forwards, swaps, including credit default swaps, and options. The Fund's use of derivative instruments will have the economic effect of financial "leverage," which increases risk and may magnify the Fund's gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Long-Short Equity Strategy** seeks to achieve positive absolute returns by investing long and short primarily in equity and equity-related securities and instruments, including certain derivatives (*e.g.,* swaps, futures and options), across a diversified range of indexes, sectors and/or industries. Within the long-short equity strategy, the long component primarily involves investments in equity and equity-related securities that are believed likely to appreciate in value due to fundamental, technical or other factors, while the short component involves making short sales of securities that are believed likely to either fall in value

GuideStone Funds Prospectus \| 99

------

and/or underperform in aggregate the long exposure due to fundamental, technical or other factors. When the Fund takes a short position, it sells a security it does not own (*i.e.,* has borrowed) in anticipation of a decline in the market price of that security. The use of short positions and derivatives employ an investment technique known as "leverage," which increases risk and may magnify the Fund's gains or losses. The strategy focuses primarily on equity and equity-related securities of U.S. issuers across market capitalizations, but may also include investments in non-U.S. equity securities, including sponsored or unsponsored depositary receipts, and to a lesser extent fixed income securities. The long or short strategy may use options, futures and swaps to gain exposure to stock indexes and individual equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Opportunistic Fixed Income Strategy** seeks to deliver positive absolute returns in excess of cash investments regardless of economic cycle (*i.e.,* downturns and upswings) or cyclical credit availability. The strategy pursues diversified exposure across various fixed income and floating rate market segments, with a focus on more liquid markets, assessing the relative value across sectors and adjusting portfolio weightings based on opportunity. A bottom-up credit analysis approach and a value aspect in selecting investments, utilizing long and short investments, and potentially notional leverage is generally employed within the strategy. The strategy seeks exposure to potential income generators including, among others, global emerging markets, investment grade and below-investment grade debt (*i.e.,* high yield securities or junk bonds) markets, convertible bonds and bank loans.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Options Equity Strategy** seeks to capture potential value embedded in the pricing of equity index and/or single stock options (*i.e.,* based on a Sub-Adviser's belief that a risk premium exists due to the potential that the premium paid on the options has mispriced volatility, as historically the implied volatility embedded in option pricing has exceeded realized volatility the majority of the time), while holding a portfolio that has lower volatility than the broader U.S. equity markets. The strategy involves the Fund primarily writing options on one or more equity indexes or stocks, but may also purchase options for hedging purposes as well.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Relative Value Strategy** seeks to identify and benefit from price discrepancies between related assets (*i.e.,* assets that share a common financial factor, such as interest rates, an issuer or an index). Relative value opportunities generally rely on arbitrage (*i.e.,* the simultaneous purchase and sale of related assets) that may exist between two issuers or within the capital structure of a single issuer. The strategy attempts to exploit a source of return with low correlation to the market. Relative value strategies include, among

others, fixed income arbitrage, convertible arbitrage, volatility arbitrage, statistical arbitrage and equity market neutral strategies.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Short Duration High Yield Strategy** involves investments mainly in fixed income securities, including below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Services Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. ("Fitch") or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) issued by U.S. and non-U.S. public and private companies, and investments in senior secured and unsecured floating rate loans made by U.S. banks and other financial institutions. The Fund will invest in below-investment grade securities with a shorter duration (typically less than three years). Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. In selecting specific debt instruments for investment, a Sub-Adviser may look to such factors as the attractiveness of the issuer's industry, the issuer's creditworthiness, the investment's expected yield-to-maturity and the investment's liquidity.

<sup>●</sup>

The Fund may also use other types of derivative instruments, such as futures, options and forward contracts, as a substitute for investing directly in an underlying asset, to increase return, to manage foreign currency risk, to hedge against losses and/or as an alternative to selling a security short.

<sup>●</sup>

The Fund may seek to benefit from "special situations," such as mergers, consolidations, bankruptcies, liquidations, reorganizations, restructurings, tender or exchange offers or other unusual events expected to affect a particular issuer.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of

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GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Alternatives Risk, Faith-Based Investing Risk, Leverage Risk, Derivatives Risk, Below-Investment Grade Securities Risk and Market Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Alternative Investments Risk:** The Fund utilizes alternative investment strategies that are complex and may involve greater risk than traditional investments (*i.e.*, stocks, bonds and cash). The performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform as expected. Alternative investments may have different characteristics and risks than do traditional investments; can be highly volatile; are often less liquid, particularly in periods of stress; are generally more complex and less transparent; and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on a Sub-Adviser's experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. Bonds rated below-investment grade involve greater risks of default and are more volatile than bonds rated investment grade. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

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

<sup>●</sup>

**Cash Management Risk:** Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts, the Fund may be required to post collateral for the contract, the amount of which may vary. In addition, the Fund may maintain cash and cash equivalent positions to manage the Fund's market exposure and for other portfolio management purposes. As such, the Fund may maintain cash balances, including foreign currency balances, which may be significant, with counterparties. The Fund is thus subject to counterparty risk and credit risk with respect to these arrangements.

<sup>●</sup>

**Contingent Convertible Securities Risk:** Contingent convertible securities are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuer's continued viability as a going concern. Investment in this particular type of bond may result in material losses to the Fund based on certain trigger events. The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a partial or total loss of value or alternatively they may be converted into shares of the issuing company which may also have suffered a loss in value.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>●</sup>

**Currency Strategy Risk:** There is no guarantee that the Fund's currency investment strategy will be successful. Currency rates may fluctuate significantly over short or extended periods of time (*i.e.*, may be extremely volatile), which could result in losses to the Fund if currencies do not perform as a Sub-Adviser expects. Changes in foreign currency exchange rates could adversely impact investment gains or add to investment losses. Generally, when the U.S. dollar rises in value against a foreign currency, an investment denominated in that country's currency loses value because that currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a particular foreign currency, investments denominated in that currency increase in value. In general, currency exchange rates can be unpredictably affected by various factors, including political developments and

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governmental, supranational entity or central bank action or inaction. The Fund may also be positively or negatively affected by governmental strategies intended to make the currencies in which the Fund invests stronger or weaker. In addition, currency markets generally are not as regulated as securities markets, which could expose the Fund to additional risks. Some currency transactions may involve a higher level of risk than other investments relative to the amount invested and the impact of any gain or loss may be magnified. The risks of currency transactions also may be heightened in developing or emerging market countries.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* American Depositary Receipts) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less

developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration 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 Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may

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expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Floating Rate Loan Risk:** Senior secured and unsecured floating rate loans are generally acquired as a participation interest in, or assignment of, loans originated by U.S. banks and other financial institutions ("Senior Loans") and are subject to the risk that a court could subordinate a Senior Loan, which typically holds the most senior position in the issuer's capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of Senior Loans. Senior Loans are often below-investment grade and are considered to be inherently speculative. If the Fund acquires a participation interest in a Senior Loan, the Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly. Senior Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. To the extent that the Fund invests in loan participations and assignments, it is subject to the risk that the financial institution acting as agent for all interests in a loan might fail financially. It is also possible that the Fund could be held liable, or may be called upon to fulfill other obligations as a co-lender. To the extent a Senior Loan is secured by collateral, it is subject to the risk that the value of the collateral will decline and be insufficient to cover the amount of the loan. Senior Loans are also subject to liquidity risks because they may not have an active trading market, may have less publicly available information about them and may be subject to restrictions on transfer, which may result in the Fund being unable to sell the Senior Loans at a favorable price. Loan interests may be difficult to value and may have extended trade settlement periods that may be greater than seven days. Accordingly, the proceeds from the sale of a loan may not be available to make additional investments or to meet

redemption obligations until potentially a substantial period after the sale of the loan. The extended trade settlement periods could force the Fund to liquidate other securities to meet redemptions and may present a risk that the Fund may incur losses in order to timely honor redemptions. Senior loans may not be considered "securities," and therefore, purchasers may not be entitled to rely on the antifraud protections of the federal securities laws.

<sup>●</sup>

**Foreign Currency Tax Risk:** If the U.S. Treasury were to exercise its authority to issue regulations that exclude from the definition of "qualifying income" foreign currency gains not directly related to a Fund's business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Board of Directors of GuideStone Funds may authorize a significant change in investment strategy or other action.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Forward Currency Contract Risk:** A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Foreign forward currency exchange contracts involve a risk of loss if currency exchange rates move against the Fund and are subject to counterparty risk.

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

GuideStone Funds Prospectus \| 103

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

<sup>●</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Leverage Risk:** The Fund is subject to leverage risk. Leveraging occurs when the Fund increases its assets available for investment using borrowings or similar transactions. Due to the fact that short sales involve borrowing securities and selling them, the Fund's short sales effectively leverage the Fund's assets. The use of leverage, including short sales and other forms of leveraging such as lending portfolio securities, entering into futures contracts and engaging in forward commitment transactions, may magnify the Fund's gains or losses. Leverage also creates interest expense that may lower the Fund's overall returns.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition

of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with

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blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Options Risk:** The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options.

<sup>●</sup>

**Short Sales and Short Position Risk:** Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund's use of short sales in effect "leverages" the Fund. The Fund's short strategy depends on counterparties from which the Fund borrows securities. The Fund must post collateral when borrowing

securities and the Fund is subject to the risk of default by a counterparty, which could result in a loss of collateral and money owed to the Fund.

<sup>●</sup>

**Sovereign Debt Risk:** Sovereign debt securities are subject to the risk that a governmental entity may delay or refuse to pay interest or principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign debt risk is increased for emerging market issuers.

<sup>●</sup>

**Special Situations Risk:** In general, securities of companies which are the subject of a tender or exchange offer or a merger, consolidation, bankruptcy, liquidation, reorganizations or restructuring proposal sell at a premium to their historic market price immediately prior to the announcement of the transaction. However, it is possible that the value of securities of a company involved in such a transaction will not rise and in fact may fall, in which case the Fund would lose money. It is also possible that the transaction may not be completed as anticipated or may take an excessive amount of time to be completed, in which case the Fund may not realize any premium on its investment and could lose money if the value of the securities declines during the Fund's holding period. In some circumstances, the securities purchased may be illiquid making it difficult for the Fund to dispose of them at an advantageous price.

<sup>●</sup>

**Swaps Risk:** Swaps can involve greater risks than direct investments in securities, because swaps may be leveraged and subject to counterparty credit risk. If the counterparty fails to meet its obligations, the Fund may lose money. Swaps are also subject to valuation risk and may in some cases be illiquid.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Volatility Risk:** The Fund may be unsuccessful in maintaining a portfolio of investments that minimize volatility, and there is a risk that the Fund may experience more than minimal volatility. Securities held by the Fund

GuideStone Funds Prospectus \| 105

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are subject to price volatility and the prices may not be any less, and may be more, volatile than the market as a whole. In addition, the use of volatility management techniques may limit the Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing the performance and the annual total return of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, compare to the performance of a broad-based securities market index, the Bloomberg US Aggregate Bond Index, during the same periods. In addition, the performance of the Bloomberg US Treasury Bills: 1-3 Months Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Return** year ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

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| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

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**Average Annual Total Returns** as of 12/31/25

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; Investor Class before <br> taxes<br>| [ ]% | [ ]% | [ ]% | 06/30/2017 |
| &nbsp;&nbsp; Investor Class after taxes <br> on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; Investor Class after taxes <br> on distributions and sale <br> of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; Institutional Class before <br> taxes<br>| [ ]% | [ ]% | [ ]% | 06/30/2017 |
| &nbsp;&nbsp; Bloomberg US Aggregate <br> Bond Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; Bloomberg US Treasury <br> Bills: 1-3 Months <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since May 2021

**Sub-Advisers and Portfolio Managers** 

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|:---|:---|
| **AQR Capital Management, LLC**  | **AQR Capital Management, LLC**  |
| &nbsp;&nbsp; Michele L. Aghassi, Ph.D.<br> Principal<br>| Since May 2021 |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D.<br> Managing and Founding Principal<br>| Since January 2022 |
| &nbsp;&nbsp; John J. Huss<br> Principal<br>| Since May 2021 |
| &nbsp;&nbsp; Laura Serban, Ph.D.<br> Principal<br>| Since January 2026 |

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| | |
|:---|:---|
| **Goldman Sachs Asset Management, L.P.**  | **Goldman Sachs Asset Management, L.P.**  |
| &nbsp;&nbsp; Simon Dangoor<br> Managing Director<br>| Since February 2024 |
| &nbsp;&nbsp; Lindsay Rosner<br> Managing Director<br>| Since February 2024 |
| &nbsp;&nbsp; Paul Seary, CFA<br> Senior Portfolio Manager<br>| Since April 2021 |

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| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Jennifer Mihara<br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

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| | |
|:---|:---|
| **P/E Global LLC**  | **P/E Global LLC**  |
| &nbsp;&nbsp; Warren J. Naphtal<br> President and <br> Chief Investment Officer<br>| Since November 2020 |
| &nbsp;&nbsp; David J. Souza, Jr., CFA<br> Portfolio Manager<br>| Since November 2020 |

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| | |
|:---|:---|
| **SSI Investment Management LLC**  | **SSI Investment Management LLC**  |
| &nbsp;&nbsp; George M. Douglas, CFA<br> Chief Investment Officer and <br> Managing Principal<br>| Since May 2021 |
| &nbsp;&nbsp; Dagney Maseda<br> Portfolio Manager and <br> Managing Director<br>| Since May 2021 |
| &nbsp;&nbsp; Alexander W. Volz<br> Portfolio Manager<br>| Since May 2021 |

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**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

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| | |
|:---|:---|
| **GuideStone Funds *Defensive Market Strategies***<sup>®</sup> **Fund**  | **Institutional** GDMYX |
| **GuideStone Funds *Defensive Market Strategies***<sup>®</sup> **Fund**  | **Investor** GDMZX |

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**Investment Objective**

The Defensive Market Strategies Fund seeks to provide long-term capital appreciation with reduced volatility compared to the equity market.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Defensive Market Strategies Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> <br>| &nbsp;&nbsp; [0.58]% | &nbsp;&nbsp; [0.58]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

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**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

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**Principal Investment Strategies**

<sup>●</sup>

To pursue its investment objective, the Fund utilizes principal investment strategies managed by the Fund's investment sub-advisers ("Sub-Advisers") under the ultimate supervision of GuideStone Capital Management, LLC (the "Adviser"). The Adviser seeks to combine principal strategies in order to manage to a targeted level of equity market sensitivity (or beta) consistent with the composite index of the Fund. This combination of principal strategies is intended to result in the Fund obtaining investment returns consistent with the equity market, but with lower volatility when compared to the equity market. This reduced market volatility is intended to reduce the downside risk of the Fund relative to that of the equity market. In general, the Fund seeks to meet its investment objective by seeking greater participation in equity market gains than in equity market losses. The Adviser determines the allocation of assets among the principal strategies and seeks to ensure an allocation that will allow the Fund to maintain its reduced volatility as compared to the broader market. Each Sub-Adviser is in turn responsible for investing the assets allocated to the principal strategy, or the portion of the principal strategy, for which it is responsible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

The principal strategies, and the range of assets that will generally be allocated to each, are as follows:

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| | |
|:---|:---|
| **Principal Strategy** | **Range of Assets** |
| Hedged Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20%-80% |
| Long Only Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-35% |
| Long-Short Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-35% |
| Options Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-70% |

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<sup>●</sup>

The Adviser monitors the Fund's investments and reallocates assets among the Sub-Advisers as necessary in an attempt to ensure the Fund's portfolio, when viewed as a whole, is consistent with the Fund's principal investment objective. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, employ different investment strategies and styles that the Adviser believes complement one another in an attempt to achieve the Fund's investment objective. The Adviser may increase or decrease a strategy's weighting within the stated range of Fund assets to a level deemed appropriate to further the Fund's investment objective.

<sup>●</sup>

The four principal investment strategies that the Fund employs are discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Hedged Equity Strategy** typically combines long equity investments with complementary hedging positions to participate in stock market gains while mitigating downside risk and volatility. The strategy's core long component invests in equity securities and related instruments to seek capital appreciation and income, while a defensive hedging component

employs short positions and derivative instruments such as options, futures or swaps to offset potential losses during market downturns and help offset the cost of the underlying hedges. By maintaining these concurrent long and hedged exposures, the strategy strives to reduce volatility and limit drawdowns relative to a traditional long-only equity approach. Overall, the strategy emphasizes prudent risk control and downside protection, aiming for a more stable return profile compared to an unhedged equity portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Long Only Equity Strategy** will invest in one or two main components: a "value-yield" component that focuses primarily on dividend paying equity securities and a "U.S. defensive equity" component that focuses primarily on U.S. equity securities with lower volatility compared to the broader equity market. Pursuant to the strategy, the Fund primarily invests in common stocks of U.S. companies but may also invest in common stocks of foreign companies either on a foreign exchange or through depositary receipts, which may be sponsored or unsponsored. The Fund may invest in common stocks of foreign companies in countries having economies and markets generally considered to be developed and, to a lesser extent, companies located in emerging markets. The Fund may also invest in preferred stocks and real estate investment trusts ("REITs") and other real estate related companies (companies that derive their revenue from, or have their assets in, real estate, including the ownership, construction, management or sale of real estate).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Long-Short Equity Strategy** involves a long component and a short component. The long component primarily involves investments in equity securities with a focus on the capital appreciation of those securities. The short component involves making short sales of stocks to profit from a decline in those stock's values. The Fund may establish short positions in stocks of companies with a market value of up to 30% of its assets pursuant to this strategy. When the Fund takes a short position, it sells at the current market price a stock that it has borrowed, in anticipation of a decline in the market price of the stock. The Fund intends to reinvest the proceeds from its short sales by taking additional long positions in stocks. This investment technique is known as "leverage," which increases risk and may magnify the Fund's gains or losses. The strategy focuses primarily on U.S. equity securities and U.S. equity-related securities and may also include investments in non-U.S. equity securities, and to a lesser extent fixed income securities. The long or short strategy may use options, futures and swaps to gain exposure to stock indexes and individual equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The **Options Equity Strategy** seeks to deliver equity-like returns with lower volatility than the broader U.S. equity markets by combining long-dated call options

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and short-term put writing on equity indexes such as the S&P 500<sup>®</sup> Index. The strategy involves purchasing long-dated, cash-settled call options to capture upside market participation, while writing short-term, cash-settled put options to generate premium income. All written options are fully collateralized with a portfolio of U.S. Treasury Bills, Notes or other government securities, ensuring no leverage is employed. When the Fund writes a put option, it receives a premium and agrees to pay the option holder the difference between the strike price and the index level if the index falls below the strike. When the Fund purchases a call option, it gains the right to benefit from index appreciation above the strike price, with losses limited to the premium paid. Options are considered "out of the money" when the strike price is less favorable than the current index level, and such options typically expire without being exercised. The Fund seeks to profit from selling these out-of-the-money options based on market-implied probabilities of expiration. By combining these strategies, the Fund aims to construct a convex return profile that participates in rising markets while mitigating downside risk.

<sup>●</sup>

The Fund may hold up to 20% of its assets in securities denominated in currencies other than the U.S. dollar and may invest beyond this limit when considering U.S. dollar-denominated securities of foreign issuers.

<sup>●</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. The Fund may also use derivatives, including futures, options and forward contracts as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short. Sub-Advisers may make currency investment decisions independent of their underlying security selections.

<sup>●</sup>

From time to time, based on economic and market conditions, the Fund may invest heavily in a particular economic sector or sectors.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of

GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Options Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* American Depositary Receipts) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may

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not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Dividend Paying Securities Risk:** There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are

financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration 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 Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

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<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Leverage Risk:** The Fund is subject to leverage risk. Leveraging occurs when the Fund increases its assets available for investment using borrowings or similar transactions. Due to the fact that short sales involve borrowing securities and selling them, the Fund's short sales effectively leverage the Fund's assets. The use of leverage, including short sales and other forms of leveraging such as lending portfolio securities, entering into futures contracts and engaging in forward commitment transactions, may magnify the Fund's gains or losses. Leverage also creates interest expense that may lower the Fund's overall returns.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets.

Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Options Risk:** The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other

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things, actual and anticipated changes in the value of the underlying reference asset. When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options.

<sup>●</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities and is also subject to many of the risks associated with debt securities, including interest rate risk. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

<sup>●</sup>

**Real Estate Investment Trust Risk:** The Fund is subject to the risk that REITs' and other real estate-related companies' share prices overall will decline over short or even long periods because of rising interest rates. During periods of high interest rates, REITs and other real estate related companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing from property purchases and improvements is more costly and difficult to obtain. REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

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

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Short Sales and Short Position Risk:** Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund's use of short sales in effect "leverages" the Fund. The Fund's short strategy depends on counterparties from which the Fund borrows securities. The Fund must post collateral when borrowing securities and the Fund is subject to the risk of default by a counterparty, which could result in a loss of collateral and money owed to the Fund.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

<sup>●</sup>

**Volatility Risk:** The Fund may be unsuccessful in maintaining a portfolio of investments that minimize volatility, and there is a risk that the Fund may experience more than minimal volatility. Securities held by the Fund are subject to price volatility and the prices may not be any less, and may be more, volatile than the market as a whole. In addition, the use of volatility management techniques may limit the Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in

GuideStone Funds Prospectus \| 113

------

the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the S&P 500<sup>®</sup> Index, during the same periods. In addition, the performance of the Bloomberg US Treasury Bills: 1-3 Months Index and a composite index are provided. The other securities market index shows how the Fund's performance compares with the returns of other securities market indexes that reflect market sectors in which the Fund invests, during the same periods. The Defensive Market Strategies Fund ("DMSF") Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of the two securities market indexes to reflect the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Treasury Bills: 1-3 Months <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; DMSF Composite Index (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since January 2020

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **J.P. Morgan Investment Management Inc.**  | **J.P. Morgan Investment Management Inc.**  |
| &nbsp;&nbsp; Matthew Bensen<br> Executive Director<br>| Since March 2026 |
| &nbsp;&nbsp; Judy Jansen<br> Executive Director<br>| Since March 2026 |
| &nbsp;&nbsp; Hamilton Reiner<br> Managing Director and<br> Chief Investment Officer of U.S. Core <br> Equity<br>| Since March 2026 |
| &nbsp;&nbsp; Raffaele Zingone<br> Managing Director<br>| Since March 2026 |

---

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

---

| | |
|:---|:---|
| **Neuberger Berman Investment Advisers LLC**  | **Neuberger Berman Investment Advisers LLC**  |
| &nbsp;&nbsp; Derek Devens, CFA<br> Managing Director and<br> Senior Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Rory Ewing<br> Managing Director and<br> Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Eric Zhou<br> Senior Vice President and<br> Portfolio Manager<br>| Since December 2021 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Jennifer Mihara<br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

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

---

| | |
|:---|:---|
| **PGIM Quantitative Solutions LLC**  | **PGIM Quantitative Solutions LLC**  |
| &nbsp;&nbsp; Devang Gambhirwala<br> Principal and Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Joel M. Kallman, CFA<br> Vice President and Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Edward J. Tostanoski III, CFA<br> Principal and Portfolio Manager<br>| Since April 2025 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

114 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Impact Bond Fund** | **Institutional** GMBYX |
| **GuideStone Funds Impact Bond Fund** | **Investor** GMBZX |

---

**Investment Objective**

The Impact Bond Fund seeks to maximize total return while preserving capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Impact Bond Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.38]% | &nbsp;&nbsp; [0.38]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ] % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 0.47% for the Institutional Class and 0.72% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 115

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**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in fixed income instruments. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>●</sup>

The Fund seeks to make investments that generate positive impact in accordance with GuideStone Capital Management, LLC's ("the Adviser") Christian values, alongside financial returns. The Adviser utilizes its impact framework to assess whether its investments with nonprofit organizations, and the Sub-Advisers' investments in companies, effectively promote the Adviser's three impact themes: Sanctity of Life and Spreading the Gospel; Human Dignity and Advancement; and Stewardship of God's Creation.

<sup>●</sup>

The Fund invests primarily in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The U.S. government, its agencies and instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Domestic banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Foreign governments, banks and corporations.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Municipal bonds, the interest of which is taxable or tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Repurchase agreements related to the above instruments.

<sup>●</sup>

When selecting investments, the Adviser and/or Sub-Adviser(s) will consider whether investments promote impact goals, including, but not limited to, decent work and economic growth, good health and well-being, quality education, reduced inequalities, affordable and clean energy and responsible consumption and production.

<sup>●</sup>

The average credit quality rating for the Fund's portfolio will be greater than or equal to "A" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 5% of its assets in below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

<sup>●</sup>

The average dollar-weighted duration of the Fund normally varies, in years, between +/- 20% of the duration of the Bloomberg US Aggregate Bond Index. As of March 31, 2026, the average dollar-weighted duration of the Index was [5.96] years. Duration measures the sensitivity of a fixed income security's price to changes in

interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with shorter dollar-weighted average duration.

<sup>●</sup>

The Fund may hold assets in obligations denominated in currencies other than the U.S. dollar and may also invest in U.S. dollar-denominated securities of foreign issuers. Unhedged non-U.S. dollar currency exposure is limited to 5% of the Fund's total market value.

<sup>●</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. A Sub-Adviser may make currency investment decisions independent of its underlying security selections. The Fund may also use derivatives, including futures, options, swaps and forwards as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>●</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest its uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

In addition, the Adviser may allocate assets to debt securities of other funds, pooled investment vehicles and nonprofit organizations that it believes will generate both a positive impact congruent with its Christian values and financial returns.

<sup>●</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

116 \| GuideStone Funds Prospectus

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**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Impact Investing Risk, Faith-Based Investing Risk, Market Risk, Duration Risk, Credit Risk and Mortgage- and Asset-Backed Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's or the equivalent by S&P Global Ratings or Fitch or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small

changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Duration Risk:** Fixed income securities with longer durations (*e.g.*, greater than seven years) may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. The longer a fund's dollar weighted average duration, the more sensitive that fund will be to interest rate changes as compared to funds with shorter dollar weighted average durations.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration 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 Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Board of Governors of the Federal Reserve System continued to lower interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance

GuideStone Funds Prospectus \| 117

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will be negatively impacted. Recent and potential future changes in government policy may affect interest rates. Changing interest rates, including rates that fall below zero, can be sudden and unpredictable and may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. The Fund is also subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>●</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>●</sup>

**Impact Investing Risk:** The Fund's impact investing criteria could cause it to perform differently compared to funds that do not apply such criteria. The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that

criteria, which may adversely affect investment performance. In evaluating an investment, the Adviser and the Sub-Advisers are dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of the Fund's impact investing strategy will depend upon the Adviser's and each Sub-Adviser's skill in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may

118 \| GuideStone Funds Prospectus

------

lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold

long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than what is available for corporate equities or bonds. Special factors, such as potential legislative changes and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality or state in which the Fund invests may have an impact on the Fund's share price. In addition, the secondary market for certain municipal bonds may not be as developed or liquid as other securities markets, which may adversely affect the Fund's ability to sell such municipal bonds at attractive prices.

<sup>●</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund 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 Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has 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. Such a move, 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 increase volatility in the fixed income markets.

<sup>●</sup>

**Repurchase Agreement Risk:** The obligations of a counterparty to a repurchase agreement are not guaranteed. The Fund permits various forms of securities as collateral whose values fluctuate and are issued or guaranteed by the U.S. government. There are risks that a counterparty may default at a time when the collateral has declined in value, or a counterparty may become insolvent, which may affect the Fund's right to control the collateral. Repurchase agreements are subject to credit risk. If the seller in a repurchase agreement transaction defaults on its obligations to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights.

<sup>●</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S. Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these

GuideStone Funds Prospectus \| 119

------

securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing the performance and the annual total return of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, compare to the performance of a broad-based securities market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | 01/27/2023 |
| &nbsp;&nbsp; Investor Class after taxes on <br> distributions<br>| [ ]% | [ ]% |  |
| &nbsp;&nbsp; Investor Class after taxes on <br> distributions and sale of Fund <br> shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | 01/27/2023 |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% |  |

---

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

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since January 2023

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC** | **Parametric Portfolio Associates LLC** |
| &nbsp;&nbsp; Richard Fong, CFA<br> Managing Director of Investment <br> Management<br>| Since January 2023 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Senior Portfolio Manager<br>| Since January 2023 |

---

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

---

| | |
|:---|:---|
| **RBC Global Asset Management (U.S.) Inc.** | **RBC Global Asset Management (U.S.) Inc.** |
| &nbsp;&nbsp; Brian Svendahl, CFA<br> Managing Director and Senior Portfolio <br> Manager, U.S. Fixed Income <br>| Since January 2023 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

120 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Equity Index Fund** | **Institutional** GEQYX |
| **GuideStone Funds Equity Index Fund** | **Investor** GEQZX |

---

**Investment Objective**

The Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500<sup>®</sup> Index.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Equity Index Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.09]% | &nbsp;&nbsp; [0.09]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 121

------

**Principal Investment Strategies**

<sup>●</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets in the equity securities (primarily common stocks and stock index derivatives) included in the S&P 500<sup>®</sup> Index, in weightings that approximate the relative composition of the securities contained in the S&P 500<sup>®</sup> Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>●</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed options, futures and swap agreements, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The S&P 500<sup>®</sup> Index;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Companies included in the S&P 500<sup>®</sup> Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Stock indexes other than but similar to the S&P 500<sup>®</sup> Index.

<sup>●</sup>

The companies chosen for inclusion in the S&P 500<sup>®</sup> Index tend to be industry leaders within the U.S. economy as determined by Standard & Poor's<sup>®</sup> ("S&P<sup>®</sup>"). However, companies are not selected for inclusion by S&P<sup>®</sup> because they are expected to have superior stock price performance relative to the market in general or other stocks in particular.

<sup>●</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the S&P 500<sup>®</sup> Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the S&P 500<sup>®</sup> Index. The Fund generally uses a replication method to track the S&P 500<sup>®</sup> Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the S&P 500<sup>®</sup> Index has none), returns are likely to be below those of the S&P 500<sup>®</sup> Index.

<sup>●</sup>

The correlation between the Fund's performance and the S&P 500<sup>®</sup> Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>●</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone

Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund may invest in equity securities of real estate investment trusts ("REITs") and other real estate related companies.

<sup>●</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other

122 \| GuideStone Funds Prospectus

------

party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>●</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund 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 the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may

GuideStone Funds Prospectus \| 123

------

lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>●</sup>

**Real Estate Investment Trust Risk:** The Fund is subject to the risk that REITs' and other real estate-related companies' share prices overall will decline over short or even long periods because of rising interest rates. During periods of high interest rates, REITs and other real estate related companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing from property purchases and improvements is more costly and difficult to obtain. REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-

Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

124 \| GuideStone Funds Prospectus

------

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Legal & General Investment Management America, Inc.**  | **Legal & General Investment Management America, Inc.**  |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Global Head of Index & ETFs<br>| Since August 2021 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Joseph LaPorta<br> Senior Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since October 2016 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since January 2020 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 125

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Global Real Estate Securities Fund** | **Institutional** GREYX |
| **GuideStone Funds Global Real Estate Securities Fund** | **Investor** GREZX |

---

**Investment Objective**

The Global Real Estate Securities Fund seeks to provide long-term capital appreciation and current income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Global Real Estate Securities Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.71]% | &nbsp;&nbsp; [0.71]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

126 \| GuideStone Funds Prospectus

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities of real estate investment trusts ("REITs") and other real estate related companies. The Fund defines a real estate related company as one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate. A REIT is a company dedicated to owning, and usually operating, income-producing real estate or to financing real estate.

<sup>●</sup>

A Sub-Adviser generally looks for real estate securities that have the potential to provide superior returns and focuses on companies with the potential for stock price appreciation and a record of paying dividends. A Sub-Adviser may sell a security when it no longer is deemed to meet these criteria or when other opportunities appear more attractive.

<sup>●</sup>

The Fund may invest in equity securities of REITs and other real estate related companies located throughout the world and in countries having economies and markets generally considered to be developed but may also invest in equity securities of REITs and other real estate related companies located in emerging markets. The Fund may invest in REITs and other real estate related companies of any size, including small-capitalization companies (companies with holdings greater than approximately $159.5 million but less than approximately $4.2 billion). Equity securities in which the Fund may invest include preferred stock and convertible preferred stock.

<sup>●</sup>

Depending on market conditions, the Fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others.

<sup>●</sup>

Under normal market conditions, the Fund will invest significantly (at least 40%, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30%) in securities of non-U.S. issuers. An issuer is considered to be from the country or countries where it generates operating income. A single issuer's geographic exposure, therefore, may be divided between countries, including between the United States and multiple other countries. The Fund will allocate its assets among no less than three countries. In addition, the Fund will consider notional exposure of its derivative investments when determining the percentage of its assets that are invested in non-U.S. issuers.

<sup>●</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the

limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Adviser uses different investment techniques to identify securities that it believes would be the most profitable to the Fund over the long term. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Real Estate Investment Trust Risk and Foreign Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to

GuideStone Funds Prospectus \| 127

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intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>●</sup>

**Dividend Paying Securities Risk:** There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

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

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public

128 \| GuideStone Funds Prospectus

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health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Preferred Stock Risk:** Some of the REITs and other real estate related company securities in which the Fund invests may be preferred stock that receives preference in the payment of dividends. Convertible preferred stock is exchangeable for common stock and may therefore be more volatile.

<sup>●</sup>

**Real Estate Concentration Risk:** The Fund concentrates its assets in the real estate industry, so an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may decrease due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments or because of overbuilding or lack of mortgage funds. The value of an individual property may also decline because of environmental liabilities or losses due to casualty or condemnation. Because of this concentration in the real estate industry, the value of the Fund's shares may change at different rates compared to the value of shares of a mutual fund with investments in a mix of different industries.

<sup>●</sup>

**Real Estate Investment Trust Risk:** The Fund is subject to the risk that REITs' and other real estate-related companies' share prices overall will decline over short or even long periods because of rising interest rates. During periods of high interest rates, REITs and other real estate related companies may lose appeal for investors who may

be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing from property purchases and improvements is more costly and difficult to obtain. In addition, equity REITs may be affected by changes in the value of the underlying properties they own, while mortgage REITs may be affected by the quality of any credit they extend. Equity and mortgage REITs are dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Domestic REITs could be adversely affected by failure to qualify for tax-free "pass-through" of net income and net realized gains under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from registration under the Investment Company Act of 1940, as amended. Foreign REITs could possibly fail to qualify for any beneficial tax treatments available in their local jurisdictions. Failure to meet these requirements may have adverse consequences on a Fund. For example, Japanese REITs ("J-REITs") are subject to complex tax regulation in Japan and a failure to comply with those requirements could disqualify the J-REIT from special tax benefits and reduce the amount available for distribution to J-REIT investors.

<sup>●</sup>

**Real Estate Sector Concentration Risk:** The Fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others. As such, its performance would be especially sensitive to developments that significantly affect those businesses.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) Index - Net, during the same periods. In addition, the performance of the FTSE EPRA Nareit Developed Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods. The

GuideStone Funds Prospectus \| 129

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performance of each index is shown for the same periods as shown for the performance of the Investor Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

<br>**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| MSCI ACWI (All Country World Index) Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |
| FTSE EPRA Nareit Developed Index - Net (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

130 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Heitman Real Estate Securities LLC**  | **Heitman Real Estate Securities LLC**  |
| &nbsp;&nbsp; Charles Harbin, CFA<br> Managing Director, Co-Head and <br> Portfolio Manager – Public Real <br> Estate Securities<br>| Since January 2020 |
| &nbsp;&nbsp; Jacques Perdrix<br> Executive Vice President and <br> Portfolio Manager – Europe<br>| Since November 2017 |
| &nbsp;&nbsp; Damon Wang, CFA<br> Senior Vice President and Portfolio <br> Manager – Asia Pacific <br>| Since June 2021 |
| &nbsp;&nbsp; Jeffrey Yurk, CFA<br> Managing Director, Co-Head and <br> Portfolio Manager – Public Real <br> Estate Securities<br>| Since January 2020 |

---

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

---

| | |
|:---|:---|
| **RREEF America L.L.C.**  | **RREEF America L.L.C.**  |
| &nbsp;&nbsp; Barry McConnell<br> Senior Portfolio Manager Liquid <br> Real Assets<br>| Since October 2021 |
| &nbsp;&nbsp; Chris Robinson<br> Regional Head of Liquid Real Assets<br>| Since September 2013 |
| &nbsp;&nbsp; Robert Thomas<br> Head of Investment Strategy Liquid <br> Real Assets<br>| Since January 2017 |
| &nbsp;&nbsp; David W. Zonavetch, CPA<br> Head of Investment Strategy Liquid <br> Real Assets<br>| Since August 2013 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 131

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

---

| | |
|:---|:---|
| **GuideStone Funds Value Equity Index Fund** | **Institutional** GVIYX |
| **GuideStone Funds Value Equity Index Fund** | **Investor** GVIZX |

---

**Investment Objective**

The Value Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000<sup>®</sup> Value Index.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Value Equity Index Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 0.25% for the Institutional Class and 0.50% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of Adviser fee payments or reimbursements only for the first year and is calculated assuming total annual Fund operating expenses, prior to payments or reimbursements, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

132 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets in the equity securities (primarily common stocks and stock index derivatives) included in the Russell 1000<sup>®</sup> Value Index, in weightings that approximate the relative composition of the securities contained in the Russell 1000<sup>®</sup> Value Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>●</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed futures, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Russell 1000<sup>®</sup> Value Index;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Companies included in the Russell 1000<sup>®</sup> Value Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Stock indexes comparable to the Russell 1000<sup>®</sup> Value Index.

<sup>●</sup>

The Russell 1000<sup>®</sup> Value Index measures the performance of the large capitalization value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with relatively lower price-to-book ratios, lower Institutional Brokers' Estimate System forecast medium-term (*i.e.,* two year) growth and lower sales per share historical growth (*i.e.,* five years). The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer to the large capitalization value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

<sup>●</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the Russell 1000<sup>®</sup> Value Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the Russell 1000<sup>®</sup> Value Index. The Fund generally uses a replication method to track the Russell 1000<sup>®</sup> Value Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the Russell 1000<sup>®</sup> Value Index has none), returns are likely to be below those of the Russell 1000<sup>®</sup> Value Index.

<sup>●</sup>

The correlation between the Fund's performance and the Russell 1000<sup>®</sup> Value Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

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

<sup>●</sup>

Pursuing its investment strategy to duplicate the investment composition of the Russell 1000<sup>®</sup> Value Index may at times cause the Fund to focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small

GuideStone Funds Prospectus \| 133

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changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Financial Services Sector Risk:** Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions and interest rates, credit rating downgrades and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial services sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

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

<sup>●</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund 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 the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole.

134 \| GuideStone Funds Prospectus

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Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain

undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Russell 1000<sup>®</sup> Index, during the same periods. In addition, the performance of the Russell 1000<sup>®</sup> Value Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Return** year ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

GuideStone Funds Prospectus \| 135

------

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | 08/31/2022 |
| &nbsp;&nbsp; Investor Class after taxes on <br> distributions<sup>(1)</sup> <br>| [ ]% | [ ]% |  |
| &nbsp;&nbsp; Investor Class after taxes on <br> distributions and sale of Fund <br> shares<sup>(1)</sup> <br>| [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | 08/31/2022 |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Index (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| [ ]% | [ ]% |  |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Value <br> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Manager** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since August 2022

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Legal & General Investment Management America, Inc.**  | **Legal & General Investment Management America, Inc.**  |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Global Head of Index & ETFs<br>| Since August 2022 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Joseph LaPorta<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since August 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

136 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Value Equity Fund** | **Institutional** GVEYX |
| **GuideStone Funds Value Equity Fund** | **Investor** GVEZX |

---

**Investment Objective**

The Value Equity Fund seeks to provide long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Value Equity Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.58]% | &nbsp;&nbsp; [0.58]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 137

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which can include stock, stock futures, rights, warrants or securities convertible into stock. The Fund is diversified and focuses on large- and medium-sized U.S. companies (companies with holdings greater than approximately $2.0 billion) whose equity securities are considered by the Fund's Sub-Advisers to be value-oriented. Value-oriented investments are generally those that are trading at prices that the Sub-Advisers believe are below what the securities are worth or that may be out of favor with investors.

<sup>●</sup>

These value-oriented investments typically have lower price-to-earnings ratios, lower asset valuations and/or higher dividend yields relative to the U.S. market as a whole.

<sup>●</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest in American Depositary Receipts ("ADRs"), which represent ownership of underlying foreign securities that are denominated in U.S. dollars, regular shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets and foreign equity securities (including non-U.S. dollar denominated securities). The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>●</sup>

The Fund may invest in forward currency contracts in order to mitigate market exposure. Forwards will only be utilized for defensive hedging purposes (*i.e.,* hedging back to the U.S. dollar).

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. Each Sub-Adviser uses different investment styles to identify securities it believes are undervalued or are generally out of favor with investors. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

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

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Value Investing Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* ADRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Dividend Paying Securities Risk:** There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

138 \| GuideStone Funds Prospectus

------

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

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Financial Services Sector Risk:** Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions and interest rates, credit rating downgrades and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial services sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Forward Currency Contract Risk:** A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Foreign forward currency exchange contracts involve a risk of loss if currency exchange rates move against the Fund and are subject to counterparty risk.

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

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major

GuideStone Funds Prospectus \| 139

------

players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that

significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

<sup>●</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Russell 1000<sup>®</sup> Index, during the same periods. In addition, the performance of the Russell 1000<sup>®</sup> Value Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

140 \| GuideStone Funds Prospectus

------

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Index (reflects no deduction <br> for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **American Century Investment Management, Inc.**  | **American Century Investment Management, Inc.**  |
| &nbsp;&nbsp; Michael Liss, CFA, CPA<br> Vice President and<br> Senior Portfolio Manager<br>| Since March 2019 |
| &nbsp;&nbsp; Philip Sundell, CFA<br> Vice President and<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Kevin Toney, CFA<br> Chief Investment Officer – Global<br> Value Equity, Senior Vice President and<br> Senior Portfolio Manager<br>| Since March 2019 |
| &nbsp;&nbsp; Brian Woglom, CFA<br> Vice President and <br> Senior Portfolio Manager<br>| Since March 2019 |

---

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

---

| | |
|:---|:---|
| **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  |
| &nbsp;&nbsp; David W. Ganucheau, CFA<br> Senior Managing Director<br>| Since October 2012 |
| &nbsp;&nbsp; Mark Giambrone<br> Executive Director<br>| Since September 2019 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

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

---

| | |
|:---|:---|
| **TCW Investment Management Company, LLC**  | **TCW Investment Management Company, LLC**  |
| &nbsp;&nbsp; Iman H. Brivanlou, Ph.D.<br> Co-Portfolio Manager and<br> Managing Director<br>| Since October 2024 |
| &nbsp;&nbsp; Matthew J. Spahn<br> Co-Portfolio Manager and<br> Managing Director<br>| Since October 2024 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 141

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Growth Equity Index Fund** | **Institutional** GEIYX |
| **GuideStone Funds Growth Equity Index Fund** | **Investor** GEIZX |

---

**Investment Objective**

The Growth Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000<sup>®</sup> Growth Index. <br>

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Growth Equity Index Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.10]% | &nbsp;&nbsp; [0.10]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Fee repayment or** <br> **reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee repayment** <br> **or reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 0.25% for the Institutional Class and 0.50% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

142 \| GuideStone Funds Prospectus

------

**Principal Investment Strategies**

<sup>●</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets in the equity securities (primarily common stocks and stock index derivatives) included in the Russell 1000<sup>®</sup> Growth Index, in weightings that approximate the relative composition of the securities contained in the Russell 1000<sup>®</sup> Growth Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>●</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed futures, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Russell 1000<sup>®</sup> Growth Index;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Companies included in the Russell 1000<sup>®</sup> Growth Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Stock indexes comparable to the Russell 1000<sup>®</sup> Growth Index.

<sup>●</sup>

The Russell 1000<sup>®</sup> Growth Index measures the performance of the large capitalization growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with relatively higher price-to-book ratios, higher Institutional Brokers' Estimate System forecast medium-term (*i.e.,* two year) growth and higher sales per share historical growth (*i.e.,* five years). The Russell 1000<sup>®</sup> Growth Index is constructed to provide a comprehensive and unbiased barometer to the large capitalization growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

<sup>●</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the Russell 1000<sup>®</sup> Growth Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the Russell 1000<sup>®</sup> Growth Index. The Fund generally uses a replication method to track the Russell 1000<sup>®</sup> Growth Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the Russell 1000<sup>®</sup> Growth Index has none), returns are likely to be below those of the Russell 1000<sup>®</sup> Growth Index.

<sup>●</sup>

The correlation between the Fund's performance and the Russell 1000<sup>®</sup> Growth Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be

excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>●</sup>

Pursuing its investment strategy to duplicate the investment composition of the Russell 1000<sup>®</sup> Growth Index may at times cause the Fund to focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with

GuideStone Funds Prospectus \| 143

------

investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund 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 the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the

144 \| GuideStone Funds Prospectus

------

distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently

than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Russell 1000<sup>®</sup> Index, during the same periods. In addition, the performance of the Russell 1000<sup>®</sup> Growth Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Return** year ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

GuideStone Funds Prospectus \| 145

------

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | 08/31/2022 |
| &nbsp;&nbsp; Investor Class after taxes on <br> distributions<sup>(1)</sup> <br>| [ ]% | [ ]% |  |
| &nbsp;&nbsp; Investor Class after taxes on <br> distributions and sale of Fund <br> shares<sup>(1)</sup> <br>| [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | 08/31/2022 |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Index (reflects no <br> deduction for fees, expenses or <br> taxes)<br>| [ ]% | [ ]% |  |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Growth <br> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Manager** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since August 2022

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Legal & General Investment Management America, Inc.**  | **Legal & General Investment Management America, Inc.**  |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Global Head of Index & ETFs<br>| Since August 2022 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Joseph LaPorta<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since August 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

146 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Growth Equity Fund** | **Institutional** GGEYX |
| **GuideStone Funds Growth Equity Fund** | **Investor** GGEZX |

---

**Investment Objective**

The Growth Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Growth Equity Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.60]% | &nbsp;&nbsp; [0.60]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 147

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which can include stock, stock futures, rights, warrants or securities convertible into stock. The Fund focuses its investments in large- and medium-sized U.S. companies (companies with holdings greater than approximately $2.0 billion) whose equity securities are considered by the Fund's Sub-Advisers to have above-average potential for growth in revenue and earnings.

<sup>●</sup>

The Fund is classified as non-diversified under the Investment Company Act of 1940, and may invest more of its assets in fewer issuers than "diversified" mutual funds.

<sup>●</sup>

The Fund may invest in American Depositary Receipts ("ADRs"), which represent ownership of underlying foreign securities that are denominated in U.S. dollars, regular shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets and foreign equity securities (including non-U.S. dollar denominated securities). The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>●</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers use fundamental research to select securities they believe have above-average growth prospects but may make investment decisions for the Fund based on an analysis of differing factors, such as revenue and earnings growth or unanticipated positive earnings. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by

GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Growth Investing Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* ADRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

148 \| GuideStone Funds Prospectus

------

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

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk.

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>●</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>●</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend

to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology

GuideStone Funds Prospectus \| 149

------

malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Non-diversification Risk:** Because the Fund may hold larger positions in fewer securities than diversified funds, its performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

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

<sup>●</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Russell 1000<sup>®</sup> Index, during the same periods. In addition, the performance of the Russell 1000<sup>®</sup> Growth Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

150 \| GuideStone Funds Prospectus

------

<br>**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Index (reflects no deduction <br> for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **J.P. Morgan Investment Management Inc.**  | **J.P. Morgan Investment Management Inc.**  |
| &nbsp;&nbsp; Giri Devulapally, CFA<br> Managing Director <br>| Since May 2022 |
| &nbsp;&nbsp; Holly Morris<br> Managing Director <br>| Since May 2022 |
| &nbsp;&nbsp; Larry H. Lee<br> Managing Director <br>| Since May 2022 |
| &nbsp;&nbsp; Robert Maloney<br> Executive Director<br>| Since November 2022 |
| &nbsp;&nbsp; Joseph Wilson<br> Managing Director <br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| **Loomis, Sayles & Company, L.P.**  | **Loomis, Sayles & Company, L.P.**  |
| &nbsp;&nbsp; Aziz Hamzaogullari<br> Chief Investment Officer,<br> Growth Equity Strategies Team<br> and Portfolio Manager<br>| Since April 2015 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

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

---

| | |
|:---|:---|
| **Sands Capital Management, LLC**  | **Sands Capital Management, LLC**  |
| &nbsp;&nbsp; Benjamin H. Betcher, CFA<br> Senior Portfolio Manager and<br> Research Analyst<br>| Since January 2026 |
| &nbsp;&nbsp; Wesley A. Johnston, CFA<br> Senior Portfolio Manager and<br> Research Analyst<br>| Since January 2016 |
| &nbsp;&nbsp; Thomas H. Trentman, CFA<br> Senior Portfolio Manager and<br> Research Analyst<br>| Since November 2017 |

---

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

---

| | |
|:---|:---|
| **William Blair Investment Management, LLC**  | **William Blair Investment Management, LLC**  |
| &nbsp;&nbsp; James Golan, CFA<br> Partner and Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; David Ricci, CFA<br> Partner and Portfolio Manager<br>| Since May 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 151

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Small Cap Equity Fund** | **Institutional** GSCYX |
| **GuideStone Funds Small Cap Equity Fund** | **Investor** GSCZX |

---

**Investment Objective**

The Small Cap Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Small Cap Equity Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.87]% | &nbsp;&nbsp; [0.87]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

152 \| GuideStone Funds Prospectus

------

**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which may include stock, stock futures, rights, warrants or securities convertible into stock, of U.S. companies that, at the time of purchase, are in the small capitalization segment of the U.S. equity market, generally consistent with the capitalization range of companies comprising the Russell 2000<sup>®</sup> Index. The market capitalization range of the Russell 2000<sup>®</sup> Index changes with market conditions and due to modifications in its member composition. As of April 30, 2025, the market capitalization in the Russell 2000<sup>®</sup> Index ranged from $119.4 million to $7.4 billion. The Fund's portfolio is not limited to the companies listed in the Russell 2000<sup>®</sup> Index and, as such, is diversified among a large number of companies across different industries and economic sectors, such as the financial services sector. Because the Fund may continue to hold a security whose market capitalization increases or decreases over time, a portion of the Fund's holdings may have market capitalizations outside the range of the Russell 2000<sup>®</sup> Index at any given time.

<sup>●</sup>

The Fund is diversified with respect to equity securities possessing attractive fundamental values and strong growth prospects. Many of the companies in which the Fund invests retain their earnings to finance current and future growth.

<sup>●</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest in initial public offerings ("IPOs").

<sup>●</sup>

The Fund may invest in American Depositary Receipts ("ADRs"), which represent ownership of underlying foreign securities that are denominated in U.S. dollars, and regular shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>●</sup>

The Fund may invest up to 10% of its total assets in securities issued by other investment companies, including exchange-traded funds ("ETFs").

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers, using fundamental research and quantitative analysis, select securities that they believe have favorable investment characteristics but may make investment decisions for the Fund based on an analysis of differing factors, such as revenue and earnings growth, relative valuation, business catalysts or quality of management. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire

portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Small Capitalization Companies Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* ADRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

GuideStone Funds Prospectus \| 153

------

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

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Financial Services Sector Risk:** Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions and interest rates, credit rating downgrades and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial services sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>●</sup>

**Industrials Sector Risk:** Changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. In addition, these companies are at risk for environmental

and product liability damage claims. Also, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations could adversely affect the companies in this sector.

<sup>●</sup>

**Initial Public Offerings Risk:** The Fund may invest in IPOs, which entails special risks, including limited operating history of the issuing companies, unseasoned trading and limited liquidity.

<sup>●</sup>

**Investment Company Risk:** The Fund's investment in another investment company, including ETFs, may subject the Fund indirectly to the underlying risks of the investment company. The Fund will also bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants

154 \| GuideStone Funds Prospectus

------

are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Quantitative Strategy Risk:** Quantitative inputs and models use historical company, economic or industry data to evaluate prospective investments or to generate forecasts. Investments selected using quantitative methods may perform differently than analysis of their historical trends would suggest and may perform differently from the market as a whole. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. There can be no assurance that these methodologies will enable the Fund to achieve its objective or that the models will perform as expected.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and

economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the Russell 3000<sup>®</sup> Index, during the same periods. In addition, the performance of the Russell 2000<sup>®</sup> Index is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

GuideStone Funds Prospectus \| 155

------

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 3000<sup>®</sup> Index (reflects no deduction <br> for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index (reflects no deduction <br> for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

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| | |
|:---|:---|
| **American Century Investment Management, Inc.**  | **American Century Investment Management, Inc.**  |
| &nbsp;&nbsp; Ryan Cope, CFA<br> Portfolio Manager<br>| Since October 2020 |
| &nbsp;&nbsp; Jeff John, CFA<br> Vice President and <br> Senior Portfolio Manager<br>| Since October 2020 |

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

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| | |
|:---|:---|
| **Driehaus Capital Management LLC**  | **Driehaus Capital Management LLC**  |
| &nbsp;&nbsp; Jeffrey James<br> Lead Portfolio Manager<br>| Since March 2025 |
| &nbsp;&nbsp; Michael Buck<br> Portfolio Manager and Senior Analyst<br>| Since March 2025 |
| &nbsp;&nbsp; Prakash Vijayan, CFA<br> Assistant Portfolio Manager and Senior <br> Analyst<br>| Since March 2025 |

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

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| | |
|:---|:---|
| **Jacobs Levy Equity Management, Inc.**  | **Jacobs Levy Equity Management, Inc.**  |
| &nbsp;&nbsp; Bruce I. Jacobs, Ph.D.<br> Principal, Co-Chief Investment <br> Officer, Portfolio Manager and <br> Co-Director of Research<br>| Since September 2018 |
| &nbsp;&nbsp; Kenneth N. Levy, CFA<br> Principal, Co-Chief Investment <br> Officer, Portfolio Manager and<br> Co-Director of Research<br>| Since September 2018 |

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

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| | |
|:---|:---|
| **Nomura Investments Fund Advisers**<sup>(1)</sup>  | **Nomura Investments Fund Advisers**<sup>(1)</sup>  |
| &nbsp;&nbsp; Christopher S. Adams, CFA<br> Managing Director and <br> Senior Portfolio Manager – U.S. <br> Core Equity<br>| Since September 2018 |
| &nbsp;&nbsp; Michael S. Morris, CFA<br> Managing Director and <br> Senior Portfolio Manager – U.S. <br> Core Equity<br>| Since September 2018 |
| &nbsp;&nbsp; Donald G. Padilla, CFA<br> Managing Director and <br> Senior Portfolio Manager – U.S. <br> Core Equity<br>| Since September 2018 |
| &nbsp;&nbsp; David E. Reidinger<br> Managing Director and <br> Head of U.S. Core Equity<br>| Since September 2018 |
| &nbsp;&nbsp; Christina Van Het Hoen<br> Senior Vice President and <br> Portfolio Manager – U.S. Core <br> Equity<br>| Since July 2024 |

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<sup>(1)</sup>

Formerly known as Delaware Investments Fund Advisers ("DIFA"). Service includes tenure with DIFA.

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| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

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

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| | |
|:---|:---|
| **TimesSquare Capital Management, LLC**  | **TimesSquare Capital Management, LLC**  |
| &nbsp;&nbsp; Grant Babyak<br> Chief Executive Officer and<br> Portfolio Manager<br>| Since August 2002 |
| &nbsp;&nbsp; David Ferriero, Ph.D.<br> Partner and <br> Portfolio Manager/Analyst<br>| Since May 2024 |
| &nbsp;&nbsp; Greg J. Vasse<br> Partner and <br> Portfolio Manager/Analyst<br>| Since July 2025 |

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**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

156 \| GuideStone Funds Prospectus

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

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| | |
|:---|:---|
| **GuideStone Funds International Equity Index Fund** | **Institutional** GIIYX |
| **GuideStone Funds International Equity Index Fund** | **Investor** GIIZX |

---

**Investment Objective**

The International Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the International Equity Index Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.11]% | &nbsp;&nbsp; [0.11]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities) to 0.50% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

GuideStone Funds Prospectus \| 157

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**Principal Investment Strategies**

<sup>●</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets in the equity securities (primarily common stocks and stock index derivatives) included in the MSCI EAFE Index, in weightings that approximate the relative composition of the securities contained in the MSCI EAFE Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>●</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed futures and foreign currency forward contracts, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The MSCI EAFE Index;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Companies included in the MSCI EAFE Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Stock indexes comparable to the MSCI EAFE Index.

<sup>●</sup>

The MSCI EAFE Index is as an equity index which captures large- and mid-cap representation across developed market countries around the world, excluding the United States and Canada. The MSCI EAFE Index covers approximately 85% of the free float-adjusted market capitalization in each country. As of March 31, 2026, the MSCI EAFE Index consisted of [694 constituents, representing the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.]

<sup>●</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the MSCI EAFE Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the MSCI EAFE Index. The Fund generally uses a replication method to track the MSCI EAFE Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the MSCI EAFE Index has none), returns are likely to be below those of the MSCI EAFE Index.

<sup>●</sup>

Because the proportion of assets allocated to each country will approximate the relative country weights in the MSCI EAFE Index, more than 25% of the Fund's assets may be invested in a single country (such as the United Kingdom and Japan). This may make the Fund's performance more dependent upon the performance of a single country than if the Fund allocated its assets among issuers in a larger number of countries.

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

<sup>●</sup>

The correlation between the Fund's performance and the MSCI EAFE Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>●</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges in foreign currencies.

<sup>●</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the international equity markets or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

158 \| GuideStone Funds Prospectus

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

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs, European Depositary Receipts and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of

derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Geographic Concentration Risk:** Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

<sup>●</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund 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 the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment

GuideStone Funds Prospectus \| 159

------

concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>●</sup>

**Japan Risk:** The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund. The Japanese yen has fluctuated widely during recent periods and may be affected by currency volatility elsewhere in Asia, especially Southeast Asia. In addition, the yen has had a history of unpredictable and volatile movements against the U.S. dollar. The performance of the global economy could have a major impact upon equity returns in Japan. Since the mid-2000s, Japan's economic growth has remained relatively low. A recent economic recession was likely compounded by an unstable financial sector, low domestic consumption and certain corporate structural weaknesses, which remain some of the major issues facing the Japanese economy. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which could negatively affect the Fund.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption

could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>●</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor

160 \| GuideStone Funds Prospectus

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performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index during the same periods. The performance of each index is shown for the same periods as shown for the performance of the Institutional Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Institutional Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; Investor Class before <br> taxes<br>| [ ]% | N/A | [ ]% | 04/29/2022 |
| &nbsp;&nbsp; Investor Class after <br> taxes on distributions<sup>(1)</sup> <br>| [ ]% | N/A | [ ]% |  |
| &nbsp;&nbsp; Investor Class after <br> taxes on distributions <br> and sale of Fund <br> shares<sup>(1)</sup> <br>| [ ]% | N/A | [ ]% |  |
| &nbsp;&nbsp; Institutional Class <br> before taxes<br>| [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 06/01/2015 |
| &nbsp;&nbsp; MSCI EAFE Index - <br> Net (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Legal & General Investment Management America, Inc.**  | **Legal & General Investment Management America, Inc.**  |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Global Head of Index & ETFs<br>| Since August 2021 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Joseph LaPorta<br> Senior Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since October 2016 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since January 2020 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 161

------

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

---

| | |
|:---|:---|
| **GuideStone Funds International Equity Fund** | **Institutional** GIEYX |
| **GuideStone Funds International Equity Fund** | **Investor** GIEZX |

---

**Investment Objective**

The International Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the International Equity Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.76]% | &nbsp;&nbsp; [0.76]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

162 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which may include stock, stock futures, rights, warrants or securities convertible into stock, of foreign companies. An issuer is considered to be from the country where it is headquartered or incorporated, where the majority of its assets are located or where it generates the majority of its operating income. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>●</sup>

The Fund primarily invests in equity securities of foreign companies in countries having economies and markets generally considered to be developed but may also invest in equity securities of foreign companies located in emerging markets.

<sup>●</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges.

<sup>●</sup>

The Fund generally intends to remain diversified across countries and geographical regions, although it has the flexibility to invest a significant portion of its assets in one country or region.

<sup>●</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>●</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>●</sup>

The Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets. When the Fund takes a short position, it sells at the current market price a stock it has borrowed in anticipation of a decline in the market price of the stock. The Fund intends to reinvest the proceeds from its short sales by taking additional long positions in stocks. This investment technique is known as "leverage," which increases risk and may magnify the Fund's gains or losses.

<sup>●</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. Sub-Advisers may make currency investment decisions independent of their underlying security selections. The Fund may also use derivatives, including futures, options, forward contracts and swap agreements as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone

Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, practice different investment styles that the Adviser believes complement one another. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Derivatives Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the international equity markets or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to

GuideStone Funds Prospectus \| 163

------

intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs, European Depositary Receipts and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>●</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or

development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Financial Services Sector Risk:** Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions and interest rates, credit rating downgrades and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial services sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures

164 \| GuideStone Funds Prospectus

------

have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>●</sup>

**Geographic Concentration Risk:** Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

<sup>●</sup>

**Japan Risk.** The Japanese economy may be subject to economic, political and social instability, which could have a negative impact on Japanese securities. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. Furthermore, the Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. At times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market and an unstable financial services sector. International trade, government support of the financial services sector and other troubled sectors, government policy, natural disasters, an aging demographic and declining population and/or geopolitical developments associated with actual or

potential conflicts with one or more countries in Asia could significantly affect the Japanese economy. Strained foreign relations with neighboring countries (China, South Korea, North Korea and Russia) may not only negatively impact the Japanese economy but also the geographic region as well as globally. A significant portion of Japan's trade is conducted with developing nations and can be affected by conditions in these nations or by currency fluctuations. Japan is an island state with few natural resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy. In addition, Japan's economy has in the past and could in the future be significantly impacted by natural disasters.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Leverage Risk:** The Fund is subject to leverage risk. Leveraging occurs when the Fund increases its assets available for investment using borrowings or similar transactions. Due to the fact that short sales involve borrowing securities and selling them, the Fund's short sales effectively leverage the Fund's assets. The use of leverage, including short sales and other forms of leveraging such as lending portfolio securities, entering into futures contracts and engaging in forward commitment transactions, may magnify the Fund's gains or losses. Leverage also creates interest expense that may lower the Fund's overall returns.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major

GuideStone Funds Prospectus \| 165

------

players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Quantitative Strategy Risk:** Quantitative inputs and models use historical company, economic or industry data to evaluate prospective investments or to generate forecasts. Investments selected using quantitative methods may perform differently than analysis of their historical trends would suggest and may perform differently from the market as a whole. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. There can be no assurance that these methodologies will enable the Fund to achieve its objective or that the models will perform as expected.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that

significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Short Sales and Short Position Risk:** Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund's use of short sales in effect "leverages" the Fund. The Fund's short strategy depends on counterparties from which the Fund borrows securities. The Fund must post collateral when borrowing securities and the Fund is subject to the risk of default by a counterparty, which could result in a loss of collateral and money owed to the Fund.

<sup>●</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the

166 \| GuideStone Funds Prospectus

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performance of a broad-based securities market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/25

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; MSCI EAFE Index - Net (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Altrinsic Global Advisors, LLC**  | **Altrinsic Global Advisors, LLC**  |
| &nbsp;&nbsp; John L. DeVita, CFA, CPA<br> Portfolio Manager<br>| Since December 2020 |
| &nbsp;&nbsp; John D. Hock, CFA<br> Chief Executive Officer and <br> Portfolio Manager<br>| Since December 2020 |
| &nbsp;&nbsp; Rich McCormick, CFA<br> Portfolio Manager<br>| Since December 2020 |

---

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

---

| | |
|:---|:---|
| **AQR Capital Management, LLC**  | **AQR Capital Management, LLC**  |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D.<br> Managing and Founding Principal<br>| Since March 2008 |
| &nbsp;&nbsp; John J. Huss<br> Principal<br>| Since January 2022 |
| &nbsp;&nbsp; John M. Liew, Ph.D.<br> Founding Principal<br>| Since March 2008 |
| &nbsp;&nbsp; Laura Serban, Ph.D.<br> Principal<br>| Since January 2026 |

---

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

---

| | |
|:---|:---|
| **MFS Institutional Advisors, Inc.**  | **MFS Institutional Advisors, Inc.**  |
| &nbsp;&nbsp; Filipe Benzinho<br> Investment Officer<br>| Since May 2016 |
| &nbsp;&nbsp; Daniel Ling<sup>(1)</sup> <br>Investment Officer<br>| Since May 2016 |
| &nbsp;&nbsp; Harry Purcell<br> Investment Officer<br>| Since May 2025 |

---

------

<sup>(1)</sup> Effective June 30, 2026, Daniel Ling, will retire and will no longer serve as a portfolio manager to the Fund.

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Xiaozhen Li, Ph.D.<br> Director, Private Client Direct Group<br>| Since July 2024 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2024 |

---

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

---

| | |
|:---|:---|
| **WCM Investment Management, LLC**  | **WCM Investment Management, LLC**  |
| &nbsp;&nbsp; Sanjay Ayer, CFA<br> Portfolio Manager and<br> Business Analyst<br>| Since June 2020 |
| &nbsp;&nbsp; Paul R. Black<br> Co-Chief Executive Officer and<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Michael B. Trigg<br> Co-Chief Executive Officer and<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Jon Tringale<br> Portfolio Manager<br>| Since March 2022 |

---

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

---

| | |
|:---|:---|
| **Wellington Management Company LLP**  | **Wellington Management Company LLP**  |
| &nbsp;&nbsp; Mary L. Pryshlak, CFA<br> Senior Managing Director and<br> Head of Research<br>| Since March 2024 |
| &nbsp;&nbsp; Jonathan G. White, CFA<br> Managing Director and <br> Director, Research Portfolios<br>| Since March 2024 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

GuideStone Funds Prospectus \| 167

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

---

| | |
|:---|:---|
| **GuideStone Funds Emerging Markets Equity Fund** | **Institutional** GEMYX |
| **GuideStone Funds Emerging Markets Equity Fund** | **Investor** GEMZX |

---

**Investment Objective**

The Emerging Markets Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Emerging Markets Equity Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | &nbsp;&nbsp; [0.84]% | &nbsp;&nbsp; [0.84]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| **Fee reimbursement**<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee** <br> **reimbursement)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

<sup>(1)</sup>

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 1.03% for the Institutional Class and 1.28% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2027. If expenses fall below the levels noted above within three years from the date on which the Adviser made such reimbursement, the Fund may repay the Adviser so long as the repayment does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Directors of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee reimbursements or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to reimbursements or repayments, for all other periods. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **3 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **5 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |
| **10 Years** | &nbsp;&nbsp; $[ ] | &nbsp;&nbsp; $[ ] |

---

**Portfolio Turnover**

The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was []% of the average value of its portfolio.

168 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>●</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities that are economically tied to emerging markets. Equity securities may include stock, stock futures, rights, warrants or securities convertible into stock, of foreign companies, and the Fund may invest in companies with any market capitalization. The Fund considers emerging markets to include those markets included in the MSCI Emerging Markets Index. As of March 31, 2026, the MSCI Emerging Markets Index consisted of [1,206 constituents, representing the following 24 emerging markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.] An issuer is considered to be from the country where it is headquartered or incorporated, where the majority of its assets are located or where it generates the majority of its operating income. The Fund's investments in Chinese companies may be structured as variable interest entities. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>●</sup>

The Fund may invest in equity securities of foreign companies located in frontier markets. Frontier markets are a sub-set of emerging markets that are investable but that may have lower market capitalization and liquidity and may be more politically unstable than more developed emerging markets. Frontier markets include the least developed markets even by emerging markets standards.

<sup>●</sup>

The Fund generally intends to remain diversified across countries and geographical regions, although it has the flexibility to invest a significant portion of its assets in one country or region.

<sup>●</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>●</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges.

<sup>●</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>●</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. Sub-Advisers may make currency investment decisions independent of their underlying security selections. The Fund may also use derivatives, including futures, options, forward contracts and swap agreements as a substitute for

investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>●</sup>

The Fund may invest in initial public offerings ("IPOs").

<sup>●</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>●</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, practice different investment styles that the Adviser believes complement one another. The Adviser recommends sub-adviser selections to the Board of Directors of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>●</sup>

In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, the Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Derivatives Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the international equity markets or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>●</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the

GuideStone Funds Prospectus \| 169

------

outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>●</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>●</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs, European Depositary Receipts and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>●</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

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

<sup>●</sup>

**Emerging Markets Risk:** Investing in emerging markets countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging markets countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country and/or impose burdensome taxes that could adversely affect security prices. Also, there may be less publicly available information about emerging markets than would be available in more developed capital markets, and such issuers may not be subject to legal, accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the U.S. may not be applicable. In addition, the economies of emerging markets countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Securities markets in emerging markets countries are also relatively small and have substantially lower trading volumes. As a result, securities of issuers in emerging markets countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets. In times of market stress, regulatory authorities of different emerging markets countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

<sup>●</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>●</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>●</sup>

**Financial Services Sector Risk:** Performance of companies in the financial services sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions and interest rates, credit rating downgrades and

170 \| GuideStone Funds Prospectus

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decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial services sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.

<sup>●</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>●</sup>

**Frontier Markets Risk:** Investing in frontier markets involves greater risk than investing in traditional emerging markets because frontier countries generally have smaller economies, greater political instability and less developed capital markets, and as a result, the risks of investing in emerging markets countries are magnified in frontier countries.

<sup>●</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>●</sup>

**Geographic Concentration Risk:** Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

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

<sup>●</sup>

**Greater China Risk:** There are special risks associated with investments in China, Hong Kong and Taiwan (including Chinese issuers listed on Chinese and U.S. securities exchanges), such as risks relating to liquidity constraints, expropriation, nationalization, confiscatory taxation and exchange control regulations or currency blockage. Rapid fluctuations in currency exchange rates, inflation and/or interest rates may negatively affect the economy and securities markets of China. China is considered by the Fund to be an emerging market country, which that means an investment in this country is subject to heightened risks due to a lack of transparency and established legal and accounting standards and limited auditor oversight, including restrictions on the Public Company Accounting Oversight Board's (PCAOB) ability to inspect the audit work of public accounting firms, as well as the possibility for more widespread corruption and fraud. In addition, there may be significant obstacles to obtaining information necessary to conduct investigations into or pursue litigation against companies located in or operating substantially in China, and shareholders may have limited legal remedies with respect to such investments. Investments in Chinese issuers may also be subject to greater risk of volatility due to political or social unrest or military conflict. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and clearing and settlement risks.

<sup>●</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>●</sup>

**Initial Public Offerings Risk:** The Fund may invest in IPOs, which entails special risks, including limited operating history of the issuing companies, unseasoned trading and limited liquidity.

<sup>●</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger

GuideStone Funds Prospectus \| 171

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companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>●</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>●</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions, trade disputes or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Fund's investments. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events

could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>●</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>●</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>●</sup>

**Quantitative Strategy Risk:** Quantitative inputs and models use historical company, economic or industry data to evaluate prospective investments or to generate forecasts. Investments selected using quantitative methods may perform differently than analysis of their historical trends would suggest and may perform differently from the market as a whole. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. There can be no assurance that these methodologies will enable the Fund to achieve its objective or that the models will perform as expected.

<sup>●</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund

172 \| GuideStone Funds Prospectus

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focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>●</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>●</sup>

**Variable Interest Entities Risk:** Certain investments in Chinese companies may be made through special structures known as variable interest entities or "VIEs." Under the VIE structure, foreign investors such as the Fund own stock in a shell company rather than direct interests in the VIE, which must be owned by Chinese nationals (including Chinese companies) in order to operate in restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financial statements based on contractual arrangements that enable the shell company to exert a degree of control over, and accrue economic benefits from, the VIE without formal legal ownership. While the use of VIEs is a longstanding industry practice well known by Chinese officials and regulators, the Chinese government's acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based VIE. It is uncertain whether the contractual arrangements, which may give rise to actual or potential conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions by the Chinese government on the continued use of VIE structures, or the inability to enforce the underlying contracts from which the shell company derives its value, would likely cause the VIE-structured holdings to suffer significant, possibly permanent losses, and in turn, adversely affect the Fund's returns and net asset value.

<sup>●</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and

they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based securities market index, the MSCI ACWI (All Country World Index) ex USA Index - Net, during the same periods. In addition, the performance of the MSCI Emerging Markets Index - Net is provided to show how the Fund's performance compares with the returns of another securities market index that reflects the market sectors in which the Fund invests, during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

GuideStone Funds Prospectus \| 173

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<br>**Average Annual Total Returns** as of 12/31/25

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| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ] % |
| Investor Class after taxes on distributions<sup>(1)</sup> <br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex <br> USA Index - Net (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ] % |
| &nbsp;&nbsp; MSCI Emerging Markets Index - <br> Net (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ] % |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After tax returns are shown only for the Investor Class and after tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

**GuideStone Capital Management, LLC** <br>

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

Joshua Chastant Vice President – Portfolio Management Since January 2024

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

Brandon Pizzurro President and Chief Investment Officer Since April 2019

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **AQR Capital Management, LLC**  | **AQR Capital Management, LLC**  |
| &nbsp;&nbsp; Michele L. Aghassi, Ph.D.<br> Principal<br>| Since March 2016 |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D.<br> Managing and Founding Principal<br>| Since January 2022 |
| &nbsp;&nbsp; John J. Huss<br> Principal<br>| Since January 2022 |
| &nbsp;&nbsp; Laura Serban, Ph.D.<br> Principal<br>| Since January 2026 |

---

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

---

| | |
|:---|:---|
| **Goldman Sachs Asset Management, L.P.**  | **Goldman Sachs Asset Management, L.P.**  |
| &nbsp;&nbsp; Basak Yavuz<br> Managing Director<br>| Since June 2018 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC**  | **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Jennifer Mihara <br> Head of Equity Fund Management<br>| Since July 2024 |
| &nbsp;&nbsp; Gordon Wotherspoon<br> Head of Equity Separately Managed <br> Accounts<br>| Since July 2025 |

---

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

---

| | |
|:---|:---|
| **RBC Global Asset Management (U.K.) Limited**  | **RBC Global Asset Management (U.K.) Limited**  |
| &nbsp;&nbsp; Philippe Langham, ACA<br> Managing Director, Senior Portfolio <br> Manager and <br> Head of Equities Emerging Markets<br>| Since September 2019 |

---

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

---

| | |
|:---|:---|
| **Wellington Management Company LLP**  | **Wellington Management Company LLP**  |
| &nbsp;&nbsp; Bo Z. Meunier, CFA<br> Senior Managing Director and<br> Equity Portfolio Manager<br>| Since July 2021 |

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**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 175.

174 \| GuideStone Funds Prospectus

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**Summary of Other Important Fund Information**

**Purchase and Sale of Fund Shares**

*Purchase of Fund Shares*

**Investor Class Shares:** Any individual or entity may invest in Investor Class shares by making a minimum initial investment of $1,000 per Fund, except Investor Class shares of the Money Market Fund which have a minimum initial investment of $100. The $1,000 initial purchase minimum applies separately to each Fund of GuideStone Funds (the "Trust") that you own. In addition, the following minimums apply to subsequent purchases of Investor Class shares of a Fund. Clients of GuideStone Personal Advisory Services, offered by GuideStone Advisors, LLC, an affiliate of the Trust and GuideStone Capital Management, LLC, are not subject to these minimum requirements.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Minimum Subsequent**<br> **Purchases**<br>|
| Automatic Investment Plans | $100 |
| Exchanges from another Fund | $250 |
| Individual Retirement Accounts ("IRAs") | $100 |
| GuideStone Investment Accounts and Uniform Gifts/Transfers to Minors Accounts | $100 |

---

**Institutional Class Shares:** Institutional Class shares are available for purchase directly from a Fund by any individual or entity by making a minimum initial investment of $1,000,000 (there is no minimum subsequent investment) in the Funds of the Trust in the aggregate, unless an investor purchases shares by or through financial intermediaries that have entered into an appropriate agreement with the Trust or its affiliate(s). In addition, investors that hold Institutional Class shares of the Funds of the Trust that were acquired prior to May 1, 2014, remain eligible to purchase and hold Institutional Class shares irrespective of whether their initial investment exceeded $1,000,000.

Participant-directed employee benefit plans that are not serviced by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources") are not eligible to purchase Institutional Class shares directly from the Funds but may do so through certain authorized financial intermediaries. If Institutional Class shares are purchased through a GuideStone-Serviced Plan or a participant-directed employee benefit plan serviced by an authorized financial intermediary other than GuideStone Financial Resources, the policies, procedures and minimum investment requirements relating to these purchases will differ from those set forth herein, and additional fees may apply to your investment in the Fund(s). A "GuideStone-Serviced Plan" means an employee benefit plan that allows its participants to direct their own investments, and through which recordkeeping and other administrative services are provided by GuideStone Financial Resources under an agreement permitting the purchase of Institutional Class shares. For more information about Institutional Class shares, please contact GuideStone at 1-888-GS-FUNDS (1-888-473-8637).

At the discretion of the Trust's officers, the minimum investment requirements for any class of shares may be waived.

*Sale of Fund Shares*

Shares of a Fund are redeemable, and may be redeemed on any business day, through the website at *GuideStoneFunds.com*; by mail at GuideStone Funds, P.O. Box 534446, Pittsburgh, PA 15253-4446 (for overnight delivery, GuideStone Funds, Attention 534446, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by telephone at 1-888-GS-FUNDS (1-888-473-8637). (Purchases and redemptions by telephone are only permitted if you establish these options on your account.) You may also purchase or redeem shares of a Fund through certain other financial intermediaries. You may be charged a fee for effecting transactions through these financial intermediaries.

**Tax Information**

Generally, a Fund's distributions are taxable to you as ordinary income or long-term capital gains, except when your investment in a Fund is made through a 403(b) plan, a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged arrangement, from which withdrawals may be taxed as ordinary income. However, the Money Market Fund and Low-Duration Bond Fund expect, based on their investment objective and strategies, that their distributions, if any, will consist primarily of ordinary income.

GuideStone Funds Prospectus \| 175

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of a Fund through a broker-dealer or other financial intermediary, the Fund or its related companies may pay the intermediary for the sale of the Fund's shares and for certain servicing and administrative functions. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

176 \| GuideStone Funds Prospectus

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**Additional Information Regarding the Funds**

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| **What is a mutual fund?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A mutual fund pools shareholders' money and, using professional management, invests in securities like stocks and <br> bonds.<br>|

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GuideStone Funds (the "Trust") is a family of mutual funds (each, a "Fund" and collectively, the "Funds") that offers a selection of Funds to investors, each with its own investment objective, strategies and risks. There is a separate Fund Summary for each Fund and other detailed information in the preceding pages. Please read each Fund Summary carefully before you invest. It is important that investors closely review and understand the risks of investing in the Funds.

The Trust's Funds are divided into three groups:

**Target Date Funds** — Each Target Date Fund (see pages 4 to 50) invests primarily in a diversified mix of the Select Funds that changes over time to meet a specified investment strategy. The Funds' investment adviser believes that blending asset classes, investment styles and money managers may reduce risk over the long term. Each Target Date Fund invests in the Institutional Class of the Select Funds.

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

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MyDestination 2015 Fund

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MyDestination 2025 Fund

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MyDestination 2035 Fund

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MyDestination 2045 Fund

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MyDestination 2055 Fund

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MyDestination 2065 Fund

**Target Risk Funds** — Each Target Risk Fund (see pages 51 to 74) invests primarily in a different mix of the Select Funds to meet a specified investment strategy. The Funds' investment adviser believes that blending investment styles and money managers may reduce risk over the long term. Each Target Risk Fund invests in the Institutional Class of the Select Funds.

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Conservative Allocation Fund

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Balanced Allocation Fund

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Moderately Aggressive Allocation Fund

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Aggressive Allocation Fund

**Select Funds** — Each Select Fund (see pages 75 to 174) invests directly in different types of fixed income obligations, equities and/or other investments to meet its investment objective.

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Money Market Fund

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Low-Duration Bond Fund

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Medium-Duration Bond Fund

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Global Bond Fund

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Strategic Alternatives Fund

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Defensive Market Strategies Fund

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Impact Bond Fund

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Equity Index Fund

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Global Real Estate Securities Fund

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Value Equity Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Value Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Growth Equity Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Growth Equity Fund

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Small Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

International Equity Index Fund

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International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Emerging Markets Equity Fund

GuideStone Funds Prospectus \| 177

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| **Who is the Adviser?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GuideStone Capital Management, LLC (the "Adviser") serves as the investment adviser to the Funds. The Adviser is <br> an affiliate of GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial <br> Resources"). Rather than making the day-to-day investment decisions for the Select Funds, the Adviser retains the <br> services of other investment management firms to do so. In addition, the Adviser allocates the Target Date Funds' and <br> Target Risk Funds' investments among the Select Funds. The Adviser may, from time to time, elect to trade individual <br> stocks, fixed income securities, private placements, third-party mutual funds or exchange-traded funds ("ETFs") for a <br> Fund.<br>|

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Each Select Fund uses various investment management firms (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") to manage its assets. The Adviser reviews the Sub-Advisers' performance, allocates the assets of a Select Fund among them and makes recommendations to the Board of Directors of the Trust ("Board of Directors") regarding changes to the Sub-Advisers. The Select Funds may change Sub-Advisers without shareholder approval.

**Changes to Investment Objective:** Each Fund's investment objective is not a fundamental policy and may be changed by the Board of Directors without shareholder approval.

**Faith-Based Investing:** In accordance with GuideStone Financial Resources of the Southern Baptist Convention's ("GuideStone Financial Resources") Christian values, a Fund does not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in a Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. The Funds may not be able to take advantage of certain investment opportunities due to these restrictions. These investment restrictions may only be changed if approved by GuideStone Financial Resources as the holder of a majority of the outstanding shares of the Trust, and not an individual Fund. A "majority of the outstanding shares of the Trust" is defined as greater than 50% of the shares shown on the books of the Trust or its transfer agent as then issued and outstanding, voted in the aggregate, but does not include shares which have been repurchased or redeemed by the Trust.

**Control by GuideStone Financial Resources:** In accordance with the Trust's Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of the Trust. The Funds will refuse to accept any investment that would result in a change of such control. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of the Trust. As of the date of this Prospectus, GuideStone Financial Resources also controlled the vote of at least a majority of the outstanding shares of each Fund.

The Funds are not insured or guaranteed by the Adviser, GuideStone Financial Resources, any bank, the Federal Deposit Insurance Corporation or any government agency. As with all mutual funds, your investment in the Funds involves investment risk, including the possible loss of the principal amount you invested. There is no guarantee that any Fund will be able to meet its investment objective.

**Target Date Fund and Target Risk Fund Asset Class Allocations:** Each Target Date Fund invests in the Select Funds according to the asset class allocation represented by its glide path, which is presented in each Target Date Fund's summary prospectus. Each Target Risk Fund invests in the Select Funds according to the asset class allocations represented by its asset class allocation table, which is presented in each Target Risk Fund's summary prospectus. The Select Funds are categorized by asset class below. A summary prospectus for each Select Fund is included in this prospectus.

178 \| GuideStone Funds Prospectus

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*<u>Fixed Income Select Funds</u>*

*Money Market Fund* — The Money Market Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable per share price of $1.00.

*Low-Duration Bond Fund* — The Low-Duration Bond Fund seeks current income consistent with preservation of capital.

*Medium-Duration Bond Fund* — The Medium-Duration Bond Fund seeks maximum total return consistent with preservation of capital.

*Global Bond Fund* — The Global Bond Fund seeks to maximize total return through capital gains and current income while preserving principal value.

*Impact Bond Fund* — The Impact Bond Fund seeks to maximize total return while preserving capital.

*<u>U.S. Equity Select Funds</u>*

*Defensive Market Strategies Fund* — The Defensive Market Strategies Fund seeks to provide long-term capital appreciation with reduced volatility compared to the equity market. Although the Fund is categorized as a "U.S. Equity Select Fund," it may also invest a portion of its assets in fixed income securities.

*Equity Index Fund* — The Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500<sup>®</sup> Index.

*Value Equity Index Fund* — The Value Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000 Value<sup>®</sup> Index.

*Value Equity Fund* — The Value Equity Fund seeks to provide long-term capital appreciation.

*Growth Equity Index Fund* — The Growth Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000 Growth<sup>®</sup> Index.

*Growth Equity Fund* — The Growth Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*Small Cap Equity Fund* — The Small Cap Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*<u>Non-U.S. Equity Select Funds</u>*

*International Equity Index Fund* — The International Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.

*International Equity Fund* — The International Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*Emerging Markets Equity Fund* — The Emerging Markets Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*<u>Real Assets Select Fund</u>*

*Global Real Estate Securities Fund* — The Global Real Estate Securities Fund seeks to provide long-term capital appreciation and current income.

GuideStone Funds Prospectus \| 179

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*<u>Alternatives Select Fund</u>*

*Strategic Alternatives Fund* — The Strategic Alternatives Fund seeks absolute returns with both lower volatility than and low correlation with traditional equity and fixed income markets.

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**Additional Information About Principal Strategies & Risks**

The following provides more information about the Funds' principal investment strategies and risks. Disclosure regarding non-principal investment strategies and risks is available in the Trust's Statement of Additional Information ("SAI").

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service Inc. or the equivalent by S&P Global Ratings or Fitch Inc./Fitch Ratings Ltd. or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) typically offer investors higher yields than other fixed income securities. The higher yields are usually justified by the weaker credit profiles of these issuers as compared to investment grade issuers. Below-investment grade securities include debt obligations of all types issued by U.S. and non-U.S. corporate and governmental entities, including bonds, debentures and notes, loan interests and preferred stocks that have priority over any other class of stock of the entity as to the distribution of assets or the payment of dividends. A below-investment grade security itself may be convertible into or exchangeable for equity securities, or it may carry with it the right to acquire equity securities evidenced by warrants attached to the security or acquired as part of a unit with the security.

**Cash Overlay Program:** The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric Portfolio Associates LLC ("Parametric") whereby Parametric is responsible for monitoring and investing cash balances of each Fund, except the Money Market Fund. The Adviser and the Sub-Adviser(s) for each Fund determine the amount of each Fund's cash balances. Under the agreement, Parametric may from time to time invest in long positions in U.S. Treasury securities and/or derivative instruments (*e.g.,* exchange listed equity index futures contracts, currency futures, non-U.S. government bond futures and U.S. Treasury futures contracts) and/or invest in short positions in credit default swap indexes within the Target Date Funds and Target Risk Funds in order to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For each Fixed Income Select Fund (except the Money Market Fund), Parametric may also from time to time invest in long positions in derivative instruments (*e.g.,* U.S. Treasury futures contracts, non-U.S. government bond futures and currency futures) and/or invest in short positions in credit default swap indexes to adjust the market exposure on cash balances. For each Equity Select Fund, Parametric may from time to time invest in long or short positions in exchange listed equity index futures contracts and/or currency futures contracts to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For the Strategic Alternatives Fund, Parametric may invest in long or short positions in exchange listed equity futures contracts and U.S. Treasury futures contracts to gain market exposure on cash balances and to reduce Fund-level duration.

**Completion Portfolios:** The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric on behalf of the Funds (except the Money Market Fund, Equity Index Fund, Global Real Estate Securities Fund Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund). Each Fund has a well-defined risk/return profile. When a Fund's actual level and composition of risk varies from a Fund's desired risk exposure, the Adviser may allocate Fund assets to Parametric to implement one or more of its proprietary "completion portfolios." These "completion portfolios" are designed to be held alongside a Fund's long-term strategic investments and bring the Fund's risk exposure to desired levels, as defined by the Adviser. A completion portfolio may be used, for example, if a Sub-Adviser portfolio exhibits style drift, thereby causing a Fund's risk/return profile to be out of line with the Adviser's risk targets for a Fund. In such a situation, the Adviser may direct Parametric to apply the appropriate completion portfolio to restore the Fund's risk characteristics to the desired state.

**Contingent Convertible Securities:** The Global Bond Fund and Strategic Alternatives Fund may invest in contingent convertible securities ("CoCos"). CoCos are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuer's continued viability as a going concern. The unique equity conversion or principal write-down features of CoCos are tailored to the issuer and its regulatory requirements. These features may cause substantially greater risk exposure during times of market turmoil. CoCos typically will be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Factors that may impact the value of CoCos include, but are not limited to: economic, financial and political events that affect the issuer, its particular market or financial markets as a whole; creditworthiness of the issuer; general market conditions; fluctuations in the issuer's capital ratios; and the supply and demand for CoCos.

GuideStone Funds Prospectus \| 181

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One type of CoCo provides for mandatory conversion of the security into common stock of the issuer under certain circumstances. The mandatory conversion might relate, for example, to the issuer's failure to maintain a regulatory-required capital minimum. Because the common stock of the issuer may not pay a dividend, investors in such securities could experience reduced yields (or no yields at all) and conversion would worsen an investor's standing in the case of the issuer's insolvency. Another type of CoCo has characteristics designed to absorb losses, whereby the liquidation value of the security may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, in the event that losses have eroded the issuer's capital levels to below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security's par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. In addition, CoCos may have no stated maturity and may have fully discretionary coupons that can potentially be cancelled at the issuer's discretion or may be prohibited by the relevant regulatory authority from being paid in order to help the issuer absorb losses.

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| **What are derivatives?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives are investments whose values are based on (or "derived" from) a stock, bond, other asset or index. These <br> investments include options, futures contracts and similar investments. Futures and options are popular types of <br> derivatives because, generally, they are easily bought and sold and have market values that are regularly calculated and <br> published.<br>|

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**Derivatives:** The Select Funds (other than the Money Market Fund) may use long or short positions in derivatives such as, but not limited to, swaps, equity futures contracts and currency forwards, as well as options in order to maintain market exposure, to reduce market exposure, to maintain liquidity or to commit cash pending investment.

The Low-Duration Bond Fund and the Medium-Duration Bond Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options thereon (to hedge against fluctuation in foreign currencies or to gain exposure to foreign currencies); interest rate futures and options, yield curve options and options on stock indexes (for investment purposes); and credit default swaps, currency swaps, interest rate swaps, interest rate floors and caps and swaptions (for investment purposes and to hedge against fluctuations in foreign currencies and interest rates). The Low-Duration Bond Fund may also use options on mortgage-backed securities (for investment purposes and as a substitute for cash bonds), and the Medium-Duration Bond Fund may also use U.S. Treasury futures and options (for investment purposes).

The Global Bond Fund may use various types of derivative instruments including, but not limited to, futures contracts and options on futures (including U.S. Treasury futures contracts and options on futures) to alter the duration of the Fund and increase potential returns; forward currency exchange contracts (currency hedging); currency futures and options thereon (currency hedging); interest rate swaps, floors and caps (investment purposes); and credit default swaps and currency swaps (investment purposes and hedging).

The Strategic Alternatives Fund may use various types of derivative instruments including, but not limited to, non-deliverable forward exchange contracts; options and futures on stock indexes; currency options; interest rate swaps and interest rate futures; options on futures and swap agreements, such as credit default swaps, as a substitute for investing directly in an underlying asset, to increase return, to gain exposure to foreign markets and currencies, to hedge against losses or as an alternative to selling a security short.

The Defensive Market Strategies Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options and futures on stock indexes to gain exposure to foreign markets and currencies.

The Impact Bond Fund may use various types of forwards, futures, options and swaps, including, but not limited to, forward currency exchange contracts, options and futures on U.S. Treasury securities, interest rate swaps and interest rate futures, options on futures and swap agreements, such as credit default swaps, as a substitute for investing directly in an underlying asset, to increase return, to gain or maintain exposure to foreign markets and currencies, to hedge against losses, to reduce market exposure, to maintain liquidity, to commit cash pending investment or as an alternative to selling a security short.

182 \| GuideStone Funds Prospectus

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The Value Equity Index Fund and the Growth Equity Index Fund may use various types of derivative instruments including, but not limited to, swaps, equity futures contracts and options in order to maintain market exposure, to reduce market exposure, to maintain liquidity or to commit cash pending investment.

The Value Equity Fund may use forward currency exchange contracts in order to reduce market exposure.

The International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts, options and futures on stock indexes and equity swap agreements to gain exposure to foreign markets and currencies.

Each Target Date Fund and Target Risk Fund may invest its assets directly in exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts and/or U.S. Treasury securities in order to gain exposure to the U.S. equity and fixed income markets on cash balances. To the extent a Target Date Fund or a Target Risk Fund invests in a Select Fund that invest in derivatives, the Fund will have exposure to additional types of derivatives.

A Fund's use of derivatives may reduce its return and increase volatility. An investment in derivatives may rise or fall more rapidly than other investments. An investment in derivatives is subject to changes in the value of the underlying security on which the investment is based. Derivatives involve risks different from, and in some respects greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and a Fund could lose more than the amount it invests. Derivatives can have the potential for unlimited losses, for example, where a Fund may be called upon to deliver a security it does not own. Derivatives can be difficult to value and may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. There may be imperfect correlation between a derivative and the reference instrument, and the reference instrument may not perform as anticipated. Suitable derivatives may not be available in all circumstances, and there can be no assurance that a Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Derivatives may involve fees, commissions or other costs that may reduce a Fund's gains (if any) from the derivatives. The Fund may be required to provide margin in a manner that satisfies the contractual undertakings of a derivatives transaction. This may not prevent a Fund from incurring losses on derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund may remain obligated to meet margin requirements until a derivatives position is closed. The need to provide margin could also limit a Fund's ability to pursue other opportunities as they arise. In addition, a Fund's use of derivatives may have different tax consequences for the Fund than an investment in the reference instruments, and those differences may increase the amount and affect the timing and character of taxable distributions payable to shareholders.

Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. Counterparty risk may arise because of market activities and developments, the counterparty's financial condition (including financial difficulties, bankruptcy or insolvency), or other reasons. That risk is generally thought to be greater with over-the-counter ("OTC") derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations.

Although a Fund may attempt to hedge against certain risks, the hedging instruments may not perform as expected and could produce losses. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had the Fund not used the hedging instruments. It is possible that a Fund may not hedge certain risks in particular situations, even if suitable instruments are available.

Additional risks associated with certain types of derivatives are discussed below:

*Forward Contracts.* There are no limitations on daily price movements of forward contracts. Changes in foreign exchange regulations by governmental authorities might limit the trading of forward contracts. To the extent a Fund enters into non-U.S. currency forward contracts with banks, the Fund is subject to the risk of bank failure or the inability of or refusal by a bank to perform such contracts. There have been periods during which certain banks have refused to continue to quote prices for

GuideStone Funds Prospectus \| 183

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forward contracts or have quoted prices with an unusually widespread (the difference between the price at which the bank is prepared to buy and the price at which it is prepared to sell).

*Futures.* There can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. This could be the case if, for example, a future's price has increased or decreased by the maximum allowable daily limit and there is no buyer (or seller) willing to purchase (or sell) the futures contract that a Fund needs to sell (or buy) at that limit price.

*Options.* When a Fund writes a covered call option, it assumes the risk that it will have to sell the underlying instrument at an exercise price that may be lower than the market price of the instrument, and it gives up the opportunity to profit from a price increase in the underlying instrument above the exercise price. If a call option that a Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying instrument. In the case of an uncovered call option, there is a risk of unlimited loss. When an uncovered call is exercised, the Fund must either purchase the underlying instrument to meet its call obligations and the necessary instruments may be unavailable for purchase or settle obligations with a cash payment, and there is a risk of unlimited loss. If a call option that a Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying instrument during the option period.

When a Fund writes a put option, it assumes the risk that it will have to purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If the market price of the underlying instrument declines, a Fund would expect to suffer a loss. However, the premium a Fund received for writing the put should offset a portion of the decline. If an option that a Fund has purchased expires unexercised, the Fund will experience a loss in the amount of the premium it paid.

*Swaps.* Swap transactions generally do not involve delivery of reference instruments or payment of the notional amount of the contract. Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that a Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive. If a Fund sells a credit default swap, however, the risk of loss may be the entire notional amount of the swap. Swap agreements may shift a Fund's investment exposure from one type of investment to another.

Historically, the absence of an organized exchange or market for swap transactions led, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. Recent legislation requires many swaps to be executed through an organized exchange or regulated facility and cleared through a regulated clearing organization. The swap market continues to change as a result of this legislation, which could adversely affect a Fund. Moreover, the use of an organized exchange or market for swap transactions may not result in swaps being easier to trade or value.

**Duration:** Duration measures the time-weighted expected cash flows of a fixed income security, which can determine its sensitivity to changes in the general level of interest rates. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A Fund with a longer dollar-weighted average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Accordingly, the yield earned by a Fund will vary with changes in interest rates. Duration differs from maturity in that it considers a security's coupon payments in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen a Fund's duration. As the value of a security changes over time, so will its duration.

**Floating Rate Loans:** Senior secured and unsecured floating rate loans are generally acquired as a participation interest in, or assignment of, loans originated by U.S. banks and other financial institutions ("Senior Loans"). The Strategic Alternatives Fund may invest a portion of its assets in Senior Loans. Senior Loans hold a senior position in the capital structure of the borrower and are typically secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. Senior Loans typically have rates of interest that are re-determined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. Most loans are lower-rated investments. In the event a loan is not rated, it is likely to be the equivalent in quality to a lower-rated investment. The amount of public information available with respect to loans may be less extensive than that available for registered or exchange listed securities. In evaluating the creditworthiness of borrowers, a Sub-Adviser will consider, and may rely in part, on analyses performed by others.

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Senior loans are subject to liquidity risk, prepayment risk (*i.e.,* the risk that when interest rates fall, debt securities may be repaid more quickly than expected and the Fund may be required to reinvest in securities with a lower yield), extension risk (*i.e.,* the risk that when interest rates rise, debt securities may be repaid more slowly than expected and the value of a Fund's holdings may decrease), the risk of subordination to other creditors, restrictions on resale and the lack of a regular trading market and publicly available information. In addition, liquidity risk may be more pronounced for a Fund investing in loans because certain loans may have a more limited secondary market. These loans may be difficult to value. Senior loans may have extended trade settlement periods. Accordingly, the proceeds from the sale of a loan may not be available to make additional investments or to meet redemption obligations until potentially a substantial period after the sale of the loan. The extended trade settlement periods could force a Fund to liquidate other securities to meet redemptions and may present a risk that a Fund may incur losses in order to timely honor redemptions.

A Fund's investments in loans are subject to the risk that a Fund will not receive payment of interest, principal and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Fully secured loans offer a Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of a secured bank loan's collateral could satisfy the borrower's obligation or that the collateral would be readily liquidated. In addition, a Fund's access to collateral may be limited by bankruptcy or other insolvency laws. In the event of a default, a Fund may not recover its principal, may experience a substantial delay in recovering its investment and may not receive interest during the delay. Unsecured loans are subject to a greater risk of default than secured loans, especially during periods of deteriorating economic conditions. Unsecured loans also have a greater risk of nonpayment in the event of a default than secured loans because there is no recourse for the lender to collateral. Senior loans in which a Fund may invest may be made in order to finance highly leveraged corporate transactions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions. In addition, loan interests may be unrated, and a Fund's Sub-Adviser(s) may be required to rely exclusively on its analysis of the borrower in determining whether to acquire, or to continue to hold, a loan. Loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. To the extent that a Fund invests in loan participations and assignments, it is subject to the risk that the financial institution acting as agent for all interests in a loan might fail financially. It is also possible that a Fund could be held liable, or may be called upon to fulfill other obligations, as a co-lender.

**Foreign and Emerging Markets Risk:** Foreign securities, including those issued by foreign governments, involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic or economic instability; trade barriers and other protectionist trade policies (including those of the United States); fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance and legal standards. A Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities. In addition, key information about the issuer, the markets or the local government or economy may be unavailable, incomplete or inaccurate. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, securities issued by U.S. entities with substantial foreign operations may involve risks relating to political, economic or regulatory conditions in foreign countries, as well as currency exchange rates.

Investing in emerging markets countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging markets countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country and/or impose burdensome taxes that could adversely affect security prices. Also, there may be less publicly available information about emerging markets than would be available in more developed capital markets, and such issuers may not be subject to legal, accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the U.S. may not be applicable. In addition, the economies of emerging markets countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Securities markets in emerging markets countries are also relatively small and have substantially lower trading volumes. As a result, securities of issuers in emerging markets countries may be more volatile and less liquid than securities of issuers in foreign countries with more

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developed economies or markets. In times of market stress, regulatory authorities of different emerging markets countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging or less-developed markets' countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that a Fund holds material positions in such suspended securities or instruments, a Fund's ability to liquidate its positions or provide liquidity to investors may be compromised, and a Fund could incur significant losses.

In addition, foreign markets may perform differently than the U.S. market. Over a given period of time, foreign securities may underperform U.S. securities — sometimes for years. A Fund could also underperform if it invests in countries or regions whose economic performance falls short. To the extent that a Fund invests a portion of its assets in one country, state, region or currency, an adverse economic, business or political development may affect the value of the Fund's investments more than if its investments were not so invested.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. The ability to bring and enforce actions in emerging market countries may be limited and shareholder claims may be difficult or impossible to pursue. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable compared to developed markets. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize that ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. The effect of economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc.

**Foreign Currency Tax Risk:** As a regulated investment company, a Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code of 1986, as amended (the "Code"). The Funds treat foreign currency gains as qualifying income. You should be aware, however, that the U.S. Treasury Department has statutory authority to issue regulations excluding from the definition of qualifying income foreign currency gains not directly related to an underlying fund's business of investing in securities (*e.g.,* for purposes other than hedging an underlying fund's exposure to foreign currencies). As of the date of this prospectus, no regulations have been issued pursuant to this authorization. Such regulations, if issued, may result in a Fund being unable to qualify as a regulated investment company for one or more years. In this event, the Board of Directors may authorize a significant change in investment strategy or other action. Additionally, the Internal Revenue Service has not issued any guidance on how to apply the asset diversification test to foreign currency positions. Any determination by the Internal Revenue Service as to how to do so might differ from that of a Fund and may result in a Fund paying additional tax or a Fund's failure to qualify as a regulated investment company. In lieu of potential disqualification, a Fund is permitted to pay a tax for certain failures to satisfy the asset diversification test or income requirement, which, in general, are limited to those due to reasonable cause and not willful neglect. The lack of guidance provided by the Internal Revenue Service may be taken into account in determining whether any such failure is due to reasonable cause and not willful neglect. For more information, please see the "Taxation" section in the SAI.

**Funds of Funds:** In managing the Target Date Funds and the Target Risk Funds (collectively, the "Funds of Funds"), the Adviser has the authority to select and substitute Select Funds in which to invest. The Adviser is compensated by the Funds of Funds and by the Select Funds for advisory services provided. The Adviser is subject to conflicts of interest in allocating the

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Funds of Funds' assets both because the fees payable to a Fund of Funds by Select Funds differ and because the Adviser is responsible for managing the Select Funds (*i.e.,* the Adviser may have incentive to increase assets under management in a Select Fund or to support a particular investment strategy in a Select Fund).

In addition to the fees directly associated with the Funds of Funds, these Funds will indirectly bear the fees of the Select Funds in which they invest. An investor may invest directly in the Select Funds. Therefore, an investor may be able to realize lower aggregate expenses by investing directly in the Select Funds instead of in the Funds of Funds. However, an investor who chooses to invest directly in the Select Funds would not receive the asset allocation and rebalancing services provided by the Adviser.

Finally, the Adviser's authority to allocate investments among affiliated funds creates conflicts of interest. For example, investing in affiliated funds could cause the Funds of Funds to incur higher fees.

**Greater China Risk:** There are special risks associated with investments in China, Hong Kong and Taiwan markets, including the risk of losses due to liquidity constraints, expropriation, nationalization, confiscation of assets and property, repatriation of capital and restrictions on foreign investments. Investments in issuers with significant operations in China are subject to heightened risks related to political, legal and regulatory uncertainty; difficulty in obtaining information necessary to conduct investigations and/or pursue litigation against Chinese companies, including by foreign regulatory authorities, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; potential regional destabilization due to military conflict; inflation, fluctuations in currency exchange rates, inflation and/or interest rates; and economic interdependence of emerging market countries within the greater China region. Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the imposition of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a significant downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. Actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the United States, may negatively impact the value of such securities held by the Funds. Additionally, any difficulties of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to audits of U.S. reporting companies may impose significant additional risks associated with investments in China. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to the Funds.

**High Portfolio Turnover Risk:** Portfolio turnover measures how frequently securities held by a Fund are bought and sold. Portfolio turnover rates for the Select Funds may be somewhat higher than the rates of other similar mutual funds that have a single manager. Each of the Select Funds' Sub-Advisers makes decisions to buy or sell securities independently from other Sub-Advisers based on the Sub-Adviser's adherence to its stated investment strategies, as directed by the Adviser, and compliance with the relevant Fund's investment objective, policies and limitations. Thus, one Sub-Adviser to a Fund could decide to sell a security when another Sub-Adviser to the Fund decides to purchase the same security, thereby increasing a Fund's portfolio turnover rate. When a Select Fund replaces a Sub-Adviser, the new Sub-Adviser may restructure the portfolio account, which may result in high profile turnover and increased transaction costs. In addition, portfolio turnover may be attributable to a change in circumstances of a particular company or within a particular industry or in general market, economic or financial conditions. Higher portfolio turnover rates (100% or more) may result in higher levels of realized gains or losses and/or may increase expenses. Tax effects and trading costs associated with portfolio turnover may result in lower investment returns. Additional information on the Funds' portfolio turnover can be found in the section entitled "Financial Highlights."

**Impact Investing:** Impact investing involves seeking investments in securities in order to generate positive impact in accordance with GuideStone Financial Resources' Christian values, alongside financial returns. The Adviser utilizes its impact framework to assess whether its investments with nonprofit organizations and funds, and a Sub-Adviser's investments in companies and government securities, effectively promote the Adviser's three impact themes:

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Sanctity of Life and Spreading the Gospel: Investing in organizations that seek to protect life, enhance living conditions and proclaim the Gospel;

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Human Dignity and Advancement: Investing in organizations that seek to improve health care and provide advancements in technology, education and employment training; and

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

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Stewardship of God's Creation: Investing in organizations that seek to enhance the efficiency and accessibility of life-sustaining resources such as water and land.

When selecting investments, the Adviser and/or a Sub-Adviser may consider the proportion of a company's revenues or business activities that advance one or more of these impact themes, the extent to which a company's products or services address unmet needs (*e.g.,* the extent to which products and services promote decent work and economic growth, good health and well-being, quality education, reduced inequalities, affordable and clean energy and responsible consumption and production) and the extent to which the impact a company achieves over time can be quantified.

A Fund's impact investing criteria could cause it to perform differently compared to funds that do not apply such criteria. The application of impact investing criteria carries the risk that, under certain market conditions, a Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. In evaluating an investment, the Adviser or a Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment.

In addition, there is a risk that the securities identified by the impact criteria do not operate as expected in achieving the expected impact. A security's performance under the impact criteria or the Adviser's or a Sub-Adviser's assessment of a security's performance under the impact criteria could vary over time, which could cause a Fund to be temporarily invested in one or more companies that do not comply with a Fund's approach towards impact investing. There are significant differences in interpretations of what it means for a security to achieve a positive impact. Successful application of a Fund's impact investing strategy will depend upon the Adviser's and each Sub-Adviser's skill in properly identifying, analyzing and/or evaluating impact investing issues. The Adviser's or a Sub-Adviser's definition of impact investing or security selection criteria could vary over time, which could cause a Fund to be temporarily invested in one or more companies that do not comply with a Fund's approach towards impact investing. There is no guarantee that the Adviser's or a Sub-Adviser's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor.

**Inflation-Linked Debt Securities:** Inflation-linked debt securities are debt securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-linked debt securities will be adjusted downward, and consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Conversely, if the index measure of inflation rises, the principal value of inflation-linked debt securities will be adjusted upward, and consequently, the interest payable on these securities (calculated with respect to a larger principal amount) will be increased.

**Information Technology Sector Risk:** Companies operating within the information technology sector may be affected by worldwide technological developments, the success of their products and services (which may be outdated quickly), anticipated products or services that are delayed or cancelled and investor perception of the company and/or its products or services. These companies typically face intense competition and potentially rapid product obsolescence. They may also have limited product lines, markets, financial resources or personnel. Technology companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. These companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Technology companies are also potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The customers and/or suppliers of technology companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on these companies.

**Initial Public Offerings:** The market value of shares issued in an initial public offering ("IPO") will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When a Fund's asset base is small, a significant portion of a Fund's performance could be

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attributable to investments in IPOs, because such investments could have a magnified impact on a Fund. As a Fund's assets grow, the effect of a Fund's investments in IPOs on a Fund's performance will likely decline, which could reduce a Fund's performance.

**Interest Rate Risk:** In general, the value of investments with interest rate risk, such as debt securities or income-oriented equity securities that pay dividends, will move in the direction opposite to movements in interest rates. If interest rates rise, the value of such securities may decline. Interest rates may change in response to the supply and demand for credit, changes to government monetary policy and other initiatives and other factors. Debt securities have varying levels of sensitivity to changes in interest rates. 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 a Fund's debt securities to interest rate risk will increase with any increase in the duration of those securities. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. The link between interest rates and debt security prices tends to be weaker with lower-rated debt securities than with investment grade debt securities. Fluctuations in interest rates may affect the liquidity of fixed income securities and instruments held by a Fund.

**Large Shareholder Transactions Risk:** Shares held by large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as shares held by other Funds, may from time to time represent a substantial portion of a Fund's assets. Accordingly, a Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such large shareholders. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a Fund's performance. In the event of such redemptions or investments, a Fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Redemptions by these shareholders, or a high volume of redemption requests generally, may further increase a Fund's liquidity risk and may, in the case of the Money Market Fund, impact the Fund's ability to maintain a $1.00 share price. Such transactions may increase a Fund's brokerage and/or other transaction costs and affect the liquidity of a Fund's portfolio. In addition, when funds of funds (*e.g.*, the Target Date Funds or the Target Risk Funds) or other investors own a substantial portion of a Fund's shares, a large redemption by such an investor could cause actual expenses to increase, or could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Redemptions of Fund shares could also accelerate a Fund's realization of capital gains (which would be taxable to its shareholders when distributed to them) if sales of securities needed to fund the redemptions result in net capital gains. The impact of these transactions is likely to be greater when a Fund of Funds or other significant investor purchases, redeems or owns a substantial portion of a Fund's shares. A high volume of redemption requests can impact a Fund the same way as the transactions of a single shareholder with substantial investments.

**Liquidity Risk:** Certain investments may be difficult or impossible to sell at a time or price most favorable to a Fund, which could decrease the overall level of the Fund's liquidity and its ability to sell securities to meet redemptions. There is also a risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. A Fund may invest in securities or instruments that trade in lower volumes and may make investments that are less liquid than other investments. Also, a Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, a Fund may have to accept a lower price or may not be able to sell the security or instrument at all. An inability to sell one or more portfolio positions can adversely affect a Fund's value or prevent a Fund from being able to take advantage of other investment opportunities.

To the extent that the traditional dealer counterparties that engage in fixed income trading do not maintain inventories of bonds (which provide an important indication of their ability to "make markets") that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets. Additionally, market participants other than a Fund may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to illiquidity.

To the extent that a Fund invests in below-investment grade fixed income securities, small- and mid-capitalization stocks, real estate investment trusts ("REITs"), interval funds, private funds, similar pooled investment vehicles and emerging country issuers, it may be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all

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securities within a particular investment category, may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**Manager of Managers:** With respect to the Select Funds, the Adviser is a "manager of managers." The Adviser may allocate a Select Fund's assets among multiple Sub-Advisers, each of which is responsible for investing its allocated portion of the Fund's assets. The Adviser continuously monitors the performance and operations of the Sub-Advisers and the allocation of the assets of certain Select Funds among them. The Adviser is active in the selection of Sub-Advisers as well. To a significant extent, a Select Fund's performance will depend on the success of the Adviser in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. Because each Sub-Adviser manages its allocated portion of a Select Fund independently from another Sub-Adviser, the same security may be held in different portions of the Fund, or may be acquired for one portion of the Fund at a time when a Sub-Adviser to another portion deems it appropriate to dispose of the security from that other portion, resulting in higher expenses without accomplishing any net result in the Fund's holdings. Similarly, under some market conditions, one Sub-Adviser may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another Sub-Adviser believes continued exposure to the equity or fixed income markets is appropriate for its allocated portion of the Fund. Because each Sub-Adviser directs the trading for its own portion of a Select Fund and does not aggregate its transactions with those of the other Sub-Adviser(s), a Select Fund may incur higher brokerage costs than would be the case if a single Sub-Adviser were managing the entire Fund. In addition, while the Adviser seeks to allocate a Select Fund's assets among the Fund's Sub-Advisers in a manner that it believes is consistent with achieving the Fund's investment objective, the Adviser may be subject to potential conflicts of interest in allocating the Fund's assets among Sub-Advisers, to the extent that such activity could impact the Adviser's revenues and profits. Each Select Fund pays its Sub-Advisers directly. In the case of a Fund with multiple Sub-Advisers, the actual overall management fee of the Fund may change from time to time based on the allocation of the Fund's assets to its Sub-Advisers, which may charge different sub-advisory fees. Accordingly, changes in asset allocations among a Fund's Sub-Advisers may result in an increase or a decrease in the Fund's actual operating expenses. Similarly, termination of a Sub-Adviser or addition of a new Sub-Adviser may result in changes to actual operating expenses. The assets of multiple Funds or other accounts may be aggregated for purposes of calculating breakpoints in sub-advisory fees. Therefore, the Adviser's decision to increase or decrease the amount of Fund assets allocated to a particular Sub-Adviser also may serve to lower or increase, respectively, the sub-advisory fee (and therefore the actual overall management fee) of another Fund that aggregates its assets with the Fund. The Adviser is a fiduciary for the shareholders of the Funds 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 its analysis of qualitative and quantitative factors to act in a manner that it determines to be in the best interests of the Funds.

**Mortgage- and Asset-Backed Securities Risk:** A mortgage-backed security ("MBS") may be an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Some MBSs make payments of both principal and interest at a variety of intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). MBSs are based on different types of mortgages including those on commercial real estate or residential properties.

Asset-backed securities ("ABSs") have structural characteristics similar to MBSs. However, the underlying assets are not first lien mortgage loans or interests therein but include assets such as motor vehicle installment sales contracts, other installment sales contracts, home equity loans, leases of various types of real and personal property and receivables from revolving credit (credit card) agreements. Such assets are securitized through the use of trusts or special purpose corporations. Payments or distributions of principal and interest may be guaranteed up to a certain amount and for a certain time period by a letter of credit or pool insurance policy issued by a financial institution unaffiliated with the issuer, or other credit enhancements may be present.

A Fund is subject to the risk that the principal on MBSs and ABSs held by a Fund may be prepaid, which generally will reduce the yield and market value of these securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBSs and ABSs. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. An increased rate of prepayments on a Fund's MBSs and ABSs will result in a loss of interest income to a Fund as the Fund may be required to reinvest assets at a lower interest rate. When interest rates rise, borrowers are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected maturity of a MBS. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates. This is known as extension risk. Rising interest rates also may increase the risk of default by borrowers.

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As a result, in a period of rising interest rates, to the extent a Fund holds these types of securities, it may experience additional volatility and losses. A Fund's investments in other ABSs are subject to risks similar to those associated with MBSs, as well as additional risks associated with the nature of the assets and the servicing of those assets. ABSs may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Declines in the credit quality of and defaults by the issuers of MBSs and ABSs or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to a Fund. If a Fund purchases MBSs or ABSs that are "subordinated" to other interests in the same pool, the Fund as a holder of those securities may receive payments only after the pool's obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with blemished credit histories or with a lower capacity to make timely payments on their mortgages.

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than what is available for corporate equities or bonds. Special factors, such as potential legislative changes and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality or state in which the Fund invests may have an impact on the Fund's share price. In addition, the secondary market for certain municipal bonds may not be as developed or liquid as other securities markets, which may adversely affect the Fund's ability to sell such municipal bonds at attractive prices.

The municipal securities market could be significantly affected by adverse political and legislative changes, as well as uncertainties in the municipal securities market related to taxation or the rights of security holders. Municipal securities backed by current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue collection from the project or asset. Changes in the financial health of a municipality may make it difficult for it to make interest and principal payments when due. In addition, changes in market conditions and the financial condition of the issuers may adversely affect the yield and value of a Fund's municipal securities investments.

**Non-diversification Risk:** The Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund are each subject to non-diversification risk. In order to closely track the composition of their respective target indexes, each Fund's total assets may be invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, a Fund may become non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act") although it continues to hold multiple stocks across a number of sectors. The Growth Equity Fund is also subject to non-diversification risk as a result of its non-diversified classification under the 1940 Act. A Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and a Fund's shares may experience significant fluctuations in value.

**Preferred Stock Risk:** A preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. In addition to this credit risk, investment in preferred stocks involves certain other risks, including skipping or deferring distributions and redemption in the event of certain legal or tax changes or at the issuer's call. Preferred stocks are also subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than those debt instruments. Preferred stocks may be significantly less liquid than many other securities, such as U.S. government securities, corporate debt or common stock.

**Quantitative Strategy Risk:** The Funds may use quantitative mathematical models that rely on patterns inferred from historical prices and other financial data in evaluating prospective investments. However, most quantitative models cannot fully match the complexity of the financial markets, and therefore, sudden unanticipated changes in underlying market conditions can significantly impact the performance of a Fund. Further, as market dynamics shift over time, a previously highly successful model may become outdated. Moreover, there are an increasing number of market participants who rely on quantitative mathematical models. These models may be similar to those used by the Funds, which may result in a substantial number of

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market participants taking the same action with respect to an investment and some of these market participants may be substantially larger than the Funds.

**Real Estate Investment Trusts:** A REIT is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interests. A REIT is not subject to federal income tax on its net income and net realized gains that are distributed to its shareholders, provided it complies with certain requirements of the Code. REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property, derive their income primarily from rents and can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs. REITs and other real estate company securities are subject to, among other risks: declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding in their sector of the real estate market; fluctuations in rental income; changes in interest rates; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses. REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Domestic REITs could be adversely affected by failure to qualify for tax-free "pass-through" of net income and net realized gains under the Code or to maintain their exemption from registration under the 1940 Act. Foreign REITs could possibly fail to qualify for any beneficial tax treatments available in their local jurisdictions. Failure to meet these requirements may have adverse consequences on a Fund. For example, Japanese REITs ("J-REITs") are subject to complex tax regulation in Japan and a failure to comply with those requirements could disqualify the J-REIT from special tax benefits and reduce the amount available for distribution to J-REIT investors. The value of REIT common shares may decline when interest rates rise. During periods of high interest rates, REITs and other real estate companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing for property purchases and improvements is more costly and difficult to obtain.

Most equity REITs receive a flow of income from property rentals, which, after covering their expenses, they pay to their shareholders in the form of dividends. Equity REITs may be affected by changes in the value of the underlying property they own, while mortgage REITs may be affected by the quality of any credit they extend. REITs and other real estate company securities tend to be small- to mid-cap securities and are subject to the risks of investing in small- to mid-cap securities. Some REIT securities may be preferred stock, which receives preference in the payment of dividends.

**Short Selling and Short Positions Risk:** The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value up to 40% of its assets. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value up to 30% of its assets. Each of the Strategic Alternatives Fund and Defensive Market Strategies Fund intends to reinvest the proceeds from its respective short sales by taking additional long positions in stocks. This investment technique is known as "leverage," which increases risk and may magnify the Strategic Alternative Fund's and Defensive Market Strategies Fund's respective gains or losses.

A Fund may engage in short sales and may enter into derivative contracts that have a similar economic effect (*e.g.,* taking a short position in a futures contract). A Fund will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could increase losses or reduce gains. Short sales involve greater reliance on an investment adviser's ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs and imperfect correlation between the actual and desired level of exposure. Because a Fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, a Fund could be deemed to be employing a form of leverage, which creates special risks. A Fund's long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund's overall potential for loss more than it would be without the use of leverage. Market factors may prevent a Fund from closing out a short position at the most desirable time or at a favorable price. In addition, a lender of securities may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice. If this happens, the Fund may have to buy the securities sold short at an unfavorable price.

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**Smaller and Midsize Companies:** While smaller and midsize companies may offer substantial opportunities for capital growth, they also involve substantial risks and should be considered speculative. Historically, smaller and midsize company securities have been more volatile in price than larger company securities, especially over the short term. Among the reasons for greater price volatility are the less certain growth prospects of smaller and midsize companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller and midsize companies to changing economic conditions. In addition, smaller and midsize companies may lack depth of management, be unable to generate funds necessary for growth or development, have limited product lines or be developing or marketing new products or services for which markets are not yet established and may never become established. Smaller and midsize companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying loans, particularly those with floating interest rates. A Fund's investments in micro-capitalization or start-up funds involve substantial risk of loss, and a Fund will not have operating history to evaluate before investing.

**Sovereign Debt Risk:** Sovereign debt securities are subject to the risk that a governmental entity may delay or refuse to pay interest or principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign debt risk is increased for emerging market issuers. Certain emerging market or developing countries are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis that led to defaults and the restructuring of certain indebtedness.

**Temporary Defensive Positions:** Each Fund (except the Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund) may respond to adverse market, economic, political or other conditions by investing up to 100% of its assets in temporary defensive investments. These investments may include cash, shares of the Money Market Fund, high quality short-term debt obligations and other money market instruments. During these periods, a Fund may not meet its investment objective.

**Variable Interest Entities:** Investments in Chinese companies may be made through a special structure known as "variable interest entities," or "VIEs." Under the VIE structure, foreign investors such as the Funds own stock in a shell company rather than direct interests in the VIE, which must be owned by Chinese nationals (including Chinese companies) in order to operate in restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financial statements based on contractual arrangements that enable the shell company to exert a degree of control over, and accrue economic benefits from, the VIE without formal legal ownership. While the use of VIEs is a longstanding industry practice well known by Chinese officials and regulators, the VIE structure has not been formally recognized under Chinese law and Chinese officials or regulators could withdraw their implicit acceptance of the structure. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based VIE. It is uncertain whether the contractual arrangements, which may give rise to actual or potential conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions by the Chinese government on the continued use of VIE structures, or the inability to enforce the underlying contracts from which the shell company derives its value would likely cause the VIE-structured holdings to suffer significant, possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

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**Additional Information About Performance Benchmarks**

The annual total return of each Fund is compared to broad-based securities market index(es) and/or composite index to assess risk and performance. The following summary provides additional information regarding the index(es) to which each Fund's performance is compared. Each index is unmanaged and not available for direct investment. The information for each benchmark is as of December 31, 2025.

**MyDestination 2015 Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index, the Bloomberg US Treasury: 1-3 Year Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index - Net.

<sup>●</sup>

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

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**MyDestination 2025 Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Bloomberg US Treasury: 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index - Net.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

<sup>●</sup>

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

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

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

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**MyDestination 2035 Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Bloomberg US Treasury: 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index - Net.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

<sup>●</sup>

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

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**MyDestination 2045 Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Bloomberg US Treasury: 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index - Net.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.

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Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

<sup>●</sup>

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

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**MyDestination 2055 Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Bloomberg US Treasury: 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index - Net.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

<sup>●</sup>

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

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland

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and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**Conservative Allocation Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index, the Bloomberg US Treasury: 1-3 Year Index, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index - Net and the Conservative Allocation Fund ("CAF") Composite Index.

<sup>●</sup>

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

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The CAF Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the CAF Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. Prior to March 31, 2026, the CAF Composite Index was 49.00% Bloomberg US Treasury: 1-3 Year Index, 16.00% Bloomberg US Aggregate Bond Index, 5.00% Bloomberg US Treasury Bills: 1-3 Months Index, 21.00% Russell 3000<sup>®</sup> Index, 1.00% FTSE EPRA Nareit Developed Index - Net and 8.00% MSCI ACWI (All Country World Index) ex USA Index - Net and is now 10.00% Bloomberg US Treasury: 1-3 Year Index, 68.00% Bloomberg US Aggregate Bond Index, 18.00% Russell 3000<sup>®</sup> Index and 8.00% MSCI ACWI (All Country World Index) ex USA Index - Net. Preceding this recent change, the weightings of the CAF Composite Index were modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and/or the underlying indexes were different than the current composite prior to that date. The CAF Composite Index performance within this prospectus represents the Fund's composite as of December 31, 2025, linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

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**Balanced Allocation Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index - Net and the Balanced Allocation Fund ("BAF") Composite Index.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

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

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The BAF Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the BAF Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. Prior to March 31, 2026, the BAF Composite Index was 43.50% Bloomberg US Aggregate Bond Index, 4.00% Bloomberg US Treasury Bills: 1-3 Months Index, 34.50% Russell 3000<sup>®</sup> Index, 2.00% FTSE EPRA Nareit Developed Index - Net and 16.00% MSCI ACWI (All Country World Index) ex USA Index - Net and is now 5.00% Bloomberg US Treasury: 1-3 Year Index, 54.00% Bloomberg US Aggregate Bond Index, 33.00% Russell 3000<sup>®</sup> Index and 8.00% MSCI ACWI (All Country World Index) ex USA Index - Net. Preceding this recent change, the weightings of the BAF Composite Index were modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and/or the underlying indexes were different than the current composite prior to that date. The BAF Composite Index performance represents within this prospectus the Fund's composite as of December 31, 2025, linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

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**Moderately Aggressive Allocation Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index - Net and the Moderately Aggressive Allocation Fund ("MAAF") Composite Index.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

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

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The MAAF Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the MAAF Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. Prior to March 31, 2026, the MAAF Composite Index was19.50% Bloomberg US Aggregate Bond Index, 2.50% Bloomberg US Treasury Bills: 1-3 Months Index, 47.00% Russell 3000<sup>®</sup> Index, 3.00% FTSE EPRA Nareit Developed Index - Net and 28.00% MSCI ACWI (All Country World Index) ex USA Index - Net and is now 3.00% Bloomberg US Treasury: 1-3 Year Index, 18.00% Bloomberg US Aggregate Bond Index, 55.00% Russell 3000<sup>®</sup> Index and 24.00% MSCI ACWI (All Country World Index) ex USA Index - Net. Preceding this recent change, the weightings of the MAAF Composite Index were modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and/or the underlying indexes were different than the current composite prior to that date. The MAAF Composite Index performance within this prospectus represents the Fund's composite as of December 31, 2025, linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

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**Aggressive Allocation Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index - Net and the Aggressive Allocation Fund ("AAF") Composite Index.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The MSCI ACWI (All Country World Index) ex USA Index - Net captures large and mid capitalization representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity outside the United States. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The AAF Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the AAF Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. Prior to March 31, 2026, the AAF Composite Index was 60.00% Russell 3000<sup>®</sup> Index and 40.00% MSCI ACWI (All Country World Index) ex USA Index - Net and is now 65.00% Russell 3000<sup>®</sup> Index and 35.00% MSCI ACWI (All Country World Index) ex USA Index - Net. Prior to this recent change, the AAF Composite Index was modified effective December 1, 2012, and therefore, the weightings of the underlying indexes were different than the current composite weightings prior to that date. The AAF Composite Index performance within this prospectus represents the Fund's composite as of December 31, 2025, linked with its previous composite. The index reflects returns that are net of withholding taxes at the minimum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

**Money Market Fund:** The Fund's performance is compared to the Bloomberg US Treasury Bills: 1-3 Months Index.

<sup>●</sup>

The Bloomberg US Treasury Bills: 1-3 Months Index tracks the market for treasury bills issued by the U.S. government with time to maturity between one and three months. U.S. Treasury bills are issued in fixed maturity terms of four, eight, 13, 17, 26 and 52 weeks.

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**Low-Duration Bond Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index and the Bloomberg US Treasury: 1-3 Year Index.

<sup>●</sup>

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

<sup>●</sup>

The Bloomberg US Treasury: 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity.

**Medium-Duration Bond Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index.

<sup>●</sup>

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

**Global Bond Fund:** The Fund's performance is compared to the Bloomberg Global Aggregate Index, the Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index, the J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and the Global Bond Fund ("GBF") Composite Index.

<sup>●</sup>

The Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from 27 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

<sup>●</sup>

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

<sup>●</sup>

The J.P. Morgan Emerging Markets Bond Index (EMBI) Plus tracks liquid, U.S. dollar emerging market fixed and floating-rate debt instruments issued by sovereign entities only. The index is based on the established flagship J.P. Morgan EMBI Global and applies a rules-based filtering to capture liquid investments.

<sup>●</sup>

The GBF Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The GBF Composite Index is 70% Bloomberg Global Aggregate Index, 15% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index and 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus. The GBF Composite Index was modified effective May 1, 2020, and therefore, the weightings of the underlying indexes were different than the current composite weightings prior to that date. The GBF Composite Index performance represents the Fund's current composite linked with its previous composite.

**Strategic Alternatives Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index and the Bloomberg US Treasury Bills: 1-3 Months Index.

<sup>●</sup>

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

<sup>●</sup>

The Bloomberg US Treasury Bills: 1-3 Months Index tracks the market for treasury bills issued by the U.S. government with time to maturity between one and three months. U.S. Treasury bills are issued in fixed maturity terms of four, eight, 13, 17, 26 and 52 weeks.

**Defensive Market Strategies Fund:** The Fund's performance is compared to the S&P 500<sup>®</sup> Index, the Bloomberg US Treasury Bills: 1-3 Months Index and a the Defensive Market Strategies Fund ("DMSF") Composite Index.

<sup>●</sup>

The S&P 500<sup>®</sup> Index is widely regarded as the best single gauge of large capitalization U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.

<sup>●</sup>

The Bloomberg US Treasury Bills: 1-3 Months Index tracks the market for treasury bills issued by the U.S. government with time to maturity between one and three months. U.S. Treasury bills are issued in fixed maturity terms of four, eight, 13, 17, 26 and 52 weeks.

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

<sup>●</sup>

The DMSF Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The DMSF Composite Index is 50% S&P 500<sup>®</sup> Index and 50% Bloomberg US Treasury Bills: 1-3 Months Index. The DMSF Composite Index was modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and the underlying indexes were different than the current composite prior to that date. The DMSF Composite Index performance represents the Fund's current composite linked with its previous composite.

**Impact Bond Fund:** Fund's performance is compared to the Bloomberg US Aggregate Bond Index.

<sup>●</sup>

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

**Equity Index Fund:** The Fund's performance is compared to the S&P 500<sup>®</sup> Index.

<sup>●</sup>

The S&P 500<sup>®</sup> Index is widely regarded as the best single gauge of large capitalization U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.

**Global Real Estate Securities Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net and the FTSE EPRA Nareit Developed Index - Net.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The FTSE EPRA Nareit Developed Index - Net is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and ETFs. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**Value Equity Index Fund:** The Fund's performance is compared to the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Value Index.

<sup>●</sup>

The Russell 1000<sup>®</sup> Index measures the performance of the large capitalization segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index, which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000<sup>®</sup> is constructed to provide a comprehensive and unbiased barometer of the large capitalization segment and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The Russell 1000<sup>®</sup> Value Index measures the performance of the large capitalization value segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower Institutional Brokers' Estimate System (I/B/E/S) forecast medium term (two year) growth and lower sales per share historical growth (five years). The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large capitalization value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

**Value Equity Fund:** The Fund's performance is compared to the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Value Index.

<sup>●</sup>

The Russell 1000<sup>®</sup> Index measures the performance of the large capitalization segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index, which is designed to represent approximately 98% of the

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investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000<sup>®</sup> is constructed to provide a comprehensive and unbiased barometer of the large capitalization segment and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The Russell 1000<sup>®</sup> Value Index measures the performance of the large capitalization value segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower Institutional Brokers' Estimate System (I/B/E/S) forecast medium term (two year) growth and lower sales per share historical growth (five years). The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large capitalization value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

**Growth Equity Index Fund:** The Fund's performance is compared to the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index.

<sup>●</sup>

The Russell 1000<sup>®</sup> Index measures the performance of the large capitalization segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index, which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000<sup>®</sup> is constructed to provide a comprehensive and unbiased barometer of the large capitalization segment and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The Russell 1000<sup>®</sup> Growth Index measures the performance of the large capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher Institutional Brokers' Estimate System (I/B/E/S) forecast medium term (two year) growth and higher sales per share historical growth (five years). The Russell 1000<sup>®</sup> Growth Index is constructed to provide a comprehensive and unbiased barometer for the large capitalization growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

**Growth Equity Fund:** The Fund's performance is compared to the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index.

<sup>●</sup>

The Russell 1000<sup>®</sup> Index measures the performance of the large capitalization segment of the U.S. equity universe. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index, which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000<sup>®</sup> is constructed to provide a comprehensive and unbiased barometer of the large capitalization segment and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The Russell 1000<sup>®</sup> Growth Index measures the performance of the large capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher Institutional Brokers' Estimate System (I/B/E/S) forecast medium term (two year) growth and higher sales per share historical growth (five years). The Russell 1000<sup>®</sup> Growth Index is constructed to provide a comprehensive and unbiased barometer for the large capitalization growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

**Small Cap Equity Fund:** The Fund's performance is compared to the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Index.

<sup>●</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>●</sup>

The Russell 2000<sup>®</sup> Index measures the performance of the small capitalization segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 2,000 of the smallest securities based on a combination of their market capitalization and current index membership. The Russell 2000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased small capitalization barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set.

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**International Equity Index Fund:** The Fund's performance is compared to the MSCI EAFE Index - Net.

<sup>●</sup>

The MSCI EAFE Index - Net is an equity index which captures large and mid capitalization representation across 21 developed market countries around the world, excluding the United States and Canada. With 693 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries included in the index are: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**International Equity Fund:** The Fund's performance is compared to the MSCI EAFE Index - Net.

<sup>●</sup>

The MSCI EAFE Index - Net is an equity index which captures large and mid capitalization representation across 21 developed market countries around the world, excluding the United States and Canada. With 693 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed markets countries included in the index are: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**Emerging Markets Equity Fund:** The Fund's performance is compared to the MSCI ACWI (All Country World Index) Index - Net and the MSCI Emerging Markets Index - Net.

<sup>●</sup>

The MSCI ACWI (All Country World Index) Index - Net captures large and mid capitalization representation across 23 developed markets countries and 24 emerging markets countries. With 2,517 constituents, the index covers approximately 85% of the global investable equity opportunity set. Developed markets countries included in the index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

<sup>●</sup>

The MSCI Emerging Markets Index - Net captures large and mid capitalization representation across 24 emerging markets countries. With 1,197 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging markets countries included in the index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index reflects returns that are net of withholding taxes at the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

**Disclaimers**

"Bloomberg<sup>®</sup>" and the Bloomberg US Treasury: 1-3 Year Index, Bloomberg US Treasury Bills: 1-3 Months Index, Bloomberg US Aggregate Bond Index, Bloomberg Global Aggregate Index and Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index (collectively, the "Bloomberg Indexes") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg"), and have been licensed for use for certain purposes by GuideStone Financial Resources and its affiliates.

The Target Date Funds, Target Risk Funds (except the Aggressive Allocation Fund), Money Market Fund, Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Strategic Alternatives Fund, Defensive Market Strategies Fund and Impact Bond Fund (collectively, "Certain Funds") are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Certain Funds or any member of the public regarding the advisability of investing in securities generally or in the Certain Funds particularly. The only relationship of Bloomberg to GuideStone Financial Resources and its affiliates is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Index/Indexes, which is determined, composed and calculated by BISL without regard to GuideStone Financial Resources and its affiliates or the Certain Funds. Bloomberg has no obligation to take the needs of GuideStone Financial Resources or its affiliates or the owners of the Certain Funds into consideration in determining,

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composing or calculating the Bloomberg Indexes. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Certain Funds to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Certain Funds customers, in connection with the administration, marketing or trading of the Certain Funds.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GUIDESTONE FINANCIAL RESOURCES AND ITS AFFILIATES, OWNERS OF THE CERTAIN FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE CERTAIN FUNDS OR BLOOMBERG INDEXES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

The Russell Indexes (the "Indexes") are a trademark of Frank Russell Company ("Russell") and have been licensed for use by GuideStone Capital Management, LLC. GuideStone Funds are not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group of Companies ("LSEG") (together, the "Licensor Parties"), and none of the Licensor Parties make any claim, promotion, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes (upon which certain GuideStone Funds are based); (ii) the figure at which the Indexes are said to stand at any particular time on any particular day or otherwise; or (iii) the suitability of the Index for the purpose to which it is being put in connection with GuideStone Funds. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Indexes; or (b) under any obligation to advise any person of any error therein.

The GuideStone Funds Global Real Estate Securities Fund is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE"), by the London Stock Exchange Group of Companies ("LSEG"), Euronext N.V. ("Euronext"), European Public Real Estate Association ("EPRA") or the National Association of Real Estate Investment Trusts ("Nareit") (together, the Licensor Parties"), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE EPRA Nareit Developed Index (the "Index") and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, none of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index, and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.

"FTSE<sup>®</sup>" is a trademark of LSEG, "Nareit<sup>®</sup>" is a trademark of the National Association of Real Estate Investment Trusts and "EPRA<sup>®</sup>" is a trademark of EPRA and all are used by FTSE under license.

Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2026, JPMorgan Chase & Co. All rights reserved.

THE GUIDESTONE FUNDS INTERNATIONAL EQUITY INDEX FUND ("INTERNATIONAL EQUITY INDEX FUND") IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE ADVISER. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR

GuideStone Funds Prospectus \| 205

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OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE INTERNATIONAL EQUITY INDEX FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE INTERNATIONAL EQUITY INDEX FUND OR THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE INTERNATIONAL EQUITY INDEX FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE INTERNATIONAL EQUITY INDEX FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE INTERNATIONAL EQUITY INDEX FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THAT ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE INTERNATIONAL EQUITY INDEX FUND, OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

The GuideStone Funds Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's<sup>®</sup>, a division of The McGraw-Hill Companies, Inc. ("S&P<sup>®</sup>"). S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally, or in the Fund particularly, or the ability of the S&P 500<sup>®</sup> Index to track general stock market performance. S&P<sup>®</sup>'s only relationship to the Trust is the licensing of certain trademarks and trade names of S&P<sup>®</sup> and of the S&P 500<sup>®</sup> Index which is determined, composed and calculated by S&P<sup>®</sup> without regard to the Trust or the Fund. S&P<sup>®</sup> has no obligation to take the needs of the Trust or the owners of the Fund into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the Fund.

S&P<sup>®</sup> DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN, AND S&P<sup>®</sup> SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. S&P<sup>®</sup> MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE TRUST, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO EXPRESS OR IMPLIED

206 \| GuideStone Funds Prospectus

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WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

GuideStone Funds Prospectus \| 207

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**Management of the Funds**

**Adviser** 

---

| |
|:---|
| **What is a manager of managers?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser does not make the day-to-day investment decisions for the Select Funds. Rather, it retains the services of <br> experienced investment management firms (the Sub-Advisers) to do so. The Adviser continuously monitors the <br> performance of these Sub-Advisers and allocates the assets of each Select Fund among them.<br>|

---

GuideStone Capital Management, LLC, an affiliate of GuideStone Financial Resources, is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152 and serves as the Adviser to the Funds, under its Advisory Agreement with the Trust and subject to the supervision of the Board of Directors. GuideStone Financial Resources was established in 1918 and exists to assist churches and other ministry organizations by making available retirement plan services, life and health coverage, risk management programs and personal and institutional investment programs. For the Adviser, Joshua Chastant, Vice President – Portfolio Management, and Brandon Pizzurro, President and Chief Investment Officer, serve as portfolio managers for the Funds. Messrs. Chastant and Pizzurro are officers of the Adviser and have worked for the Adviser for more than five years. Information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership in the Funds can be found in the SAI.

The Adviser provides or oversees the provision of all investment advisory and portfolio management services to the Funds. The Adviser has supervisory responsibility for the management and investment of each Fund's assets and develops overall investment strategies for the Funds. The Adviser may, from time to time, elect to trade individual stocks, fixed income securities, private placements, third-party mutual funds or ETFs for the Funds. As further discussed below, the Adviser's management responsibilities also include the evaluation, selection and monitoring of Sub-Advisers.

With respect to the Target Date Funds and the Target Risk Funds, the Adviser is responsible for, among other things, determining the asset class allocation range for the Funds and ensuring that asset class allocations are consistent with the guidelines that have been approved by the Board of Directors. The Adviser allocates the investments of each Target Date Fund and Target Risk Fund among certain Select Funds.

With respect to the Select Funds, the Adviser is a "manager of managers" and continuously monitors the performance and operations of the Sub-Advisers and the allocation of the assets of certain Select Funds among them. The Adviser oversees each Sub-Adviser's adherence to its stated investment strategies and compliance with the relevant Fund's investment objective, policies and limitations. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring to the Board of Directors. The appointment of any new Sub-Advisers must be approved by the Board of Directors. The Trust has been granted an order from the SEC to allow the approval of new Sub-Advisers and Sub-Advisory Agreements without shareholder approval, provided that shareholders of the applicable Select Fund will be notified of such change within 90 days. Subject to the conditions of a separate order from the SEC, the Board and the Adviser may enter into and materially amend Sub-Advisory Agreements with Sub-Advisers that have been approved by the vote of a majority of the members of the Board at a non-in-person meeting. The Select Funds may not enter into a sub-advisory agreement with an "affiliated person" of the Adviser (as that term is defined in the 1940 Act) ("Affiliated Sub-Adviser") unless the sub-advisory agreement with the Affiliated Sub-Adviser, including compensation, is also approved by the affected Fund's shareholders. The Adviser also monitors continuity in the Sub-Advisers' operations and changes in investment personnel and senior management and performs due diligence reviews of each Sub-Adviser. The Adviser also has the authority to give investment instructions for the purpose of facilitating the transition of Fund assets between Sub-Advisers and/or other investments. A discussion regarding the basis for the approval of the Advisory and/or Sub-Advisory Agreements by the Board of Directors is available in the Semi-Annual Report dated June 30, 2025, and the Annual Report dated December 31, 2025.

During the fiscal year ended December 31, 2025, each Fund paid monthly aggregate management fees to the Adviser and its respective Sub-Advisers at the following annual percentage rate of its average daily net assets.

---

| |
|:---|
| **Fund** |
| MyDestination 2015 Fund<br>&nbsp;&nbsp; [0.11]%<sup>(1)</sup> <br>|
| MyDestination 2025 Fund<br>&nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| MyDestination 2035 Fund<br>&nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|

---

208 \| GuideStone Funds Prospectus

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---

| | |
|:---|:---|
| **Fund** | **Management Fee\*** |
| MyDestination 2045 Fund | &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| MyDestination 2055 Fund | &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| MyDestination 2065 Fund<sup>(2)</sup> <br>| &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| Conservative Allocation Fund | &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| Balanced Allocation Fund | &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| Aggressive Allocation Fund | &nbsp;&nbsp; [0.10]%<sup>(1)</sup> <br>|
| Money Market Fund | &nbsp;&nbsp; [0.11]% |
| Low-Duration Bond Fund | &nbsp;&nbsp; [0.29]% |
| Medium-Duration Bond Fund | &nbsp;&nbsp; [0.33]% |
| Global Bond Fund | &nbsp;&nbsp; [0.47]% |
| Strategic Alternatives Fund | &nbsp;&nbsp; [0.91]% |
| Defensive Market Strategies Fund | &nbsp;&nbsp; [0.59]% |
| Impact Bond Fund | &nbsp;&nbsp; [0.38]% |
| Equity Index Fund | &nbsp;&nbsp; [0.09]% |
| Global Real Estate Securities Fund | &nbsp;&nbsp; [0.68]% |
| Value Equity Index Fund | &nbsp;&nbsp; [0.10]% |
| Value Equity Fund | &nbsp;&nbsp; [0.60]% |
| Growth Equity Index Fund | &nbsp;&nbsp; [0.10]% |
| Growth Equity Fund | &nbsp;&nbsp; [0.61]% |
| Small Cap Equity Fund | &nbsp;&nbsp; [0.87]% |
| International Equity Index Fund | &nbsp;&nbsp; [0.11]% |
| International Equity Fund | &nbsp;&nbsp; [0.76]% |
| Emerging Markets Equity Fund | &nbsp;&nbsp; [0.84]% |

---

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\*

Refer to each Fund's summary prospectus for current management fee information.

<sup>(1)</sup>

In addition, the Target Date Funds and Target Risk Funds indirectly bear their proportionate share of the management fee and other expenses of the underlying Select Funds.

<sup>(2)</sup>

Inception date was December 31, 2025.

[The Adviser has agreed to reimburse expenses to the extent needed to limit total annual Fund operating expenses (the "Expense Limitation") as reflected in the table below for the following Funds:

---

| | | |
|:---|:---|:---|
| | **Contractual Expense Limitation** | **Contractual Expense Limitation** |
| <br>**Fund** | **Institutional Class** | **Investor Class** |
| MyDestination 2015 Fund | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.75% |
| MyDestination 2025 Fund | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.75% |
| MyDestination 2035 Fund | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.75% |
| MyDestination 2045 Fund | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.75% |
| MyDestination 2055 Fund | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.75% |
| MyDestination 2065 Fund<sup>(1)</sup> <br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.75% |
| Strategic Alternatives Fund | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.57% |
| Impact Bond Fund | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.72% |
| Value Equity Index Fund | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.50% |
| Growth Equity Index Fund | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.50% |
| International Equity Index Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.50% |
| Emerging Markets Equity Fund | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.28% |

---

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<sup>(1)</sup>

Inception date was December 31, 2025.

For the Target Date Funds, the Expense Limitation applies to the operating expenses of each Fund, excluding extraordinary expenses. For the Strategic Alternatives Fund, Impact Bond Fund, Value Equity Index Fund, Growth Equity Index Fund, International Equity Index Fund and Emerging Markets Equity Fund, the Expense Limitation applies to direct Fund operating expenses only (without regard to any expense reductions realized through the use of directed brokerage) and does not include interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses in connection with the short sales of securities. Should it be needed, the Expense Limitation for the Funds will remain in place until

GuideStone Funds Prospectus \| 209

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April 30, 2027. Pursuant to these agreements, the Adviser may be repaid expenses it previously reimbursed within three years from the date on which the Adviser has made such reimbursement so long as that repayment does not cause a Fund to exceed the Expense Limitation in place on the date on which (i) the expenses were reimbursed; or (ii) the repayment would be made, whichever is lower.]

The shareholder servicing agent, Adviser and/or Sub-Adviser may voluntarily waive fees and/or reimburse expenses to the extent necessary to assist the Money Market Fund in attempting to maintain a yield of at least 0.00%. Such yield waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the shareholder servicing agent, Adviser and/or Sub-Adviser. There is no guarantee that the Money Market Fund will maintain a positive yield.

The Adviser has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA"), with respect to each Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of each Fund.

**Sub-Advisers** 

---

| |
|:---|
| **What is a Sub-Adviser?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Sub-Adviser makes the day-to-day investment decisions for a Fund's assets that it manages, subject to the <br> supervision of the Adviser and the Board of Directors. Each Sub-Adviser continuously reviews, supervises and <br> administers its own investment program.<br>|

---

Below is a list of each Fund's Sub-Advisers and respective staff who are jointly and primarily responsible for the day-to-day management of a Fund's assets. Information about portfolio manager compensation, other accounts managed by the portfolio managers and portfolio manager ownership in the Funds can be found in the SAI.

**Target Date Funds:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$572.1 billion.] Parametric uses a team approach to manage an assigned portion of each Target Date Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, Jennifer Mihara, Head of Equity Fund Management, Zach Olsen, CFA, Senior Portfolio Manager, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Messrs. Fong, Olsen and Wotherspoon and Ms. Mihara have each been with Parametric for more than five years.

**Target Risk Funds:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion.] Parametric uses a team approach to manage an assigned portion of each Target Risk Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, Jennifer Mihara, Head of Equity Fund Management, Zach Olsen, CFA, Senior Portfolio Manager, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Messrs. Fong, Olsen and Wotherspoon and Ms. Mihara have each been with Parametric for more than five years.

210 \| GuideStone Funds Prospectus

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**Money Market Fund:**

*BlackRock Advisors, LLC ("BA"), 415 10*<sup>th</sup> *Avenue, New York, New York 10055:* Founded in 1994, BA is an indirect, wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately [$11.6 trillion] in assets under management as of December 31, 2025.

**Low-Duration Bond Fund:**

*BlackRock Financial Management, Inc. ("BFM"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") are located at 415 10*<sup>th</sup> *Avenue, New York, New York 10055, Exchange Place One, 1 Semple Street, Edinburgh EH3 8BL, Scotland, and at Twenty Anson, 20 Anson Road, #18-01, Singapore, Singapore 079912, respectively.* BFM, BIL and BSL, founded in 1994, 1995 and 2000, respectively, are indirect wholly owned subsidiaries of BlackRock, Inc., a premier provider of global investment management and risk management products with approximately [$11.6 trillion] in assets under management as of December 31, 2025. BFM's assigned portion of the Low-Duration Bond Fund is managed by a team of investment professionals who have day-to-day management responsibility of the portfolio account: Akiva Dickstein, Managing Director, Amanda Liu, CFA, Director, Scott MacLellan, CFA, Director, Siddharth Mehta, Director, and Sam Summers, Director. BFM has engaged BIL and BSL to serve as sub-subadvisers and provide, or assist in providing, investment management services to the Low-Duration Bond Fund portfolio account. In addition, the investment team's resources include over 200 sector specialists dedicated to fundamental fixed income responsible for sector oversight, research, analysis, security selection and trade execution. Messrs. Dickstein, MacLellan, Mehta and Summers and Ms. Liu are senior portfolio managers, and each one has been with the firm for more than five years.

*Brown Brothers Harriman Credit Partners, LLC ("BBHCP"), 140 Broadway, New York, New York 10005:* BBHCP, is a Delaware limited liability company, founded in 2025. It is a majority owned subsidiary of, and controlled by, Brown Brothers Harriman & Co. ("BBH") which was founded in 1818. BBHCP is a registered investment adviser and serves as an investment adviser or sub-adviser to mutual funds that are registered under the 1940 Act, private funds, institutional separately managed accounts, collective investment trusts and collective investment funds organized under the Undertakings for Collective Investments in Transferable Securities. BBHCP commenced operations and became an eligible SEC-registered investment adviser on January 1, 2026. As of December 31, 2025, BBHCP's parent, BBH, had assets under management of approximately [$96.7 billion.] The portfolio managers who are jointly and primarily responsible for the day-to-day management of an assigned portion of the Low-Duration Bond Fund are Andrew Hofer, Portfolio Co-Manager, Neil Hohmann, Portfolio Co-Manager and Paul Kunz, CFA, Portfolio Co-Manager. Messrs. Hofer, Hohmann and Kunz each began serving as portfolio managers of BBHCP upon the commencement of operations, and previously had more than five years of investment management experience with BBH.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92660:* PIMCO, an institutional money management firm, was founded in 1971 to provide specialty management of fixed income portfolios. PIMCO was one of the first investment managers to specialize in fixed income and has successfully managed a total return strategy on behalf of clients since the 1970s. As of December 31, 2025, PIMCO managed approximately [$2.0 trillion] in assets firmwide. Assets include [$82.0 billion] in assets of clients contracted with PIMCO Prime Real Estate (formerly, Allianz Real Estate). Jerome Schneider is a Managing Director in the Newport Beach office and head of the short-term and funding desk. He has 28 years of investment experience and joined PIMCO in 2008. Mr. Schneider is responsible for the day-to-day management of an assigned portion of the Low-Duration Bond Fund.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$574.0 billion.] Parametric uses a team approach to manage an assigned portion of the Low-Duration Bond Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, and Zach Olsen, CFA, Senior Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

GuideStone Funds Prospectus \| 211

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*Payden & Rygel, 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071:* Payden & Rygel is one of the largest global independent investment managers in the United States, with approximately [$159.0 billion] in assets under management as of December 31, 2025. Founded in 1983, the firm is a leader in the active management of global fixed income and equity portfolios for a diversified client base. Payden & Rygel advises corporations, foundations and endowments, pension plans, public funds and individual investors on their overall investment strategies. The firm's Investment Policy Committee ("IPC") oversees the investment process. The firm manages an assigned portion of the Low-Duration Bond Fund utilizing a team approach that exploits the collective wisdom of a highly qualified group of professionals. The team is led by Brian Matthews, CFA, Managing Director, Mary Beth Syal, CFA, Managing Director, and Adam Congdon, CFA, Director. The team, under the direction of the firm's IPC, has 100% discretion over the day-to-day management of the Low-Duration Bond Fund portfolio account. Mr. Matthews, member of the Managing Committee and of the IPC, Ms. Syal, member of the Managing Committee and of the IPC and member of the Low-Duration Group leadership team, and Mr. Congdon, member of the Low-Duration Group leadership team, develop a portfolio structure that reflects both the macro mandates of the IPC and the securities that are available in the market. Together with the IPC, Messrs. Matthews and Congdon and Ms. Syal have discretion over major decisions such as duration or portfolio sector weights. The Low-Duration Group implements the policy approved by the IPC within the context of individual client guidelines. Ms. Syal and Mr. Congdon, alongside other members of the Low-Duration Group leadership team and supported by sector specialists and traders, have the authority to pick individual securities within the authorized allocations for the Low-Duration Bond Fund. Ms. Syal and Mr. Congdon and the Low-Duration Group review all portfolio holdings on a regular basis. Mr. Matthews' other primary role focuses on client related issues when structuring portfolios. As such, he is the main contact with the client. He is responsible for identifying and communicating clients' objectives, constraints, risk tolerances and time horizons to the strategy group. Because the firm believes client issues are as important as market issues, the interchange between portfolio managers and portfolio strategists is critical. Mr. Matthews and Ms. Syal have been employed with Payden & Rygel for more than 30 years, and Mr. Congdon has been employed with the firm for more than 10 years.

**Medium-Duration Bond Fund:**

*Goldman Sachs Asset Management, L.P. ("GSAM")*, *200 West Street, New York, New York 10282:* GSAM serves as sub-adviser to an assigned portion of the Medium-Duration Bond Fund. As of December 31, 2025, GSAM, along with its investment advisory affiliates, had approximately [$2.8 trillion] in assets under supervision ("AUS"). (AUS includes assets under management and other client assets for which the firm does not have full discretion.) The Fixed Income Portfolio Management Team is responsible for managing GSAM's portion of the Medium-Duration Bond Fund. The team is organized into a series of specialist teams that focus on generating and implementing investment ideas within their area of expertise. Ultimate accountability for the Medium-Duration Bond Fund's portfolio account resides with Simon Dangoor, Managing Director, Lindsay Rosner, Managing Director, and Paul Seary, CFA, Senior Portfolio Manager. Mr. Dangoor joined GSAM in 2004. Ms. Rosner joined GSAM in 2023, and prior to joining the firm, she was a portfolio manager for PGIM, Inc. from 2012 to 2023. Mr. Seary joined GSAM in 2009.

*Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa Monica, California 90401*: Guggenheim was established in 2005 and is registered as an investment adviser with the SEC. Guggenheim provides investment advisory and supervisory services, primarily focused on implementing fixed income and equity asset management strategies, to a variety of institutional clients through separately managed accounts and registered and unregistered pooled investment vehicles. As of December 31, 2025, Guggenheim had assets under management of approximately [$214.0 billion.] The portfolio managers who are jointly and primarily responsible for the day-to-day management of the Medium-Duration Bond Fund portfolio account are Steven H. Brown, CFA, Chief Investment Officer, Fixed Income and Portfolio Manager, and Adam J. Bloch, Managing Director and Portfolio Manager. Messrs. Brown and Bloch each have served more than eight years as portfolio managers with Guggenheim.

*Loomis, Sayles & Company, L.P., ("Loomis Sayles"), One Financial Center, Boston, Massachusetts 02111:* Established in 1926, Loomis Sayles managed approximately [$389.3 billion] in fixed income and equity assets for institutional, high net worth and mutual fund clients as of December 31, 2025. Matthew J. Eagan, CFA, and Brian P. Kennedy have primary responsibility for the day-to-day management of Loomis Sayles' assigned portion of the Medium-Duration Bond Fund. Mr. Eagan, Portfolio Manager, has been with Loomis Sayles since 1997 and has over 35 years of investment industry experience. Mr. Kennedy, Portfolio Manager, has been with Loomis Sayles since 1994 and has over 35 years of investment industry experience.

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*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92660*: PIMCO, an institutional money management firm, was founded in 1971 to provide specialty management of fixed income portfolios. PIMCO was one of the first investment managers to specialize in fixed income and has successfully managed a total return strategy on behalf of clients since the 1970s. As of December 31, 2025, PIMCO managed approximately [$2.0 trillion] in assets firmwide. Assets include [$82.0 billion] in assets of clients contracted with PIMCO Prime Real Estate (formerly, Allianz Real Estate). Marc Seidner, Chief Investment Officer – Non-Traditional Strategies and Managing Director, is primarily responsible for the day-to-day management of an assigned portion of the Medium-Duration Bond Fund. Mr. Seidner has 38 years of investment experience and rejoined PIMCO in 2014.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$574.0 billion]. Parametric uses a team approach to manage an assigned portion of the Medium-Duration Bond Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, and Zach Olsen, CFA, Senior Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

**Global Bond Fund:**

*Loomis, Sayles & Company, L.P., ("Loomis Sayles"), One Financial Center, Boston, Massachusetts 02111:* Established in 1926, Loomis Sayles manages approximately [$389.3 billion] in fixed income and equity assets for institutional, high net worth and mutual fund clients as of December 31, 2025. Matthew J. Eagan, CFA, and Brian P. Kennedy have primary responsibility for the day-to-day management of Loomis Sayles' assigned portion of the Global Bond Fund. Mr. Eagan, Portfolio Manager, has been with Loomis Sayles since 1997 and has over 35 years of investment industry experience. Mr. Kennedy, Portfolio Manager, has been with Loomis Sayles since 1994 and has over 35 years of investment industry experience.

*MFS Institutional Advisors, Inc. ("MFSI"), 111 Huntington Avenue, Boston, Massachusetts 02199:* MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is America's oldest mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. As of December 31, 2025, net assets under management of the MFS organization were approximately [$602.0 billion]. Pilar Gomez-Bravo, CFA, Co-Chief Investment Officer and Robert Spector, CFA, Investment Officer each serve as a portfolio manager and have overall responsibility and final authority for portfolio construction of an assigned portion of the Global Bond Fund managed by MFSI. Ms. Gomez-Bravo has been employed in the investment area of MFS since 2013, and Mr. Spector has been employed in the investment area of MFS since 2005.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is a registered investment adviser and, together with its affiliates, had approximately [$508.0 billion] in assets under management as of December 31, 2025. The firm provides discretionary and/or non-discretionary investment management services to a variety of clients, such as individuals, institutions, registered investment companies, non-U.S. registered funds, collective investment trusts and private investment funds. Ashok K. Bhatia, CFA, Managing Director, Chief Investment Officer and Global Head of Fixed Income; David M. Brown, CFA, Managing Director, Global Co-Head of Investment Grade, Co-Head of Multi-Sector Fixed Income and Senior Portfolio Manager; Robert Dishner, Managing Director and Senior Portfolio Manager, and Adam Grotzinger, CFA, Managing Director and Senior Fixed Income Portfolio Manager are the portfolio managers responsible for the daily management of an assigned portion of the Global Bond Fund. Messrs. Bhatia, Brown, Dishner and Grotzinger have each been with Neuberger Berman for five years or more.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their

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market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$574.0 billion.] Parametric uses a team approach to manage an assigned portion of the Global Bond Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, and Zach Olsen, CFA, Senior Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

**Strategic Alternatives Fund:**

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830:* AQR is a Delaware limited liability company formed in 1998. AQR provides discretionary investment management services to registered investment companies, collective investment vehicles, private investment partnerships, foreign investment companies and separately managed accounts. AQR focuses on providing quantitative investment analysis, which relies on the firm's proprietary models, utilizing a set of valuation, momentum and other factors, to generate views on investments and apply them in a systematic process. As of December 31, 2025, AQR had approximately $187.3 billion in assets under management. The portfolio managers who are jointly and primarily responsible for the day-to-day management of an assigned portion of the Strategic Alternatives Fund are Clifford S. Asness, Ph.D., Michele L. Aghassi, Ph.D., John J. Huss and Laura Serban, Ph.D. Dr. Asness is the Managing and Founding Principal of AQR, and Doctors Aghassi and Serban and Mr. Huss are each a Principal of AQR. Dr. Asness has been at AQR since the firm's inception in 1998, Dr. Aghassi has been at AQR since 2005, Mr. Huss has been at AQR since he rejoined the firm in 2013 and Dr. Serban has been at AQR since 2011.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM serves as sub-adviser to an assigned portion of the Strategic Alternatives Fund. As of December 31, 2025, GSAM, along with its investment advisory affiliates, had approximately [$2.8 trillion] in assets under supervision ("AUS"). (AUS includes assets under management and other client assets for which the firm does not have full discretion.) There are seven investment strategy teams within the Global Fixed Income and Liquidity Solutions Team that are responsible for managing GSAM's portion of the Strategic Alternatives Fund. The team is organized into a series of specialist teams that focus on generating and implementing investment ideas within their area of expertise. Ultimate accountability for the Strategic Alternatives Fund's portfolio account resides with Simon Dangoor, Managing Director, Lindsay Rosner, Managing Director, and Paul Seary, CFA, Senior Portfolio Manager. Mr. Dangoor joined GSAM in 2004. Ms. Rosner joined GSAM in 2023, and prior to this, she was a portfolio manager for PGIM from 2012 to 2023. Mr. Seary joined GSAM in 2009.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion]. Parametric uses a team approach to manage an assigned portion of the Strategic Alternatives Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, Jennifer Mihara, Head of Equity Fund Management, Zach Olsen, CFA, Senior Portfolio Manager, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Messrs. Fong, Olsen and Wotherspoon and Ms. Mihara have each been with Parametric for more than five years.

*P/E Global LLC ("P/E Global"), 75 State Street, 31*<sup>st</sup> *Floor, Boston, Massachusetts 02109:* Formed in 2000, P/E Global is a registered investment adviser providing asset management services. P/E Global provides investment advisory and portfolio management to clients on a discretionary basis, utilizing proprietary investment strategies that are based on the belief that by combining effective diversification, through analysis and continuous management, the investment objectives of clients can be met with greater consistency. As of December 31, 2025, the firm had assets under management of approximately [$18.6 billion]. P/E Global uses a team approach to manage the firm's assigned portion of the Strategic Alternatives Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Warren J. Naphtal, President and Chief Investment Officer, and David J. Souza, Jr., CFA, Portfolio Manager. Messrs. Naphtal and Souza each have more than five years of experience with P/E Global.

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*SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067:* SSI, a Delaware limited liability company, is a registered investment adviser and has been providing asset management services, including its predecessor, since 1973. SSI serves as an investment adviser to separately managed accounts, investment sub-adviser to open-end investment companies under the 1940 Act and as a general partner of an investment limited partnership. As of December 31, 2025, the firm had assets under management of approximately [$2.1 billion] and assets under advisement of [$200 million]. SSI uses a team approach to manage the firm's assigned portion of the Strategic Alternatives Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are George M. Douglas, CFA, Chief Investment Officer and Managing Principal, Dagney Maseda, CFA, Portfolio Manager and Managing Director, and Alexander W. Volz, Portfolio Manager. Messrs. Douglas and Volz and Ms. Maseda each have more than 20 years of experience with SSI.

**Defensive Market Strategies Fund:**

*J.P. Morgan Investment Management Inc. ("JPMIM"), 270 Park Avenue, New York, New York 10017:* JPMIM was established in 1984 and is registered with the SEC as an investment adviser. As of December 31, 2025, the firm had assets under management of approximately $4.1 trillion in equities and fixed income securities. JPMIM uses a team approach to manage the assigned portion of the Defensive Market Strategies Fund. The investment team includes Hamilton Reiner, Managing Director and Chief Investment Officer of U.S. Core Equity, Raffaele Zingone, Managing Director, Matthew Bensen, Executive Director, and Judy Jansen, Executive Director. Messrs. Hamilton, Zingone and Bensen and Ms. Jansen have each served more than five years with JPMIM.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is a registered investment adviser and, together with its affiliates, had approximately [$508.0 billion] in assets under management as of December 31, 2025. The firm provides discretionary and/or non-discretionary investment management services to a variety of clients, such as individuals, institutions, registered investment companies, non-U.S. registered funds, collective investment trusts and private investment funds. Derek Devens, CFA, Rory Ewing and Eric Zhou are the portfolio managers responsible for the daily management of an assigned portion of the Defensive Market Strategies Fund. Mr. Devens is Managing Director and Senior Portfolio Manager; Mr. Ewing is Managing Director and Portfolio Manager; and Mr. Zhou is Senior Vice President and Portfolio Manager. Messrs. Devens, Ewing and Zhou all joined Neuberger Berman in 2016.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion]. Parametric uses a team approach to manage an assigned portion of the Defensive Market Strategies Fund. The team includes Jennifer Mihara, Managing Director, Equity Research, James Reber, Managing Director, Portfolio Management (expected to retire August 1, 2025), and Gordon Wotherspoon, Managing Director, Head of Equity Separately Managed Accounts. Ms. Mihara and Messrs. Reber and Wotherspoon have each been with Parametric for more than five years.

*PGIM Quantitative Solutions LLC ("PGIM QS"), 655 Broad Street, Newark, New Jersey 07102:* PGIM QS is a registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. As of December 31, 2025, the firm had assets under management of approximately [$108.5 billion] in quantitative equity and global multi-asset solutions for global client base of pension funds, endowments, foundations, sovereign wealth funds and sub-advisory accounts. PGIM QS uses a team approach to manage the firm's assigned portion of the Defensive Market Strategies Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Devang Gambhirwala, Principal and Portfolio Manager, Joel M. Kallman, CFA, Vice President and Portfolio Manager, and Edward J. Tostanoski III, Principal and Portfolio Manager. Messrs. Gambhirwala, Kallman and Tostanoski each have more than five years of experience with PGIM QS.

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**Impact Bond Fund:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$574.0 billion]. Parametric uses a team approach to manage an assigned portion of the Impact Bond Fund. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, and Zach Olsen, CFA, Senior Portfolio Manager. Messrs. Fong and Olsen have each been with Parametric for five or more years.

*RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota 55401:* RBC GAM US was formed in 1983 and is registered as an investment adviser with the SEC. The firm seeks to develop a full understanding of each client's investment needs and meets those needs with equity, fixed income and cash management solutions, which include institutional separate accounts, open-end investment companies (*e.g.,* mutual funds), other pooled investment vehicles (*i.e.,* private funds), wrap fee programs and model portfolios. As of December 31, 2025, RBC GAM US had assets under management of approximately [$57.1 billion.] Brian Svendahl, CFA, Managing Director and Senior Portfolio Manager, U.S. Fixed Income, has been the lead portfolio manager for RBC GAM US's impact investing since 2006. Mr. Svendahl has more than 20 years of service with RBC GAM US.

**Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2025, LGIM America had approximately [$225.7 billion] in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Global Head of Index & ETFs, Aodhagán Byrne, CFA, Senior Portfolio Manager, Joseph LaPorta, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, LaPorta, O'Connor and Parker have each been employed by LGIM America for five years or more.

**Global Real Estate Securities Fund:**

*Heitman Real Estate Securities LLC ("HRES"), 110 North Wacker Drive, Suite 4000, Chicago, Illinois 60606:* Heitman LLC, the parent of HRES, was founded in 1966 in Chicago. HRES and Heitman LLC had approximately [$3.5 billion] and [$48.6 billion] in assets under management, respectively, as of December 31, 2025. HRES's real estate securities team consists of over 20 investment professionals situated in offices around the globe. The team is led by the following portfolio managers: Charles Harbin, CFA, Managing Director, Co-Head and Portfolio Manager – Public Real Estate Securities; Jeffrey Yurk, CFA, Managing Director, Co-Head and Portfolio Manager – Public Real Estate Securities; Jacques Perdrix, Executive Vice President and Portfolio Manager – Europe; and Damon Wang, CFA, Senior Vice President and Portfolio Manager – Asia Pacific. The portfolio managers work to carry out the firm's highly specialized investment process and are responsible for defining the global investment themes and risk management. Messrs. Harbin, Yurk and Perdrix each have five years or more of service with HRES. Mr. Wang has been with HRES since 2021, and prior to joining HRES, he served at LaSalle Investment Management Securities in Hong Kong, from 2014 to 2021, and left the firm holding the position of Senior Vice President, where he was responsible for public real estate securities investment coverage of the Asia-Pacific region.

*RREEF America L.L.C. ("RREEF"), 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606:* Founded in 1975, RREEF's Real Estate business had approximately [$81.1 billion] in total assets under management as of December 31, 2025. The Global Real Estate Securities strategy is managed on a team basis under the leadership of John Vojticek, Head and Chief Investment Officer, Liquid Real Assets DWS. The team is led by regional portfolio managers David W. Zonavetch, CPA, and Robert Thomas, who both hold the title of Head of Investment Strategy Liquid Real Assets and are co-lead portfolio managers for the Americas Real Estate Securities business. The team also includes Chris Robinson, Regional Head of Liquid Real Assets, lead portfolio manager for the Asia Pacific Real Estate Securities business, and Barry McConnell, Senior Portfolio Manager Liquid

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Real Assets, lead portfolio manager for the European Real Estate Securities business. Messrs. Zonavetch and Robinson have each been with the firm for over 15 years, Mr. McConnell has been with the firm since 2007, and Mr. Thomas has been with the firm since 2017. Each of Messrs. Zonavetch, Robinson and McConnell are primarily responsible for the day-to-day operations, as well as final decisions on stock selection and property sector allocation (where appropriate), for an assigned portion of the Global Real Estate Securities Fund. Prior to joining RREEF in 2017, Mr. Thomas served as the Head of the North American Property Equities and Portfolio Manager at Henderson Global Investors and Co-Head of North American Listed Real Estate at AMP Capital Investors. Mr. Thomas has over 18 years of industry experience.

**Value Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2025, LGIM America had approximately [$225.7 billion] in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Global Head of Index & ETFs, Aodhagán Byrne, CFA, Senior Portfolio Manager, Joseph LaPorta, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, LaPorta, O'Connor and Parker have each been employed by LGIM America for five years or more.

**Value Equity Fund:**

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century has been a privately-controlled investment manager since 1958. As of December 31, 2025, the firm had assets under management of approximately [$261.8 billion.] American Century uses a team approach to manage the firm's assigned portion of the Value Equity Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Michael Liss, CFA, CPA, Vice President and Senior Portfolio Manager; Philip Sundell, CFA, Vice President and Portfolio Manager; Kevin Toney, CFA, Chief Investment Officer – Global Value Equity, Senior Vice President and Senior Portfolio Manager; and Brian Woglom, CFA, Vice President and Senior Portfolio Manager. Each member of the team has more than five years of experience with American Century.

*Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st Floor, Dallas, Texas 75201:* Barrow Hanley, a Delaware limited liability company, is an investment management firm founded in 1979, which provides investment advisory services to large institutional clients, mutual funds, employee benefit plans, endowments, foundations, limited liability companies and other institutions and individuals. Assets under management totaled approximately [$53.3 billion] as of December 31, 2025, in U.S. and non-U.S. equities, as well as fixed income securities. Barrow Hanley's strategy is a team-oriented value approach utilizing fundamental research to construct portfolios. The equity team of portfolio managers and analysts assist in research and making recommendations; however, David W. Ganucheau, CFA, Senior Managing Director, and Mark Giambrone, Executive Director, comprise the team of portfolio managers on Barrow Hanley's assigned portion of the Value Equity Fund. Messrs. Ganucheau and Giambrone each have more than 15 years of service with Barrow Hanley.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion.] Parametric uses a team approach to manage any assigned portion of the Value Equity Fund. The team includes Jennifer Mihara, Head of Equity Fund Management, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Ms. Mihara and Mr. Wotherspoon have each been with Parametric for more than five years.

*TCW Investment Management Company, LLC ("TCW"), 1251 Avenue of the Americas, Suite 4700, New York, New York 10020:* Established in 1971, TCW's primary business is the provision of investment management services. TCW was organized in 1987

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as a wholly owned subsidiary of The TCW Group, Inc. TCW is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. As of December 31, 2025, TCW had total assets under management, including commitments, of approximately [$195.3 billion.] Iman H. Brivanlou, Ph.D., Co-Portfolio Manager and Managing Director, and Matthew J. Spahn, Co-Portfolio Manager and Managing Director, are responsible for the day-to-day management of an assigned portion of the Value Equity Fund. Dr. Brivanlou has 19 years of experience and has been with TCW since 2006. Mr. Spahn has 30 years of experience and has been with TCW since 1998.

**Growth Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2025, LGIM America had approximately [$225.7 billion] in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Global Head of Index & ETFs, Aodhagán Byrne, CFA, Senior Portfolio Manager, Joseph LaPorta, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, LaPorta, O'Connor and Parker have each been employed by LGIM America for five years or more.

**Growth Equity Fund:**

*J.P. Morgan Investment Management, Inc. ("JPMIM"), 383 Madison Avenue, New York, New York 10179*: JPMIM was established in 1984 and is registered with the SEC as an investment adviser. As of December 31, 2025, the firm had assets under management of approximately [$3.6 trillion] in equities and fixed income securities. JPMIM uses a team approach to manage the assigned portion of the Growth Equity Fund. The investment team includes Giri Devulapally, CFA, Managing Director, Holly Morris, Managing Director, Larry H. Lee, Managing Director, Robert Maloney, Executive Director, and Joseph Wilson, Managing Director. Messrs. Devulapally, Lee, Maloney and Wilson and Ms. Morris have each served more than five years with JPMIM.

*Loomis, Sayles & Company, L.P. ("Loomis Sayles"), One Financial Center, Boston, Massachusetts 02111:* Established in 1926, Loomis Sayles manages approximately [$389.3 billion] in fixed income and equity assets for institutional, high net worth and mutual fund clients as of December 31, 2025. Aziz Hamzaogullari, Chief Investment Officer, Founder of the Growth Equity Strategies Team and Portfolio Manager, has primary responsibility for the day-to-day management of an assigned portion of the Growth Equity Fund. Mr. Hamzaogullari has been with Loomis Sayles since 2010 and has 31 years of investment industry experience.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion.] Parametric uses a team approach to manage any assigned portion of the Growth Equity Fund. The team includes Jennifer Mihara, Head of Equity Fund Management, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Ms. Mihara and Mr. Wotherspoon have each been with Parametric for more than five years.

*Sands Capital Management, LLC ("Sands"), 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209:* Sands has been managing assets since being founded in 1992. Sands had approximately $44.3 billion in discretionary assets under management as of December 31, 2025. The firm manages assets utilizing growth equity strategies. The investment team includes Benjamin H. Betcher, CFA, Senior Portfolio Manager and Research Analyst, Wesley A. Johnston, CFA, Senior Portfolio Manager and Research Analyst, and Thomas H. Trentman, CFA, Senior Portfolio Manager and Research Analyst. Mr. Betcher joined Sands in 2021, Mr. Johnston joined Sands in 2004 and Mr. Trentman joined Sands in 2005.

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*William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606:* William Blair is a global investment firm that offers investment advisory services to clients. William Blair was established in 2014 and is registered as an investment adviser with the SEC. As of December 31, 2025, the firm had assets under management of approximately [$71.6 billion] in equities, fixed income securities, derivatives and cash equivalents. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the Growth Equity Fund portfolio account are James Golan, CFA, Partner and Portfolio Manager, and David Ricci, CFA, Partner and Portfolio Manager. Messrs. Golan and Ricci each have served more than five years as portfolio managers with William Blair.

**Small Cap Equity Fund:**

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century has been a privately-controlled investment manager since 1958. As of December 31, 2025, the firm had assets under management of approximately [$261.8 billion.] American Century uses a team approach to manage the firm's assigned portion of the Small Cap Equity Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Ryan Cope, CFA, Portfolio Manager, and Jeff John, CFA, Vice President and Senior Portfolio Manager. Messrs. Cope and John each have more than five years of experience with American Century.

*Driehaus Capital Management LLC ("DCM"), 25 East Erie Street, Chicago, Illinois 60611:* DCM is privately held independent investment adviser providing discretionary and non-discretionary advisory services to clients. DCM has been registered with the SEC since 1983, and as of December 31, 2025, the firm had assets under management of approximately [$19.7 billion.] The portfolio managers who are jointly and primarily responsible for the day-to-day management of an assigned portion of the Small Cap Equity Fund are Jeffrey James, Lead Portfolio Manager, Michael Buck, Portfolio Manager and Senior Analyst, and Prakash Vijayan, CFA, Assistant Portfolio Manager and Senior Analyst. Messrs. James, Buck and Vijayan have over five years of experience with DCM.

*Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), 100 Campus Drive, 4th Floor East, Florham Park, New Jersey 07932*: Jacobs Levy is a New Jersey based investment adviser founded in 1986. The firm's core business activity is managing U.S. equity portfolios for clients, which include institutions with separately managed accounts, registered investment companies and pooled investment vehicles intended for sophisticated, institutional investors. As of December 31, 2025, Jacobs Levy had assets under management of approximately [$27.8 billion.] The firm was founded by Bruce I. Jacobs, Ph.D., and Kenneth N. Levy, CFA, who are Principals, Co-Chief Investment Officers, Portfolio Managers and Co-Directors of Research. Dr. Jacobs and Mr. Levy have ultimate investment management responsibility for the firm's assigned portion of the Small Cap Equity Fund.

*Nomura Investments Fund Advisers ("NIFA"), 100 Independence, 610 Market Street, Philadelphia, Pennsylvania, 19106:* NIFA is a series of Nomura Investment Management Business Trust ("NIMBT"), a Delaware statutory trust which is registered with the SEC as an investment adviser. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which include NIMBT and its NIFA series. The Core Equity Team manages the firm's assigned portion of the Small Cap Equity Fund. The team is led by David E. Reidinger, Managing Director and Head of U.S. Core Equity. The other members of the team are Christopher S. Adams, CFA, Michael S. Morris, CFA, Donald G. Padilla, CFA, and Christina Van Het Hoen. Messrs. Adams, Morris and Padilla, who each hold the title of Managing Director and Senior Portfolio Manager - U.S. Core Equity, have each served as portfolio managers of the firm, including through a predecessor organization, Delaware Investments Fund Advisers ("DIFA"), for at least five years. Ms. Van Het Hoen holds the title of Senior Vice President and Portfolio Manager - U.S. Core Equity, and began servicing as portfolio manager for the Small Cap Equity Fund in July 2024. Ms. Van Het Hoen joined DIFA in July 2021 as a Vice President and Senior Equity Analyst, and prior to DIFA, she was a Fixed Income Associate at Capital Group, where she served for more than five years.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under

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management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion.] Parametric uses a team approach to manage an assigned portion of the Small Cap Equity Fund. The team includes Jennifer Mihara, Head of Equity Fund Management, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Ms. Mihara and Mr. Wotherspoon have each been with Parametric for more than five years.

*TimesSquare Capital Management, LLC ("TSCM"), 75 Rockefeller Plaza, 30th Floor, New York, New York 10019:* TSCM is a registered investment adviser with a focus on institutional clients. The firm, which was formed in November 2004 to succeed the growth equity investment advisory business of the firm's predecessor, TimesSquare Capital Management, Inc., had assets under management of approximately [$8.4 billion] as of December 31, 2025. TSCM integrates a highly experienced team of investment specialists and time-tested strategies, driven by internally generated research, into one dynamic organization. Grant Babyak, Chief Executive Officer and Portfolio Manager, David Ferriero, Ph.D., Partner and Portfolio Manager/Analyst, and Greg J. Vasse, Partner and Portfolio Manager/Analyst, are jointly and primarily responsible for an assigned portion of the Small Cap Equity Fund. Mr. Babyak has been with TSCM for over 20 years and has over 30 years of investment experience. Dr. Ferriero has been with TSCM for nine years and has 18 years of investment experience. Mr. Vasse has been with TSCM for 17 years and has 21 years of investment experience.

**International Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2025, LGIM America had approximately [$225.7 billion] in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Global Head of Index & ETFs, Aodhagán Byrne, CFA, Senior Portfolio Manager, Joseph LaPorta, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, LaPorta, O'Connor and Parker have each been employed by LGIM America for five years or more.

**International Equity Fund:**

*Altrinsic Global Advisors, LLC ("Altrinsic"), 300 First Stamford Place, Suite 750, Stamford, Connecticut 06902:* Established in 2000, Altrinsic is a registered investment adviser and focuses solely on international, global and emerging markets equity investment management. As of December 31, 2025, the firm had assets under management of approximately [$8.4 billion.] Altrinsic uses a team approach to manage the firm's assigned portion of the International Equity Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are John L. DeVita, CFA, CPA, Portfolio Manager, John D. Hock, CFA, Chief Executive Officer and Portfolio Manager, and Rich McCormick, CFA, Portfolio Manager. Messrs. DeVita, Hock and McCormick each have more than five years of experience with Altrinsic.

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830:* AQR is a Delaware limited liability company formed in 1998 and provides discretionary investment management services to registered investment companies, collective investment vehicles, private investment partnerships, foreign investment companies and separately managed accounts. AQR focuses on providing quantitative investment analysis, which relies on the firm's proprietary models, utilizing a set of valuation, momentum and other factors, to generate views on investments and apply them in a systematic process. As of December 31, 2025, AQR had approximately $187.3 billion in assets under management. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the assigned portion of the International Equity Fund are Clifford S. Asness, Ph.D., John M. Liew, Ph.D., John J. Huss and Laura Serban, Ph.D. Dr. Asness is the Managing and Founding Principal of AQR. Dr. Liew is a Founding Principal of AQR. Mr. Huss and Dr. Serban are each Principals of AQR. Doctors Asness and Liew have been at AQR since the firm's inception in 1998, Mr. Huss has been at AQR since he rejoined the firm in 2013 and Dr. Serban has been at AQR since 2011.

*MFS Institutional Advisors, Inc. ("MFSI"), 111 Huntington Avenue, Boston, Massachusetts 02199:* MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is America's oldest mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. As of December 31, 2025, net assets under management of the MFS organization were approximately [$605.0 billion.] Filipe Benzinho, Daniel Ling (who is expected to retire on

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June 1, 2026) and Harry Purcell, each an Investment Officer of MFS and portfolio manager for the International Concentrated Equity Strategy, have overall responsibility and final authority for portfolio construction of an assigned portion of the International Equity Fund managed by MFSI. Mr. Benzinho has been employed in the investment area of MFS since 2009, Mr. Ling has been employed in the investment area of MFS since 2006 and Mr. Purcell has been employed in the investment area of MFS since 2012.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$574.0 billion.] Parametric uses a team approach to manage an assigned portion of the International Equity Fund. The team includes Xiaozhen Li, Ph.D., Director, Private Client Direct Group, Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Dr. Li and Mr. Wotherspoon have each been with Parametric for more than five years.

*WCM Investment Management, LLC ("WCM"), 281 Brooks Street, Laguna Beach, California 92651:* WCM is an investment advisory firm, registered with the SEC that specializes in providing innovative, equity investment advisory services. WCM was founded in 1976. As of December 31, 2025, the firm had assets under management of approximately [$91.7 billion.] WCM uses a team approach to manage an assigned portion of the International Equity Fund. The team is led by Sanjay Ayer, CFA, Portfolio Manager and Business Analyst, Paul R. Black, Co-Chief Executive Officer and Portfolio Manager, Michael B. Trigg, Co-Chief Executive Officer and Portfolio Manager, and Jon Tringale, Portfolio Manager. Each portfolio manager has been employed with WCM for five years or more.

*Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, Massachusetts 02210:* Wellington is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington and its predecessor organizations have provided investment advisory services for over 80 years. As of December 31, 2025, Wellington, along with its investment advisory affiliates, had investment management authority with respect to approximately [$1.2 trillion] in assets. Mary L. Pryshlak, CFA, Senior Managing Director and Head of Investment Research, and Jonathan G. White, CFA, Managing Director and Director, Research Portfolios, are responsible for the day-to-day management of the portion of the International Equity Fund assigned to Wellington. Ms. Pryshlak and Mr. White have been with Wellington for more than five years.

**Emerging Markets Equity Fund:**

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830:* AQR is a Delaware limited liability company formed in 1998 and provides discretionary investment management services to registered investment companies, collective investment vehicles, private investment partnerships, foreign investment companies and separately managed accounts. AQR focuses on providing quantitative investment analysis, which relies on the firm's proprietary models, utilizing a set of valuation, momentum and other factors, to generate views on investments and apply them in a systematic process. As of December 31, 2025, AQR had approximately $187.3 billion in assets under management. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the assigned portion of the Emerging Markets Equity Fund are Clifford S. Asness, Ph.D., Michele L. Aghassi, Ph.D., John J. Huss and Laura Serban, Ph.D. Dr. Asness is the Managing and Founding Principal of AQR, and Doctors Aghassi and Serban and Mr. Huss are each a Principal of AQR. Dr. Asness has been at AQR since the firm's inception in 1998, Dr. Aghassi has been at AQR since 2005, Mr. Huss has been at AQR since he rejoined the firm in 2013 and Dr. Serban has been at AQR since 2011.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM serves as a sub-adviser to an assigned portion of the Emerging Markets Equity Fund. As of December 31, 2025, GSAM, along with its investment advisory affiliates, had approximately [$2.8 trillion] in assets under supervision ("AUS"). AUS includes assets under management and other client assets for which the firm does not have full discretion. The Emerging Markets Equity Team is responsible for managing GSAM's portion of the Emerging Markets Equity Fund. Ultimate accountability for the Emerging

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Markets Equity Fund's portfolio account resides with portfolio manager, Basak Yavuz, Managing Director. Ms. Yavuz has been at GSAM for more than thirteen years.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$567.0 billion.] Parametric uses a team approach to manage any assigned portion of the Emerging Markets Equity Fund. The team includes Jennifer Mihara, Head of Equity Fund Management, and Gordon Wotherspoon, Head of Equity Separately Managed Accounts. Ms. Mihara and Mr. Wotherspoon have each been with Parametric for more than five years.

*RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 100 Bishopsgate, London EC2N 4AA, United Kingdom:* RBC GAM UK has been registered with the SEC as an investment adviser since September 2013 and is authorized and regulated by the Financial Conduct Authority of the United Kingdom. RBC GAM UK is a wholly owned subsidiary of Royal Bank of Canada Holdings (UK) Limited, which is a wholly owned subsidiary of Royal Bank of Canada. As of December 31, 2025, RBC GAM UK had approximately [$191.8 billion] in assets under management. Philippe Langham, ACA, is responsible for the day-to-day management of the portion of the Emerging Markets Equity Fund assigned to RBC GAM UK. Mr. Langham is Managing Director, Senior Portfolio Manager and Emerging Markets Equities. Mr. Langham joined RBC GAM UK in 2009.

*Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, Massachusetts 02210:* Wellington is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington and its predecessor organizations have provided investment advisory services for over 80 years. As of December 31, 2025, Wellington, along with its investment advisory affiliates, had investment management authority with respect to approximately [$1.2 trillion] in assets. Bo Z. Meunier, CFA, Senior Managing Director and Equity Portfolio Manager is responsible for the day-to-day management of the portion of the Emerging Markets Equity Fund assigned to Wellington. Ms. Meunier has been with Wellington for more than five years.

**All Funds (except the Money Market Fund) — Cash Overlay Program:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric whereby Parametric is responsible for monitoring and investing cash balances of the Fund. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned direct subsidiary of Morgan Stanley. Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately [$1.6 trillion] in assets under management. As of December 31, 2025, Parametric had total firm assets under management of approximately [$572.1 billion.] Parametric uses a team approach to manage the Funds' Cash Overlay Program. The team includes Richard Fong, CFA, Managing Director of Investment Strategy, and Zach Olsen, CFA, Senior Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

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**Service Providers**

The following chart provides information on the Funds' primary service providers.

![](g696065servpro.jpg)

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**Shareholder Information**

**Eligible Investors**

You may purchase or redeem shares of the Funds on any business day through the website at *GuideStoneFunds.com*; by mail at GuideStone Funds, P.O. Box 534446, Pittsburgh, PA 15253-4446 (for overnight delivery, GuideStone Funds, Attention 534446, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by telephone at 1-888-GS-FUNDS (1-888-473-8637). You may also be able to purchase or redeem shares of the Funds through certain financial intermediaries. The Funds are not available or eligible to be investment options of any "plan or program of a government entity" as defined in Rule 206(4)-5 under the Investment Advisers Act of 1940. The Funds reserve the right to refuse to accept investments at any time. GuideStone Financial Resources may invest for its own account, including reserves and endowment, in any class of the Funds. For more information on the purchase or redemption of shares of the Funds, see the section entitled "Summary of Other Important Fund Information" in this Prospectus.

**Minimum Account Size**

**Investor Class Accounts:** Investor Class shares of the Funds require a minimum balance of $1,000 per Fund, except for the Money Market Fund which requires a minimum balance of $100. The Funds reserve the right to close your account and redeem your shares if the value of your account falls below $1,000, or below $100 for the Money Market Fund, unless the reduction in value is due solely to market depreciation. The $1,000 minimum applies separately to each Fund that you own, except the Money Market Fund. The Funds may close your account and send you a check for the redemption proceeds if you do not bring your account up to the minimum within 30 days after the mailing of a written notice. Alternatively, if you have accounts in multiple Funds, except the Money Market Fund, below $1,000, which combined equal or exceed $1,000, those proceeds may be transferred into a single account in the Trust's Money Market Fund, if you do not bring your accounts up to the minimum within 30 days after the mailing of a written notice. A redemption of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a 403(b) plan, a 401(k) plan, an IRA or an employee benefit plan (collectively, "Tax-Advantaged Account").

**Institutional Class Accounts:** Institutional Class shares of the Funds require a minimum balance of $1,000,000 invested in all Funds in the aggregate for investors other than GuideStone-Serviced Plans. The Funds reserve the right to convert the Institutional Class shares in your account to Investor Class shares, or close your account and redeem your shares, if the value of your account falls below $1,000,000 (or you hold Institutional Class shares of the Funds that were acquired prior to May 1, 2014), unless the reduction in value is due solely to market depreciation. The Funds will notify you and allow you at least 30 days to bring your account's value up to the applicable minimum before converting your shares or closing your account. A redemption of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a Tax-Advantaged Account. If your shares are converted to Investor Class shares, the conversion will have no effect on the value of your investment in Institutional Class shares of the Funds at the time of conversion. However, the number of shares you own after the conversion may be greater or lower than the number of shares you owned before the conversion, depending on the NAV of the respective share classes.

At the discretion of the Trust's officers, the initial investment minimums and account size requirements noted for both classes of shares may be waived. Clients of GuideStone Personal Advisory Services, offered by GuideStone Advisors, LLC, an affiliate of the Trust and the Adviser, are not subject to Investor Class shares minimum requirements. A shareholder of one class of a Fund who is, or becomes eligible, for another class of that Fund may elect to convert shares of that class to shares of the other class based on the respective NAVs per share of each class. In addition, immediate family members sharing the same household who in the aggregate meet the minimum account size requirements for Institutional Class shares may request to purchase Institutional Class shares for their accounts or to have their accounts converted to Institutional Class shares. (For purposes hereof, your immediate family members are (as applicable): any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships. A person shares your household if he or she resides at the same address.) However, such conversions may not be made automatically. A conversion of shares between classes of the same Fund will not be considered as a taxable transaction for federal income tax purposes.

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**Other Information**

**Escheatment Laws:** Certain states, including the state of Texas, have laws that allow shareholders to designate a representative to receive abandoned or unclaimed property ("escheatment") notification by completing and submitting a designation form that generally can be found on the official state website. If a shareholder resides in an applicable state, and elects to designate a representative to receive escheatment notifications, escheatment notices generally will be delivered as required by such state laws, including, as applicable, to both the shareholder and the designated representative. A completed designation form may be mailed to a Fund (if shares are held directly with a Fund) or to the shareholder's financial intermediary (if shares are not held directly with a Fund). Shareholders should refer to relevant state law for the shareholder's specific rights and responsibilities under his or her state's escheatment law(s), which can generally be found on the state's official website.

**Open an IRA or Other GuideStone Investment Account:** Shares of a Fund are available to eligible investors for purchase through IRAs, Roth IRAs and other GuideStone investment accounts. BNY Mellon Investment Servicing Trust Company serves as custodian of the IRAs. Eligible investors may also establish an account in the name of a trust established solely by one or more eligible investors and/or an account for a minor. Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts may provide special tax advantages. For more details and applications, call the Trust at 1-888-GS-FUNDS (1-888-473-8637).

**Participants in a Participant-Directed Employee Benefit Plan:** If you invest in the Funds in a participant-directed employee benefit plan through a financial intermediary, the minimum investment and account balance requirements may be different than those described in the section entitled "Summary of Other Important Fund Information" in this Prospectus, and you should contact your financial intermediary for this information. The policies and procedures of your financial intermediary, including minimum investments, may be different than those described herein. Your financial intermediary may require additional days to process contributions, withdrawals and other transactions, to the extent permitted by law.

**Transfer of Shares:** Shareholders of record of the Institutional Class shares of a Fund may transfer their shares to another person or entity (a) which is otherwise eligible to purchase the Institutional Class shares of a Fund and (b) which is, or will become upon such transfer, a shareholder of record of the Institutional Class shares of the Fund on the books of the transfer agent of the Funds. Shareholders of record of the Investor Class shares may transfer their shares to another person or entity which is, or will become upon such transfer, a shareholder of record of the Investor Class shares of the Fund on the books of the transfer agent of the Funds.

**Customer Identification**

A Fund (or a shareholder service provider acting on a Fund's behalf) seeks to obtain identification information for new accounts so that the identity of Fund investors can be verified consistent with regulatory requirements. A Fund may limit account activity until investor identification information can be verified. If a Fund is unable to obtain sufficient investor identification information such that the Fund may form a reasonable belief as to the true identity of an investor, the Fund may take further action including closing the account.

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**Transactions with the Funds**

The following transaction procedures do not apply to participant-directed employee benefit plans or accounts held through financial intermediaries. If you own shares of the Funds through one of the participant-directed employee benefit plans, you should consult your employer, your plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for proper instructions. If you own shares of the Funds through a financial intermediary, please contact your salesperson or financial intermediary for proper instructions.

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| **Method** | **Open an Account** | **Add to an Account** |
| **By Mail**<br>GuideStone Funds<br> P.O. Box 534446<br> Pittsburgh, PA 15253-4446<br>Overnight Delivery:<br> GuideStone Funds<br> Attention 534446<br> 500 Ross Street, 154 0520<br> Pittsburgh, PA 15262<br>| Complete and sign the application. Mail <br> it with your check made payable to <br> **GuideStone Funds.** Your initial <br> investment must meet the minimum <br> amount.<br>| Send in a check for the appropriate <br> minimum amount (or more). Make your <br> check payable to **GuideStone Funds.** <br> Always provide your account name and <br> number on the check or include the <br> detachable slip from your confirmation <br> statement.<br>|
| **By Telephone**<br>1-888-GS-FUNDS (1-888-473-8637) <br> Your account will automatically have <br> certain telephone privileges unless you <br> designate otherwise on your initial <br> application or complete an authorization <br> form, available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637). <br> When you call, we may request personal <br> identification and record your call.<br>| If you already have an account and have <br> authorized telephone transactions, you <br> may call to open an account in another <br> Fund in the Trust. You may direct us to <br> deduct an amount from your previously <br> authorized checking or savings account <br> or to exchange shares from your existing <br> Fund account into another Fund in the <br> Trust, or you may send us a wire. (For <br> exchanges, the names and addresses on <br> the accounts must be identical.) Your <br> initial investment in the new Fund in the <br> Trust must meet the minimum amount.<br>| You may make investments by telephone <br> (a minimum of $100 per established <br> Fund) if you have previously authorized <br> it. Once you call, we will deduct the <br> dollar amount you designate from your <br> previously authorized checking or <br> savings account. If you have <br> implemented GuideStone Advisors' <br> investment advice, minimum subsequent <br> purchase requirements do not apply.<br>|
| **By Wire**<br>The Bank of New York Mellon<br> ABA#: 011001234<br> DDA#: 0000734306<br> FBO: Shareholder Name, Fund Number <br> and Account Number<br>Note: Your bank may charge you a fee <br> for handling a wire transaction. The <br> Trust and its transfer agent are not <br> responsible for the efficiency of the <br> federal wire system or your bank.<br>| Call your bank with the wire instructions <br> shown to the left. The wire must be <br> received by 4:00 p.m. Eastern Time for <br> same day processing.<br>Please call 1-888-GS-FUNDS <br> (1-888-473-8637) for the account <br> number to include on the wire.<br>You must send a completed application <br> by overnight delivery in advance of the <br> wire to:<br> GuideStone Funds<br> (Designate the Fund)<br> Attention 534446<br> 500 Ross Street, 154 0520<br> Pittsburgh, PA 15262<br>| Call 1-888-GS-FUNDS<br> (1-888-473-8637) to notify us of the <br> wire. Call your bank with the wire <br> instructions shown to the left. The wire <br> must be received by 4:00 p.m. Eastern <br> Time for same day processing.<br>|

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|:---|:---|:---|
| **Method** | **Open an Account** | **Add to an Account** |
| **Online**<br>*GuideStoneFunds.com*<br> Register through our website. You can <br> then establish a personal identification <br> number ("PIN") on our website that will <br> enable you to make transactions with the <br> Funds online.<br>| If you do not have an existing account, <br> you may open an account through our <br> website or download an application from <br> our website and forward your signed <br> application to: <br> GuideStone Funds<br> P.O. Box 534446<br> Pittsburgh, PA 15253-4446<br>Existing shareholders may open an <br> account in another Fund through our <br> website. You may instruct us to deduct <br> an amount from your previously <br> authorized checking account or to <br> exchange shares from your existing Fund <br> account into another Fund in the Trust. <br> (For exchanges, the names and addresses <br> on the accounts must be identical.) Your <br> initial investment in the new Fund must <br> meet the minimum amount.<br>| You may make additional investments <br> online if you have previously authorized <br> it. Once you place your order through <br> our website, we will deduct the dollar <br> amount you designate from your <br> previously authorized checking or <br> savings account.<br>|
| **Automatic Transaction Plans**<br>For each type of automatic transaction <br> plan, you must complete the appropriate <br> section on your initial application or <br> complete an authorization form, <br> available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637).<br>| Not applicable. | *Automatic Investment Plan:*<br> You may authorize automatic monthly or <br> quarterly investments in a constant dollar <br> amount (a minimum of $100 per <br> established Fund). We will withdraw the <br> designated dollar amount from your <br> checking account on the 5th or 20th day <br> (whichever you designate) of the month <br> beginning in the month you designate. <br> We will invest it into the Fund that you <br> have designated. If the 5th or the 20th of <br> the month does not fall on a business <br> day, we will withdraw the designated <br> dollar amount on the following business <br> day. If you have implemented <br> GuideStone Advisors' investment advice, <br> minimum subsequent purchase <br> requirements do not apply.<br>|

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GuideStone Funds Prospectus \| 227

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The following transaction procedures do not apply to participant-directed employee benefit plans or accounts held through financial intermediaries. If you own shares of the Funds through one of the participant-directed employee benefit plans, you should consult your employer, your plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for proper instructions. If you own shares of the Funds through a financial intermediary, please contact your salesperson or financial intermediary for proper instructions. See "Redemption of Shares," beginning on page 231, for information about the timing of redemption proceeds.

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| | | |
|:---|:---|:---|
| **Method** | **Redeem Shares** | **Exchange Shares** |
| **By Mail**<br>GuideStone Funds<br> P.O. Box 534446<br> Pittsburgh, PA 15253-4446<br>Overnight Delivery:<br> GuideStone Funds<br> Attention 534446<br> 500 Ross Street, 154 0520<br> Pittsburgh, PA 15262<br>| &nbsp;&nbsp;&nbsp; Send a letter of instruction that includes:<br>●The Fund name, your account number, <br> the name of each owner (exactly as <br> they appear on the account) and the <br> dollar amount you wish to redeem.<br>●Include all genuine signatures (exactly <br> as they appear on the account) and any <br> documents that may be required (and a <br> medallion signature guarantee, if <br> required). See "Medallion Signature <br> Guarantees."<br>| &nbsp;&nbsp;&nbsp; Send a letter of instruction that includes:<br>●Your account number, the name of <br> each owner (exactly as they appear on <br> the account), the dollar amount you <br> wish to exchange (a minimum of $250 <br> per established Fund) and the new <br> Fund into which the amount is being <br> invested.<br>●Include all genuine signatures (exactly <br> as they appear on the account) and any <br> documents that may be required.<br>|
| **By Telephone**<br>1-888-GS-FUNDS (1-888-473-8637) <br> Your account will automatically have <br> certain telephone privileges unless you <br> designate otherwise on your initial <br> application or complete an authorization <br> form, available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637). <br> When you call, we may request personal <br> identification and record your call.<br>| You will receive your redemption <br> payment in the form you previously <br> authorized: check, deposit to your bank <br> account or wire transfer (for wire <br> transfers, a fee of up to $40 may be <br> charged).<br>If you have previously authorized <br> telephone redemptions, you may redeem <br> shares by calling us ($25,000 per Fund <br> with a limit of $50,000 in the aggregate). <br> (IRAs only: You must make all requests <br> for redemptions in writing. Please call <br> 1-888-GS-FUNDS (1-888-473-8637) to <br> request a form.)<br>If you have changed your address, there <br> is a 10-day waiting period before a <br> withdrawal can be made by check. <br> Shares purchased by ACH may be <br> subject to a 60-day waiting period during <br> which such shares may only be <br> redeemed by ACH to the same bank <br> account from which the funds were <br> initially withdrawn.<br>| The names and addresses on the <br> accounts must be identical. Shares will <br> be exchanged into the same class.<br>If you have previously authorized <br> telephone exchanges, you may exchange <br> shares for shares of another Fund in the <br> Trust (a minimum of $250 per <br> established Fund) over the telephone. <br> The names and addresses on the <br> accounts must be identical. Shares will <br> be exchanged into the same class.<br>|
| **By Wire**<br>Note: Your bank may charge you a fee <br> for handling a wire transaction. The <br> Trust and its transfer agent are not <br> responsible for the efficiency of the <br> federal wire system or your bank.<br>| You may redeem shares by contacting us <br> by mail or by telephone and instructing <br> us to wire your proceeds to your bank <br> ($10,000 minimum). (Follow the <br> instructions in this table for how to <br> *Redeem Shares: By Mail, By Telephone* <br> *or Online.)* Wire redemptions can be <br> made only if you have previously <br> authorized it on an authorization form <br> (including attaching a voided check from <br> the account where proceeds are to be <br> wired), available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637). A <br> fee of up to $40 may be charged for wire <br> transfers.<br>| Not applicable. |

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228 \| GuideStone Funds Prospectus

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| | | |
|:---|:---|:---|
| **Method** | **Redeem Shares** | **Exchange Shares** |
| **Online**<br>*GuideStoneFunds.com*<br> Register through our website. You can <br> then establish a personal identification <br> number ("PIN") on our website that will <br> enable you to make transactions with the <br> Funds online.<br>| You may redeem shares through our <br> website. You will receive your <br> redemption payment in the form you <br> previously authorized: check or deposit <br> to your bank account.<br>If you have changed your address, there <br> is a 10-day waiting period before a <br> withdrawal can be made by check. <br> Shares purchased by ACH may be <br> subject to a 60-day waiting period during <br> which such shares may only be <br> redeemed by ACH to the same bank <br> account from which the funds were <br> initially withdrawn. Such shares may not <br> be redeemed online during the 60-day <br> waiting period.<br>| You may exchange shares for shares of <br> another Fund in the Trust (a minimum of <br> $250 per established Fund) through our <br> website. The names and addresses on the <br> accounts must be identical. Shares will <br> be exchanged into the same class.<br>|
| **Automatic Transaction Plans**<br>You must complete the appropriate <br> section on your initial application or <br> complete an authorization form, <br> available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637).<br>| *Systematic Withdrawal Plan:*<br> You may specify a percent of your <br> account or a dollar amount (a minimum <br> of $250 per established Fund) to be <br> withdrawn monthly, quarterly or <br> annually on the 25th of the month <br> beginning on the month you designate. If <br> the 25th does not fall on a business day, <br> we will process the withdrawal on the <br> previous business day. We reserve the <br> right to charge you for each withdrawal. <br> At the time you authorize the withdrawal <br> plan, you must have a minimum account <br> balance of $5,000. You must have all <br> dividends and other distributions <br> reinvested. We will continue the <br> withdrawals until your shares are gone or <br> you cancel the plan. You may cancel or <br> change your plan or redeem all your <br> shares at any time.<br>You will receive your redemption <br> payment in the form you previously <br> authorized: check or deposit to your <br> bank account.<br>| Not Applicable. |

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GuideStone Funds Prospectus \| 229

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**More Shareholder Information**

**How Share Price is Calculated**

The Northern Trust Company ("Northern Trust") normally determines the NAV per share of each class of each Fund as of the close of regular trading on the New York Stock Exchange ("NYSE"), which is generally 4:00 p.m. Eastern Time on each day that the NYSE is open for trading or as such other times as the NYSE may officially close ("Business Day"). The price at which a purchase or redemption is effected is based on the next calculation of NAV after the order is placed. Fund shares will generally not be priced on any day the NYSE is closed for trading (*e.g*., market holidays). The Funds will also remain closed on days when the NYSE is closed and the Securities Industry and Financial Markets Association recommends that the bond markets remain open. The NAV for a class of shares of a Fund is determined by adding the pro rata portion of the total value of the Fund's investments, cash and other assets attributable to that class, deducting the pro rata portion of the Fund's liabilities attributable to that class and the liabilities directly attributable to that class, and then dividing that value by the total number of shares of the class outstanding. Since the NAV for each Fund is calculated separately by class, and since each class has its own expenses, the per share NAV of each Fund will vary by class.

Because the Target Date Funds and Target Risk Funds invest primarily in shares of the Select Funds, the price of each of these Funds' shares is based upon the NAV of the shares of those underlying investments. In turn, the NAV per share of each underlying investment is based upon the values of the obligations, stocks and other investments held by the underlying investment. Therefore, the price of a share of a Target Date Fund or a Target Risk Fund will fluctuate in relation to its asset allocation among the underlying investments and the value of the portfolio investments of the underlying investments.

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| | | |
|:---|:---|:---|
| **What is the Net Asset Value or "NAV"?** | **What is the Net Asset Value or "NAV"?** | **What is the Net Asset Value or "NAV"?** |
|  | NAV = | Assets – Liabilities |
|  | NAV = | Outstanding Shares |

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Because the Target Date Funds and Target Risk Funds invest primarily in shares of the Select Funds, the price of each of these Funds' shares is based upon the NAV of the shares of those underlying investments. In turn, the NAV per share of each Select Fund is based upon the values of the obligations, stocks and other investments held by the Select Fund. Therefore, the price of a share of a Target Date Fund or a Target Risk Fund will fluctuate in relation to its asset allocation among the Select Funds and the value of the portfolio investments of the Select Funds.

Each Fund, except the Money Market Fund, generally values its assets based upon official closing prices, market quotations or estimates of value provided by an independent pricing service as of the time as of which the Fund's share price is calculated. Assets that are denominated in foreign currencies are valued daily in U.S. dollars at the current foreign currency exchange rates. In certain cases, events that occur after certain markets have closed may render prices unreliable. Such events may include circumstances in which the value of the U.S. markets changes by a percentage deemed significant. When a Fund believes a market price does not reflect a security's true value, the Fund may substitute a fair value estimate through procedures established by, or under the direction of, the Board of Directors. A Fund may also use these procedures to value securities that do not have a readily available current market value. Using fair value methods to price securities may result in a value that is different from the prices used by other mutual funds to calculate their NAVs. Each Fund is subject to the risk that it has valued certain of its securities at a higher price than it can sell them.

Northern Trust prices at amortized cost all instruments held by the Money Market Fund.

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Impact Bond Fund Strategic Alternatives Fund, Defensive Market Strategies Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may include portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares. The NAV for shares of the Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Impact Bond Fund, Strategic Alternatives Fund, Defensive Market Strategies Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may change on days when an investor will not be able to purchase or redeem shares.

Investments by the Funds in other registered investment companies are valued based upon the NAV of those registered investment companies (which may use fair value pricing as discussed in their prospectuses).

230 \| GuideStone Funds Prospectus

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The Board of Directors has designated the Adviser as the valuation designee pursuant to Rule 2a-5. The Adviser, as the valuation designee, performs the fair value determinations relating to Fund investments, subject to oversight by the Board of Directors. The Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a valuation committee to assist with its designated responsibilities as valuation designee.

**Purchase of Shares**

Fund shares are sold at NAV without a front-end sales load or a back-end sales load. Orders for the purchase of shares received in good order and accepted by the transfer agent or other authorized intermediary as of the close of regular trading on any Business Day will be executed the day they are received by either the transfer agent or other authorized intermediary, at the day's closing share price for the applicable Fund(s), provided that (1) the transfer agent receives payment as of the close of regular trading on the same Business Day; or (2) the requests are placed by a financial intermediary that has entered into a servicing agreement and payment in federal funds or other immediately available funds is received by the transfer agent by the close of the same Business Day or on the next Business Day, depending on the terms of the servicing agreement. Purchase requests received in good order by the transfer agent or other authorized intermediary on a non-Business Day or after the close of regular trading on a Business Day will be executed on the next Business Day, at that day's closing share price for the applicable Fund(s), provided that payment is made as noted previously. A fee may be assessed if you transact through a financial intermediary, broker or agent.

Your purchase will be made in full and fractional shares calculated to three decimal places. Certificates for shares are not issued. If your purchase order fails to designate a Fund, the purchase will be invested in the Money Market Fund.

The Funds reserve the right to suspend the offering of shares or to limit or reject any purchase or exchange order at any time, without notice. The Funds also reserve the right to waive or change investment minimums at any time, without notice. The Funds also reserve the right to redeem shares in any account and return the proceeds to the investor. These actions may be taken when, in the sole discretion of the Funds' management, they are deemed to be in the best interests of the Funds. The Funds will not accept any third party or foreign checks.

In accordance with the Trust's Trust Instrument, Guidestone Financial Resources will, at all times, directly or indirectly, own, control or hold the power to vote at least 60% of the outstanding shares of the Trust. The Trust shall refuse to accept any investment in any fund of the Trust, if, after such investment, Guidestone Financial Resources would not own control or hold with power to vote at least 60% of the outstanding shares of the Trust.

**Redemption of Shares**

Requests for the redemption of some or all of your shares received in good order by the transfer agent or other authorized intermediary as of the close of regular trading on any Business Day will be executed the day they are received by either the transfer agent or other authorized intermediary, at the day's closing share price for the applicable Fund(s). Redemption requests received in good order by the transfer agent or other authorized intermediary on a non-Business Day or after the close of regular trading on a Business Day will be executed on the next Business Day, at that day's closing share price for the applicable Fund(s), provided that payment is made as noted previously. A fee may be assessed if you transact through a financial intermediary, broker or agent.

A redemption of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a Tax-Advantaged Account. (Generally, gain or loss is not expected to be realized on a redemption of shares of the Money Market Fund, which seeks to maintain a stable $1.00 per share NAV.)

Redemption proceeds normally are wired or mailed within one business day after receiving timely request in proper form, but it may take up to seven days to make payment. Please see the "Redeem Shares" column in the "Transactions with the Funds" section, beginning on page 228, for the specific requirements per method for redeeming Fund shares. Depending upon the method of payment, the timing of when a shareholder will receive redemption proceeds can differ. Delivery of proceeds from shares purchased by check or pre-authorized automatic investment may be delayed until the funds have cleared, which may take up to 10 days. The Funds typically expect to meet redemption requests by paying out available cash or proceeds from selling

GuideStone Funds Prospectus \| 231

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portfolio holdings, which may include cash equivalent portfolio holdings. In stressed market conditions and other appropriate circumstances, redemption methods may include borrowing funds, utilizing its line of credit, or redeeming in kind. A Fund may stop selling its shares and postpone redemption payments at times (i) when the NYSE is closed (other than for customary weekend and holiday closings); (ii) when trading on the NYSE is restricted; (iii) when the SEC determines that an emergency exists so that disposal of the Fund's investments or determination of its NAV is not reasonably practicable; or (iv) by order of the SEC for protection of the Fund's shareholders.

The Money Market Fund may also suspend redemptions to facilitate orderly liquidation of the Fund pursuant to Rule 22e-3 under the 1940 Act. Redemption proceeds will only be sent in the form that you previously authorized. If you have authorized payment by check, the check will be sent to the shareholder and address of record.

**Checkwriting Option**

If you own shares of the Money Market Fund in a GuideStone investment account, you may draw money from your Money Market Fund account by writing a check of $100 or more. You must complete an authorization form, available upon request by calling 1-888-GS-FUNDS (1-888-473-8637). Before writing a check from your personal investment account, you should verify the balance in your Money Market Fund account to ensure there are adequate funds to cover the amount of the check. You may not write a check to close your account. Charges will be imposed for stop payment orders and returned checks. An appropriate amount of shares will be redeemed from your Money Market Fund account to pay for these charges.

Checkwriting privileges are not available for institutional accounts, intermediaries, tax-sheltered annuities or a Tax-Advantaged Account. Checkwriting privileges would result in significant, negative federal income tax consequences to a shareholder in a Tax-Advantaged Account.

**Request In Good Order**

All purchase, exchange and redemption requests must be received by the Funds or their transfer agent in good order. Requests in good order must include the following documents: (1) a letter of instruction, if required, signed by all registered owners of the shares in the exact names in which they are registered; (2) any required medallion signature guarantees (see the section entitled "Medallion Signature Guarantees" in this Prospectus); and (3) other supporting legal documents, if required, in the case of estates, trusts, guardianships, custodianships and other legal entities. You may call 1-888-GS-FUNDS (1-888-473-8637) for further details.

Written redemption requests also must include the Fund name, your account number and the dollar amount of the transaction. Purchase orders are not in good order until the Funds' transfer agent has received payment in federal funds.

If you are investing through an employee benefit plan, your employer, plan administrator or GuideStone Financial Resources, each has their own procedures for transmitting transaction orders and payments to the Funds' transfer agent on a timely basis and in good order. These procedures may require additional days to process contributions, withdrawals and other transactions, to the extent permitted by law.

**Medallion Signature Guarantees** 

To protect shareholder accounts, the Funds and the transfer agent from fraud, medallion signature guarantees are required in certain cases. This enables the Funds to verify the identity of the person who has authorized a redemption from an account. A medallion signature guarantee will be required for any of the following:

For IRA and GuideStone Investment Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Any written redemption request for $50,000 or more.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Redemptions where the proceeds are to be sent to someone other than the registered shareholder(s) and the registered address.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Transfers into an account with a different registration (including a different name, address, taxpayer identification number or account type) from originating accounts that have an account balance of $50,000 or more.

For Institutional Accounts:

232 \| GuideStone Funds Prospectus

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Any written redemption request for $250,000 or more.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Redemptions where the proceeds are to be sent to someone other than the registered shareholder(s) and the registered address.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Transfers into an account with a different registration (including a different name, address, taxpayer identification number or account type) from originating accounts that have an account balance of $250,000 or more.

A notary public does not qualify as a medallion signature guarantee. You may obtain a medallion signature guarantee from a domestic bank or trust company, broker, dealer, clearing agency, savings association or other participating financial institution. The three recognized medallion programs are Securities Transfer Agents Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees from financial institutions that are not participating in one of these programs will not be accepted. You may call 1-888-GS-FUNDS (1-888-473-8637) for further details.

The Adviser reserves the right to waive the medallion signature guarantee requirement, provided it has obtained sufficient evidence to grant the waiver. Clients of an affiliate of the Funds may not be subject to the medallion signature guarantee requirement.

**Redeeming Recently Purchased Shares** 

If you are redeeming shares that you recently purchased by check, the Funds may delay sending your redemption proceeds until your check has cleared. This may take up to 15 calendar days after your check is received. To avoid this delay, pay for your shares by federal funds wire transfer.

If you are redeeming shares that you recently purchased by ACH, those shares may be subject to a 60-day waiting period during which such shares may only be redeemed by ACH to the same bank account from which the funds were initially withdrawn. Such shares may not be redeemed online during the 60-day waiting period.

**Right to Redeem In Kind** 

Under certain circumstances, the Funds may honor redemption requests of certain affiliated persons using portfolio securities or other assets ("redemptions in kind"). Specifically, redemptions in kind may be effected for redeeming shareholders who are considered "affiliated persons" of a Fund by virtue of controlling, being controlled by or under common control with the Adviser. The Board has adopted procedures for redemptions in kind of affiliated persons of a Fund, as described in the SAI.

**Purchases In Kind** 

Each Fund may accept payment for shares in the form of securities that are permissible investments for the Fund from persons who are considered "affiliated persons" of the Fund by virtue of controlling, being controlled by or under common control with the Adviser. A Fund will not accept securities in exchange for shares of the Fund unless: (1) such securities are, at the time of the exchange, eligible to be included, or otherwise represented, in the Fund whose shares are to be issued; and (2) the affiliated person represents and agrees that all securities offered to be exchanged for shares of the Fund are not subject to any restrictions upon their sale by the portfolio under the Securities Act of 1933, or under the laws of the country in which the principal market for such securities exists, or otherwise.

**Account Statements** 

Each shareholder's transactions in Fund shares will be reflected in a quarterly statement, except organizations that directly invest in an Institutional Class Account which receive monthly statements. If your Fund shares are held by a nominee or employee benefit plan, the nominee or employee benefit plan decides whether the statement will be sent to you and the frequency of those accounts statements, if applicable.

GuideStone Funds Prospectus \| 233

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**Exchanging Shares** 

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| |
|:---|
| **What is an exchange?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An exchange of shares of one Fund of the Trust for shares of another Fund of the Trust is really two transactions — a <br> redemption of shares of one Fund and the purchase of shares of another Fund. In general, the same policies that apply <br> to purchases and redemptions apply to exchanges. An exchange also has the same tax consequences as an ordinary <br> redemption.<br>|

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An exchange of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a Tax-Advantaged Account. (Generally, gain or loss is not expected to be realized on a redemption of shares of the Money Market Fund, which seeks to maintain a stable $1.00 per share NAV.)

If you invest through an employee benefit plan, you may exchange shares of one Fund of the Trust for shares in one or more of the other Funds of the Trust provided exchanges are permitted under the employee benefit plan. Contact your employer, plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for more information.

If you invest in shares of a Fund through a financial intermediary, please contact your salesperson or financial intermediary for proper instructions to conduct an exchange. A fee may be assessed if you transact through a financial intermediary, broker or agent.

**Frequent Purchases and Redemptions**

Frequent purchases and redemptions of Fund shares by short-term traders present risks for other shareholders of the Funds, including, among other things, dilution in the value of Fund shares held by long-term shareholders, interference with the efficient management of the Funds' portfolios and increased brokerage and administrative costs. Market timing strategies often involve frequent purchases and sales of fund shares. For these reasons, among others, the Board of Directors has adopted policies and procedures to discourage frequent purchases and redemptions of Fund shares by shareholders. Pursuant to these policies, the Funds do not accommodate frequent purchases and redemptions of Fund shares by shareholders. The Funds do not have any arrangements with any person to permit frequent purchases and redemptions. The Funds implement the following procedures to deter frequent purchases and redemptions of Fund shares by shareholders.

If, within a 60 calendar day period a shareholder redeems or exchanges out of a Fund, subsequently purchases or exchanges back into the same Fund, and then redeems or exchanges out of that Fund, the shareholder will not be permitted to transfer back into the Fund through a purchase or exchange for 90 calendar days. For purposes of this policy, the Funds may consider trading activity in multiple accounts under common control, influence or ownership together to the extent they can be identified.

Compliance may provide exceptions to these policies and procedures when the Chief Compliance Officer determines that certain types of transactions do not present the material risks that these policies and procedures are designed to mitigate. These exceptions are noted below.

*Exceptions.* These policies and procedures are not applied to the following transaction types:

<sup>●</sup>

Acquisitions of shares through the automatic reinvestment of dividends and other distributions;

<sup>●</sup>

Systematic purchases, exchanges and redemptions;

<sup>●</sup>

Redemptions of shares to return excess IRA contributions;

<sup>●</sup>

Certain transactions made within a retirement or employee benefit plan, such as payroll or employer contributions, rollovers, minimum required distributions, loans and loan repayments, hardship withdrawals, plan terminations or other transactions that are initiated by a party other than the plan participant;

<sup>●</sup>

Transactions initiated by a Fund (*e.g.,* for transactions due to a failure to meet applicable account minimums, trade corrections, share class conversions, mergers or liquidations);

<sup>●</sup>

Transactions in shares of the Money Market Fund;

<sup>●</sup>

Transactions made by model-based discretionary advisory accounts (including those managed by an affiliate of the Funds and/or the Adviser); and

234 \| GuideStone Funds Prospectus

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

<sup>●</sup>

Transactions made by funds, including affiliated Funds of Funds, that invest in a Fund as part of an asset reallocation in accordance with their investment policies or in response to fund inflows and outflows.

The Trust may exclude transactions below a certain dollar amount from monitoring and may change that dollar amount from time to time.

The Trust may waive the provisions of the foregoing with respect to any transaction if it is determined that no harm has or would occur to the Funds or their shareholders, and that the interests of the Funds or their shareholders have not and would not be subordinated to those of the Adviser or any of its affiliates. In making such a determination, the Trust may consider various factors, such as the amount, frequency and nature of trading activity. In determining whether a transaction is unlikely to be detrimental to a Fund, the Trust's officers will be required to make judgments that are inherently subjective and will depend on the specific facts and circumstances reasonably available to them. Such determinations will be made in a manner believed to be in the best interests of the Funds' shareholders.

*Accounts Held at Financial Intermediaries.* Fund shares may be held through an account carried by a financial intermediary with the Trust's transfer agent in which the transactions of two or more persons are combined and carried in the name of the financial intermediary, rather than designated separately (an "omnibus account"). The identity of individual investors whose purchase and redemption orders are aggregated through such omnibus accounts cannot ordinarily be tracked by the Trust on a regular basis. These financial intermediaries may not have the capability or may not be willing to apply the Trust's policies and procedures with respect to frequent purchases and redemptions. Although the Trust reviews trading activity at the omnibus account level for activity that indicates potential market timing or excessive trading activity, the Trust typically will not request or receive individual account data unless suspicious trading activity is identified. The Trust generally relies on financial intermediaries to monitor trading activity in omnibus accounts in good faith in accordance with their own policies or these policies and procedures.

If you own shares of a Fund through a financial intermediary, the frequent trading policy for that financial intermediary may be more or less restrictive than that described herein. Please contact your financial intermediary representative for more information on its frequent trading policy.

*Rights Reserved.* The Funds reserve the right to reject any purchase order, terminate the exchange privilege or liquidate the account of any shareholder that the Trust determines has engaged in frequent trading or market timing, regardless of whether the shareholder's activity violates these policies and procedures. Additionally, the Funds may, in their discretion, reject any purchase or exchange into a Fund from any individual(s) or institution(s) whose trading activity could disrupt the management of the Fund or dilute the value of the Fund's shares. Such Fund shareholders may be barred from future purchases of the Funds. Nothing herein shall be construed as to limit or restrict the Funds' right to reject a purchase or exchange request for any reason.

**Telephone and Online Transactions**

The Funds reserve the right to refuse a telephone redemption or online redemption request if the requester is unable to provide information, such as the: (1) account number; (2) name and address exactly as registered with us; or (3) the primary social security or other taxpayer identification number.

We are not responsible for any account losses due to fraud, so long as we have taken reasonable steps to verify the identity of the person making a telephone or online request. If you are invested other than through an employee benefit plan, your account will automatically have certain telephone privileges. If you invest through an IRA or GuideStone investment account, your account will automatically have certain telephone privileges. If you wish to remove the telephone redemption or online redemption option from your account, please notify us in writing. If you are redeeming shares you hold through an employee benefit plan or foundation, you may not have telephone or online privileges; contact your employer, your employee benefit plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for information about how to redeem your shares.

The Funds reserve the right to terminate or limit the telephone or online redemption privilege at any time, without prior notice. If you experience difficulty reaching us by telephone or through our website, during periods of unusual market activity, contact us by regular or express mail.

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You may also be asked to provide additional information in order for a Fund or its transfer agent to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, a Fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to a Fund related to opening the accounts. Your shares will be sold at the NAV calculated on the day a Fund or its transfer agent closes your Fund position.

**Duplicate Mailing to Same Household**

We try to eliminate duplicate mailings to the same household. If two Fund shareholders, excluding shareholders invested through an employee benefit plan, have the same last name and address, we send just one shareholder report, instead of two. If you prefer separate reports, notify us by mail or telephone.

**Distributions** 

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| |
|:---|
| **What is net investment income?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income generally consists of interest and dividends a Fund earns on its investments less accrued <br> expenses.<br>|

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Each of the Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund and Impact Bond Fund declares and pays dividends from its net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. Each of the Defensive Market Strategies Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Index Fund, Value Equity Fund, Growth Equity Index Fund and Growth Equity Fund declares and pays dividends from its net investment income semi-annually. Each of the other Funds (including all the Target Date Funds and Target Risk Funds) declares and pays dividends from its net investment income annually. Each Fund also distributes to its shareholders at least annually any realized net capital gains and net gains, if any, from certain foreign currency transactions. It is expected that the distributions by the Money Market Fund and Low-Duration Bond Fund will consist primarily of ordinary income.

In the unlikely event that the Money Market Fund's yield is less than 0.00% (*i.e.,* is negative), the Fund may distribute that negative yield by cancelling shares in shareholder accounts through the use of a reverse distribution mechanism ("RDM"). This would offset the daily negative yield accrued (*i.e.,* a decline in the Fund's net assets) by reducing the number of Fund shares outstanding. This process would allow the Fund to maintain a constant NAV per share, *i.e.,* $1.00. The Fund would allocate the reduction in shares outstanding pro rata across all eligible shareholder accounts by posting a share redemption/cancellation transaction to each shareholder's account based on the daily negative yield factor per share.

Distributions are payable to shareholders of record at the time they are declared. Shareholders of record include holders of shares being purchased, but exclude holders of shares being redeemed, on the record date. Your distributions will automatically be reinvested in additional Fund shares, unless you elect to receive your distributions in cash. You may not elect cash distributions for a Tax-Advantaged Account.

**Financial Intermediaries**

On behalf of the Trust, certain institutions acting as financial intermediaries may be authorized to accept purchase, redemption and exchange orders from their customers on behalf of the Funds. These authorized intermediaries also may designate other intermediaries to accept such orders, if approved on behalf of the Trust. A Fund will be deemed to have received an order when the order is accepted by the authorized intermediary, and the order will be priced at the Fund's per share NAV next determined, provided that the authorized intermediary forwards the order (and payment for any purchase order) to the transfer agent on behalf of the Trust within agreed-upon time periods. If the order (or payment for any purchase order) is not received by the transfer agent within such time periods, the authorized intermediary may be liable for fees and losses and the transactions may be cancelled. For these and other support services, a fee may be received. For more information, see the section entitled "Shareholder Servicing Arrangements" in this Prospectus.

The Adviser also may provide compensation to certain dealers and other financial intermediaries, including affiliates of the Adviser, for marketing and distribution in connection with the Trust. The Adviser or its affiliates may also sponsor

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informational meetings, seminars and other similar programs designed to market the Trust. The amount of such compensation and payments may be made on a one-time and/or periodic basis, and may represent all or a portion of the annual fees earned by the Adviser (after adjustments). The additional compensation and payments will be paid by the Adviser or its affiliates and will not represent an additional expense to the Trust or its shareholders. Such payments may provide incentives for financial intermediaries to make shares of the Funds available to their customers and may allow the Funds greater access to such parties and their customers than would be the case if no payments were paid.

Investors purchasing shares of a Fund through a financial intermediary should read their account agreements with the financial intermediary carefully. A financial intermediary's requirements may differ from those listed in this Prospectus. A financial intermediary may also impose account charges, such as asset allocation fees, account maintenance fees and other charges that will reduce the net return on an investment in a Fund. If an investor has agreed with a particular financial intermediary to maintain a minimum balance and the balance falls below this minimum, the investor may be required to redeem all or a portion of the investor's investment in a Fund.

**Portfolio Holdings**

Each Fund (except the Money Market Fund) publishes on the Funds' website (*GuideStoneFunds.com*) complete portfolio holdings for the Fund as of the end of each fiscal quarter, subject to a 15 calendar-day lag between the date of the information and the date on which the information is disclosed. The Funds may however, at their discretion, publish these holdings earlier than 15 calendar days, if deemed necessary by the Funds. In addition, the Funds may publish on their website quarter-end portfolio characteristics data subject to a 15 calendar-day lag between the date of the information and the date on which the information is disclosed. This information will be available on the website at least until the date on which a Fund files its next portfolio holdings report on Form N-CSR or Form N-PORT (except with respect to the Money Market Fund) with the SEC and files monthly portfolio holdings reports on Form N-MFP with the SEC. The Money Market Fund publishes its complete schedule of portfolio holdings on a monthly basis on the Funds' website. In addition, a description of the Funds' policies and procedures with respect to the disclosure of their portfolio holdings is available in their SAI and on the Funds' website at *GuideStoneFunds.com*.

**Taxes**

This section only summarizes some important federal income tax considerations that may affect your investment in a Fund. If you invest in a Fund through a Tax-Advantaged Account, special tax rules apply. You are urged to consult your tax adviser regarding the effects of an investment in a Fund on your tax situation.

*Federal Income Tax.* As long as a Fund meets the requirements for being treated as a "regulated investment company" under the Code, which each Fund has done since inception and intends to continue to do, it pays no federal income tax on the net earnings and net realized gains it distributes to its shareholders. Each Fund will notify you following the end of each calendar year of the amount of dividends and other distributions paid to you that year.

If you are a taxable investor, dividends and distributions that you receive from the Funds are subject to federal income tax whether reinvested in additional Fund shares or received in cash. Dividends from net investment income and distributions from the excess of net short-term capital gain over net long-term capital loss that you receive from a Fund generally are taxable to you as ordinary income. The Funds' dividends attributable to their "qualified dividend income" (*i.e.*, dividends received on stock of most domestic and certain foreign corporations with respect to which the Funds satisfy certain holding period and other restrictions) and reported by the Funds as such, generally will be subject to federal income tax for individual and certain other non-corporate shareholders at capital gain tax rates (generally, a maximum of 20% depending on a shareholder's filing status and taxable income). A Fund's distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are taxable to you as long-term capital gain, regardless of the length of time you have held your shares.

Unless you invest through a Tax-Advantaged Account, you should be aware that if you purchase Fund shares shortly before the record date for any dividend or other distribution, you will pay the full price for the shares and will receive some portion of the price back as a taxable distribution. You can avoid this situation by waiting to invest until after the record date for the distribution.

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A redemption or exchange of your Fund shares is a taxable event for you. Depending on the redemption price of the shares you redeem or exchange, you may have a taxable gain or loss on the transaction. You are responsible for any tax liability generated by your transactions. The exception, once again, is a Tax-Advantaged Account. (Generally, gain or loss is not expected to be realized on a redemption of shares of the Money Market Fund, which seeks to maintain a stable $1.00 per share NAV.)

An individual is required to pay a 3.8% federal tax on the lesser of (1) the individual's "net investment income," which generally will include dividends and other distributions a Fund pays and gains recognized from the redemption or exchange of Fund shares, or (2) the excess of the individual's "modified adjusted gross income" over $200,000 for single taxpayers ($250,000 for married persons filing jointly). This tax is in addition to any other taxes due on that income. A similar tax applies to estates and trusts. Shareholders should consult their own tax advisers regarding the effect, if any, this provision may have on their investment in Fund shares.

*Basis Reporting and Election.* The Funds (or their administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders basis and holding period information for redeemed Fund shares (including those redeemed as part of an exchange) purchased on or after January 1, 2012 ("Covered Shares"). The Funds will permit shareholders to elect from among several IRS-accepted basis determination methods, including average basis. In the absence of an election by a shareholder, a Fund will use the average basis method with respect to that shareholder's Covered Shares. The basis determination method a shareholder elects may not be changed with respect to a redemption or exchange of shares after the settlement date of the redemption. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted basis determination method for their tax situation and to obtain more information about how the basis reporting rules apply to them.

*Backup Withholding.* By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your shares. The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and Local Income Taxes.* You should consult a tax adviser concerning state and local tax laws, which may produce different consequences from those under the federal income tax law.

**Additional Information**

The Board of Directors oversees generally the operations of the Funds. The Trust enters into contractual arrangements with various parties, including among others, the Adviser, Sub-Advisers, custodian, transfer agent and accountants, who provide services to the Funds. 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 Funds that you should consider in deciding whether to purchase Fund shares. Neither this Prospectus nor the SAI is intended, nor should be read, to be or create an arrangement, or contract between the Trust or a Fund and any investor, or to create any rights in a shareholder or other person other than any rights under federal or state law that may not be waived.

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**Shareholder Servicing Arrangements**

Shares of the Funds are sold without a front-end sales load or a back-end sales load on a continuous basis by Foreside Funds Distributors LLC, located at Three Canal Plaza Suite 100, Portland, ME 04101 (the "Underwriter"). The Board of Directors has adopted a separate Shareholder Service Plan for the Investor Class ("Service Plan").

Under its Service Plan, the Investor Class is authorized to pay shareholder servicing fees of 0.25% of average daily net assets. Shareholder servicing fees are paid to parties that provide services for, and maintain records for, shareholder accounts. The Funds may pay up to the entire amount of the shareholder service fee to GuideStone Financial Resources, GuideStone Resource Management, Inc. and/or unaffiliated service providers who provide these services to the Funds.

Because these fees are paid out of the Funds' assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

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|:---|
| **What are service fees?** |
| Service fees are deducted from fund assets to pay for services in connection with maintaining shareholder accounts. |

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**Financial Highlights**

The financial highlights table is intended to help you understand the financial performance of the Institutional Class and Investor Class of each Fund for the past five years or, if shorter, for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and other distributions). This information has been audited by [ ] the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the annual report, which is available upon request.

**[UPDATED FINANCIAL HIGHLIGHTS TO BE INSERTED IN 485(b)]**

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**Glossary**

**30-Day SEC Yield** — A standardized measure of yield for a mutual fund. The calculation is based on a 30-day period ended on the last day of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

**Acquired Fund Fees and Expenses** — Fees and expenses attributable to any company in which a mutual fund invests or has invested during the relevant fiscal period that (a) is an investment company or (b) would be an investment company under Section 3(a) of the 1940 Act but for sections 3(c)(1) and 3(c)(7) of the 1940 Act. In the event the fees and expenses incurred indirectly by a mutual fund as a result of investment in shares of one or more acquired funds do not exceed 0.01% of the average net assets of that mutual fund, the mutual fund may include these fees and expenses under the sub-caption "Other expenses" in the mutual fund's fee table. Total annual fund operating expenses reflected in a mutual fund's fee table may not correlate to the ratio of expenses to average net assets reported in a mutual fund's financial highlights table, which reflects the operating expenses of a mutual fund and does not include Acquired Fund Fees and Expenses.

**Active Management** — A style of investment management where the portfolio manager actively makes investment decisions and initiates buying and selling of securities in an effort to maximize return. It is the opposite of passive management, where the portfolio manager oversees a static portfolio structured to match the performance of a selected part of the market or index.

**American Depositary Receipt ("ADR")** — Receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying foreign securities. ADRs are denominated in U.S. dollars and are publicly traded on exchanges or over-the-counter markets in the U.S.

**Amortized Cost** — This method involves valuing securities at their cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates on the market value of the security. This accounting method is used for the Money Market Fund.

**Annualize** — The conversion of a cumulative rate of return to an annual rate of return that includes the effect of compounded returns, for periods other than a one-year period. For example, a cumulative return of 21% over two years would convert into an annualized return of 10% per annum, even though each annual return may have looked nothing like 10%. For example, if an investment earned -2% in year one and 23.5% in year two, the compound annual return would be 10%.

**Asset-Backed Securities** — Securities backed by mortgages, installment contracts, credit card receivables or other financial assets. These securities represent interest in "pools" of assets in which payments of both interest and principal on the securities are made periodically.

**Average Maturity** — The average length of time on which the principal of a bond in a bond fund must be repaid.

**Basis Point** — One basis point is 0.01%, or 1/100 of a percentage point. Thus 100 basis points equal 1% percent.

**Below-Investment Grade Bond (High Yield or Junk Bonds)** — A bond that has a credit rating of Ba1 or lower by Moody's or the equivalent by S&P Global Ratings or Fitch (or, if unrated, as determined by the Adviser or a Sub-Adviser to be of the same quality) and that pays a higher yield to compensate for the greater credit risk.

**Benchmark** — Any basis of measurement, such as an index, that is used by an investment manager as a yardstick to assess the risk and performance of a portfolio. For example, the S&P 500<sup>®</sup> Index is a commonly used benchmark for U.S. large capitalization equity portfolios.

**Capital Gain/Loss** — A realized gain or loss calculated at the time of sale or maturity of any capital asset. Refers to the profit or loss attributable to the difference between the purchase and sale price.

**Commercial Paper** — The security is a short-term, unsecured promissory note issued in the public market as an obligation of the issuing entity. The maturity of commercial paper is typically less than 270 days.

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**Commodities** — Commodities are raw materials or agricultural products such as sugar, corn, gold or oil, among many others. Commodities may be grouped into different classifications for regulatory purposes, such as energy, agricultural (including livestock), precious metals, industrial metals, among many others. Additionally, a commodity is all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in, such as financial instruments. Investments in the commodities markets can include direct physical trading in the form of spot transactions and derivatives trading in the form of futures and options on futures.

**Concentration Risk** — Risk associated with a relatively high exposure to a certain security position, sector, industry and/or country.

**Correlation** — The statistical measure which indicates the tendency of two variables moving together.

**Credit Quality** — A measure that reflects the rating assigned by Moody's Investors Service, Inc., S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. to fixed income securities. It rates the issuing entity's capacity to meet the repayment terms of the security. Bonds issued and backed by the federal government are of the highest quality and are considered superior to bonds rated Aa category, which is the highest possible rating a corporate bond can receive. Investment quality ratings include Aaa, Aa, A and Baa. Bonds rated Ba or lower are considered high yield or junk bonds.

**Credit Ratings** — See Credit Quality.

**Credit Risk** — A risk that an issuer may default on its securities causing a loss to the debt holder.

**Currency Exchange Rate** — A quotation used to indicate the value of a foreign currency relative to one unit of local currency.

**Currency Risk** — Foreign investments bear the risk of the local market and the foreign exchange rate. Risk associated with exposure to a certain currency that declines in value. Changes in currency exchange rates relative to the U.S. dollar may negatively affect the value of foreign investments.

**Current Income** — Money that is received on an ongoing basis from investments in the form of dividends, interest, rents or other income sources.

**Default Risk** — Risk that an issuer will be unable to timely meet interest and principal payments.

**Deflation** — Deflation is a decrease in the general price level of goods and services. Deflation may be caused by a reduction in the supply of money or credit, or by a decrease in government, personal or investment spending.

**Developed Markets** — Financial markets in countries with developed economies. Examples include, but are not limited to, the United States, United Kingdom, Germany, France and Japan.

**Dividend** — Earnings distributed to shareholders. Mutual fund dividends are paid out of income from a fund's investments.

**Dividend Yield** — Yield is determined by dividing the amount of annual dividends per share by the current market price per share of stock.

**Downgraded** — The act of lowering the credit rating of a fixed income instrument.

**Effective Duration** — A calculation that measures the price sensitivity of a bond or a bond fund to changes in interest rates taking into account embedded options and floating interest rates.

**Emerging Markets** — Financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe and Asia (excluding Japan). Investing in emerging markets involves even greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability.

**Equity** — Represents ownership interest possessed by shareholders in a corporation. Synonymous with stock.

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**Exchange-Traded Funds ("ETFs")** — ETFs are open-end investment companies (or unit investment trusts) whose shares are listed for trading on a national securities exchange or the NASDAQ National Market System.

**Expense Ratio** — Expressed as a percentage, provides the investor the total cost for fund operating expenses and management fees.

**Federal Deposit Insurance Corporation (FDIC)** — Federal agency established in 1933 that guarantees (within limits) funds on deposit in member banks and thrift institutions and performs other functions to facilitate mergers or prevent failures.

**Fixed Income Securities** — A security that pays a fixed-rate of return. Usually refers to government, corporate or municipal bonds, which pay a fixed-rate of interest until the bonds mature, and to preferred stock, paying a fixed dividend.

**Foreign Issuers** — Securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk.

**Forward Contracts** — A privately negotiated contract permitting the holder to purchase or sell a specified amount of a financial instrument or foreign currency on a predetermined future date at a predetermined price.

**Frontier Markets —** A subset of emerging market countries that are investable but may have lower market capitalization and liquidity and may be more politically unstable than the more developed emerging markets.

**Futures Contracts** — A standardized agreement to buy or sell a specified amount of a financial instrument, such as a U.S. Treasury security, an equity security or foreign currency, or good at a particular price on a stipulated future date. The price is established on an organized exchange and the potential gain/loss is realized each day (marking to market). Interest rate futures contracts are a type of financial futures contract that calls for the future delivery of U.S. government securities or index-based futures contracts. The value of interest rate futures contracts changes in response to changes in the value of the underlying security or index, which depends primarily on prevailing interest rates.

**Global Depositary Receipt ("GDR")** — Receipt for shares in a foreign based corporation traded in capital markets around the world. While ADRs permit foreign corporations to offer shares to American citizens, GDRs allow companies in Europe, Asia, the U.S. and Latin America to offer shares in many markets around the world.

**Hedging** — The practice of undertaking one investment activity in order to protect against losses in another.

**Illiquid Securities** — A security that cannot 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. For a money market fund, illiquid security means a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by a money market fund.

**Impact Investing** — An investment approach intentionally seeking to have a positive impact alongside financial returns.

**Indirect Fees and Expenses** — Fees and expenses borne indirectly by a mutual fund shareholder through his/her investment in a mutual fund that owns acquired funds.

**Inflation** — The rate at which the general level of prices for goods and services rises, and correspondingly, purchasing power falls.

**Inflation-Protected Bonds** — Fixed income instruments whose principal and/or interest is adjusted periodically for inflation. Inflation-protected bonds are also known as inflation-indexed bonds.

**Interest** — Cost of using money, expressed as a rate per period of time, usually one year, in which case it is called an annual rate of interest.

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**Interest Rate Floors and Caps —** The purchase of an interest rate floor or cap entitles the purchaser to receive payments of interest on a notional principal amount from the seller, to the extent the specified index falls below (floor) or exceeds (cap) a predetermined interest rate.

**Interest Rate Risk** — Risk that changes in interest rates may adversely affect the value of an investor's securities portfolio. When interest rates rise, the market value of fixed income instruments (such as bonds) may decline. Similarly, when interest rates decline, the market value of fixed income instruments may increase.

**International Equity Securities** — Investments in non-U.S. stocks or equity securities.

**Investment Grade Bond** — See Credit Quality.

**Maturity** — The date at which a debt instrument is due and payable.

**Micro-Capitalization Companies** — Micro-capitalization companies have market capitalizations that are less than those of small capitalization companies and may involve greater risk and be more volatile and less liquid than an investment in a larger company. Micro-capitalization companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Micro capitalization companies may have limited financial resources, management experience and market diversification.

**Money Market Instruments** — Such instruments include high quality, short-term debt instruments. Among other quality requirements, a money market instrument must mature in 397 days or less.

**Natural Resources** — Natural resources are materials that are derived from the environment. Natural resources generally include, but are not limited to: energy (such as oil and other fossil fuels), alternative energy (such as uranium, coal, hydrogen, wind, solar and fuel cells), industrial products (such as building materials, cement, packaging, chemicals, supporting transport and machinery), forest products (such as lumber, plywood, pulp, paper, newsprint and tissue), base metals (such as aluminum, copper, nickel, zinc, iron ore and steel), precious metals and minerals (such as gold, silver, platinum and diamonds), and agricultural products (grains and other foods, seeds, fertilizers and water).

**Net Asset Value ("NAV")** — The market value of a fund share. For the Funds, this value is net of all expenses. For each Fund other than the Money Market Fund, the NAV is calculated after the close of the exchanges and markets each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting liabilities, then dividing the result (total net assets) by the total number of shares outstanding. The Money Market Fund's NAV is calculated using the amortized cost method of valuation.

**Options** — An instrument that provides for an investor to initiate a purchase and/or sell transaction. An owner of a call (put) option has the right to purchase (sell) the underlying security at a specified price, and this right lasts until a specified date. There are several different types of options, which may include interest rate options, yield curve options and options on mortgage-backed securities. Interest rate options are a type of option that provides the owner the right to purchase or sell U.S. government securities or index-based options. Yield curve options and options on stock indexes provide the holder with the right to make or receive a cash settlement upon exercise of the option. Options on mortgage-backed securities entitle the holder to purchase or sell mortgage-backed securities, which are fixed income investments that generate interest revenue through pools of home loan mortgages.

**Passive Management** — A style of investment management that seeks to attain performance equal to the market or a particular index. In pure index funds, no judgments are made about future market movements, although more sophisticated managers usually offer tilted portfolios.

**Political Risk** — Risk associated with uncertain political environments when investing in securities. Political risks tend to be greater in foreign markets than the U.S. market, and emerging markets have greater political risks relative to developed markets.

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**Prepayment Risk** — Prepayment is the activity of repaying principal prior to its stated maturity date. Prepayments of certain fixed income securities, such as mortgage-backed securities, are subject to prepayment risk. Prepayments generally increase when interest rates fall, resulting in a risk that principal is reinvested at lower interest rates.

**Price-to-Book ("P/B") Ratio** — The weighted average of the P/B ratios of all the stocks in a fund's portfolio. Generally, a high P/B ratio indicates the price of the stock exceeds the actual worth of the company's assets, while a low P/B ratio indicates the stock is relatively cheap.

**Price-to-earnings ("P/E") Ratio** — A stock's market price divided by its current or estimated future earnings per share. A fundamental measure of the attractiveness of a particular security versus all other securities as determined by the investing public. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting. The lower the ratio relative to the average of the stock market, the lower the (market's) profit growth expectations.

**Principal** — Face amount of a debt instrument on which interest is either owed or earned.

**Real Estate Investment Trust ("REIT")** — A REIT is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interests. REITs are not subject to federal income tax on net income and net realized gains that are distributed to shareholders, provided they comply with certain requirements of the Code.

REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property, derive their income primarily from rents and can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs.

**Real Return** — An inflation-adjusted return, that is total return reduced by the expected impact of inflation. It is the return that when compounded with inflation gives the nominal return for the same security.

**Record Date** — Date on which a shareholder must officially own shares in order to be entitled to a dividend.

**Rule 2a-7** — Rule under the Investment Company Act of 1940, as amended, which allows for the use of the amortized cost method of accounting for government money market funds and retail money market funds as long as the portfolio complies with the requirements of Rule 2a-7, including parameters related to credit quality, security type, liquidity and maturity. The Money Market Fund is a government money market fund that adheres to the requirements of Rule 2a-7.

**Securities Lending** — A program of lending eligible securities from the portfolios to approved borrowers in return for a fee.

**Select Funds** — GuideStone Funds that directly invest in different types of fixed income securities, equity securities or other investments to meet their respective investment objectives. Seventeen (10 equity, four bond, one real assets, one alternative and one money market) separate Select Funds are offered through GuideStone Funds. The majority of the Select Funds use a multi-manager approach by combining different investment management firms (Sub-Advisers) within a single Select Fund.

**Standard Deviation** — A statistical measurement of distribution around an average, which depicts how widely returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the most likely range of returns. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility.

**Swap Agreements** — An agreement between two or more parties to exchange sets of cash flows over a period in the future. Basic types of swaps are interest rate swaps, credit default swaps, currency swaps and total return swaps. Interest rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. A credit default swap is a type of insurance against default by an issuer where the owner of the protection pays an annual premium to the seller of the protection for the right to sell a bond equivalent to the amount of the swap in the event of a default on the bond. Currency swaps involve the exchange of the rights of

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a fund and another party to make or receive payments in specific currencies. In a total return swap, one party makes payments based on a set rate, while the other party makes payments based on the return of an underlying asset, e.g. on equity or bond index.

**Swaption** — An option to enter into a previously agreed upon swap agreement on a future date pursuant to the terms of the swaption.

**Total Return** — Return on an investment including both appreciation/(depreciation) and interest or dividends.

**Transfer Agent** — The agent that processes and records purchases and sales of Fund shares for all classes. BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent for the Funds.

**Turnover** — Statistical ratio measuring the amount of transactions within a portfolio over a given time period.

**Weighted Average Life Maturity** — Weighted average life portfolio maturity is measured without reference to any Rule 2a-7 provision that otherwise would permit the Money Market Fund to shorten the maturity of an adjustable-rate security by reference to its interest rate reset dates.

**Weighted Average Market Capitalization** — The weighted average is computed by weighing each company's market capitalization by the market value of the securities in the fund. Market capitalization is found by multiplying the number of outstanding shares of stock for a company by the current market price of those shares.

**Weighted Average Maturity** — The weighted average is computed by weighing each security's maturity date by the market value of the security in the Money Market Fund.

**Yield Curve** — A visual representation of the term structure of interest rates by plotting the yields of all bonds of the same quality within maturities ranging from the shortest to the longest available. It shows the relationship between bond yields and maturity lengths. A normal or positive yield curve signifies higher interest rates for long-term investment, while a negative or downward curve indicates higher short-term rates.

**Yield Spreads** — A difference in yield between various issues of securities.

**Yield to Maturity** — The yield provided by a bond that is held to its maturity date, taking into account both interest payments and realized capital gains or losses.

246 \| GuideStone Funds Prospectus

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**For More Information**

**You can learn more about the Funds by requesting the following free documents:**

***Statement of Additional Information* ("SAI"):** Provides additional information about the Funds' policies, investment restrictions, risks and business structure. The SAI is incorporated by reference into this Prospectus (*i.e.,* is legally considered a part of this *Prospectus*).

***Annual/Semi-Annual Report to Shareholders and Form N-CSR Filed with the SEC:*** Additional information about the Funds' investments is available in the SAI and in the Annual and Semi-Annual Reports to Shareholders of the Funds and in Form N-CSR as they become available. The Annual Report to Shareholders provides a discussion of market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

If you have questions, need information about your account or would like to request these free documents, contact your employer, your plan administrator or GuideStone® by phone at **1-888-GS-FUNDS** (1-888-473-8637) from 7 a.m. to 6 p.m. CT, Monday through Friday or by mail at:

**GuideStone Funds** <br>**5005 Lyndon B. Johnson Freeway, Suite 2200** <br>**Dallas, TX 75244-6152**

Visit our website at *GuideStoneFunds.com* to access the *Prospectus, SAI* and *Annual/Semi-Annual Reports to Shareholders*.

If you invest in shares of a Fund through a financial intermediary, please contact your salesperson or financial intermediary if you have questions, or need additional information about your account or would like to request these free documents.

You may also get free copies by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Accessing them on the EDGAR Database on the SEC's website — <br> *http://www.sec.gov.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Requesting copies (you will be charged a duplicating fee) via electronic request by emailing *publicinfo@sec.gov.*

![](g696065botprism.gif)

![](g696065img7c8e675d1.gif)

Funds distributed by Foreside Funds Distributors LLC <br>190 Middle Street, Suite 301, Portland, ME 04101

**1-888-GS-FUNDS** (1-888-473-8637)

***GuideStoneFunds.com***

5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152

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

811-10263© [2026] GuideStone Funds® 2318 [5/26]

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![](g677134img6a1af4351.gif)

**Statement of Additional Information (SAI)**

**[May 1, 2026]** <br>

---

| | | |
|:---|:---|:---|
|  | **INSTITUTIONAL** | **INVESTOR** |
| **TARGET DATE FUNDS** | **TARGET DATE FUNDS** | **TARGET DATE FUNDS** |
| MyDestination 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMTYX | &nbsp;&nbsp;&nbsp;&nbsp; GMTZX |
| MyDestination 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMWYX | &nbsp;&nbsp;&nbsp;&nbsp; GMWZX |
| MyDestination 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMHYX | &nbsp;&nbsp;&nbsp;&nbsp; GMHZX |
| MyDestination 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMYYX | &nbsp;&nbsp;&nbsp;&nbsp; GMFZX |
| MyDestination 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMGYX | &nbsp;&nbsp;&nbsp;&nbsp; GMGZX |
| MyDestination 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMMYX | &nbsp;&nbsp;&nbsp;&nbsp; GMMZX |
| <br>**TARGET RISK FUNDS** | <br>**TARGET RISK FUNDS** | <br>**TARGET RISK FUNDS** |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GCAYX | &nbsp;&nbsp;&nbsp;&nbsp; GFIZX |
| Balanced Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GBAYX | &nbsp;&nbsp;&nbsp;&nbsp; GGIZX |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGRYX | &nbsp;&nbsp;&nbsp;&nbsp; GCOZX |
| Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GAGYX | &nbsp;&nbsp;&nbsp;&nbsp; GGBZX |
| <br>**SELECT FUNDS** | <br>**SELECT FUNDS** | <br>**SELECT FUNDS** |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMYXX | &nbsp;&nbsp;&nbsp;&nbsp; GMZXX |
| Low-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GLDYX | &nbsp;&nbsp;&nbsp;&nbsp; GLDZX |
| Medium-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMDYX | &nbsp;&nbsp;&nbsp;&nbsp; GMDZX |
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGBEX | &nbsp;&nbsp;&nbsp;&nbsp; GGBFX |
| Strategic Alternatives Fund | &nbsp;&nbsp;&nbsp;&nbsp; GFSYX | &nbsp;&nbsp;&nbsp;&nbsp; GFSZX |
| *Defensive Market Strategies*® Fund | &nbsp;&nbsp;&nbsp;&nbsp; GDMYX | &nbsp;&nbsp;&nbsp;&nbsp; GDMZX |
| Impact Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMBYX | &nbsp;&nbsp;&nbsp;&nbsp; GMBZX |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEQYX | &nbsp;&nbsp;&nbsp;&nbsp; GEQZX |
| Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; GREYX | &nbsp;&nbsp;&nbsp;&nbsp; GREZX |
| Value Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GVIYX | &nbsp;&nbsp;&nbsp;&nbsp; GVIZX |
| Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GVEYX | &nbsp;&nbsp;&nbsp;&nbsp; GVEZX |
| Growth Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEIYX | &nbsp;&nbsp;&nbsp;&nbsp; GEIZX |
| Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGEYX | &nbsp;&nbsp;&nbsp;&nbsp; GGEZX |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GSCYX | &nbsp;&nbsp;&nbsp;&nbsp; GSCZX |
| International Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GIIYX | &nbsp;&nbsp;&nbsp;&nbsp; GIIZX |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GIEYX | &nbsp;&nbsp;&nbsp;&nbsp; GIEZX |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEMYX | &nbsp;&nbsp;&nbsp;&nbsp; GEMZX |

---

INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. THIS REGISTRATION STATEMENT FOR GUIDESTONE FUNDS HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE.

THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.

The Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Funds' current Prospectus for the Institutional Class and Investor Class shares dated May 1, 2026, and as amended from time to time. [The financial](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[statements contained in the Funds' Annual](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[Report for the fiscal year ended](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[December 31, 2025, are incorporated by](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[reference into this SAI.](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm) You can obtain a free copy of the current Prospectus, Annual Report and Semi-Annual Report on our website at GuideStoneFunds.com or by calling **1-888-GS-FUNDS** (1-888-473-8637).

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
| [History of the Funds](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_1) | 4  |
| [Description of Investments and Risks](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_1) | 4  |
| [Investment Restrictions](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_52) | 55  |
| [Management of the Funds](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_55) | 58  |
| [Proxy Voting](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_111) | 114  |
| [Other Service Providers](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_111) | 114  |
| [Shares of Beneficial Interest](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_112) | 115  |
| [Redemptions In-Kind for Affiliated Persons](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_113) | 116  |
| [Shareholder Servicing Arrangements](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_113) | 116  |
| [Taxation](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_114) | 117  |
| [Third-Party Line of Credit](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_122) | 125  |
| [Valuation of Shares](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_122) | 125  |
| [Portfolio Holdings Information](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_124) | 127  |
| [Telephone Instructions](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_125) | 128  |
| [Control Persons and Principal Holders of Securities](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_126) | 129  |
| [Calculation of Performance Data](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_137) | 140  |
| [Financial Statements](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_138) | 141  |
| [Appendix A](#xx_cc761356-c4b3-4517-b8ab-cfe589e1a5d2_1)[—](#xx_cc761356-c4b3-4517-b8ab-cfe589e1a5d2_1)[Descriptions of Securities Ratings](#xx_cc761356-c4b3-4517-b8ab-cfe589e1a5d2_1) | A-1  |
| [Appendix B](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)[—](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)[GuideStone Capital Management, LLC and GuideStone Funds Proxy Voting Policies and](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)<br> [Procedures](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)<br>| B-1  |
| [Appendix C](#xx_9d9517d9-b7a8-4cda-9109-bab27aba845a_1)[—](#xx_9d9517d9-b7a8-4cda-9109-bab27aba845a_1)[Description of GuideStone Capital Management, LLC's Proxy Voting Guidelines](#xx_9d9517d9-b7a8-4cda-9109-bab27aba845a_1) | C-1 |

---

Statement of Additional Information

------

**History of the Funds**

GuideStone Funds (the "Trust"), formerly AB Funds Trust, is an open-end management investment company organized as a Delaware statutory trust on March 2, 2000. On September 13, 2005, AB Funds Trust changed its name to GuideStone Funds. The Trust has established 27 series (each, a "Fund" and collectively, the "Funds"), which are described in this SAI. Each Fund is a separate mutual fund with its own investment objective, strategies and risks.

The MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund, MyDestination 2055 Fund and MyDestination 2065 Fund are each referred to as a "Target Date Fund" and are collectively the "Target Date Funds." The Conservative Allocation Fund, Balanced Allocation Fund, Moderately Aggressive Allocation Fund (formerly, the Growth Allocation Fund) and Aggressive Allocation Fund are each referred to as a "Target Risk Fund" and are collectively referred to as the "Target Risk Funds." The remaining Funds are each referred to as a "Select Fund" and are collectively referred to as the "Select Funds." The Low-Duration Bond Fund, Medium-Duration Bond Fund, Impact Bond Fund and Global Bond Fund are each referred to as a "Bond Fund" and are collectively referred to as the "Bond Funds." The *Defensive Market Strategies*<sup>®</sup> Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Index Fund, Value Equity Fund, Growth Equity Index Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund are each referred to as an "Equity Fund" and are collectively referred to as the "Equity Funds." The Strategic Alternatives Fund is the remaining Select Fund described in this SAI.

Each Target Date Fund and each Target Risk Fund is a "Fund of Funds," which means that it generally does not buy securities directly, but rather allocates its assets among a different mix of Select Funds to meet a specified investment objective. The Select Funds, in turn, invest directly in different types of fixed income obligations, equity securities or other investments to meet their investment objectives.

Currently, there are two classes of shares issued by the Trust, the Institutional Class and Investor Class (each, a "Class" and together, the "Classes"). The Board of Directors of the Trust (the "Board" or "Board of Directors") may issue additional classes of shares or series at any time without prior approval of the shareholders.

**Description of Investments and Risks**

The following should be read in conjunction with the Fund Summary of each Fund in the Funds' Prospectus, specifically the sections entitled "Investment Objective," "Principal Investment Strategies," "Principal Investment Risks" and "Additional Information About Principal Strategies and Risks." Unless otherwise defined in this SAI, the capitalized terms used herein have the respective meanings assigned to them in the Prospectus.

You should understand that all investments involve risk and that there can be no guarantee against loss resulting from an investment in the Funds. Unless otherwise indicated, all percentage limitations governing the investments of the Funds apply only at the time of a transaction.

GuideStone Capital Management, LLC (the "Adviser") serves as the investment adviser to the Funds and is an affiliate of GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"). The Funds are series of an open-end, management investment company as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). All of the Funds, except the Growth Equity Fund, are classified as diversified Funds under the 1940 Act. The Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund may each become non-diversified solely as a result of a change in relative market capitalization or index weightings of one or more constituents of their respective target indexes. The Adviser allocates each Target Date Fund's and each Target Risk Fund's investments among a mix of Select Funds. Rather than making the day-to-day investment decisions for the Select Funds, the Adviser acts as a manager of managers and retains various investment management firms (each, a "Sub-Adviser" and collectively,

GuideStone Funds

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the "Sub-Advisers") to do so. From time to time, the Adviser may elect to trade individual stocks, fixed income securities or private placements for the Funds and third-party mutual funds or exchange-traded funds ("ETFs") for a Select Fund in order to manage a Fund's risk. The Sub-Advisers employ portfolio managers to make the day-to-day investment decisions regarding portfolio holdings of the Select Funds. The Sub-Advisers may invest in all the instruments or use all the investment techniques permitted by the Funds' Prospectus and this SAI or invest in such instruments or engage in such techniques to the full extent permitted by the Funds' investment policies and restrictions.

In accordance with GuideStone Financial Resources' Christian values, the Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in a Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. The Funds may not be able to take advantage of certain investment opportunities due to these restrictions. This policy may not be changed without the approval of GuideStone Financial Resources as the holder of a majority of the outstanding shares of the Trust.

Each Target Date Fund and each Target Risk Fund invests primarily in a diversified portfolio of Select Funds, and unless indicated otherwise, the description of investments and risks in this SAI applies to the Target Date Funds and the Target Risk Funds through their investments in the Select Funds.

Each Target Date Fund and each Target Risk Fund may from time to time invest and reinvest up to 10% of its assets directly in U.S. Treasury obligations, exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts to gain exposure to the equity and fixed income markets on cash balances. Any such investment will be made for cash management purposes and will seek to provide market exposure approximating the strategic asset allocation of the applicable Target Date Fund and Target Risk Fund.

*Affiliated Persons.* Instrument selection and the ability to engage in transactions with preferred counterparties or service providers is restricted by the 1940 Act's provisions related to transactions with Fund affiliates. An affiliated person of a Fund's Sub-Adviser is considered to be an affiliated person of that Fund, and as such, that Sub-Adviser cannot engage its affiliated person as a prime broker or over-the-counter ("OTC") counterparty for that Fund. In addition, a counterparty's own affiliations and conflicts could restrict its ability to provide the Funds with desired products or services. For example, affiliates of investment banks may be unable to provide derivatives tied to the securities of companies that the investment bank is advising. This could result in strategy implementation using different instrument types or counterparties than what the Sub-Adviser would otherwise have used or might use for accounts that are not registered investment companies.

*Asset-Backed Securities.* The Bond Funds and the Strategic Alternatives Fund may purchase asset-backed securities. Asset-backed securities represent direct or indirect participations in, or are secured by and payable from, pools of assets such as, among other things, motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property and receivables from revolving credit (credit card) agreements, or a combination of the foregoing. These assets are securitized through the use of trusts and special purpose corporations. Credit enhancements, such as various forms of cash collateral accounts or letters of credit, may support payments of principal and interest on asset-backed securities. Although these securities may be supported by letters of credit or other credit enhancements, payment of interest and principal ultimately depends upon individuals paying the underlying loans, which may be affected adversely by general downturns in the economy.

Asset-backed securities are subject to the same risk of prepayment described with respect to mortgage-backed securities and to extension risk (the risk that an issuer of a security will make principal payments slower than anticipated by the investor, thus extending the securities' duration). The risk that recovery on repossessed

Statement of Additional Information

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collateral might be unavailable or inadequate to support payments, however, is greater for asset-backed securities than for mortgage-backed securities.

Certificates for Automobile Receivables<sup>SM</sup> ("CARS<sup>SM</sup>") represent undivided fractional interests in a trust whose assets consist of a pool of motor vehicle retail installment sales contracts and security interests in the vehicles securing those contracts. Payments of principal and interest on the underlying contracts are passed through monthly to certificate holders and are guaranteed up to specified amounts by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of the trust. Underlying installment sales contracts are subject to prepayment, which may reduce the overall return to certificate holders. Certificate holders also may experience delays in payment or losses on CARS<sup>SM</sup> if the trust does not realize the full amounts due on underlying installment sales contracts because of unanticipated legal or administrative costs of enforcing the contracts; depreciation, damage or loss of the vehicles securing the contracts; or other factors.

Credit card receivable securities are backed by receivables from revolving credit card agreements ("Accounts"). Credit balances on Accounts are generally paid down more rapidly than are automobile contracts. Most of the credit card receivable securities issued publicly to date have been pass-through certificates. In order to lengthen their maturity or duration, most such securities provide for a fixed period during which only interest payments on the underlying Accounts are passed through to the security holder; principal payments received on the Accounts are used to fund the transfer of additional credit card charges made on the Accounts to the pool of assets supporting the securities. Usually, the initial fixed period may be shortened if specified events occur which signal a potential deterioration in the quality of the assets backing the security, such as the imposition of a cap on interest rates. An issuer's ability to extend the life of an issue of credit card receivable securities thus depends on the continued generation of principal amounts in the underlying Accounts and the non-occurrence of the specified events. The non-deductibility of consumer interest, as well as competitive and general economic factors, could adversely affect the rate at which new receivables are created in an Account and conveyed to an issuer, thereby shortening the expected weighted average life of the related security and reducing its yield. An acceleration in cardholders' payment rates or any other event that shortens the period during which additional credit card charges on an Account may be transferred to the pool of assets supporting the related security could have a similar effect on its weighted average life and yield.

Credit cardholders are entitled to the protection of state and federal consumer credit laws. Many of those laws give a holder the right to set off certain amounts against balances owed on the credit card, thereby reducing amounts paid on Accounts. In addition, unlike the collateral for most other asset-backed securities, Accounts are unsecured obligations of the cardholder. A Fund may invest in trust preferred securities, which are a type of asset-backed security. Trust preferred securities represent interests in a trust formed by a parent company to finance its operations. The trust sells preferred shares and invests the proceeds in debt securities of the parent. This debt may be subordinated and unsecured. Dividend payments on the trust preferred securities match the interest payments on the debt securities; if no interest is paid on the debt securities, the trust will not make current payments on its preferred securities. Unlike typical asset-backed securities, which have many underlying payors and are usually overcollateralized, trust preferred securities have only one underlying payor and are not overcollateralized. Issuers of trust preferred securities and their parents currently enjoy favorable tax treatment. If the tax characterization of trust preferred securities were to change, they could be redeemed by the issuers, which could result in a loss to a Fund.

*Bankers' Acceptances, Certificates of Deposit, Time Deposits and Bank Notes.* The Select Funds may invest in such obligations issued by U.S. or foreign issuers; however, the Money Market Fund will invest in instruments denominated exclusively in U.S. dollars. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor but may be subject to early withdrawal penalties that vary depending upon market conditions and the remaining

GuideStone Funds

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maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party. Bank notes and bankers' acceptances rank junior to deposit liabilities of the bank and equal to other senior, unsecured obligations of the bank. Bank notes are classified as "other borrowings" on a bank's balance sheet, while deposit notes and certificates of deposit are classified as deposits. Bank notes are not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other insurer. Deposit notes are insured by the FDIC only to the extent of $250,000 per depositor per bank.

The Select Funds may invest in the obligations of foreign banks and foreign branches of domestic banks. Such obligations include Eurodollar certificates of deposit, which are U.S. dollar-denominated certificates of deposit issued by offices of foreign and domestic banks located outside the United States; Eurodollar time deposits, which are U.S. dollar-denominated deposits in a foreign branch of a U.S. bank or a foreign bank; Canadian time deposits, which are essentially the same as Eurodollar time deposits except they are issued by Canadian offices of major Canadian banks; Schedule Bs, which are obligations issued by Canadian branches of foreign or domestic banks; Yankee certificates of deposit, which are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a foreign bank and held in the United States; and Yankee bankers' acceptances, which are U.S. dollar-denominated bankers' acceptances issued by a U.S. branch of a foreign bank and held in the United States.

Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic developments, that the obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted that might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. U.S. branches of foreign banks may be considered domestic banks if it can be demonstrated they are subject to the same regulation as U.S. banks.

Investments in Eurodollar and Yankee dollar obligations involve additional risks. Most notably, there generally is less publicly available information about foreign companies; there may be less governmental regulation and supervision; they may use different accounting and financial standards; and the adoption of foreign governmental restrictions may adversely affect the payment of principal and interest on foreign investments. In addition, not all foreign branches of U.S. banks are supervised or examined by regulatory authorities as are U.S. banks, and such branches may not be subject to reserve requirements.

*Below-Investment Grade Securities.* The Bond Funds may invest their assets in fixed income securities that are rated below-investment grade (*i.e.*, high yield or junk bonds, which are securities rated "Ba1" or lower by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch")) or that are unrated but deemed equivalent to those rated below-investment grade by the Adviser or a Sub-Adviser as follows: Low-Duration Bond Fund up to 15%; Medium-Duration Bond Fund up to 15%; Global Bond Fund up to 30%; and Impact Bond Fund up to 5%. In addition, the Strategic Alternatives Fund and the Defensive Market Strategies Fund may invest up to 40% and 50%, respectively, of each of their assets in below-investment grade securities or securities that are unrated but deemed equivalent to those rated below-investment grade by the Adviser or a Sub-Adviser. The lower the ratings of such securities, the greater their risks. Below-investment grade securities generally offer a higher current yield than that available from higher grade issues and typically involve greater risk.

The yields on below-investment grade securities will fluctuate over time. In general, prices of all bonds rise when interest rates fall and fall when interest rates rise. While less sensitive to changing interest rates than investment grade securities, lower rated securities are especially subject to adverse changes in general economic conditions and to changes in the financial condition of their issuers. During periods of economic downturn or rising interest rates, issuers of these instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default.

Statement of Additional Information

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The risk of loss through default is greater because below-investment grade securities are usually unsecured and are often subordinate to an issuer's other obligations. Additionally, the issuers of these securities frequently have high debt levels and are thus more sensitive to difficult economic conditions, individual corporate developments and rising interest rates. Consequently, the market price of these securities may be quite volatile and may result in wider fluctuations of a Fund's net asset value ("NAV") per share.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of these securities, especially in a market characterized by only a small amount of trading and with relatively few participants. These factors can also limit a Fund's ability to obtain accurate market quotations for these securities, making it more difficult to determine the Fund's NAV. In cases where market quotations are not available, below-investment grade securities are valued using guidelines established by the Board of Directors.

Perceived credit quality in this market can change suddenly and unexpectedly and may not fully reflect the actual risk posed by a particular lower rated or unrated security. Subsequent to its purchase by a Fund, the rating of an issue of debt securities may be reduced, so that the securities would no longer be eligible for purchase by a Bond Fund. In such a case, the Sub-Adviser will take action that it believes to be advantageous to a Fund, including continuing to hold the downgraded securities.

Ratings, however, are general and are not absolute standards of quality. There is no guarantee that the ratings provided by ratings agencies will necessarily provide an accurate reflection of the credit quality of the securities they rate. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. For a more complete discussion of ratings, see Appendix A to this SAI.

*Cash Management.* Each Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest its uninvested cash in the Money Market Fund. To the extent a Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

*Closed-End Funds and Other Pooled Investment Vehicles.* The Impact Bond Fund may invest in other registered funds, including closed-end interval funds, and in funds that are exempt from registration as investment companies, such as similar pooled investment vehicles. These investments are illiquid and may be difficult to value. These funds will invest a large percentage, if not all, of their assets in securities or other assets that do not have readily ascertainable market prices, and may involve a substantial risk of loss. The portfolios of these funds may be highly concentrated and non-diversified. When private equity, private debt, private real estate or other assets that are not publicly traded are out of favor, the Fund may experience depressed values in these investments without an ability to dispose of the investment. The Impact Bond Fund is not afforded the protections of the 1940 Act when they invest in exempt pooled investment vehicles.

*Collateralized Debt Obligations.* The Bond Funds may invest in collateralized debt obligations ("CDOs"), which are securitized interests in pools of, generally non-mortgage, assets. Assets called collateral usually comprise loans or debt instruments. A CDO may be called a collateralized loan obligation ("CLO") or collateralized bond obligation ("CBO") if it holds only loans or bonds, respectively. Investors bear the credit risk of the collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving ratings of A to AAA/Aaa and the latter receiving ratings of B to BBB/Baa. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinated to it.

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Despite the protection from the riskier tranches, senior CBO or CLO tranches can experience substantial losses due to actual defaults (including collateral default), the total loss of the riskier tranches due to losses in the collateral, market anticipation of defaults, fraud by the trust and the illiquidity of CBO or CLO securities.

The risks of an investment in a CDO largely depend on the type of underlying collateral securities and the tranche in which a Fund invests. Risks of CDOs include: (i) the possibility that distributions from collateral securities will be insufficient to make interest or other payments; (ii) the possibility that the quality of the collateral may decline in value or default; (iii) market and liquidity risks affecting the price of a structured finance investment, if required to be sold, at the time of sale; and (iv) if the particular structured product is invested in a security in which a Fund is also invested, this would tend to increase a Fund's overall exposure to the credit of the issuer of such securities. In addition, due to the complex nature of a CDO, an investment in a CDO may not perform as expected.

*Commercial Paper.* The Select Funds may invest in commercial paper, which includes short-term unsecured promissory notes, variable rate demand notes and variable rate master demand notes issued by bank holding companies, corporations and financial institutions and similar instruments the interest on which is subject to federal income tax issued by government agencies and instrumentalities. A Select Fund will only invest in commercial paper to the extent consistent with its investment policies, including its policies regarding credit quality and ratings.

*Convertible Securities.* The Equity Funds, Bond Funds and Strategic Alternatives Fund may invest in convertible securities. Except for the Bond Funds, these Funds may invest in convertible securities of non-U.S. issuers. Convertible securities entitle the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible securities mature or are redeemed, converted or exchanged. Prior to conversion, convertible securities have characteristics similar to ordinary debt securities in that they normally provide a stable stream of income with generally higher yields than those of common stock of the same or similar issuers. Convertible securities rank senior to common stock in a corporation's capital structure and therefore generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security.

The value of convertible securities is a function of their investment value (determined by yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and their conversion value (their worth, at market value, if converted into the underlying common stock). The investment value of convertible securities is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and by the credit standing of the issuer and other factors. The conversion value of convertible securities is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible securities is governed principally by their investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible securities will be increasingly influenced by their conversion value. In addition, convertible securities generally sell at a premium over their conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding fixed income securities.

Capital appreciation for a Fund may result from an improvement in the credit standing of an issuer whose securities are held in the Fund or from a general lowering of interest rates, or a combination of both. Conversely, a reduction in the credit standing of an issuer whose securities are held by a Fund or a general increase in interest rates may be expected to result in capital depreciation to the Fund.

In general, investments in lower quality convertible securities are subject to a significant risk of a change in the credit rating or financial condition of the issuing entity. Investments in convertible securities of medium or lower quality are also likely to be subject to greater market fluctuation and to greater risk of loss of income and principal due to default than investments of higher quality fixed income securities. Such lower quality securities

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generally tend to reflect short-term corporate and market developments to a greater extent than higher quality securities, which react more to fluctuations in the general level of interest rates. Additionally, investments by a Fund in convertible debt securities may be unrated; therefore, judgment may play a greater role in determining the credit risk or the default risk of an unrated convertible security. A Fund will generally reduce risk to the investor by diversification, credit analysis and attention to current developments in trends of both the economy and financial markets. However, while diversification reduces the effect on a Fund of any single investment, it does not reduce the overall risk of investing in lower quality securities.

*Cybersecurity Risk.* With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Funds and their service providers may be more susceptible to operational and related risks through breaches in cybersecurity. A cybersecurity incident may refer to intentional or unintentional events that allow an unauthorized party to gain access to a Fund's assets, customer data or proprietary information, or cause a Fund or a Fund's service providers (including, but not limited to, the Adviser, distributor, fund accountant, custodian, transfer agent, Sub-Advisers and financial intermediaries) to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or the 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 a Fund and its shareholders. For example, if a cybersecurity incident results in a denial of service, Fund shareholders could lose access to their electronic accounts and be unable to buy or sell Fund shares for an unknown period of time, and employees could be unable to access electronic systems to perform critical duties for a Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Fund share purchases and redemptions. Cybersecurity incidents could cause a Fund or Fund service provider to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures or financial loss of a significant magnitude and could result in allegations that a Fund or Fund service provider violated privacy and other laws. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. Risk management systems and business continuity plans seek to reduce the risks associated with cybersecurity in the event there is a cybersecurity breach, but there are inherent limitations in these systems and plans, including the possibility that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. Furthermore, a Fund does not control the cybersecurity systems and plans of the issuers of securities in which a Fund invests or the Fund's third-party service providers or trading counterparties or any other service providers whose operations may affect a Fund or its shareholders.

In addition, the rapid development and increasingly widespread use of artificial intelligence ("AI") technologies, including machine learning models and generative AI, may adversely impact markets, the overall performance of a Fund's investments or the services provided to a Fund by its service providers. For example, issuers in which a Fund invests and/or service providers to the Funds may use and/or expand the use of AI technologies in their business operations, and the challenges with properly managing its use could result in reputational harm, competitive harm, legal liability and/or an adverse effect on business operations. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through the use of AI could be insufficient, incomplete, inaccurate or biased and lead to adverse effects for a Fund, including, potentially, operational errors and investment losses.

Additionally, the use of AI technologies could impact the market as a whole, including through the use of AI by malicious actors for market manipulation, fraud and cyberattacks. The use of AI technologies may face regulatory scrutiny in the future, which could limit the development of AI and impede the growth of companies that develop the use of AI. Actual usage of AI technologies by a Fund's service providers and issuers in which a Fund invests will vary. AI technologies and their current and potential future applications, and the regulatory frameworks

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within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Depositary Arrangements.* Each Select Fund may invest in American Depositary Receipts ("ADRs") and regular shares of foreign companies traded and settled on U.S. exchanges and OTC markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying foreign securities. ADRs are denominated in U.S. dollars. They are publicly traded on exchanges or OTC in the United States.

A Fund may invest in both sponsored and unsponsored ADR programs. There are certain risks associated with investments in unsponsored ADR programs. Because the non-U.S. securities issuer does not actively participate in the creation of the ADR program, the underlying agreement for service and payment will be between the depositary and the shareholder. The company issuing the stock underlying the ADR pays nothing to establish the unsponsored facility because fees for ADR issuance and cancellation are paid by brokers. Investors directly bear the expenses associated with certificate transfer, custody and dividend payment.

In an unsponsored ADR program, there may also be several depositaries with no defined legal obligations to the non-U.S. company. The duplicate depositaries may lead to marketplace confusion because there would be no central source of information for buyers, sellers and intermediaries. The efficiency of centralization gained in a sponsored program can greatly reduce the delays in delivery of dividends and annual reports.

Investments in ADRs involve certain risks not typically involved in purely domestic investments. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI.

The International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may also invest in European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs"). These are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and are usually denominated in foreign currencies. They may not be denominated in the same currency as the securities they represent. Generally, EDRs, GDRs and IDRs are designed for use in the foreign securities markets. Investments in EDRs, GDRs and IDRs involve certain risks not typically involved in purely domestic investments, including currency exchange risk. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI.

The International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may also invest in other forms of depositary receipts that are certificates issued by non-U.S. institutions evidencing ownership of underlying foreign securities, including non-voting depositary receipts ("NVDRs"). Such depositary receipts may or may not be traded in a secondary market, and, as is the case with the NVDRs, might only be redeemable by the issuer. Investments in these depositary receipts may provide economic exposure to the underlying security, but may be less liquid and more volatile than the underlying securities, which may be issued by companies in emerging markets. In addition, investments in these depositary receipts are subject to many of the same risks associated with investing directly in foreign securities. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI. Investments in these depositary receipts, particularly NVDRs, may not entitle the holders to vote the underlying shares.

*Dollar Rolls.* The Select Funds may enter into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA ("to be announced") or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a "roll" to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts. For additional information, see the section entitled "Mortgage Dollar Rolls" in this SAI.

*Faith-based Investing.* In accordance with GuideStone Financial Resources' Christian values, the Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering

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products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in the Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. Faith-based investing, in accordance with the GuideStone Financial Resources stated policy, is an integral part of the investment program of the Trust. The implementation of the Funds' faith-based investment guidelines is overseen by members of the Adviser's executive and senior management team.

It is important to understand that in certain cases it may be more difficult to implement the Funds' faith-based investment guidelines. Faith-based investing outside the United States is often more challenging due to a vastly larger universe of securities and varying laws and regulations governing disclosure requirements. Generally, there is less information available to the public about the business activities and practices of foreign companies. As a result, it is more difficult to effectively apply investing guidelines abroad than it is in the United States. In addition, it can be more difficult to implement the Funds' faith-based investment guidelines with respect to portfolios that are managed using quantitative investment management processes. The Adviser consistently evaluates portfolios for companies that violate the guidelines and places these companies on a restricted list as it becomes aware of them. There is also the possibility that a company held by a Fund may subsequently become involved in products, services or activities, through a corporate acquisition or change of business strategy, that causes the company to become inconsistent with the Trust's faith-based investment guidelines. Accordingly, there is the risk that, from time to time, securities acquired by a Fund subsequently will be determined to be inconsistent with the Trust's faith-based investment guidelines. When a Fund becomes aware that it has invested in such a security, the Fund will seek to eliminate the position as soon as reasonably possible, which could result in a loss or gain to the Fund.

***Foreign Currency***

*Foreign Currency — Generally.* The Select Funds (other than the Money Market Fund) may invest in securities denominated in foreign currencies. As part of the cash overlay program, the Funds (other than the Money Market Fund) may also utilize foreign currency futures contracts, which are discussed in this section. The performance of investments in securities and obligations denominated in a foreign currency will be impacted by the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy. Absent other events that could otherwise affect the value of a foreign security or obligation (such as a change in the political climate or an issuer's credit quality), appreciation in the value of the foreign currency generally can be expected to increase the value of a foreign currency-denominated security or obligation in terms of U.S. dollars. A decline in the value of the foreign currency relative to the U.S. dollar generally can be expected to depress the value of a foreign currency-denominated security or obligation.

Although the Bond Funds, Equity Funds and Strategic Alternatives Fund may invest in securities and obligations denominated in foreign currencies as discussed herein, their portfolio securities and other assets are valued in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time causing, together with other factors, a Fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments, or central banks. They can also be affected by currency controls, or by political developments in the United States or abroad. To the extent a Fund's total assets, adjusted to reflect its net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries. In addition, through the use of forward currency exchange contracts and other currency instruments as described below, the net currency positions of the Funds may expose them to risks independent of their securities positions. To the extent a Fund is fully invested in foreign securities while also maintaining currency positions, it may be exposed to greater risk than it would have if it did not maintain the

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currency positions. The Funds are also subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency.

*Foreign Currency — Forward Currency Exchange Contracts.* The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Value Equity Fund, International Equity Index Fund, Small Cap Equity Fund, International Equity Fund and Emerging Markets Equity Fund may enter into forward currency exchange contracts in order to hedge to the U.S. dollar and to hedge one foreign currency against changes in exchange rates for a different foreign currency. Each of these Funds may also use forward currency exchange contracts for non-hedging purposes, even if it does not own securities denominated in that currency. Forward currency exchange contracts represent an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract. This allows a Fund to establish a rate of exchange for a future point in time.

When one of these Funds owns securities denominated in a foreign currency that the Sub-Adviser anticipates may decline substantially relative to the U.S. dollar or other leading currencies, the Fund may attempt to reduce this currency risk by entering into a forward currency exchange contract to sell, for a fixed amount, an amount of the foreign currency approximating the value of some or all of the Fund's securities denominated in that foreign currency. When a Fund creates a short position in a foreign currency, it may enter into a forward contract to buy, for a fixed amount, an amount of foreign currency approximating the short position.

In addition, when entering into a contract for the purchase or sale of a security, one of these Funds may enter into a forward currency exchange contract for the amount of the purchase or sale price. This protects the Fund against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.S. dollar or other foreign currency.

Portfolio securities hedged by forward currency exchange contracts are still subject to fluctuations in market value. In addition, it will not generally be possible to match precisely the amount covered by a forward currency exchange contract. Additionally, the value of the securities involved will fluctuate based on market movements after the contract is entered into. Such imperfect correlation may cause a Fund to sustain losses that will prevent it from achieving a complete hedge or expose it to risk of foreign exchange loss. While forward currency exchange contracts may protect a Fund from losses resulting from movements in exchange rates adverse to the Fund's position, they may also limit potential gains that result from beneficial changes in the value of such currency. A Fund will also incur costs in connection with forward currency exchange contracts and conversions of foreign currencies and U.S. dollars.

Forward contracts in which a Fund may engage also include non-deliverable forwards ("NDFs"). NDFs are cash-settled, short-term forward contracts on foreign currencies (each a "Reference Currency") that are non-convertible and that may be thinly traded or illiquid. NDFs are classified as swaps and regulated as such under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"). NDFs involve an obligation to pay an amount (the "Settlement Amount") equal to the difference between the prevailing market exchange rate for the Reference Currency and the agreed upon exchange rate (the "NDF Rate"), with respect to an agreed notional amount. NDFs have a fixing date and a settlement (delivery) date. The fixing date is the date and time at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement (delivery) date is the date by which the payment of the Settlement Amount is due to the party receiving payment.

Although NDFs are similar to foreign exchange forwards, NDFs do not require physical delivery of the Reference Currency on the settlement date. Rather, on the settlement date, the only transfer between the counterparties is the monetary settlement amount representing the difference between the NDF Rate and the prevailing market exchange rate. NDFs typically may have terms from one month up to two years and are settled in U.S. dollars.

NDFs are subject to many of the risks associated with derivatives in general and forward currency transactions, including risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations. Although NDFs historically have been traded OTC, in the future, pursuant to the Dodd-Frank Act,

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they may be exchange-traded. Under such circumstances, they will be centrally cleared and a secondary market for them will exist. With respect to NDFs that are centrally-cleared, while central clearing is intended to decrease counterparty risk, an investor could lose margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if the clearing organization breaches its obligations under the NDF, becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be entitled to the net amount of gains the investor is entitled to receive plus the return of margin owed to it only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the investor. Even if some NDFs remain traded OTC, they will be subject to margin requirements for uncleared swaps and counterparty risk common to other swaps. For more information about the risks associated with utilizing swaps, please see the section entitled "Swaps — Generally" in this SAI.

*Foreign Currency — Currency Futures Contracts and Related Options Transactions.* The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund and Emerging Markets Equity Fund may also engage in futures contracts on foreign currencies and related options transactions, for the same purposes that they are permitted to use forward currency exchange contracts. A currency futures contract is a standardized contract for the future delivery of a specified amount of currency at a future date at a price set at the time of the contract. These Funds may enter into currency futures contracts traded on regulated commodity exchanges, including non-U.S. exchanges. These Funds may either accept or make delivery of the currency specified at the maturity of a futures contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Trading options on currency futures is relatively new, and the ability to establish and close out positions on such options is subject to the maintenance of a liquid market, which may not always be available. Buyers and sellers of currency futures and options thereon are subject to the same risks that apply to the use of futures generally. These risks are set forth in the section entitled "Futures and Options on Futures" in this SAI.

*Foreign Currency — Currency Options.* The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may also write covered put and covered call options and purchase put and call options on foreign currencies, for the same purposes that they are permitted to use forward currency exchange contracts. These Funds will write or purchase currency options that are traded on U.S. or foreign exchanges or OTC.

A call option written by a Fund obligates it to sell specified currency to the holder of the option at a specified price at any time before the expiration date. A put option written by a Fund obligates it to purchase specified currency from the option holder at a specified time before the expiration date. The writing of currency options involves the risk that a Fund may be required to sell the specified currency (subject to a call) at a price that is less than the currency's market value or to purchase the specified currency (subject to a put) at a price that exceeds the currency's market value. The use of currency options is subject to the same risks that apply to options generally. These risks are set forth in the section entitled "Futures and Options on Futures" in this SAI.

The purchase of a call option would entitle a Fund to purchase specified currency at a specified price during the option period. A Fund would ordinarily realize a gain if, during the option period, the value of the currency exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the call option. A Fund may forfeit the entire amount of the premium plus related transaction costs if exchange rates move in a manner adverse to the Fund's position.

One of these Funds may, for example, purchase put options in anticipation of a decline in the dollar value of currency in which securities in its portfolio are denominated. The purchase of a put option would entitle a Fund to sell a specific currency at a specified price during the option period. This is meant to offset or hedge against a decline in the dollar value of such portfolio securities due to currency exchange rate fluctuations. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying currency decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise, a Fund would realize

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either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying currency.

*Foreign Currency — TBAs.* The Bond Funds may enter into to-be-announced purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days ("TBAs"). As with other delayed delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund's other assets. Unsettled TBAs are valued at the current market value of the underlying portfolio securities, according to the procedures described in the section entitled "Valuation of Shares" in this SAI.

The Financial Industry Regulatory Authority ("FINRA"), imposes mandatory margin requirements that require a Fund to post collateral in connection with its TBA transactions. Throughout the duration of each transaction, a Fund or the counterparty will make payments as collateral values fluctuate to maintain full collateralization for the term of the transaction. Collateral will be marked-to-market each business day. In the event a counterparty defaults on the transaction or declares bankruptcy or insolvency, a Fund may incur expenses in enforcing its rights, or the Fund may experience a delay and costs in recovering collateral or may sustain a loss if the value of collateral declines.

*Foreign Securities and Obligations.* The Equity Funds and Strategic Alternatives Fund may invest in ADRs and regular shares of foreign companies traded and settled on U.S. and foreign exchanges and OTC markets. The International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund invest primarily in the securities of foreign issuers. In addition, the Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, International Equity Fund and Emerging Markets Equity Fund may invest a portion of their assets in debt obligations issued by foreign issuers, including obligations not traded and settled on U.S. exchanges and OTC markets. These obligations may be issued by supranational entities, including international organizations, designed or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies.

Investment in foreign securities and obligations involves special risks. These include market risk, interest rate risk and the risks of investing in securities of foreign issuers and of companies whose securities are principally traded outside the United States and in investments denominated in foreign currencies. Market risk involves the possibility that stock prices will decline over short or even extended periods. The stock markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices. These cycles will affect the value of a Fund's investment in foreign stocks. The holdings of a Fund's investments in fixed income securities will be sensitive to changes in interest rates and the interest rate environment. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes.

Foreign investments also involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability.

Future political and economic developments, the possible imposition of withholding taxes on dividend and interest income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or the adoption of other governmental restrictions might adversely affect an investment in foreign securities or obligations. Additionally, foreign banks and foreign branches of domestic banks are subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements. For a discussion of risks and instruments related to foreign currency, see the section entitled "Foreign Currency" in this SAI.

Investment in foreign securities and obligations may involve higher costs than investment in U.S. securities and obligations. Investors should understand that the expense ratios of the International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund generally can be expected to be higher than those

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of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher for several reasons, such as the higher cost of investment research, higher costs of custody of foreign securities, higher commissions paid on comparable transactions in foreign markets, costs arising from delays in settlements of transactions and the imposition of withholding taxes by foreign governments on dividends and interest payable on a Fund's foreign portfolio securities. To the extent those taxes are not offset by credits or deductions allowed to investors under the federal income tax law (such as a Fund's pass-through to its shareholders of foreign taxes it pays — see "Taxation — General" in this SAI), they may reduce the net return to the shareholders.

The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, International Equity Fund and Emerging Markets Equity Fund may invest in foreign debt, including the securities of foreign governments and foreign corporations. Several risks exist concerning such investments, including the risk that foreign issuers may default on their obligations, may not respect the integrity of such debt, may attempt to renegotiate the debt at a lower rate and may not honor investments by U.S. entities or citizens.

To the extent consistent with their investment objectives, these Funds may also invest in obligations of the International Bank for Reconstruction and Development (also known as the World Bank), which are supported by subscribed, but unpaid, commitments of its member countries. There is no assurance that these commitments will be undertaken or complied with in the future.

In addition, the Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Global Real Estate Securities Fund, International Equity Fund and Emerging Markets Equity Fund may invest their assets in countries with emerging economies or securities markets. These countries are primarily located in the Asia-Pacific region, Eastern Europe, Latin and South America and Africa. Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristics of more developed countries. Some of these countries may have in the past failed to recognize private property rights and may have at times nationalized or expropriated the assets of private companies. In general, the securities markets of these countries are less liquid, subject to greater price volatility, have smaller market capitalizations and have problems with securities registration and custody. As a result, the risks presented by investments in these countries are heightened. Additionally, settlement procedures in emerging countries are frequently less developed and less reliable than those in the United States and may involve a Fund's delivery of securities before receipt of payment for their sale. Settlement or registration problems may make it more difficult for a Fund to value its portfolio securities. They also could cause a Fund to miss attractive investment opportunities, to have a portion of its assets uninvested, to incur losses due to the failure of a counterparty to pay for securities the Fund has delivered or to incur losses due to the Fund's inability to complete a contractual obligation to deliver securities. In addition, frontier countries generally have smaller economies and/or less developed capital markets than traditional emerging markets, and may be more politically instable, and as a result, the risks of investing in emerging markets countries are magnified in frontier countries.

More specific disclosure related to investments in certain countries or geographic regions is provided below:

*<u>Asia-Pacific Countries.</u>* In addition to the risks associated with foreign and emerging markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain additional or specific risks. A Fund may make substantial investments in Asia-Pacific countries. In the Asia-Pacific markets, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region, such as Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in number and less well-capitalized than brokers in the United States. These factors, combined with the U.S. regulatory requirements for open-end investment companies and the restrictions on foreign investment, result in potentially fewer investment opportunities for a Fund and may have an adverse impact on the Fund's investment performance.

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Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and/or (v) ethnic, religious and racial disaffection. In addition, the governments of many of such countries, such as Indonesia, have a heavy role in regulating and supervising the economy.

An additional risk common to most such countries is that the economy is heavily export-oriented and, accordingly, is dependent upon international trade, which could be negatively impacted during a synchronized slowdown in global economic activity. The existence of overburdened infrastructure and obsolete financial systems also present risks in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors. The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on a Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia-Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.

Governments of many developing market Asia-Pacific countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions in the future could have a significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private sector companies, as well as the value of securities in a Fund's portfolio. In addition, economic statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed nations.

It is possible that developing market Asia-Pacific issuers may not be subject to the same accounting, auditing and financial reporting standards as U.S. companies. Inflation accounting rules in some developing market Asia-Pacific countries require companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate certain assets and liabilities on the company's balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing market Asia-Pacific companies. In addition, satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific countries, which may result in a Fund incurring additional costs and delays in providing transportation and custody services for such securities outside such countries.

Certain developing Asia-Pacific countries are especially large debtors to commercial banks and foreign governments. Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in which foreign investors, including management of the Fund, have had no or limited prior experience.

*<u>Brazil.</u>* Investing in Brazil involves certain considerations not typically associated with investing in the United States. Additional considerations include: (i) investment and repatriation controls, which could affect a Fund's ability to operate and to qualify for the favorable tax treatment afforded to regulated investment companies for U.S. federal income tax purposes; (ii) fluctuations in the rate of exchange between the Brazilian real and the U.S. dollar; (iii) the generally greater price volatility and lesser liquidity that characterize Brazilian securities markets, as compared with U.S. markets; (iv) the effect that balance of trade could have on Brazilian economic stability and the Brazilian government's economic policy; (v) potentially high rates of inflation, a rising unemployment rate and a high level of debt, each of which may hinder economic growth; (vi) governmental involvement in and

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influence on the private sector; (vii) Brazilian accounting, auditing and financial standards and requirements, which differ from those in the United States; (viii) political and other considerations, including changes in applicable Brazilian tax laws; and (ix) restrictions on investments by foreigners. In addition, commodities, such as oil, gas and minerals, represent a significant percentage of Brazil's exports, and therefore, its economy is particularly sensitive to fluctuations in commodity prices. Additionally, an investment in Brazil is subject to certain risks stemming from political and economic corruption. For example, the Brazilian Federal Police conducted a criminal investigation into corruption allegations, known as Operation Car Wash, which led to charges against high level politicians and corporate executives and resulted in substantial fines for some of Brazil's largest companies. This had a widespread political and economic impact and may continue to affect negatively the country and the reputation of Brazilian companies connected with the investigation, and therefore, the trading price of securities issued by those companies.

*<u>China.</u>* Investing in China involves special considerations not typically associated with investing in countries with more democratic governments or more established economies or currency markets. These risks include: (i) the risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater governmental involvement in and control over the economy, interest rates and currency exchange rates; (iii) controls on foreign investment and limitations on repatriation of invested capital; (iv) greater social, economic and political uncertainty (including the risk of strained international relations or war); (v) dependency on exports and the corresponding importance of international trade; (vi) currency exchange rate fluctuations; and (vii) the risk that certain companies in which a Fund may invest may have dealings with countries subject to sanctions or embargoes imposed by the U.S. government or identified as state sponsors of terrorism. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers of securities in which a Fund invests.

Investments in China (including Hong Kong) are also subject to the risk of escalating tensions and deteriorating relations with the United States, as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions or other actions that adversely impact the value of such investments. Pursuant to Executive Order 13873, "Executive Order on Securing the Information and Communications Technology and Services Supply Chain" (May 15, 2019), the U.S. Department of Commerce promulgated an interim rule designating, solely for the purposes of Executive Order 13873, The People's Republic of China ("PRC") (including Hong Kong), as a foreign adversary of the United States. The U.S. Department of Commerce subsequently issued a final rule effective July 18, 2024, designating the PRC (including Hong Kong) as a foreign adversary. The regulations established procedures for the review of certain transactions involving information and communications technology and services designed, developed, manufactured or supplied by persons owned by, controlled by or subject to the jurisdiction or direction of a foreign adversary and which pose or may pose undue or unacceptable risks to the United States or U.S. persons. A reduction in spending on Chinese products and services, supply chain diversification or the institution of additional sanctions, tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, may also have an adverse impact on the Chinese economy. In addition, the United States or other governments may from time to time impose restrictions on investments in certain Chinese companies or industries or impose commercial or trade restrictions (but not restrict investments by investors) on certain Chinese companies due to national security, human rights or other concerns, each of which may negatively impact the Chinese economy generally or specific Chinese companies or industries.

The government of China maintains strict currency controls in support of economic, trade and political objectives and regularly intervenes in the currency market. The government's actions in this respect may not be transparent or predictable. As a result, the value of the yuan, and the value of securities designed to provide exposure to the yuan, can change quickly and arbitrarily. Furthermore, it is difficult for foreign investors to directly access money market securities in China because of investment and trading restrictions. While the economy of China has enjoyed substantial economic growth in recent years, there can be no guarantee this growth will continue. These and other factors may decrease the value and liquidity of a Fund's investments. In 2025, the United States and

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China announced that each country would impose certain tariffs on exports from the other country. Subsequent agreements have altered the status of various tariffs, however, the trade dispute is ongoing and the imposition of tariffs by either country may negatively affect each country's economy and the U.S. and foreign markets and may negatively affect a Fund's investment.

Any difficulties of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. Under amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting firm.

China A-Shares are equity securities of companies based in mainland China that trade on Chinese stock exchanges such as the Shanghai Stock Exchange ("SSE") and the Shenzhen Stock Exchange ("SZSE") ("A-Shares"). Foreign investment in A-Shares on the SSE and SZSE is historically not permitted other than through a license granted under regulations in the PRC known as the Qualified Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("RQFII") systems. Each license permits investment in A-Shares only up to a specified quota.

Because restrictions continue to exist and capital therefore cannot flow freely into and out of the A-Share market, it is possible that in the event of a market disruption, the liquidity of the A-Share market and trading prices of A-Shares could be more severely affected than the liquidity and trading prices of markets where securities are freely tradable and capital therefore flows more freely. A Fund cannot predict the nature or duration of such a market disruption or the impact that it may have on the A-Share market and the short-term and long-term prospects of its investments in the A-Share market. In the event that a Fund invests in A-Shares directly, a Fund may incur significant losses, or may not be able fully to implement or pursue its investment objectives or strategies, due to investment restrictions on RQFIIs and QFIIs, illiquidity of the Chinese securities markets or delay or disruption in execution or settlement of trades. A-Shares may become subject to frequent and widespread trading halts.

The Chinese government has in the past taken actions that benefitted holders of A-Shares. As A-Shares become more available to foreign investors, such as a Fund, the Chinese government may be less likely to take action that would benefit holders of A-Shares. In addition, there is no guarantee that an A-Shares quota will be sufficient for a Fund's intended scope of investment.

The regulations which apply to investments by RQFIIs and QFIIs, including the repatriation of capital, are relatively new. The application and interpretation of such regulations are therefore relatively untested. In addition, there is little precedent or certainty evidencing how such discretion may be exercised now or in the future, and even if there were precedent, it may provide little guidance as PRC authorities would likely continue to have broad discretion.

Investment in eligible A-Shares listed and traded on the SSE is now permitted through the Stock Connect program. Stock Connect is a securities trading and clearing program established by Hong Kong Securities Clearing Company Limited, the SSE and Chinese Securities Depositary and Clearing Corporation that aims to provide mutual stock market access between China and Hong Kong by permitting investors to trade and settle shares on each market through their local exchanges. Certain Funds may invest in other investment companies that invest in A-Shares through Stock Connect or on such other stock exchanges in China which participate in Stock Connect from time to time. Under Stock Connect, a Fund's trading of eligible A-Shares listed on the SSE would be effectuated through its Hong Kong broker.

Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through Stock Connect's Northbound Trading Link is subject to aggregate and daily investment quota limitations that require that buy orders for A-Shares be rejected once the remaining balance of the relevant quota drops to

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zero or the daily quota is exceeded (although a Fund will be permitted to sell A-Shares regardless of the quota balance). These limitations may restrict a Fund from investing in A-Shares on a timely basis, which could affect a Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change. Investment in eligible A-Shares through Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. A-Shares purchased through Stock Connect generally may not be sold or otherwise transferred other than through Stock Connect in accordance with applicable rules. In addition, Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, an investment in A-Shares through Stock Connect may subject a Fund to a risk of price fluctuations on days where the Chinese market is open, but Stock Connect is not trading.

In addition, renminbi ("RMB")-denominated bonds issued in the PRC by Chinese credit, government and quasi-governmental issuers ("RMB Bonds") are available on the China interbank bond market ("CIBM") to eligible foreign investors through the CIBM Direct Access Program and through the "Mutual Bond Market Access between Mainland China and Hong Kong" ("Bond Connect") program. Investments in bonds through either program will be subject to a number of additional risks and restrictions that may affect a Fund's investments and returns.

The Bond Connect program and the CIBM Direct Access Program are relatively new. Laws, rules, regulations, policies, notices, circulars or guidelines relating to the programs as published or applied by the relevant authorities of the PRC are untested and are subject to change from time to time. There can be no assurance that the Bond Connect program and/or the CIBM Direct Access Program will not be restricted, suspended or abolished. If such event occurs, a Fund's ability to invest in the CIBM through the CIBM Direct Access Program will be adversely affected.

Under the prevailing PRC regulations, eligible foreign investors who wish to participate in the Bond Connect program may do so through an offshore custody agent, registration agent or other third parties (as the case may be), who would be responsible for making the relevant filings and account opening with the relevant authorities. A Fund is therefore subject to the risk of default or errors on the part of such agents.

Under the prevailing PRC regulations, eligible foreign institutional investors who wish to invest directly in the CIBM through the CIBM Direct Access Program may do so through an onshore settlement agent, who would be responsible for making the relevant filings and account opening with the relevant authorities. A Fund is therefore subject to the risk of default or errors on the part of such agent.

Trading through the Bond Connect program is performed through newly developed trading platforms and operational systems. There is no assurance that such systems will function properly (in particular, under extreme market conditions) or will continue to be adapted to changes and developments in the market. In addition, where a Fund invests in the CIBM through the Bond Connect program, it may be subject to risks of delays inherent in order placing and/or settlement.

The Central Moneymarkets Unit of the Hong Kong Monetary Authority ("HKMA") is the "nominee holder" of the bonds acquired by a Fund through the Bond Connect program. Whilst the relevant authorities of the PRC have expressly stated that Bond Connect investors will enjoy the rights and interests of the bonds acquired through the Bond Connect program in accordance with applicable laws, the exercise and the enforcement of beneficial ownership rights over such bonds in the courts in China is yet to be tested. In addition, in the event that the nominee holder (*i.e.,* the HKMA) becomes insolvent, such bonds may form part of the pool of assets of the nominee holder available for distribution to its creditors, and a Fund, as a beneficial owner, may have no rights whatsoever in respect thereof.

Investing in RMB Bonds involves additional risks, including, but not limited to, the fact that the economy of China differs, often unfavorably, from the U.S. economy, including, among other things, currency revaluation,

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structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others.

The RMB is currently not a freely convertible currency. The Chinese government places strict regulation on the RMB and sets the value of the RMB to levels dependent on the value of the U.S. dollar. The Chinese government's imposition of restrictions on the repatriation of RMB out of mainland China may limit the depth of the offshore RMB market and reduce the liquidity of a Fund's investments.

On June 3, 2021, former President Biden issued an executive order (the "Executive Order") prohibiting U.S. persons from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company ("CMIC"). The Executive Order superseded a prior similar order from then-President Trump. A number of Chinese issuers have been designated under this program and more could be added. Certain implementation matters related to the scope of, and compliance with, the Executive Order have not yet been resolved, and the ultimate application and enforcement of the Executive Order may change. As a result, the Executive Order and related guidance may significantly reduce the liquidity of such securities, force a Fund to sell certain positions at inopportune times or for unfavorable prices and restrict future investments by the Funds.

*<u>Developing and Emerging Markets.</u>* Emerging and developing markets abroad may offer special opportunities for investing, but may have greater risks than more developed foreign markets, such as those in Europe, Canada, Australia, New Zealand and Japan. There may be even less liquidity in their securities markets, and settlements of purchases and sales of securities may be subject to additional delays. They are subject to greater risks of limitations on the repatriation of income and profits because of currency restrictions imposed by local governments. Those countries may also be subject to the risk of greater political and economic instability, which can greatly affect the volatility of prices of securities in those countries.

Investing in emerging markets securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. The currencies of emerging markets countries may experience significant declines against the U.S. dollar. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging markets countries. Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions.

*<u>Europe.</u>* Investing in European countries may impose economic and political risks associated with Europe in general and the specific European countries in which it invests. The economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. European Union ("EU") member countries are required to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of certain EU countries), the default or threat of default by an EU member country on its sovereign debt and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners, including some or all of the emerging markets materials sector countries. Although certain

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European countries do not use the euro, many of these countries are obliged to meet the criteria for joining the eurozone. Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns, rising government debt levels and the possible default of government debt in several European countries, including Greece, Ireland, Italy, Portugal and Spain. In order to prevent further economic deterioration, certain countries, without prior warning, can institute "capital controls." Countries may use these controls to restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect a Fund's investments. A default or debt restructuring by any European country would adversely impact holders of that country's debt and sellers of credit default swaps linked to that country's creditworthiness, which may be located in countries other than those listed above. These events have adversely affected the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the euro and non-EU member countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching and could adversely impact the value of investments in the region.

In June 2016, the United Kingdom (the "UK") approved a referendum to leave the EU, commonly referred to as "Brexit," which sparked depreciation in the value of the British pound, short-term declines in global stock markets, and heightened risk of continued worldwide economic volatility. The United Kingdom officially left the European Union on January 31, 2020. There is significant uncertainty regarding Brexit's ramifications and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict.

*<u>Israel and Russia.</u>* As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, has the potential to adversely impact a Fund's investments. Such conflicts, and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors. The timing and duration of such conflicts, resulting sanctions, related events and other implications cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

*<u>Japan.</u>* Japanese investments may be significantly affected by events influencing Japan's economy and changes in the exchange rate between the Japanese yen and the U.S. dollar. Japan's economy fell into a long recession in the 1990s. After a few years of mild recovery in the mid-2000s, Japan's economy fell into another recession as a result of the recent global economic crisis. Japan is heavily dependent on exports and foreign oil. Furthermore, Japan is located in a seismically active area, and in 2011 experienced an earthquake of a sizeable magnitude and a tsunami that significantly affected important elements of its infrastructure and resulted in a nuclear crisis. Since these events, Japan's financial markets have fluctuated dramatically. The full extent of the impact of these events on Japan's economy and on foreign investment in Japan is difficult to estimate. Japan's economic prospects may be affected by the political and military situations of its near neighbors, notably North and South Korea, China and Russia.

*<u>Taiwan.</u>* Investment in Taiwanese issuers may subject a Fund to loss in the event of adverse political, economic, regulatory and other developments that affect Taiwan, including fluctuations of the New Taiwan dollar versus the U.S. dollar. Taiwan has few natural resources; therefore, any fluctuation or shortage in the commodity markets could have a negative impact on the Taiwanese economy. Appreciation of the New Taiwan dollar, rising labor

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costs and increasing environmental consciousness have led some labor-intensive industries to relocate to other countries with cheaper work forces. Continued labor outsourcing may adversely affect the Taiwanese economy. Taiwanese firms are among the world's largest suppliers of computer monitors and leaders in personal computer manufacturing. A slowdown in global demand for these products will likely have an adverse impact on the Taiwanese economy. The Chinese government views Taiwan as a renegade province and continues to contest Taiwan's sovereignty. The outbreak of hostilities between the two nations, or even the threat of an outbreak of hostiles, will likely adversely impact the Taiwanese economy. Such risks, among others, may adversely affect the value of a Fund's investments.

*Forward Commitments, When-Issued Securities and Delayed-Delivery Transactions.* To the extent consistent with their respective investment objectives, each Select Fund may purchase securities on a when-issued basis or purchase or sell securities on a forward commitment (sometimes called delayed delivery) basis. These transactions involve a commitment by a Fund to purchase or sell securities at a future date. The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. When-issued purchases and forward commitment transactions are normally negotiated directly with the other party.

When a Fund purchases securities on a when-issued basis or purchases or sells securities on a forward commitment basis, the Fund may complete the transaction and actually purchase or sell the securities. However, if deemed advisable as a matter of investment strategy, a Fund may dispose of or negotiate a commitment after entering into it. A Fund may also sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date.

***Futures and Options on Futures***

*Futures and Options on Futures — Generally.* The Bond Funds, Equity Funds and Strategic Alternatives Fund may purchase or sell (1) put and call options on securities, indexes and other financial instruments; and (2) futures contracts and options thereon. The Funds may enter into such futures transactions on domestic exchanges. The Funds may enter into such futures transactions on domestic exchanges and generally may do so on foreign exchanges as well. However, certain products listed on foreign exchanges require special regulatory approval before being offered or sold to persons located in the United States. Futures (and options thereon) on broad-based stock indexes must be approved by the Commodity Futures Trading Commission ("CFTC"). Security futures (futures on single securities or narrow-based indexes) may only be offered and sold in accordance with guidance issued by the CFTC and SEC. Debt obligations of a foreign government must be designated as an exempted security by the SEC under SEC Rule 3a12-8 before a futures contract or option thereon can be offered or sold in the United States. In addition, the Equity Funds may invest and reinvest in long or short positions in any of the instruments contemplated in this section. The Bond Funds may purchase or sell (1) put and call options on fixed income securities; and (2) futures contracts and options thereon. In addition, the Bond Funds may invest in long or short positions in any of the instruments contemplated in this section. The Target Date Funds and Target Risk Funds, may from time to time invest up to 10% of their assets directly in U.S. Treasury securities, exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts in order to gain exposure to the U.S. equity and fixed income markets on cash balances. The Equity Funds and Strategic Alternatives Fund may sell short exchange listed equity futures contracts to reduce market exposure. The Target Date Funds, Target Risk Funds, Bond Funds and Strategic Alternatives Fund may sell short exchange listed U.S. Treasury future contracts to reduce market exposure.

*Futures and Options on Futures — Futures Contracts Generally.* A futures contract may generally be described as an agreement between two parties to buy and sell a specified quantity of a particular instrument, such as a security, currency or index, during a specified future period at a specified price. When interest rates are rising or securities prices are falling, a Fund can seek, through the sale of futures contracts, to offset a decline in the value of its current portfolio securities. When rates are falling or prices are rising, a Fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later be available in the market when they affect anticipated purchases.

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Although futures contracts by their terms generally call for the actual delivery or acquisition of the underlying instrument or the cash value of the instrument, in most cases, the contractual obligation is fulfilled before the date of the contract without having to make or take such delivery. The contractual obligation is offset by buying or selling, as the case may be, on a commodities exchange an identical futures contract calling for delivery in the same period. Such a transaction, which is executed through a member of an exchange, cancels the obligation to make or take delivery of the instrument or the cash value of the instrument underlying the contractual obligations. Such offsetting transactions may result in a profit or loss, and a Fund may incur brokerage fees when it purchases or sells futures contracts. While each Fund's futures contracts will usually be liquidated in this manner, a Fund may instead make or take delivery of the underlying instrument whenever it appears economically advantageous for it to do so.

The use of options and futures is subject to applicable regulations of the SEC and CFTC and the several exchanges upon which they are traded. In addition, a Fund's ability to use options and futures may be limited by tax considerations. For more information, see the section entitled "Taxation" in this SAI. The Adviser has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (the "CEA"), with respect to each Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of each Fund.

Under Rule 4.5, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and swaps) other than for bona fide hedging purposes (as defined by the CFTC) the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money" at the time of purchase) may not exceed 5% of a Fund's NAV, or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). In addition, to qualify for an exclusion, a Fund must satisfy a marketing test, which requires, among other things, that a Fund not hold itself out as a vehicle for trading commodity interests. Each Fund is subject to the risk that a change in U.S. law and related regulations will impact the way a Fund operates, increase the particular costs of a Fund's operation and/or change the competitive landscape. In this regard, any further amendments to the CEA or its related regulations that subject a Fund to additional regulation may have adverse impacts on a Fund's operations and expenses.

*Futures and Options on Futures — Options Generally.* Options may relate to particular securities, foreign and domestic securities indexes, financial instruments, foreign currencies or the yield differential between two securities.

Such options may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation ("OCC"). A call option for a particular security gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security at the stated exercise price before the expiration of the option, regardless of the market price of the security. A premium is paid to the writer by the purchaser in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell and a writer the obligation to buy the security at the stated exercise price before the expiration date of the option, regardless of the market price of the security.

In addition, some swaps are, and more in the future will be, centrally cleared. Swaps that are centrally cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, a swap investment by a Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the Fund.

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Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A Fund's obligation to sell an instrument subject to a covered call option written by it, or to purchase an instrument subject to a secured put option written by it, may be terminated before the expiration of the option by the Fund's execution of a closing purchase transaction. This means that a Fund buys on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. Such a purchase does not result in the ownership of an option. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a closing purchase plus related transaction costs may be greater than the premium received upon the original option, in which event the Fund will experience a loss. There is no assurance that a liquid secondary market will exist for any particular option. A Fund that has written an option and is unable to effect a closing purchase transaction will not be able to sell the underlying instrument (in the case of a covered call option) or liquidate the segregated assets (in the case of a secured put option) until the option expires or the optioned instrument is delivered upon exercise. The Fund will be subject to the risk of market decline or appreciation in the instrument during such period.

Options purchased are recorded as an asset and written options are recorded as liabilities to the extent of premiums paid or received. The amount of this asset or liability will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund will realize a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold), and the liability related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received, and the Fund will realize a gain or loss.

There are several other risks associated with options. For example, there are significant differences among the securities, currency and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded OTC or on an exchange, may be absent for reasons that include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the OCC may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

*Futures and Options on Futures — Financial Futures Contracts.* Financial futures contracts are simply futures contracts that obligate the holder to buy or sell a financial instrument, such as a U.S. Treasury security, an equity security or foreign currency, during a specified future period at a specified price. A sale of a financial futures contract means the acquisition of an obligation to sell the financial instrument called for by the contract at a specified price on a specified date. A purchase of a financial futures contract means the acquisition of an obligation to buy the financial instrument called for by the contract at a specified price on a specified date.

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*Futures and Options on Futures — Bond Index Futures and Options*. The Bond Funds, Target Date Funds and Target Risk Funds may buy and sell futures contracts based on an index of debt securities and options on such futures contracts to the extent they currently exist and, in the future, may be developed. The Funds reserve the right to conduct futures and options transactions based on an index that may be developed in the future to correlate with price movements in certain categories of debt securities. The Funds' investment strategy in employing futures contracts based on an index of debt securities may be similar to that used by them in other financial futures transactions. The Funds may also buy and write put and call options on such index futures and enter into closing transactions with respect to such options.

*Futures and Options on Futures — Interest Rate Futures and Options.* Interest rate futures contracts are a type of financial futures contracts that call for the future delivery of U.S. government securities or index-based futures contracts. The value of these instruments changes in response to changes in the value of the underlying security or index, which depends primarily on prevailing interest rates.

A Fund may, for example, enter into interest rate futures contracts in order to protect its portfolio securities from fluctuations in interest rates without necessarily buying or selling the underlying fixed income securities. For example, if a Fund owns bonds and interest rates are expected to increase, it might sell futures contracts on debt securities having characteristics similar to those held in the portfolio. Such a sale would have much the same effect as selling an equivalent value of the bonds owned by the Fund. If interest rates did increase, the value of the debt securities in the portfolio would decline, but the value of the futures contract to the Fund would increase at approximately the same rate, thereby keeping the NAV of the Fund from declining as much as it otherwise would have.

*Futures and Options on Futures — Stock Index Futures Contracts.* A stock index futures contract is a type of financial futures contract that obligates the seller to provide (or receive) an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement was made. Open futures contracts are valued on a daily basis, and a Fund may be obligated to provide or receive cash reflecting any decline or increase in the contract's value. No physical delivery of the underlying stocks in the index is made in the future.

For example, a Target Date Fund, Target Risk Fund, Equity Fund or the Strategic Alternatives Fund may sell stock index futures contracts in anticipation of or during a market decline to attempt to offset the decrease in market value of its equity securities that might otherwise result. When a Fund is not fully invested in stocks and it anticipates a significant market advance, it may buy stock index futures in order to gain rapid market exposure that may in part or entirely offset increases in the cost of stocks that it intends to buy.

*Futures and Options on Futures — Options on Indexes and Yield Curve Options.* Options on indexes and yield curve options provide the holder with the right to make or receive a cash settlement upon exercise of the option. With respect to options on indexes, the amount of the settlement will equal the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple. With respect to yield curve options, the amount of the settlement will equal the difference between the yields of designated securities. Yield curve options are traded OTC, and because they have been only recently introduced, established trading markets for these securities have not yet developed.

*Futures and Options on Futures — Options on Futures Contracts.* The acquisition of put and call options on futures contracts will give a Fund the right, but not the obligation, to sell or to purchase, respectively, the underlying futures contract for a specified price at any time during the option period. As the purchaser of an option on a futures contract, a Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

*Futures and Options on Futures — Options on Stock Index Futures.* The Target Date Funds, Target Risk Funds, Equity Funds and Strategic Alternatives Fund may buy and sell call and put options on stock index futures. Call

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and put options on stock index futures are similar to options on securities except that, rather than the right to buy stock at a specified price, options on stock index futures give the holder the right to receive cash. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract, at exercise, exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option on the futures contract. If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash equal to the difference between the exercise price of the option and the closing price of the futures contract on the expiration date.

*Futures and Options on Futures — Cover Requirements.* To the extent a Fund enters into a futures contract, it will deposit in a segregated account with the futures commission merchant ("FCM"), cash or U.S. Treasury obligations equal to a specified percentage of the value of the futures contract, as required by the relevant contract market and FCM. The futures contract will be marked-to-market daily. If the value of the futures contract declines relative to the Fund's position, the Fund will be required to pay to the FCM an amount equal to such change in value. If the Fund has insufficient cash, it may have to sell portfolio securities at a time when it may be disadvantageous to do so in order to meet such daily variations in margins.

*Futures and Options on Futures — Future Developments.* The Funds may take advantage of opportunities in the area of options and futures contracts and options on futures contracts and any other derivative investments that are not presently contemplated for use by the Funds or that are not currently available but that may be developed, to the extent such opportunities are both consistent with the Funds' investment goals and legally permissible for the Funds.

*Illiquid Investments and Restricted Securities.* A Fund will invest no more than 15% (5% with respect to the Money Market Fund) of the value of its net assets in illiquid investments. An "illiquid investment" means any investment that a Fund reasonably expects cannot 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 (with respect to the Money Market Fund, an "illiquid security" means a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Money Market Fund). For example, repurchase agreements maturing in more than seven days are illiquid securities. In addition, investments in illiquid securities by the Money Market Fund are subject to the portfolio liquidity requirements of Rule 2a-7 under the 1940 Act. With respect to the Impact Bond Fund, closed-end interval funds, private funds and other similar pooled investment vehicles offer limited liquidity and will be illiquid investments.

Subject to these limitations, each Fund may invest in restricted securities where such investment is consistent with the Fund's investment objective, and such securities are considered liquid to the extent the Adviser or Sub-Adviser determines that there is a liquid institutional or other market for such securities, such as restricted securities that may be freely transferred among qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended ("1933 Act"), and for which a liquid institutional market has developed.

Restricted securities are securities that may not be sold to the public without registration under the 1933 Act or an exemption from registration. Restricted securities involve certain risks, including the risk that a secondary market may not exist when a holder wants to sell them. In addition, the price and valuation of these securities may reflect a discount because they are perceived as having less liquidity than the same securities that are not restricted. If a Fund suddenly has to sell restricted securities, time constraints or lack of interested, qualified buyers may prevent the Fund from receiving the value at which the securities are carried on its books at the time of the sale. Alternatively, the Adviser or Sub-Adviser may sell unrestricted securities it might have retained if the Fund had only held unrestricted securities.

*Impact Investments.* Because the Impact Bond Fund's investment approach intentionally seeks to have a positive impact in accordance with Christian values alongside financial returns, the Adviser and Sub-Advisers will not

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consider investments for the Impact Bond Fund that may generate higher investment returns but that do not fall within the Adviser's impact framework. In seeking to generate positive impact, the Adviser and Sub-Advisers may rely on data and information that may later prove to be incomplete or inaccurate. There are divergences of views of how to measure and verify positive impact, and the Impact Bond Fund's measurements will differ from other funds that do not apply a distinctively Christian element to those measurements. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in the Impact Bond Fund's investment universe, and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser.

*Inflation-Indexed Securities.* The Target Date Funds, Target Risk Funds and Bond Funds may invest in inflation-indexed securities issued by the U.S. Treasury and others. Inflation-indexed securities are debt securities, the principal value of which is adjusted periodically in accordance with changes in a measure of inflation. Inflation-indexed securities issued by the U.S. Treasury use the Consumer Price Index for Urban Consumers ("CPI-U") published by the U.S. Bureau of Labor Statistics. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. Two structures for inflation-indexed securities are common: the U.S. Treasury and some other issuers that utilize a structure that adjusts the principal value of the security according to the rate of inflation; most other issuers pay out the Consumer Price Index adjustments as part of a semi-annual coupon.

In the first, the interest rate on the inflation-indexed bond is fixed, while the principal value rises or falls semi-annually based on changes in a published measure of inflation. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In the second, the inflation adjustment for certain inflation-indexed bonds is reflected in the semiannual coupon payment. As a result, the principal value of these inflation-indexed bonds does not adjust according to the rate of inflation.

In general, the value of inflation-indexed securities increases in periods of general inflation and declines in periods of general deflation. If inflation is lower than expected during the period a Fund holds an inflation-indexed security, the Fund may earn less on it than on a conventional bond. Inflation-indexed securities are expected to react primarily to changes in the "real" interest rate (*i.e.*, the nominal, or stated, rate less the rate of inflation), while a typical bond reacts to changes in the nominal interest rate. Accordingly, inflation-indexed securities have characteristics of fixed-rate U.S. Treasury securities with shorter durations. Changes in market interest rates from causes other than inflation will likely affect the market prices of inflation-indexed securities in the same manner as conventional bonds.

Any increase in the principal value of an inflation-indexed security is taxable in the taxable year the increase occurs, even though its holders do not receive cash representing the increase until the security matures, and the amount of that increase for a Fund generally must be distributed each taxable year to its shareholders. See the "Taxation" section of this SAI. Thus, each Fund that invests therein could be required, at times, to liquidate other investments in order to satisfy its distribution requirements.

*Interest Rate Swaps, Floors and Caps and Currency Swaps.* The Bond Funds and Strategic Alternatives Fund may enter into interest rate swaps and may purchase interest rate floors or caps. A Fund will typically use interest rate swaps to preserve a return on a particular investment or portion of its portfolio or to shorten the effective duration of its portfolio investments. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. The purchase of an interest rate floor or cap entitles the purchaser to receive payments of interest on a notional principal amount from the seller, to the extent the specified index falls below (floor) or exceeds (cap) a predetermined interest rate. The Equity Funds, Bond Funds and Strategic Alternatives Fund may also enter into currency swaps, which involve the exchange of the rights of a Fund and another party to make or receive payments in specific currencies.

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A Fund will only enter into interest rate swaps or interest rate floor or cap transactions on a net basis (*i.e.,* the two payment streams are netted out) with a Fund receiving or paying, as the case may be, only the net amount of the two payments. In contrast, currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency.

The net amount of the excess, if any, of the Fund's obligations over their entitlements with respect to each interest rate or currency swap will be accrued on a daily basis.

If there is a default by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction. The swap market has grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. In addition, some swaps are, and more in the future may be, centrally cleared. As a result, the swap market has become relatively liquid in comparison with markets for other similar instruments which are traded in the Interbank market.

*Interfund Borrowing and Lending.* The SEC has granted the Trust an exemptive order to allow each Fund to participate in a credit facility whereby each Fund, under certain conditions, would be permitted to lend money directly to and borrow directly from other Funds for temporary purposes. The Trust has not implemented the interfund credit facility. It is anticipated that the credit facility, if implemented, will provide a borrowing Fund with savings at times when the cash position of the Fund is insufficient to meet temporary cash requirements. This situation could arise when shareholder redemptions exceed anticipated volumes and certain Funds have insufficient cash on hand to satisfy such redemptions. However, redemption requests normally are satisfied immediately. The credit facility would provide a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities.

*Investment Companies and Business Development Companies.* Each Select Fund may invest in shares of other registered investment companies (*e.g.*, open-end mutual funds, closed-end funds and ETFs), and business development companies ("BDCs") to the extent permitted by the 1940 Act and the rules thereunder. Because each Fund serves as an acquired fund of one or more Target Date or Target Risk Fund, Rule 12d1-4(b)(3) under the 1940 Act prohibits each Select Fund from purchasing or otherwise acquiring the securities of an investment company if immediately after such purchase or acquisition, the securities of investment companies owned by the acquired fund have an aggregate value in excess of 10% of the value of the total assets of the Select Fund. However, this 10% limitation does not apply to investments by a Select Fund in: money market funds in reliance on Rule 12d1-1; a subsidiary that is wholly owned and controlled by the Select Fund; securities received as a dividend or as a result of a plan of reorganization of a company; or securities of another investment company received pursuant to exemptive relief from the SEC to engage in interfund borrowing and lending transactions.

In reliance on Rule 12d1-1 under the 1940 Act and subject to all of the conditions thereunder, each Fund may invest an unlimited amount of its otherwise uninvested cash and cash collateral received in connection with securities lending in shares of affiliated or unaffiliated money market funds that are limited to investing in the types of securities and other investments in which a money market fund may invest under Rule 2a-7 under the 1940 Act and undertake to comply with all the other requirements of Rule 2a-7, subject to the conditions of Rule 12d1-1.

When investing in securities of other investment companies or BDCs, a Fund will be indirectly exposed to all the risks of such funds' portfolio investments. As a shareholder in an investment company or BDC, a Fund would bear its pro rata share of that fund's expenses, including operating costs and investment advisory and administration fees. Investment in funds that are listed and traded on an exchange (*e.g.*, closed-end funds, ETFs and BDCs) could involve the acquisition of shares at a premium above the NAV of the fund.

*Investment Companies — Exchange-Traded Funds.* An ETF is a fund or class, the shares of which are listed and traded on a national securities exchange, and that has formed and operates in reliance on Rule 6c-11 under the 1940 Act or under an exemptive order granted by the SEC. An ETF represents a portfolio of securities (or other

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assets) generally designed to track a particular market index or other referenced asset. ETFs also may be actively managed. The risks of owning an ETF generally reflect the risks of owning the underlying portfolio securities or other financial instruments the ETF holds, although lack of liquidity in an ETF's shares could result in the price of those shares being more volatile than the ETF's underlying portfolio. In addition, there is the risk that an ETF may fail to closely track the index, if any, that it is designed to replicate. Although the market price of an ETF's shares is related to the ETF's underlying portfolio assets, shares of ETFs (like shares of closed-end funds and BDCs) can trade at a discount or premium to NAV. In addition, a failure to maintain the exchange listing of an ETF's shares and substantial market or other disturbances could adversely affect the value of such securities. Because ETFs are listed on an exchange, they may be subject to trading halts.

*Large Shareholders.* Shares held by large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as shares held by other Funds, may from time to time represent a substantial portion of a Fund's assets. Accordingly, a Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such large shareholders. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a Fund's performance. In the event of such redemptions or investments, a Fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Redemptions by these shareholders, or a high volume of redemption requests generally, may further increase a Fund's liquidity risk and may, in the case of the Money Market Fund, impact the Fund's ability to maintain a $1.00 share price. Such transactions may increase a Fund's brokerage and/or other transaction costs and affect the liquidity of a Fund's portfolio. In addition, when funds of funds (*e.g.*, the Target Date Funds or the Target Risk Funds) or other investors own a substantial portion of a Fund's shares, a large redemption by such an investor could cause actual expenses to increase, or could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Redemptions of Fund shares could also accelerate a Fund's realization of capital gains (which would be taxable to its shareholders when distributed to them) if sales of securities needed to fund the redemptions result in net capital gains. The impact of these transactions is likely to be greater when a Fund of Funds or other significant investor purchases, redeems or owns a substantial portion of a Fund's shares. A high volume of redemption requests can impact a Fund the same way as the transactions of a single shareholder with substantial investments.

*LIBOR Transition Risk.* The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The Funds' investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Funds may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Funds may also reference LIBOR.

The United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, the FCA directed that certain U.S. dollar LIBOR settings would continue to be published under a synthetic methodology, a practice that ceased on September 30, 2024. Actions by regulators have resulted in the establishment of alternative reference rates in most major currencies. The U.S. Federal Reserve ("Federal Reserve"), based on the recommendations of Alternative Reference Rates Committee, has begun publishing the Secured Overnight Financing Rate ("SOFR") that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Funds to

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enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Funds' performance or NAV.

*Loan Participations.* The Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may purchase participations in commercial loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower and generally are offered by banks or other financial institutions or lending syndicates. The Bond Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service.

A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement. Unless, under the terms of the loan or other indebtedness, a Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. In addition, holders of the loans, such as the Funds, may be required to indemnify the agent bank in certain circumstances.

Purchases of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If a Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price and yield could be adversely affected. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation or that the collateral can be liquidated.

The Bond Funds invest in loan participations with credit quality comparable to that of issuers of their securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Some companies may never pay off their indebtedness or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, a Fund bears a substantial risk of losing the entire amount invested.

Loans and other types of direct indebtedness may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Sub-Adviser believes to be a fair price. In addition, valuation of illiquid indebtedness involves a greater degree of judgment in determining a Fund's NAV than if that value were based on available market quotations and could result in significant variations in the Fund's daily share price. At the same time, some loans' interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to improve. In addition, each Fund currently intends to treat indebtedness for which there is no readily available market as illiquid for purposes of its limitation on illiquid investments. Investments in loan participations are considered to be debt obligations for purposes of the investment restriction relating to the lending of funds or assets by a Fund.

Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. Loans and other debt instruments that are not in the form of securities may offer less legal protection to a Fund in the event of fraud or misrepresentation.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to the Bond Funds. For example, if a loan is foreclosed, a Fund could become part

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owner of any collateral and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Fund could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Funds rely on the Sub-Advisers' research in an attempt to avoid situations where fraud or misrepresentation could adversely affect a Fund.

*Master Limited Partnerships.* The Equity Funds and Strategic Alternatives Fund may invest in master limited partnerships ("MLPs"). MLPs are publicly-traded partnerships primarily engaged in the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. MLP units are registered with the SEC and are freely traded on a securities exchange or in the OTC market. Because MLPs are partnerships, investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price, resulting from regulatory changes or other reasons.

Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements, may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price, and investment in those MLPs may restrict a Fund's ability to take advantage of other investment opportunities. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns, which may affect the overall performance of a Fund.

Investing in MLPs involves certain risks related to investing in their underlying assets and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. MLPs are subject to various risks related to the underlying operating companies they control, including dependence upon specialized management skills and the risk that such companies may lack or have limited operating histories. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. Many MLPs are also subject to regulatory risks due to the imposition of various federal, state and local environmental laws and health and safety laws as well as laws and regulations specific to their particular activities.

A Fund must recognize income that is allocated from underlying MLPs for federal income tax purposes, even if the Fund does not receive cash distributions from the MLPs in an amount necessary to pay such tax liability. In addition, part of a distribution received by a Fund as the holder of an MLP interest may be treated as a "return of capital," which would reduce the Fund's adjusted tax basis in the interests and thus result in an increase in the amount of gain (or decrease in the amount of loss) the Fund will recognize for federal income tax purposes on the sale of all or part of the interest or on subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from the MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting previously issued.

MLPs generally do not pay federal income tax at the partnership level, subject to the application of certain partnership audit rules. Rather, each partner is allocated a proportionate share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for federal income tax purposes, which would result in the MLP being required to pay federal income tax (as well as state and local income taxes) on its taxable income. The treatment of an MLP as a corporation for federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. If any MLP in which a Fund invests were treated as a corporation for those purposes, it could result in a reduction of the value of the Fund's investment in the MLP and lower income to the Fund.

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Under certain circumstances, an MLP could be deemed to be an investment company. If that occurs, the Fund's investment in the MLP's securities would be limited by the 1940 Act. For more information, see "Investment Companies" disclosure in this section of the SAI.

*Money Market Instruments.* To the extent consistent with its investment objective and strategies, each Select Fund may invest a portion of its assets in short-term high-quality instruments, such as those that are eligible for investment by the Money Market Fund. The Target Date Funds and the Target Risk Funds may from time to time invest up to 10% of their assets directly in U.S. Treasury obligations, exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts in order to gain exposure to equity and fixed income markets on cash balances. In addition, each Select Fund (except the Money Market Fund), Target Date Fund and Target Risk Fund may invest its cash reserves in shares of the Money Market Fund. The SEC adopted changes to the rules that govern SEC registered money market instruments in July 2023 that impact the manner in which money market instruments are operated. These changes may affect the investment strategies, performance, yield, operating expenses and continued viability of money market instruments in which a Fund may invest.

*Mortgage-Backed Securities.* The Bond Funds, Money Market Fund and Strategic Alternatives Fund may purchase mortgage-backed securities in accordance with their investment strategies as stated in the Prospectus. Mortgage-backed securities ("MBS") represent direct or indirect participations in, or are secured by and payable from, pools of mortgage loans. Those securities may be guaranteed by a U.S. government agency or instrumentality (such as the Government National Mortgage Association, or "Ginnie Mae"); issued and guaranteed by a government-sponsored stockholder-owned corporation, though not backed by the full faith and credit of the United States (such as by the Federal National Mortgage Association, or "Fannie Mae," or the Federal Home Loan Mortgage Corporation, or "Freddie Mac" (collectively, Government-Sponsored Enterprises or the "GSEs"), and described in greater detail below); or issued by fully private issuers. Private issuers are generally originators of and investors in mortgage loans and include savings associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities. Private MBS may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities, private issuers or the mortgage poolers.

Government-related guarantors (*i.e.*, not backed by the full faith and credit of the U.S. government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned by stockholders. It is subject to general regulation by the Federal Housing Finance Authority ("FHFA"). Fannie Mae purchases residential mortgages from a list of approved seller/servicers that include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Fannie Mae guarantees the timely payment of principal and interest on pass-through securities that it issues, but those securities are not backed by the full faith and credit of the U.S. government. Freddie Mac is a government-sponsored corporation formerly owned by the 12 Federal Home Loan Banks and now owned by stockholders. Freddie Mac issues Participation Certificates ("PCs"), which represent interests in mortgages from Freddie Mac's national portfolio. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal on the PCs it issues, but those PCs are not backed by the full faith and credit of the U.S. government.

The U.S. Treasury historically has had the authority to purchase obligations of Fannie Mae and Freddie Mac. However, in 2008, due to capitalization concerns, Congress provided the U.S. Treasury with additional authority to lend the GSEs emergency funds and to purchase their stock. In September 2008, those capital concerns led the U.S. Treasury and the FHFA to announce that the GSEs had been placed in conservatorship.

Since that time, the GSEs have received significant capital support through U.S. Treasury preferred stock purchases as well as U.S. Treasury and Federal Reserve purchases of their MBS. While the MBS purchase programs ended in 2010, the U.S. Treasury announced in December 2009 that it would continue its support for the entities' capital as necessary to prevent a negative net worth. Since the GSEs were placed into conservatorship through the fourth quarter of 2017, they required U.S. Treasury support of approximately $187.5 billion through draws under the preferred stock purchase agreements. However, the GSEs have together paid $278.8 billion to the U.S. Treasury in aggregate cash dividends (although those payments do not constitute a repayment of their

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draws). In the first quarter of 2018, Fannie Mae and Freddie Mac each reported that the passage of the Tax Cut and Jobs Act in December 2017 ("TCJA") had resulted in a decrease in the value of their deferred tax assets. As a result, Fannie Mae and Freddie Mac each reported net losses during the fourth quarter of 2017 and indicated that they would request draws from the U.S. Treasury in the amount of $3.7 billion and $0.3 billion, respectively. The FHFA stated that the GSEs may need an additional injection of U.S. Treasury capital in the future. Accordingly, no assurance can be given that the Federal Reserve, U.S. Treasury or FHFA initiatives will ensure that the GSEs will remain successful in meeting their obligations with respect to the debt and MBS they issue into the future.

In 2012, the FHFA initiated a strategic plan to develop a program related to credit risk transfers intended to reduce Fannie Mae's and Freddie Mac's overall risk through the creation of credit risk transfer assets ("CRTs"). CRTs come in two primary series: Structured Agency Credit Risk ("STACRs") for Freddie Mac and Connecticut Avenue Securities ("CAS") for Fannie Mae, although other series may be developed in the future. CRTs are typically structured as unsecured general obligations of either entities guaranteed by a government-sponsored stockholder-owned corporation, though not backed by the full faith and credit of the United States (such as by GSEs or special purpose entities), and their cash flows are based on the performance of a pool of reference loans. Unlike traditional residential MBS securities, bond payments typically do not come directly from the underlying mortgages. Instead, the GSEs either make the payments to CRT investors, or the GSEs make certain payments to the special purpose entities and the special purpose entities make payments to the investors. In certain structures, the special purpose entities make payments to the GSEs upon the occurrence of credit events with respect to the underlying mortgages, and the obligation of the special purpose entity to make such payments to the GSE is senior to the obligation of the special purpose entity to make payments to the CRT investors. CRTs are typically floating rate securities and may have multiple tranches with losses first allocated to the most junior or subordinate tranche. This structure results in increased sensitivity to dramatic housing downturns, especially for the subordinate tranches. Many CRTs also have collateral performance triggers (*e.g.,* based on credit enhancement, delinquencies or defaults, etc.) that could shut off principal payments to subordinate tranches. Generally, GSEs have the ability to call all of the CRT tranches at par in 10 years.

In addition, the future of the GSEs could be impacted by various actions and developments, including actions taken by FHFA in FHFA's role as conservator, restrictions placed on FNMA and FHLMC and future legislative and regulatory actions and developments that alter the operations, ownership, structure and/or mission of FNMA and FHLMC. The FHFA and the U.S. Treasury (through its agreement to purchase GSE preferred stock) have imposed strict limits on the size of GSEs' mortgage portfolios. In August 2012, the U.S. Treasury amended its preferred stock purchase agreements to provide that the GSEs' portfolios be wound down at an annual rate of 15% (up from the previously agreed annual rate of 10%), requiring the GSEs to reach the $250 billion target four years earlier than previously planned. (As of February 2017, the GSEs met their interim reduction targets, with Freddie Mac's balance of $295.4 billion and Fannie Mae's balance of $268.8 billion.)

MBS may have either fixed or adjustable interest rates. Tax or regulatory changes may adversely affect the mortgage securities market. In addition, changes in the market's perception of the issuer may affect the value of MBS. The rate of return on MBS may be affected by prepayments of principal on the underlying loans, which generally increase as market interest rates decline; as a result, when interest rates decline, holders of these securities normally do not benefit from appreciation in market value to the same extent as holders of other non-callable debt securities. Because many mortgages are repaid early, the actual maturity and duration of MBS are typically shorter than their stated final maturity and their duration calculated solely on the basis of the stated life and payment schedule. In calculating its dollar-weighted average maturity and duration, a Fund may apply certain industry conventions regarding the maturity and duration of mortgage-backed instruments. Different analysts use different models and assumptions in making these determinations. Increasing market interest rates generally extend the effective maturities of MBS, increasing their sensitivity to interest rate changes.

MBS may be issued in the form of collateralized mortgage obligations ("CMOs") or CBOs. CMOs are obligations that are fully collateralized, directly or indirectly, by a pool of mortgages; payments of principal and interest on the mortgages are passed through to the holders of the CMOs, although not necessarily on a pro rata basis, on the same schedule as they are received. CBOs are general obligations of the issuer that are fully collateralized,

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directly or indirectly, by a pool of mortgages. The mortgages serve as collateral for the issuer's payment obligations on the bonds, but interest and principal payments on the mortgages are not passed through either directly (as with mortgage-backed "pass-through" securities issued or guaranteed by U.S. government agencies or instrumentalities) or on a modified basis (as with CMOs). Accordingly, a change in the rate of prepayments on the pool of mortgages could change the effective maturity or the duration of a CMO but not that of a CBO (although, like many bonds, CBOs may be callable by the issuer prior to maturity). To the extent that rising interest rates cause prepayments to occur at a slower than expected rate, a CMO could be converted into a longer-term security that is subject to greater risk of price volatility.

Freddie Mac CMOs are debt obligations of Freddie Mac issued in multiple tranches having different maturity dates that are secured by the pledge of a pool of conventional mortgage loans purchased by Freddie Mac. Unlike Freddie Mac PCs, payments of principal and interest on the CMOs are made semiannually, as opposed to monthly. The amount of principal payable on each semiannual payment date is determined in accordance with Freddie Mac's mandatory sinking fund schedule, which, in turn, is equal to approximately 100% of Federal Housing Administration (FHA) prepayment experience applied to the mortgage collateral pool. All sinking fund payments in the CMOs are allocated to the retirement of the individual tranches of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of Freddie Mac's minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking fund payments. This "pass-through" of prepayments has the effect of retiring most CMO tranches prior to their stated final maturity.

If collection of principal (including prepayments) on the mortgage loans during any semiannual payment period is not sufficient to meet Freddie Mac's minimum sinking fund obligation on the next sinking fund payment date, Freddie Mac agrees to make up the deficiency from its general funds. Freddie Mac has the right to substitute collateral in the event of delinquencies and/or defaults.

*Mortgage-Related Securities.* Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including stripped mortgage-backed securities. Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

*Mortgage Dollar Rolls.* The Bond Funds may enter into mortgage dollar rolls. A Fund may purchase pools of mortgage securities for future settlement, generally 30 to 60 days. Please refer to the section entitled "Forward Commitments, When-Issued Securities and Delayed-Delivery Transactions" in this SAI. In a mortgage "dollar roll," a Fund sells these mortgages for delivery prior to settlement and simultaneously agrees to repurchase substantially similar (*i.e.,* same type and coupon) but not identical securities on a specified future date from the same party. To be considered similar, the securities returned to a Fund, generally must: (1) be collateralized by the

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same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within a certain percentage of the initial amount delivered. During the period before the repurchase, a Fund forgoes principal and interest payments on the securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the investments which have been set aside to cover the amount due at settlement. Another possible reason a Fund may enter into these transactions is to gain the economic benefit from the ownership of mortgage pools while avoiding the administrative cost of accounting for monthly principal and interest payments.

The market value of the mortgage pools may rise prior to the future settlement date which would benefit the Bond Funds. Conversely, the value of the mortgage pools could fall in which case a Fund would incur a loss in market value. Cash, which would be used to purchase the mortgages, will be invested in instruments that are permissible investments for the applicable Fund. Each Fund will hold and maintain, until the settlement date, segregated cash or liquid assets in an amount equal to its forward purchase price.

Mortgages purchased for forward delivery involve certain risks, including a risk that the counterparty will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. There is no assurance that mortgage dollar rolls will be economically beneficial to a Fund.

*Municipal Instruments.* The Bond Funds may invest in obligations issued or guaranteed by municipalities and states. Municipal instruments are generally issued to finance public works, such as airports, bridges, highways, housing, health-related entities, transportation-related projects, educational programs, water and pollution control and sewer works. They are also issued to repay outstanding obligations, to raise funds for general operating expenses and to make loans to other public institutions and for other facilities. Municipal instruments include private activity bonds issued by or on behalf of public authorities.

Private activity bonds are, or have been, issued to obtain funds to provide, among other things, privately operated housing facilities, pollution control facilities, convention or trade show facilities, mass transit, airport, port or parking facilities and certain local facilities for water supply, gas, electricity or sewage or solid waste disposal. Private activity bonds are also issued to privately held or publicly owned corporations in the financing of commercial or industrial facilities. State and local governments are authorized in most states to issue private activity bonds for such purposes in order to encourage corporations to locate within their communities. The principal and interest on these obligations may be payable from the general revenues of the users of such facilities.

Municipal instruments include both "general" and "revenue" obligations. General obligations are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as lease revenue payments from the user of the facility being financed. Private activity bonds are in most cases revenue securities and are not payable from the unrestricted revenues of the issuer. Consequently, the credit quality of a private activity bond is usually directly related to the credit standing of the private user of the facility involved.

The Bond Funds may also invest in "moral obligation" bonds, which are normally issued by special purpose public authorities. If the issuer of a moral obligation bond is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund (if such a fund has been established), the restoration of which is a moral commitment but not a legal obligation of the state or municipality which created the issuer.

Within the principal classifications of municipal instruments described above there are a variety of categories, including municipal bonds, municipal notes, municipal leases, custodial receipts and participation certificates. Municipal notes include tax, revenue and bond anticipation notes of short maturity, generally less than three years,

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which are issued to obtain temporary funds for various public purposes. Municipal leases and participation certificates are obligations issued by state or local governments or authorities to finance the acquisition of equipment and facilities. Participation certificates may represent participations in a lease, an installment purchase contract or a conditional sales contract. Certain municipal lease obligations (and related participation certificates) may include "non-appropriation" clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Custodial receipts are underwritten by securities dealers or banks and evidence ownership of future interest payments, principal payments or both on certain municipal securities. Municipal leases (and participations in such leases) present the risk that a municipality will not appropriate funds for the lease payments.

An issuer's obligations under its municipal instruments are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Code, and laws, if any, that may be enacted by federal or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. The power or ability of an issuer to meet its obligations for the payment of interest on, and principal of, its municipal instruments may be materially adversely affected by litigation or other conditions.

Certain of the municipal instruments held by a Fund may be insured as to the timely payment of principal and interest. The insurance policies will usually be obtained by the issuer of the municipal instrument at the time of its original issuance. If the issuer defaults on an interest or principal payment, the insurer will be notified and will be required to make payment to the bondholders. There is, however, no guarantee that the insurer will meet its obligations. In addition, such insurance will not protect against market fluctuations caused by changes in interest rates and other factors.

In addition, municipal instruments may be backed by letters of credit or guarantees issued by domestic or foreign banks or other financial institutions that are not subject to federal deposit insurance. Adverse developments affecting the banking industry generally or a particular bank or financial institution that has provided its credit or guarantee with respect to a municipal instrument held by a Fund, including a change in the credit quality of any such bank or financial institution, could result in a loss to the Fund and adversely affect the value of its shares. As described in the section entitled "Foreign Securities and Obligations" in this SAI, letters of credit and guarantees issued by foreign banks and financial institutions involve certain risks in addition to those of similar instruments issued by domestic banks and financial institutions.

The Bond Funds may invest in municipal leases, which may be considered liquid under guidelines established by the Board of Directors. The guidelines will provide for determination of the liquidity of a municipal lease obligation based on factors including the following: (1) the frequency of trades and quotes for the obligation; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer. A Fund, under the supervision of the Sub-Adviser, will also consider the continued marketability of a municipal lease obligation based upon an analysis of the general credit quality of the municipality issuing the obligation and the essentiality to the municipality of the property covered by the lease.

Currently, it is not the intention of any Bond Fund to invest more than 25% of the value of its total assets in municipal instruments whose issuers are in the same state.

*Natural Resources Companies and Commodities.* A Fund may purchase securities of companies in the natural resources and commodities industries. Natural resources industries and commodities markets may be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources and commodities. They may also be affected by changes in commodity prices; changes in exchange rates, interest rates and inflation rates; market speculation; international political and economic developments (such as political events affecting access to natural resources, acts of war and terrorism); environmental incidents; energy conservation; depletion of natural resources; the success of exploration projects; and tax and other government regulations. As such, the securities of

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companies in the natural resources industry may experience more price volatility than securities of companies in other industries, and the prices of commodities may experience volatility due to supply and demand disruptions in major producing or consuming regions.

*Negative Interest Rates.* Recently, certain countries have experienced negative interest rates on deposits and debt instruments that have traded at negative yields. Negative interest rates may become more prevalent among non-U.S. issuers, and potentially within the United States, if these economies experience deflationary conditions. The imposition of negative interest rates is used as a monetary policy tool to encourage economic growth during periods of deflation. These market conditions may increase a Bond Fund's (and includes the Money Market Fund for purposes of this paragraph) exposures to the risks associated with rising interest rates. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund could generate a negative return on that investment. A number of factors may contribute to debt instruments trading at a negative yield including, but not limited to, central bank monetary policies intended to help create self-sustaining growth in the local economy. While negative yields can be expected to reduce demand for fixed income investments trading at a negative interest rate, 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 become more prevalent in the market, it is expected that investors will seek to reallocate assets to other income-producing assets such as investment grade and high-yield debt instruments, or equity investments that pay a dividend. This increased demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. In addition, a move to higher yielding investments may cause investors, including a Fund, to seek fixed income investments with longer duration and/or potentially reduced credit quality in order to seek the desired level of yield. These considerations may limit a Fund's ability to locate fixed income instruments containing the desired risk/return profile. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the markets and may expose fixed income and related markets to heightened volatility and potential illiquidity. For funds, such as the Money Market Fund, that seek to maintain a stable $1.00 share price, a low or negative interest rate environment could impact a fund's ability to do so. During a negative interest rate environment, which causes a fund to a have a negative gross yield, such funds may reduce the number of shares outstanding on a pro rata basis through reverse distribution mechanisms or other mechanisms to seek to maintain a stable $1.00 price per share, subject to Board approval and to the extent permissible by applicable law and its organizational documents. A fund that implements share cancellation would continue to maintain a stable $1.00 share price by use of the amortized cost method of valuation and/or penny rounding method but the value of an investor's investment would decline if the fund reduced the number of shares held by the investor. After a cancellation of shares, the basis of cancelled shares would be added to the basis of shareholders' remaining fund shares, and any shareholders disposing of shares at that time may recognize a capital loss unless the "wash sale" rules apply. Dividends, including dividends reinvested in additional shares of a fund, will nonetheless be fully taxable, even if the number of shares in shareholders' accounts has been reduced through share cancellation. Due to a lack of guidance regarding share cancellation, however, the tax consequences of such cancellation of shares to a fund and its shareholders is unclear and may differ from that just described. Alternatively, a fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating NAV per share rounded to four decimal places by using available market quotations or equivalents. If a fund were to float its NAV, it would no longer maintain a stable $1.00 share price and instead have a share price that fluctuates. An investor in a fund that floats its NAV would lose money if the investor sells their shares when they are worth less than what the investor originally paid for them.

*Portfolio Turnover Rate.* The higher the portfolio turnover, the higher the overall brokerage commissions, dealer mark-ups and mark-downs and other direct transaction costs incurred. The Adviser and Sub-Advisers do take these costs into account since they affect overall investment performance. However, portfolio turnover may vary greatly from year to year as well as within a particular year and may be affected by changes in the holdings of specific issuers, changes in country and currency weightings and cash requirements for redemption of shares. Portfolio turnover rates for the Select Funds may be higher than those of mutual funds with a single manager. The Funds are not restricted by policy with regard to portfolio turnover and will make changes in their investment portfolio from time to time as business and economic conditions as well as market prices may dictate. [During the

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last two fiscal years, certain Funds had significant variation in portfolio turnover: (i) the MyDestination 2025 Fund experienced higher turnover in 2023 as a result of asset allocation changes to the underlying investments within the Fund's asset classes; (ii) the MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund experienced higher turnover in 2024 as a result of asset allocation changes to the underlying investments within each Fund's asset classes; (iii) the Conservative Allocation Fund experienced significantly higher turnover in 2023 as a result of allocation changes to the underlying investments within the Fund's asset classes; (iv) the Aggressive Allocation Fund experienced significantly higher turnover in 2024 as a result of allocation changes to the underlying investments within the Equities asset class; (v) the Impact Bond Fund experienced high turnover in 2023 as a result of shareholder activity; (vi) the Defensive Market Strategies Fund experienced higher turnover in 2023 as a result of repositioning the Fund to improve upon its risk-adjusted return profile; (vii) the Value Equity Index Fund and the Growth Equity Index Fund each experienced higher turnover in 2024 as a result of shareholder activity; and (viii) the Value Equity Fund experienced higher turnover in 2024 due to a Sub-Adviser change within the Fund.]

*Preferred Stocks.* The Bond Funds, Equity Funds and Strategic Alternatives Fund may invest in preferred stock. Preferred stockholders have a greater right to receive liquidation payments, and usually dividends, than do common stockholders. However, preferred stock is subordinated to the liabilities of the issuer in all respects. Preferred stock may or may not be convertible into common stock.

As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element will decline as interest rates and perceived credit risk rises. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

*Private Investments.* The Funds may invest in equity and debt securities that are exempt from registration under the 1933 Act and are typically excluded from the definition of investment company under the 1940 Act. These private investments are generally available only to accredited investors, such as the Funds and other institutional investors.

*Privately Placed and Restricted Securities.* The Equity Funds' investments may include privately placed or restricted securities, which are subject to resale restrictions. These securities will have the effect of increasing the level of illiquidity to the extent a Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain securities at certain times and could make it difficult for a Fund to sell certain securities.

An Equity Fund may invest in a private investment in public equity ("PIPE"), in which the Fund purchases stock in a private placement of securities. There is a risk that if the market price drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of the Fund's investment. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's common stock. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. In a PIPE transaction, the Fund may bear the price risk from the time of pricing until the time of closing. The Fund may be subject to lock-up agreements, which could last many months, that prohibit transfers for a fixed period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the 1933 Act, the securities are "restricted" and cannot be immediately resold by the investors into the public markets. The Fund may enter into a registration rights agreement with the issuer pursuant to which the issuer commits to file a resale registration statement allowing the Fund to publicly resell its securities. Accordingly, PIPE securities may be deemed illiquid. However, the ability of the Fund to freely transfer the shares is conditioned upon, among other things, the SEC's preparedness to declare the resale registration statement effective covering the resale, from time to time, of the shares sold in the private financing and the issuer's right to suspend the Fund's use of the resale registration statement if the issuer is

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pursuing a transaction or some other material non-public event is occurring. Accordingly, PIPE securities may be subject to risks associated with illiquid securities. A PIPE may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity security within a specified period of time, but there is no assurance that the restricted equity security will be publicly registered, or that the registration will remain in effect.

*Real Estate Investments.* Each Select Fund may invest in real estate investment trusts ("REITs") and other real estate-related securities. The Global Real Estate Securities Fund invests at least 80% of its net assets in equity securities of REITs and other real estate-related companies. For purposes of the Global Real Estate Securities Fund's investment policies, a real estate related company is one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate. A REIT is a company dedicated to owning, and usually operating, income-producing real estate or to financing real estate.

REITs can generally be classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest directly in real property, while mortgage REITs invest in mortgages on real property. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs. The Global Real Estate Securities Fund invests primarily in equity REITs, but may also invest in mortgage and hybrid REITs. These equity securities can consist of common stocks (including REIT and other real estate related securities), rights or warrants to purchase common stocks, securities convertible into common stocks where the conversion feature represents a significant element of the securities' value and preferred stocks. REITs may be subject to certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. Generally, increases in interest rates will decrease the value of high-yielding securities and increase the costs of obtaining financing, which could decrease the value of a REIT's investments. In addition, equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended.

Equity and mortgage REITs are dependent upon management skill and are subject to the risks of financing projects. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

Adverse economic, business or political developments affecting the real estate sector could have a major effect on the value of a Fund's investments. REITs pool investors' funds for investment primarily in income-producing real estate or real estate loans or interests. A tax-qualified REIT is not taxed on its net income and net realized gains it distributes to its shareholders if it complies with several requirements relating to its organization, ownership, diversification of assets and sources of income and a requirement that it distribute to its shareholders at least 90% of the sum of its taxable income (other than net capital gain) plus certain "net income from foreclosure property" for each taxable year. A Fund will not invest in real estate directly but only in securities issued by real estate and real estate-related companies, except that a Fund may hold real estate and sell real estate acquired through default, liquidation or other distributions of an interest in real estate as a result of the Fund's ownership of securities issued by real estate or real estate-related companies.

In addition, a U.S. REIT could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the "Code"), or to maintain its exemption from registration under the 1940 Act, and foreign REITs could possibly fail to qualify for any beneficial tax treatments available in their local jurisdictions. For example, Japanese REITs ("J-REITs") are subject to complex tax regulation in Japan and a failure to comply with those requirements could disqualify the J-REIT from special tax benefits and reduce the amount available for distribution to J-REIT investors.

*Recent Market Conditions.* The financial markets in which the Funds invest are subject to price volatility that could cause losses in a Fund. Market volatility may result from a variety of factors.

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Global economies and financial markets are increasingly interconnected, which increases the possibilities that political, economic and other conditions (including, but not limited to, natural disasters, pandemics, epidemics and social unrest) in one country or region might adversely impact issuers in a different country or region.

The novel coronavirus ("COVID-19"), first detected in December 2019, rapidly became a pandemic and resulted in disruptions to the economies of many nations, individual companies and the markets in general, the overall impact of which is still undetermined. Although the World Health Organization and the United States ended their declarations of COVID-19 as a global health emergency in May 2023, the effects of COVID-19 and other such future infectious diseases in certain regions or countries may be greater or less due to the nature or level of their public health response or due to other factors. Health crises highlighted by COVID-19 or caused by future infectious diseases may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of such health crises may be quick, severe and of unknowable duration. Other epidemics and pandemics that may arise in the future could result in continued volatility in the financial markets and lead to increased levels of Fund redemptions, which could have a negative impact on the Funds and could adversely affect a Fund's performance.

High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty.

A potential slowdown in global economic growth could impact the equity and fixed income securities markets in some ways unforeseen. Following a period of accommodative policy from the Federal Reserve involving several interest rate cuts, the Federal Reserve raised rates multiple times in an effort to combat inflation in the U.S. economy. Though the Federal Reserve has since lowered interest rates, it is unclear if such lowering will continue. Changes to the monetary policy by the Federal Reserve or other regulatory actions could expose fixed income and related markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact a Fund's operations and return potential. The potential economic weakness across the globe could be problematic as traditional catalysts, including stimulating fiscal and monetary policies, would most likely be limited going forward which could put pressure on corporate earnings, and in turn, prices of equity securities. A synchronized global economic slowdown could also put pressure on fixed income securities as deteriorating corporate health could lead to spread widening (causing bond prices to fall) and higher default levels.

There is continuing uncertainty regarding the ramifications of Brexit. On January 31, 2020, the UK officially withdrew from the EU, subject to a transitional period that ended December 31, 2020. On May 1, 2021, the UK and EU formally entered into the EU-UK Trade and Cooperation Agreement, which principally relates to the trading of goods rather than services, including financial services. Many aspects of the future of the UK's relationship with the EU, as well as with other countries and regions, remain subject to nascent memorandums of understanding, agreements and/or further negotiation, resulting in uncertainties relating to the UK's future economic, trading and legal relationships. As the outcomes of such agreements and future negotiations remain unclear, the effects on the UK, EU and the broader global economy are difficult to determine at this time. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets, disruptions in supply chains and declines in UK imports and exports with EU countries. Brexit may continue to cause greater market volatility and illiquidity, currency fluctuations, impacts on arrangements for trading and on other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory or otherwise), and in potentially lower growth for companies in the UK, EU and globally, which could adversely affect the value and liquidity of a Fund's investments.

In addition, if one or more other countries were to exit the EU or abandon the use of the euro as a currency, the value of investments tied to those countries, or the euro, could decline significantly and unpredictably. Other economic challenges facing the region include high levels of public debt, significant rates of unemployment, aging populations and heavy regulation in certain economic sectors. European policy makers have taken unprecedented steps to respond to the economic crisis and to boost growth in the region. While certain measures have been proposed and/or implemented within the UK and EU, which are designed to minimize disruption in the

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financial markets, it is not currently possible to determine whether such measures will achieve their intended effects, which could negatively affect the value of a Fund's investments.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States, other nations or other governmental entities (including supranational entities) with respect to certain countries or issuers in various sectors of certain foreign countries may limit a Fund's investment opportunities, impairing the Fund's ability to invest in accordance with its investment strategy and/or to meet its investment objective, as well as adversely impacting the value of the impacted investments. 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 impossible for the Adviser or a Sub-Adviser to predict. Such developments could contribute to the devaluation of a country's currency, a downgrade in the credit ratings of issuers in such country, or a decline in the value and liquidity of securities of issuers in that country. An imposition of sanctions upon, or other government actions impacting, certain countries or issuers could result in: (i) an immediate freeze on certain securities, impairing the ability of a Fund to buy, sell, receive or deliver those securities; or (ii) other limitations on a Fund's ability to invest or hold such securities.

There have been recent instances of restrictions on investments in foreign and domestic companies. For example, on June 3, 2021, former President Biden issued an Executive Order prohibiting U.S. persons from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company. The universe of affected securities can change from time to time. As a result of an increase in the number of investors seeking to sell such securities, or because of an inability to participate in an investment that the Adviser or a Sub-Adviser otherwise believes is attractive, a Fund may incur losses. Certain securities that are or become designated as prohibited securities may have less liquidity as a result of such designation and the market price of such prohibited securities may decline, potentially causing losses to a Fund. Further, actions by the U.S. government, such as delisting of certain companies from U.S. securities exchanges or otherwise restricting their operations in the United States, may negatively impact the value of such securities held by a Fund. The U.S has also recently been engaged in escalating trade disputes. For example, on April 2, 2025, President Trump announced a sweeping increase in tariffs on U.S. trading partners. While President Trump announced a 90-day suspension on many of the newly implemented tariffs shortly thereafter, he simultaneously directed an increase on those levied upon certain Chinese imports. In turn, China introduced its own retaliatory tariffs on the United States. These measures are representative of escalating trade tensions between the United States and its trading partners, particularly between the United States and China. Because of their evolving nature and because the impact of these events on the markets has been widespread, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces or to predict the duration of these market conditions. Unexpected political and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

*Repurchase Agreements.* Each Fund may agree to purchase portfolio securities from financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("repurchase agreements"). Repurchase agreements are considered to be loans under the 1940 Act. Although the securities subject to a repurchase agreement may bear maturities exceeding one year, settlement for the repurchase agreement will never be more than one year after a Fund's acquisition of the securities and normally will be within a shorter period of time. Securities subject to repurchase agreements are held either by the Fund's custodian or subcustodian (if any) or in the Fed/Treasury Book-Entry System. The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Default by the seller would, however, expose a Fund to possible loss because of adverse market action or delay and costs in connection with the disposition of the underlying obligations.

In December 2023, the SEC adopted rule amendments that require any covered clearing agency ("CCA") for U.S. Treasury securities to mandate that each of its direct participants (generally banks and broker-dealers that meet

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certain membership criteria) submit for clearance and settlement all eligible secondary market U.S. Treasury securities transactions to which they are a counterparty. The clearing requirement extends to all repurchase and reverse repurchase agreements of such direct participants that are collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and tri-party Treasury repo transactions for which a bank acts as agent for custody, collateral management and settlement services. These transactions had not historically been subject to mandatory central clearing, and voluntary central clearing of such transactions has generally been limited.

Treasury repo transactions entered into by a Fund with any direct participant of a CCA will be subject to this mandatory clearing requirement. Compliance with the clearing mandate for Treasury repo transactions will be required by June 30, 2027, at which time a Fund will be obligated to clear all or substantially all of its Treasury repo transactions. There are, at present, significant regulatory and operational uncertainties related to the implementation of these requirements, which may affect the cost, terms and/or availability of cleared Treasury repo transactions.

*Reverse Repurchase Agreements.* Each Select Fund may borrow funds by selling portfolio securities to financial institutions such as banks and broker/dealers and agreeing to repurchase them at a mutually specified date and price ("reverse repurchase agreement"). The Funds may use the proceeds of a reverse repurchase agreement to purchase other securities either maturing, or under an agreement to resell, on a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements involve the risk that the market value of the securities sold by a Fund may decline below the repurchase price. A Fund will pay interest on amounts obtained pursuant to a reverse repurchase agreement.

*Rights and Warrants Risk.* Rights and warrants may be considered more speculative than certain other types of investments in that they do not entitle a holder to dividends or voting rights with respect to the underlying securities that may be purchased nor do they represent any rights in the assets of the issuing company. Also, the value of a right or warrant does not necessarily change with the value of the underlying securities, and a right or warrant ceases to have value if it is not exercised prior to the expiration date. If a right or warrant held by a Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the right or warrant. The market for warrants and rights may be very limited, and there may, at times, not be a liquid secondary market for warrants and rights.

*Securities Lending.* The Select Funds may lend portfolio securities provided the aggregate market value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Pursuant to a Securities Lending Authorization Agreement with Northern Trust, the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. When loaning securities, the Select Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Select Funds also have the ability to terminate the loans at any time and can do so in order to vote proxies or sell the securities. The Select Funds receive cash or U.S. government securities, such as U.S. Treasury Bills and U.S. Treasury Notes, as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The adequacy of the collateral is monitored on a daily basis, and the market value of the securities loaned is determined at the close of each business day. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term government money market fund managed by an affiliate of The Northern Trust Company, which invests 99.5% or more of its total assets in U.S. government securities.

The securities lending agreements with borrowers permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. Securities lending transactions pose certain risks to the Funds. There is a risk that a borrower may default on its obligations to return loaned securities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an unaffiliated or affiliated money market fund. A Fund may

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lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund's ability to vote proxies or to settle transactions.

*Securities Ratings Information.* The Funds may use ratings from rating agencies to assist in determining whether to purchase, sell or hold a security. Ratings are general and are not absolute standards of quality. There is no guarantee that the ratings provided by these agencies will necessarily provide an accurate reflection of the credit quality of the securities that they rate. The Money Market Fund will limit its investments to securities that, at the time of acquisition, are "Eligible Securities" (as defined in Rule 2a-7 under the 1940 Act) as determined by the Sub-Adviser.

*Short Sales*. In these transactions, a Fund sells a security it does not own in anticipation of a decline in the market value of the security. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value of up to 40% of the Fund's assets. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value of up to 30% of its assets. The Bond Funds and Strategic Alternatives Fund may sell short U.S. Treasury securities and derivatives such as, but not limited to, swaps, futures contracts and currency forwards, to manage risk (*e.g.,* duration, currency, credit, etc.). To complete a short sale transaction, a Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund, which would result in a loss or gain, respectively.

While short sales by a Fund create opportunities to increase the Fund's return, at the same time, they involve specific risk considerations. Since the Fund in effect profits from a decline in the price of the securities sold short without the need to invest the full purchase price of the securities on the date of the short sale, the Fund's NAV per share tends to increase more when the securities it has sold short decrease in value, and to decrease more when the securities it has sold short increase in value, than would otherwise be the case if it had not engaged in such short sales. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with the short sale. Short sales theoretically involve unlimited loss potential, as the market price of securities sold short may continually increase, although the Fund may mitigate such losses by replacing the securities sold short before the market price has increased significantly. Under adverse market conditions, the Fund might have difficulty purchasing securities to meet its short sale delivery obligations and might have to sell portfolio securities to raise the capital necessary to meet its short sale obligations at a time when fundamental investment considerations would not favor such sales.

*Small Company Securities.* The Small Cap Equity Fund, which invests mainly (at least, and typically more than 80% of its net assets, plus borrowing for investment purposes, if any) in securities issued by smaller companies, and the Global Real Estate Securities Fund and Emerging Markets Equity Fund are principally subject to the risks associated with investments in securities of small capitalization companies. All of the other Equity Funds and Strategic Alternatives Fund may also invest in securities issued by smaller companies. Investing in the securities of smaller companies involves greater risk, portfolio price volatility and cost. Historically, small capitalization stocks and stocks of recently organized companies have been more volatile in price than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. Among the reasons for this greater price volatility are the lower degree of market liquidity (the securities of companies with small stock market capitalizations may trade less frequently and in limited volume) and the greater sensitivity of small companies to changing economic conditions. For example, these companies are associated with higher investment risk due to the greater business risks of small size and limited product lines, markets, distribution channels and financial and managerial resources.

The values of small company stocks will frequently fluctuate independently of the values of larger company stocks. Small company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. You should, therefore, expect that because the NAV of the Small Cap Equity

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Fund's, Global Real Estate Securities Fund's and Emerging Markets Equity Fund's shares will be more volatile than, and may fluctuate independently of, broad stock market indexes such as the S&P 500<sup>®</sup> Index.

The additional costs associated with the acquisition of small company stocks include brokerage costs, market impact costs (that is, the increase in market prices which may result when a Fund purchases thinly traded stock) and the effect of the "bid-ask" spread in small company stocks. These costs will be borne by all shareholders and may negatively impact investment performance.

*Special Purpose Acquisition Companies.* The Select Funds (except the Money Market Fund) may invest in stock, warrants and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering ("IPO") for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market funds and similar investments. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless.

Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other expenses; (ii) prior to any acquisition or merger, a SPAC's assets are typically invested in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of a Fund's other investments; (iii) a Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, a Fund's investments in SPACs will not significantly contribute to a Fund's distributions to shareholders; (iv) attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; (v) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (vi) if an acquisition or merger target is identified, a Fund may elect not to participate in, or vote to approve, the proposed transaction or a Fund may be required to divest its interests in the SPAC, due to regulatory or other considerations, in which case a Fund may not reap any resulting benefits; (vii) the warrants or other rights with respect to the SPAC held by a Fund may expire worthless or may be redeemed by the SPAC at an unfavorable price; (viii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; (ix) under any circumstances in which a Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC's assets, less any applicable taxes), the returns on that investment may be negligible, and a Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (x) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (xi) a Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (xii) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xiii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xiv) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving a Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value; and (xv) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

In addition, from time to time, a Fund may serve as an "anchor" investor by purchasing a significant portion of the units offered in a SPAC's IPO. A Fund may also purchase private warrants from a SPAC and/or enter into a

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forward purchase agreement or similar arrangement through which the Fund makes a non-binding commitment to purchase additional units of the SPAC in the future. In exchange, a Fund receives certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"). Founder shares are generally subject to all of the risks described above (including the risk that the founder shares will expire worthless to the extent an acquisition or merger is not completed). Founder shares are also subject to restrictions on transferability, which significantly reduces their liquidity. In addition, a Fund may be required to forfeit all or a portion of any founder shares it holds, including, for example, (i) if the Fund does not purchase additional units of the SPAC pursuant to the terms of any forward purchase agreement it enters into; (ii) if the Fund sells shares that it purchased in the IPO prior to the SPAC effecting a merger or acquisition; or (iii) if the SPAC's sponsor forfeits its founders shares to effect a merger or acquisition.

*Stripped Obligations.* The U.S. Treasury has facilitated transfers of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on U.S. Treasury securities through the Federal Reserve book-entry record-keeping system. This program as established by the U.S. Treasury is known as "STRIPS" or "Separate Trading of Registered Interest and Principal of Securities." The Select Funds may purchase securities registered in the STRIPS program. Under the STRIPS program, the Funds are able to have their beneficial ownership of zero coupon securities recorded directly in the book-entry record-keeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

In addition, to the extent consistent with its investment objective and strategies, a Select Fund may acquire U.S. government obligations and their unmatured interest coupons that have been separated ("stripped") by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. government obligations, the holder will resell the stripped securities in custodial receipt programs with a number of different names, including "Treasury Income Growth Receipts" ("TIGRs") and "Certificate of Accrual on Treasury Securities" ("CATS"). The stripped coupons are sold separately from the underlying principal, which is usually sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Fed Bank or, in the case of bearer securities (*i.e.,* unregistered securities that are ostensibly owned by the bearer or holder), in trust on behalf of the owners. Some counsels to the underwriters of certain of these certificates or other evidences of ownership of U.S. Treasury securities generally have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S. government obligations for federal income tax purposes. The Funds are unaware of any binding legislative, judicial or administrative authority on this issue.

The Select Funds may buy U.S. Treasury inflation-indexed securities, including through the Fund's cash overlay program. When a Fund buys inflation-indexed securities, the U.S. Treasury pays the Fund interest on the inflation-adjusted principal amount. Competitive bidding before the security's issue determines the fixed interest or coupon rate. At maturity, the U.S. Treasury redeems the Fund's securities at their inflation-adjusted principal or par amount, whichever is greater. U.S. Treasury securities are backed by the full faith and credit of the U.S. government. Every six months, the U.S. Treasury will pay interest based on a fixed rate of interest at auction. Semiannual interest payments are determined by multiplying the inflation-adjusted principal amount by one-half the stated rate of interest on each interest payment date.

Other types of stripped securities may be purchased by the Bond Funds and Money Market Fund, including stripped mortgage-backed securities ("SMBS"). SMBS are usually structured with two or more classes that receive different proportions of the interest and principal distributions from a pool of mortgage-backed obligations. A common type of SMBS will have one class receiving all of the interest payments ("interest only") while the other class receives all of the principal repayments ("principal only"). However, in some instances, one class will receive some of the interest and most of the principal while the other class will receive most of the interest and the remainder of the principal. If the underlying obligations experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities. The market

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value of the class consisting entirely of principal payments generally is extremely volatile in response to changes in interest rates. The yield on a class of SMBS that receives all or most of the interest is generally higher than prevailing market yields on other mortgage-backed obligations because its cash flow patterns are also volatile and there is a risk that the initial investment will not be fully recouped. SMBS issued by the U.S. government (or a U.S. government agency or instrumentality) may be considered liquid under guidelines established by the Board of Directors if they can be disposed of promptly in the ordinary course of business at a value reasonably close to that used in the calculation of the NAV per share.

*Structured Notes.* The Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in a broad category of instruments known as "structured notes." These instruments are debt obligations issued by entities such as industrial corporations, financial institutions or governmental or international agencies. Traditional debt obligations typically obligate the issuer to repay the principal plus a specified rate of interest. Structured notes, by contrast, obligate the issuer to pay amounts of principal or interest that are determined by reference to changes in some external factor or factors, or the principal and interest rate may vary from the stated rate because of changes in these factors. For example, the issuer's obligations could be determined by reference to changes in certain factors such as a foreign currency, an index of securities (such as the S&P 500<sup>®</sup> Index) or an interest rate (such as the U.S. Treasury bill rate). In some cases, the issuer's obligations are determined by reference to changes over time in the difference (or "spread") between two or more external factors (such as the U.S. prime lending rate and the total return of the stock market in a particular country, as measured by a stock index). In some cases, the issuer's obligations may fluctuate inversely with changes in an external factor or factors (for example, if the U.S. prime lending rate goes up, the issuer's interest payment obligations are reduced). In some cases, the issuer's obligations may be determined by some multiple of the change in an external factor or factors (for example, three times the change in the U.S. Treasury bill rate). In some cases, the issuer's obligations remain fixed (as with a traditional debt instrument) so long as an external factor or factors do not change by more than the specified amount (for example, if the value of a stock index does not exceed some specified maximum), but if the external factor or factors change by more than the specified amount, the issuer's obligations may be sharply reduced. Structured notes can serve many different purposes in the management of a Fund. For example, they can be used to increase a Fund's exposure to changes in the value of assets that the Fund would not ordinarily purchase directly (such as stocks traded in a market that is not open to U.S. investors). Also, they can be used to hedge the risks associated with other investments a Fund holds.

Structured notes involve special risks. As with any debt obligation, structured notes involve the risk that the issuer will become insolvent or otherwise default on its payment obligations. This risk is in addition to the risk that the issuer's obligations (and thus the value of a Fund's investment) will be reduced because of adverse changes in the external factor or factors to which the obligations are linked. The value of structured notes will in many cases be more volatile (that is, will change more rapidly or severely) than the value of traditional debt instruments. Volatility will be especially high if the issuer's obligations are determined by reference to some multiple of change in the external factor or factors. Many structured notes have limited or no liquidity, so that a Fund would be unable to dispose of the investment prior to maturity. As with all investments, successful use of structured notes depends in significant part on the accuracy of the Sub-Adviser's analysis of the issuer's creditworthiness and financial prospects, and of the Sub-Adviser's forecast as to changes in relevant economic financial market conditions and factors. In instances where the issuer of a structured note is a foreign entity, the usual risks associated with investments in foreign securities apply. Structured notes may be considered derivative instruments.

An equity-linked note ("ELN") is a structured note with a reference rate that is determined by a single stock, a stock index or a basket of stocks. Equity-linked notes combine the protection normally associated with fixed income investments with the potential for capital appreciation normally associated with equity investments. Upon the maturity of the note, the holder generally receives a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity-linked notes may also have a "cap" or "floor" on the maximum principal amount to be repaid to holders, irrespective of the performance of the underlying linked securities. For example, a note may guarantee the repayment of the original principal amount invested (even if the underlying linked securities have negative performance during the note's term), but may cap the maximum payment at maturity at a certain percentage of the issuance price or the return of the underlying linked securities.

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Alternatively, the note may not guarantee a full return on the original principal, but may offer a greater participation in any capital appreciation of the underlying linked securities. The terms of an equity-linked note may also provide for periodic interest payments to holders at either a fixed or floating rate. The secondary market for equity-linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. To the extent a Fund invests in equity-linked notes issued by foreign issuers, it will be subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies. Equity-linked notes are also subject to default risk and counterparty risk.

A Fund may purchase ELNs that trade on a securities exchange or those that trade on the OTC market, including Rule 144A securities. Exchange-traded notes ("ETNs"), which are typically unsecured and unsubordinated, are a type of structured note. ETNs are generally notes representing debt of a specific issuer, usually a financial institution. An ETN's returns are linked to the performance of one or more underlying indicators, such as a particular market benchmark, strategy or reference asset, minus fees and expenses. ETNs are listed on an exchange and traded in the secondary market. An ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. This type of debt security differs from other types of bonds and notes because ETN returns are based upon the performance of a reference instrument minus applicable fees, no periodic coupon payments are distributed, and no principal protection exists.

ETNs and other structured notes are generally meant to be held until maturity, however, a Fund may sell its ETNs or other structured notes before maturity, which could result in the Fund receiving less in sales proceeds than what the Fund would have received if the notes were held to maturity. ETNs are subject to credit risk, including the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or reference instrument remaining unchanged. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the underlying market or reference instrument. As a result, there may be times when an ETN share trades at a premium or discount to its market benchmark, strategy or reference instrument. A Fund's decision to sell its ETN holdings may also be limited by the availability of a secondary market. If a Fund must sell some or all of its ETN holdings and the secondary market is weak, it may have to sell such holdings at a discount. There may be restrictions on a Fund's right to redeem its investment in an ETN.

ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service ("IRS") will accept, or a court will uphold, how a Fund characterizes and treats ETNs for federal income tax purposes. Further, the IRS and Congress have, from time to time, considered proposals that would change the timing and character of net income and realized gains from ETNs.

*Supranational Organization Obligations.* The Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in obligations of supranational organizations. Supranational organizations are international banking institutions designed or supported by national governments to promote economic reconstruction, development or trade among nations (*e.g.,* the International Bank for Reconstruction and Development). Obligations of supranational organizations may be supported by appropriated but unpaid commitments of their member countries, and there is no assurance that these commitments will be undertaken or met in the future.

*Swaps — Generally.* The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. A Fund's investment in swaps may involve a small investment relative to the amount of risk assumed. If the Sub-Adviser is incorrect in its forecasts, the investment performance of a Fund would be less favorable than it would have been if this investment technique were not used. The risks of swap agreements depend upon the other party's creditworthiness and ability to perform, as well as the Fund's ability to terminate its swap agreement or reduce its exposure through offsetting transactions. Swap agreements may be illiquid and can involve greater risks than direct investments in securities because swaps may be leveraged. The swap market is relatively new and largely

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unregulated. In accordance with SEC requirements, a Fund will segregate cash or liquid securities in an amount equal to its obligations under swap agreements. When an agreement provides for netting the payments by the two parties, a Fund will segregate only the amount of its net obligation, if any.

Centrally cleared swaps are either interest rate or swap agreements brokered by the Chicago Mercantile Exchange, London Clearing House or the Intercontinental Exchange, each a derivatives clearing organization ("DCO"), where the DCOs are the counterparty to both the buyer and seller of protection. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, a Fund agrees to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the "margin") and daily interest on the margin. In the case of centrally cleared interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by a Fund as unrealized gains or losses until the contract is closed or settled. Centrally cleared swaps require no payments at the beginning of the measurement period nor are there liquidation payments at the termination of the swap. DCOs generally require an initial margin payment, and there may need to be some final adjustments at termination depending upon the variation payments made during the life of the swap and final settlement.

*Swaps — Equity Swaps.* The Equity Funds and Strategic Alternatives Fund may enter into equity swap contracts to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Equity swaps may also be used for hedging purposes or to seek to increase total return. The counterparty to an equity swap contract will typically be a bank, investment banking firm or broker/dealer. Equity swap contracts may be structured in different ways. For example, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Fund may agree to pay to the counterparty the amount, if any, by which that notional amount would have decreased in value had it been invested in the stocks. Therefore, the return to the Fund on any equity swap contract should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount. In other cases, the counterparty and the Fund may each agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indexes of stocks).

An Equity Fund or the Strategic Alternatives Fund will usually enter into equity swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

*Swaps — Credit Default Swaps.* The Bond Funds and Strategic Alternatives Fund may use credit default swaps. A credit default swap is a type of insurance against default by an issuer. The owner of protection pays an annual premium to the seller of protection for the right to sell a bond equivalent to the amount of the swap in the event of a default on the bond. It is important to understand that the seller of protection is buying credit exposure and the buyer of protection is selling credit exposure. If the counterparty to a credit default swap fails to perform or if a credit event occurs, a Fund may experience losses. A Fund may act as seller or buyer. The premium on a credit default swap is paid over the term of the swap or until a credit event occurs. In the event of a default, the swap expires, the premium payments cease and the seller of protection makes a contingent payment to the buyer.

*Swaps — Currency Swaps.* The Bond Funds, Strategic Alternatives Fund, International Equity Fund and Emerging Markets Equity Fund may enter into currency swaps, as described in the section entitled "Interest Rate Swaps, Floors and Caps and Currency Swaps" in this SAI. Currency swaps involve the exchange of the rights of a Fund and another party to make or receive payments in specific currencies.

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*Swaps — Swaptions.* The Funds may enter into a swaption (swap option) to manage exposure to fluctuations in interest rates and to enhance portfolio yield. In a swaption, the buyer, by paying a non-refundable premium for the option, gains the right, but not the obligation, to enter into a previously agreed upon swap agreement on a future date pursuant to the terms of the swaption. In some instances, a swaption may provide the buyer the right, but not the obligation, to shorten, extend, cancel or otherwise modify an existing swap agreement at a designated time on specified terms. In contrast, the writer (seller) of a swaption, in exchange for a premium, becomes obligated (if the option is exercised) to enter into a previously agreed upon swap agreement, or to perform on an existing swap agreement in accordance with the modifications permitted by the swaption, on a future date pursuant to the terms of the swaption.

Depending upon the terms of the agreement, a Fund will generally incur a greater degree of risk when it writes (sells) a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it only risks losing the premium it paid should it decide to let the swaption expire unexercised. However, when a Fund writes (sells) a swaption, upon exercise of the swaption, the Fund will become obligated according to the terms of the underlying previously agreed upon swap agreement, and may be obligated to pay an amount of money that exceeds the sum of the value of the premium that it received for writing (selling) the swaption plus the value that it received pursuant to the terms of the underlying swap. In addition, the Funds bear the market risk arising from any change in index values or interest rates. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, interest rate and other risks associated with both option contracts and swap contracts. The risks are set forth in the sections entitled "Futures and Options on Futures" and "Swaps" in this SAI.

*Swaps — Total Return Swaps.* Each Select Fund may enter into total return swaps. This gives a Fund the right to receive the appreciation in value of an underlying asset in return for paying a fee to the counterparty. The fee paid by a Fund will typically be determined by multiplying the face value of the swap agreement by an agreed-upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund would also be required to pay the dollar value of that decline to the counterparty.

*Swaps — Variance Swap Agreements.* Variance swap agreements involve two parties exchanging cash payments based on the difference between the stated level of variance ("Variance Strike Price") and the actual variance realized on an underlying asset or index. As a receiver of the realized price variance, a Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. A Fund may enter into variance swaps in an attempt to hedge market risk or adjust exposure to the markets.

*Temporary Defensive Positions.* Each Fund (except the Equity Index Fund, Growth Equity Index Fund, Value Equity Index Fund and International Equity Index Fund) may respond to adverse market, economic, political or other conditions by investing up to 100% of its assets in temporary defensive investments. These investments may include cash, shares of the Money Market Fund, high quality short-term debt obligations and other money market instruments. During these periods, a Fund may not meet its investment objective.

*The Equity Index Fund*. The Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's<sup>®</sup>, a division of The McGraw-Hill Companies, Inc. ("S&P<sup>®</sup>"). S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally, or in the Fund particularly, or the ability of the S&P 500<sup>®</sup> Index to track general stock market performance. S&P<sup>®</sup>'s only relationship to the Trust is the licensing of certain trademarks and trade names of S&P<sup>®</sup> and of the S&P 500<sup>®</sup> Index which is determined, composed and calculated by S&P<sup>®</sup> without regard to the Trust or the Fund. S&P<sup>®</sup> has no obligation to take the needs of the Trust or the owners of the Fund into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the Fund.

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S&P<sup>®</sup> DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN, AND S&P<sup>®</sup> SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. S&P<sup>®</sup> MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE TRUST, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

*The Growth Equity Index Fund.* The Growth Equity Index Fund has been developed solely by GSCM. The "Growth Equity Index Fund" is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000<sup>®</sup> Growth Index (the "R1000G") vest in the relevant LSE Group company which owns the R1000G. "Russell<sup>®</sup>" is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The R1000G is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the R1000G or (b) investment in or operation of the Growth Equity Index Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Growth Equity Index Fund or the suitability of the R1000G for the purpose to which it is being put by GSCM.

*The International Equity Fund*. THE GUIDESTONE FUNDS INTERNATIONAL EQUITY INDEX FUND ("INTERNATIONAL EQUITY INDEX FUND") IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE ADVISER. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE INTERNATIONAL EQUITY INDEX FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE INTERNATIONAL EQUITY INDEX FUND OR THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE INTERNATIONAL EQUITY INDEX FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE INTERNATIONAL EQUITY INDEX FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE INTERNATIONAL EQUITY INDEX FUND.

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ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THAT ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE INTERNATIONAL EQUITY INDEX FUND, OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

*The Money Market Fund.* The Money Market Fund is subject to maturity, diversification, liquidity and quality requirements under Rule 2a-7 under the 1940 Act. It will not invest more than 5% of its total assets in the securities (including securities collateralizing a repurchase agreement) of a single issuer, provided, however, that the Money Market Fund may invest up to 25% of its total assets in the securities of a single issuer for up to three business days after acquisition. U.S. government securities, repurchase agreements that are collateralized by cash or U.S. government securities and shares of certain money market funds are not subject to this diversification requirement.

The Money Market Fund's diversification tests are measured at the time of acquisition and are calculated as specified in Rule 2a-7 under the 1940 Act. The Fund will be deemed to satisfy the maturity, diversification, liquidity and quality requirements described in the Prospectus and this SAI to the extent it satisfies Rule 2a-7 requirements. The discussion of investments for the Money Market Fund in the Prospectus and this SAI is qualified by Rule 2a-7 limitations.

*The Value Equity Index Fund*. The Value Equity Index Fund has been developed solely by GSCM. The "Value Equity Index Fund" is not in any way connected to or sponsored, endorsed, sold or promoted by the LSE Group. FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000<sup>®</sup> Value Index (the "R1000V") vest in the relevant LSE Group company which owns the R1000V. "Russell<sup>®</sup>" is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The R1000V is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the R1000V; or (b) investment in or operation of the Value Equity Index Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Value Equity Index Fund or the suitability of the R1000V for the purpose to which it is being put by GSCM.

*U.S. Government Obligations.* Examples of the types of U.S. government obligations that may be acquired by the Funds include U.S. Treasury Bills, U.S. Treasury Notes and U.S. Treasury Bonds and stripped U.S. Treasury obligations and the obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Central Bank for

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Cooperatives, Freddie Mac, Federal Intermediate Credit Banks and Maritime Administration. Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States; some are backed only by the credit of the issuing agency or instrumentality. For instance, obligations such as Ginnie Mae participation certificates are backed by the full faith and credit of the U.S. Treasury. However, GSEs are not backed by the full faith and credit of the U.S. Treasury but are backed by the credit of the federal agencies or government sponsored entities. Accordingly, there may be some risk of default by the issuer in such cases. For more information, see the section entitled "Mortgage-Backed Securities" in this SAI.

The total public debt of the United States and other countries around the globe as a percent of gross domestic product has grown rapidly since the beginning of the 2008 financial downturn and accelerated in connection with the U.S. government's response to the COVID-19 pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause a country to sell additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that a government will not be able to make principal or interest payments when they are due.

Unsustainable debt levels can cause devaluations of currency, prevent a government from implementing effective counter-cyclical fiscal policy in economic downturns, and contribute to market volatility. In addition, the high and rising national debt may adversely impact the U.S. economy and securities in which the Funds may invest. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt. For example, in May 2025, the long-term sovereign credit rating of the U.S. government was downgraded by Fitch and Moody's, citing a combination of expected fiscal deterioration, a high and growing federal debt, rising interest rates and an erosion of governance relative to peers. Future downgrades could similarly contribute to increased volatility in U.S. and international financial markets, lead to higher interest rates, put downward pressure on the market value of U.S. Treasury securities and raise the cost of borrowing across a range of debt instruments.

*Variable and Floating Rate Instruments.* The Bond Funds, Money Market Fund, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in variable and floating rate instruments to the extent consistent with their investment objectives and policies described in the Prospectus and, in the case of the Money Market Fund, consistent with Rule 2a-7 under the 1940 Act. Generally, a Sub-Adviser will consider the earning power, cash flows and other liquidity ratios of the issuers and guarantors of such instruments and, if the instruments are subject to demand features, will monitor their financial status and ability to meet payment on demand. In determining weighted average portfolio maturity, an instrument may, subject to applicable SEC regulations, be deemed to have a maturity shorter than its nominal maturity based on the period remaining until the next interest rate adjustment or the time a Fund can recover payment of principal as specified in the instrument. Where necessary to ensure that a variable or floating rate instrument is of the minimum required credit quality for a Fund, the issuer's obligation to pay the principal of the instrument will be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend.

Variable and floating rate instruments eligible for purchase by the Funds include variable amount master demand notes (which permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate), U.S., Yankee and Eurodollar floating rate notes and (except for the Money Market Fund) leveraged inverse floating rate debt instruments and notes ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher degree of leverage interest in inverse floaters is associated with greater volatility in their market values. Accordingly, the duration of an inverse floater may exceed its stated final maturity. The Funds may deem the maturity of variable and floating rate instruments to be

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less than their stated maturities based on their variable and floating rate features and/or their put features. Unrated variable and floating rate instruments will be determined by a Sub-Adviser to be of comparable quality at the time of purchase to rated instruments which may be purchased by the Funds.

Variable and floating rate instruments (including inverse floaters) held by a Fund will be subject to the Fund's limitation on illiquid investments when the Fund may not demand payment of the principal amount within seven days absent a reliable trading market.

*Variable Interest Entities.* Certain Funds may invest in U.S.- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals or entities affiliated with the China-based business through a structure known as a variable interest entity or "VIE." Instead of directly owning the equity interests in the Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to U.S. investors, the China-based companies and/or related individuals or entities indirectly raise capital from U.S. investors without distributing ownership of the China-based companies to U.S. investors. Although VIEs are a longstanding industry practice, the Chinese government's acceptance of the VIE structure is evolving. Effective March 31, 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create and/or operate VIEs more difficult and costly. Further, while the rules and implementing guidelines do not prohibit the use of VIE structures, this does not serve as a formal endorsement either. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders, such as a Fund.

All or most of the value of an investment in companies using a VIE structure depends on the enforceability of the contracts between the listed company and the China-based VIE. Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which could impact whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the United States or China (*e.g.,* the Cayman Islands), which likely will not have the same disclosure, reporting and governance requirements as the United States. As with other Chinese companies with securities listed on U.S. exchanges, U.S.-listed VIEs and ADRs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of a Fund to transact in such securities and may increase costs if the Fund is required to seek other markets in which to transact in such securities.

*Warrants and Rights.* The Select Funds may purchase warrants and rights, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. The Global Bond Fund may invest in warrants on a limited basis (generally no more than 5% of the Fund's assets). Warrants and rights may be considered more speculative than certain other types of investments in that they do not entitle a holder to dividends or rights with respect to the underlying securities that may be purchased nor do they represent any rights in the assets of the issuing company.

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The prices of warrants and rights do not necessarily correlate with the prices of the underlying shares. The purchase of warrants and rights involves the risk that a Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the expiration. If a warrant or right held by a Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant or right. Also, the purchase of warrants and rights involves the risk that the effective price paid for the warrant or right added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security. The market for warrants and rights may be very limited, and there may, at times, not be a liquid secondary market for warrants and rights.

*Yankee Bonds.* To the extent consistent with their respective investment policies, the Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in Yankee bonds. These are U.S. dollar-denominated bonds issued inside the United States by foreign entities. Investment in these securities involves certain risks that are not typically associated with investing in domestic securities. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI.

*Zero Coupon, Pay-In-Kind and Capital Appreciation Securities.* To the extent consistent with its investment policies, each Bond Fund may invest in zero coupon securities, capital appreciation and pay-in-kind ("PIK") securities. Zero coupon and capital appreciation securities are debt securities issued or sold at a discount from their face value ("original issue discount") and do not entitle the holder to any periodic payment of interest prior to maturity or a specified date. The original issue discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. These securities may also take the form of debt securities that have been stripped of their unmatured interest coupons, the coupons themselves or receipts or certificates representing interests in such stripped debt obligations or coupons. The market prices of zero coupon, capital appreciation and PIK securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality.

PIK securities may be debt obligations or preferred shares that provide the issuer with the option of paying interest or dividends on such obligations in cash or in the form of additional securities rather than cash. Similar to zero coupon securities, PIK securities are designed to give an issuer flexibility in managing cash flow. PIK securities that are debt securities can either be senior or subordinated debt and generally trade flat (*i.e.*, without accrued interest). The trading price of PIK debt securities generally reflects the market value of the underlying debt plus an amount representing accrued interest since the last interest payment.

Zero coupon, capital appreciation and PIK securities involve the additional risk that, unlike securities that periodically pay interest to maturity, a Fund will realize no cash until a specified future payment date unless a portion of such securities is sold and, if the issuer of such securities defaults, a Fund may obtain no return at all on its investment. In addition, even though such securities do not provide for the payment of current interest in cash, a Fund is nonetheless required to accrue original issue discount and other non-cash income (such as additional securities paid as interest on PIK securities) on such investments for each taxable year and generally is required to distribute such accrued amounts (net of deductible expenses, if any) to avoid being subject to federal income tax. (For more information, see the section entitled "Taxation — Tax Treatment of Fund Investments" in this SAI.) Because no cash is generally received at the time of the accrual, a Fund may be required to liquidate other portfolio securities to obtain sufficient cash to satisfy these distribution requirements.

**Investment Restrictions**

In accordance with GuideStone Financial Resources' Christian values, the Funds do not invest in any company that is publicly recognized (as determined by GuideStone Financial Resources) for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving abortion, sexual immorality, alcohol, tobacco or gambling. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and

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feeds, the Bible and company websites and financial disclosures) on the products and services of companies in a Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. These investment restrictions may only be changed if approved by GuideStone Financial Resources as the holder of a majority of the outstanding shares of the Trust, and not an individual Fund. A "majority of the outstanding shares of the Trust" is defined as greater than 50% of the shares shown on the books of the Trust or its transfer agent as then issued and outstanding, voted in the aggregate, but does not include shares which have been repurchased or redeemed by the Trust.

*Fundamental Investment Restrictions.* The following investment restrictions are applicable to each Fund (except where otherwise noted) and are considered fundamental, which means that they may only be changed by the vote of a majority of a Fund's outstanding shares, which as used herein and in the Prospectus, means the lesser of: (1) 67% of such Fund's outstanding shares present at a meeting, if the holders of more than 50% of the outstanding shares are present in person or by proxy; or (2) more than 50% of such Fund's outstanding shares. The Funds may not:

1. All Funds: Purchase securities which would cause 25% or more of the value of a Fund's total assets at the time of such purchase to be invested in the securities of one or more issuers conducting their principal activities in the same industry, except that this restriction does not apply to (1) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or to municipal securities; (2) the Money Market Fund, securities issued by domestic banks; or (3) the Global Real Estate Securities Fund, securities in the real estate industry.

*The Global Real Estate Securities Fund:* The Global Real Estate Securities Fund concentrates its assets in the real estate industry by investing more than 25% of the value of the Fund's total assets at the time of such purchase in securities of issuers in the real estate industry.

2. Borrow money or issue senior securities as defined in the 1940 Act, provided that (a) a Fund may borrow money in an amount not exceeding one-third of the Fund's total assets (including the amount of the senior securities issued but reduced by any liabilities not constituting senior securities) at the time of such borrowings; (b) a Fund may borrow up to an additional 5% of its total assets (not including the amount borrowed) for temporary or emergency purposes; and (c) a Fund may issue multiple classes of shares. The purchase or sale of futures contracts and related options shall not be considered to involve the borrowing of money or the issuance of shares of senior securities.

3. Except for the Growth Equity Fund, with respect to 75% of a Fund's total assets, purchase securities of any one issuer if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer; or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer; except, with respect to each of the Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund only, as may be necessary to approximate the composition of its target index. Up to 25% of the Fund's total assets may be invested without regard to this limitation, and this limitation does not apply to securities issued or guaranteed by the U.S. government, its agencies and instrumentalities or to securities issued by other investment companies. The Money Market Fund is further subject to the diversification requirements of Rule 2a-7 under the 1940 Act.

4. Make loans or lend securities, except through loans of portfolio securities or through repurchase agreements, provided that for purposes of this restriction: (1) 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 will not be considered the making of a loan; and (2) the participation of each Fund in a credit facility whereby the Funds may directly lend to and borrow money from each other for temporary purposes, provided that the loans are made in accordance with an order of exemption from the SEC and any conditions thereto, will not be considered the making of loans.

5. Purchase or sell real estate, except that investments in securities of issuers that invest in real estate and investments in MBS, mortgage participations or other instruments supported by interests in real estate are not subject to this limitation and except that a Fund may exercise rights under agreements relating to such securities,

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including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

6. Underwrite securities issued by any other person, except to the extent that a Fund might be considered an underwriter under the federal securities laws in connection with its disposition of portfolio securities.

7. Purchase or sell commodities, unless acquired as a result of owning securities or other instruments, but a Fund may purchase, sell or enter into financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivatives. This policy does not prohibit a Fund from purchasing shares of registered investment companies or exchange-traded pooled investment vehicles that have direct or indirect commodity investments.

Shareholder approval will not be sought if any of the Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund crosses from diversified to non-diversified status in order to approximate the composition of its target index.

*Non-Fundamental Investment Restrictions.* Each Fund's investment objective is a non-fundamental policy of the Fund. Additionally, the Funds have adopted the following non-fundamental restrictions. These non-fundamental restrictions may be changed without shareholder approval, in compliance with applicable law and regulatory policy. Unless otherwise indicated, these non-fundamental restrictions apply to all the Funds.

1. A Fund shall not invest in companies for purposes of exercising control or management.

2. A Fund shall not purchase securities on margin, except that a Fund may obtain short-term credits necessary for the clearance of transactions and may make margin deposits in accordance with CFTC regulations in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

3. A Fund shall not purchase any portfolio security while borrowings representing more than 15% of the Fund's total assets are outstanding (investment in repurchase agreements will not be considered to be loans for purposes of this restriction).

4. A Fund shall invest no more than 15% of the value of its net assets in illiquid securities, a term which means securities that cannot 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 in the securities and includes, among other things, repurchase agreements maturing in more than seven days.

The Money Market Fund shall invest no more than 5% of the value of its net assets in illiquid securities, a term which means securities that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund.

5. A Fund may invest in shares of investment companies only to the extent permitted by the 1940 Act and the rules thereunder and by exemptive orders granted by the SEC. If shares of a Fund are purchased by another registered open-end investment company or registered unit investment trust in reliance on Section 12(d)(1)(G) of the 1940 Act, or Rule 12d1-4 under the 1940 Act, for so long as shares of the Fund are held by such other investment company, the Fund will not purchase securities of registered open-end investment companies or registered unit investment trusts in an amount exceeding 10% of the acquired fund's total net assets, subject to certain limited exceptions under Rule 12d1-4 under the 1940 Act. A Fund may invest in a money market fund in reliance on Rule 12d1-1.

6. Each of the Bond Funds and each of the Equity Funds (other than the Defensive Market Strategies Fund) shall not change its policies regarding the investment of 80% of its assets consistent with its name without 60 days' prior notice to its shareholders. For purposes of determining compliance with an 80% investment policy, each

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of the Funds may account for a derivative position by reference to either its market value or notional value, depending upon the circumstances.

7. The Money Market Fund shall invest at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully by Government securities or cash. For purposes of this policy, "Government securities" means any securities issued or guaranteed as to principal or interest by the United States, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States or any certificate of deposit of the foregoing. The Fund intends to operate as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the 1940 Act.

If a percentage restriction on the investment or use of assets set forth in the Prospectus or this SAI is adhered to at the time a transaction is effected, later changes in percentage resulting from changing asset values will not be considered a violation. However, notwithstanding the foregoing, borrowing for investment purposes made pursuant to Section 18(f)(1), if any, will comply with the percentage limitations imposed by that Section subsequent to the incurrence of the borrowings. As noted above, the Funds exclude "municipal securities" from their policies on industry concentration. Solely for purposes of this restriction, the Funds treat securities the interest on which is excludable from gross income for federal income tax purposes that are issued by a non-governmental issuer (such as conduit revenue bonds) as being part of the industry of which that issuer is a part, and thus subject to that restriction. It is the intention of the Funds, unless otherwise indicated, that with respect to their policies that are a result of application of law, they will take advantage of the flexibility provided by rules or interpretations of the SEC currently in existence or promulgated in the future or changes to such laws. None of these restrictions are intended to limit investments by the Target Date Funds and the Target Risk Funds in shares of the Select Funds.

**Management of the Funds**

*The Board of Directors.* The primary responsibility of the Board of Directors is to represent the interests of the shareholders of the Trust and to oversee the management of the Trust. The Board meets at least quarterly to review the investment performance of each Fund and other operational matters, including policies and procedures with respect to compliance with regulatory and other requirements. Only shareholders of the Trust, by a vote of a majority of the outstanding shares, may fill vacancies or otherwise elect a Director. The Board is comprised of eight individuals, one of whom is considered an "interested" Director as defined by the 1940 Act due to his positions with the Trust, the Adviser, GuideStone Financial Resources and GuideStone Investment Services. The remaining Directors are deemed not to be "interested persons" of the Trust as defined by Section 2(a)(19) of the 1940 Act ("Independent Directors").

*Board Role in Risk Oversight.* The Board's role with respect to the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Adviser and its affiliates, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management. Examples of prominent risks include investment risk, liquidity risk, regulatory and compliance risks, operational risks, accounting risks, valuation risks, service provider risks and legal risks. As part of its oversight role, the Board, acting at its scheduled meetings, or the Chairman, acting between Board meetings, interacts with and receives reports from senior personnel of service providers, including the Adviser's Chief Investment Officer (or a senior representative of the Adviser) and portfolio management personnel. The Board receives periodic presentations and reports from the Risk Manager and other senior personnel of the Adviser or its affiliates regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas such as accounting, administration, anti-money laundering, cybersecurity, derivatives, liquidity, valuation, personal trading, investment research and securities lending. The Board also receives reports from counsel to the Trust and the Independent Directors' own independent legal counsel regarding regulatory compliance and governance matters. The Board interacts with and receives reports from the Chief Compliance Officer ("CCO") of the Trust, and in connection with each scheduled meeting, the

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Independent Directors meet separately from the Adviser and Trust management with the CCO of the Trust and independent legal counsel, on regulatory compliance matters. The Board's oversight role does not make the Board a guarantor of the Trust's investments or activities.

*Board Leadership Structure.* The Chairman of the Board of Directors is an Independent Director and holds no management position with the Trust or its Adviser, Sub-Advisers or service providers. The Board has determined that its leadership structure, in which the Chairman of the Board is an Independent Director, along with the Board's majority of Independent Directors, is appropriate in light of the services provided to the Trust and provides the best protection against conflicts of interests with the Adviser and service providers.

*Information About Each Director's Qualifications, Experience, Attributes or Skills.* GuideStone Financial Resources primarily provides financial products and services to persons and organizations associated with the Southern Baptist Convention. In accordance with the Trust's organizational documents, all Directors must be active members of a Baptist church in friendly cooperation with the Southern Baptist Convention as defined in the Southern Baptist Convention Constitution and interested Directors must also be members of the Board of Directors of GuideStone Financial Resources. The Trust compensates the Independent Directors and reimburses the Directors for any expenses incurred in attending meetings. The Trust does not compensate the officers for the services they provide to the Funds. The Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. However, the Board believes that Directors need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. Experience relevant to having this ability may be achieved through a Director's educational background; business, professional training or practice (*e.g.*, accounting, banking, brokerage, finance or ministry); public service or academic positions; experience from service as a board member (including the Board of the Trust); senior level positions in Southern Baptist Convention member organizations such as churches or hospitals; or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations, as well as other life experiences. In identifying and evaluating nominees for the Board, the Nominating and Governance Committee also considers how each nominee would affect the composition of the Board of Directors. In seeking out and evaluating nominees, each candidate's background is considered in light of existing board membership. The ultimate goal is a board consisting of directors with a diversity of relevant individualized expertise. In addition to providing for Board synergy, this diversity of expertise allows Directors to provide insight and leadership within the Board's committee structure.

The Directors and executive officers of the Trust, their years of birth, business address and principal occupations and prior directorships during the past five years are set forth in the following table.

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|:---|:---|:---|:---|:---|
| **Name (Year of Birth), Address and**<br> **Position(s) with Trust**<br>| **Term of** <br> **Office and**<br> **Length of**<br> **Time** <br> **Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by** <br> **Director**<br>| **Other Trusteeships/**<br> **Directorships**<br> **Held by Director**<br> **During Past 5 Years**<sup>2</sup><br>|
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| James D. Caldwell (1955)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2023 | &nbsp;&nbsp; President, Rowling Foundation, <br> 2024–present; Executive Vice <br> President, TRT Holdings, Inc. <br> (holding company of Omni <br> Hotels), 2018 – present; Chief <br> Executive Officer, Origins <br> Behavioral HealthCare, LLC, <br> 2018–2023.<br>| 27 |  |

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|:---|:---|:---|:---|:---|
| **Name (Year of Birth), Address and**<br> **Position(s) with Trust**<br>| **Term of** <br> **Office and**<br> **Length of**<br> **Time** <br> **Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by** <br> **Director**<br>| **Other Trusteeships/**<br> **Directorships**<br> **Held by Director**<br> **During Past 5 Years**<sup>2</sup><br>|
| Thomas G. Evans (1961)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2020 | &nbsp;&nbsp; President and Owner, <br> Encompass Financial Services, <br> Inc., 1985 – present.<br>| 27 |  |
| William Craig George (1958)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2004 | &nbsp;&nbsp; Senior Vice President and <br> Regional Credit Officer, First <br> National Bank, 2017 – present.<br>| 27 |  |
| Deanna A. Mankins (1971)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2023 | &nbsp;&nbsp; Retired; Chief Financial Officer, <br> City of Zachary, 2019 –2025.<br>| 27 |  |
| David B. McMillan (1957)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2019 | &nbsp;&nbsp; Independent Consultant, 2008 – <br> present; Chief Executive Officer <br> and Founder, Peridot Energy <br> LLC, 2008 – present.<br>| 27 |  |
| Ronald D. Murff (1953)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2019 | &nbsp;&nbsp; President, JKL Group, LLC, <br> 2010– present; Principal, <br> Dalcor Companies, 2012 – <br> present.<br>| 27 |  |
| Jill R. Rayburn (1969)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director<br>| Since 2024 | &nbsp;&nbsp; University General Counsel, <br> North Greenville University, <br> 2017– present; Adjunct <br> Professor, North Greenville <br> University, 2009 – present; <br> Managing Partner, Richey <br> Family, GP; Richey Girls, GP, <br> and Richey Development, GP, <br> 2007– present.<br>| 27 |  |
| **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** |
| Brandon Pizzurro (1981)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Director and President<br>| Since 2024<sup>3</sup> | &nbsp;&nbsp; Vice President, Chief Investment <br> Officer, GuideStone Financial <br> Resources, 2025 – present; <br> Chief Investment Officer, <br> GuideStone Financial Resources, <br> 2024 - 2025; Director of Public <br> Investments, GuideStone <br> Financial Resources, 2021 – <br> 2024; Portfolio Manager, <br> GuideStone Financial Resources, <br> 2019–2021.<br>| 27 |  |
| **OFFICERS WHO ARE NOT DIRECTORS**<sup>4</sup>  | **OFFICERS WHO ARE NOT DIRECTORS**<sup>4</sup>  | **OFFICERS WHO ARE NOT DIRECTORS**<sup>4</sup>  | **OFFICERS WHO ARE NOT DIRECTORS**<sup>4</sup>  | **OFFICERS WHO ARE NOT DIRECTORS**<sup>4</sup>  |
| Quinn Brunk (1987)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Assistant Treasurer<br>| Since 2024 | &nbsp;&nbsp; Senior Manager, Finance & <br> Accounting, GuideStone <br> Financial Resources, 2022 – <br> present; Manager, Finance & <br> Accounting, GuideStone <br> Financial Resources, 2019 – <br> 2022.<br>| N/A | N/A |

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|:---|:---|:---|:---|:---|
| **Name (Year of Birth), Address and**<br> **Position(s) with Trust**<br>| **Term of** <br> **Office and**<br> **Length of**<br> **Time** <br> **Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by** <br> **Director**<br>| **Other Trusteeships/**<br> **Directorships**<br> **Held by Director**<br> **During Past 5 Years**<sup>2</sup><br>|
| Joshua Chastant (1984)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Vice President – Portfolio Management<br>| Since 2024 | &nbsp;&nbsp; Portfolio Manager, Public <br> Markets, GuideStone Financial <br> Resources, 2024 – present; <br> Senior Investment Analyst, <br> GuideStone Financial Resources, <br> 2021 - 2023; Investment <br> Analyst, GuideStone Financial <br> Resources, 2018 - 2020. <br>| N/A | N/A |
| Melanie Childers (1971)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Vice President — Fund Operations and <br> Secretary<br>| Since 2014<sup>5</sup> | &nbsp;&nbsp; Managing Director, Fund <br> Operations, GuideStone <br> Financial Resources, 2014 – <br> present.<br>| N/A | N/A |
| Tammy Harp (1970)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Chief Compliance Officer and AML <br> Compliance Officer<br>| Since 2025 | &nbsp;&nbsp; Senior Manager, Mutual Funds <br> Compliance, GuideStone <br> Financial Resources, 2023 – <br> present; Chief Compliance <br> Officer, CH Investment Partners, <br> L.L.C., 2019 –2023.<br>| N/A | N/A |
| Matthew A. Wolfe (1982)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Chief Legal Officer <br>| Since 2017<sup>6</sup> | &nbsp;&nbsp; Managing Director, Investments <br> Compliance, Legal & Risk <br> Management, GuideStone <br> Financial Resources, 2020 – <br> present; Associate Counsel – <br> Investment and Corporate <br> Services, GuideStone Financial <br> Resources, 2015 –2020.<br>| N/A | N/A |
| Erin Wynne (1981)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Treasurer<br>| Since 2016<sup>7</sup> <br>| &nbsp;&nbsp; Managing Director, Financial <br> and Tax Reporting, GuideStone <br> Financial Resources, 2024 - <br> present; Director, Financial <br> Reporting & Analysis, <br> GuideStone Financial Resources, <br> 2015–2024.<br>| N/A | N/A |

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(1) Each Independent Director serves until his or her resignation, removal or mandatory retirement. Each Interested Director serves until his or her resignation, removal or mandatory retirement or until he or she ceases to be a member of the Board of Trustees of GuideStone Financial Resources, if applicable. All Directors must retire at the end of the calendar year in which they attain the age of 80. Officers serve at the pleasure of the Board of Directors.

(2) Directorships not included in the Trust complex that are held by a director in any company with a class of securities registered pursuant to section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the 1940 Act.

(3) Mr. Pizzurro has served as an Interested Director of the Trust, since 2024, due to his positions with the Trust, the Adviser, GuideStone Financial Resources and GuideStone Investment Services. He has served as an officer of the Trust since 2021, and from 2021 to 2023, he served as Vice President - Investment Officer.

(4) The officers of the Trust are affiliates of the Adviser due to their positions with the Adviser, GuideStone Financial Resources, GuideStone Investment Services and/or GuideStone Resource Management, Inc.

(5) Ms. Childers has served as Vice President – Fund Operations since 2014. She has served as Vice President – Fund Operations and Secretary since 2021.

(6) Mr. Wolfe has served as Chief Legal Officer since 2017, and from 2020 to 2025, he served as CCO and Chief Legal Officer.

(7) Ms. Wynne has served as an officer of the Trust since 2016, and from 2016 to 2024, she served as Assistant Treasurer.

In addition to the information set forth in the directors and officers table and other relevant qualification, experience, attributes or skills applicable to a particular Director, the following provides further information about the qualifications and experience of each Independent Director:

*James D. Caldwell, JD.* Mr. Caldwell is President of Rowling Foundation, a private charitable foundation, and an Executive Vice President of TRT Holdings, Inc. ("TRT Holdings"). During his tenure with TRT Holdings, Mr. Caldwell has served in several leadership roles, including Chief Executive Officer and President of Omni Hotels and Resorts for more than 15 years and President of TRT Holdings for over 12 years. He is currently Chairman of

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the Board of Directors of Advocates for Community Transformation (ACT) and serves on the Salvation Army Advisory Board for the North Texas Command Area. In addition, he serves on the Board of Directors of each of the Amelia Island Plantation Community Association, Inc. and the Captains Court Villas Association, Inc. Mr. Caldwell holds a Bachelor of Business Administration degree in Accounting, with the highest honors, from The University of Texas and a Doctor of Jurisprudence, with honors, from The University of Texas. He is a certified public accountant ("CPA") and a member of the State Bar of Texas. Mr. Caldwell was previously a member of the Board of Trustees of GuideStone Financial Resources from 2004 to 2010.

*Thomas G. Evans.* Mr. Evans is President and Owner of Encompass Financial Services, Inc., a firm that provides business valuation and transaction management. He currently serves on the Board of Directors for i2E and past Chairman of the Board of Directors for Leadership Oklahoma and has also served as past Chairman of the Baptist Foundation of Oklahoma. Mr. Evans holds a Bachelor of Science degree in Business Administration from Northwestern Oklahoma State University, a Master of Business Administration degree from Marylhurst University and a Graduate Level Certificate in Financial Services from Seton Hall College of Law. Mr. Evans was previously a member of the Board of Trustees of GuideStone Financial Resources and an Interested Trustee of the Board of Trustees of the Trust.

*William Craig George.* Mr. George has been the Chairman of the Board of Directors of the Trust since January 2015 and a member of the Board of Directors since September 2004. He has been employed with First National Bank since 2017 and currently serves as Senior Vice President and Regional Credit Officer. In his role with First National Bank, Mr. George underwrites and approves loans and oversees bank loan policy and bank lending compliance. He has served on the board of the Pregnancy Life Care Center of Raleigh and on the Allocations Committee of Triangle United Way. Mr. George holds a Bachelor of Science degree in Business Administration from the University of North Carolina at Chapel Hill.

*Deanna A. Mankins*. Ms. Mankins served as the Chief Financial Officer of the City of Zachary, Louisiana, since early 2019, and retired effective December 31, 2025. Prior to this, she served as the Tax Manager for Postlethwaite & Netterville, APAC, where she was employed for over 21 years. She also serves as the Treasurer for the Foundation Assisting Zachary Education and is a board member of the Finance Advisory Committee for the Recreation and Park Commission of East Baton Rouge Parish. Ms. Mankins is a CPA. She holds a Bachelor of Science degree in Accounting, magna cum laude, from Louisiana State University.

*David B. McMillan*. Mr. McMillan is an Independent Consultant. After retiring from Eastman Chemical Company in 2008, he served as President and Chief Executive Officer ("CEO") of three private equity backed startup companies, and he was also the founding partner of a company that provided management teams and consulting services to small companies. Mr. McMillan has previously served as a member of the Board of Trustees of GuideStone Financial Resources from 2010 to 2018, where he was Chairman of the Audit Committee from 2013 to 2018; member of the Board of Trustees of GuideStone Capital Management, LLC from 2011 to 2018, where he served as Chairman from 2013 to 2018; Chairman of the Board of Trustees of GuideStone Investment Services from 2014 to 2018; and Chairman of the Board of Trustees of GuideStone Resource Management, Inc. from 2014 to 2018. He holds a Bachelor of Science degree in Chemical Engineering, cum laude, from Texas A&M University. In addition, Mr. McMillan is a member of the American Institute of Chemical Engineers.

*Ronald D. Murff.* Mr. Murff is the President of JKL Group, LLC, a private investment firm in Dallas, Texas. He is also a Principal of Dalcor Companies, which is active in multi-family housing, where he has served since 2012. Previously, he worked in the banking industry, including spending more than 20 years with Guaranty Bank, a $17 billion bank operating in Texas and California. He served in several executive roles, including President of the Retail Banking Group and Chief Financial Officer, and was responsible for coordinating the spinoff of the bank from its parent company in late 2007. Mr. Murff serves as an Advisory Director to the Board of the Baylor University Medical Center, a Director to the Board of the Southwest Transplant Alliance and as a Trustee to the Board of Prestonwood Baptist Church. He served on the Board of Regents of Baylor University from 2009 to 2018, serving as chair of several committees and then Chairman of the Board in 2016 and 2017. Mr. Murff has previously served as a trustee of GuideStone Financial Resources from June 2003 through October 2010, as an

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advisory director for Baylor University's Hankamer School of Business and has served as a board member for the Federal Home Loan Bank of Dallas and the Ladybird Johnson Wildflower Center in Austin, Texas. He holds a Bachelor of Business Administration degree in Accounting from Baylor University.

*Brandon Pizzurro.* Mr. Pizzurro is President of the Trust, President and Chief Investment Officer of the Adviser, President of GuideStone Investment Services and serves as Vice President, Chief Investment Officer of GuideStone Financial Resources. He leads the GuideStone Financial Resources' Investments line of business, chairs GuideStone Financial Resources' Committee on Faith-Based Investing, oversees the management of unregistered alternative investments held by GuideStone Financial Resources and is member of other committees of GuideStone and the Adviser. Prior to his current role, Mr. Pizzurro was Director of Public Investments and the principal portfolio manager for the Funds, where he directed manager research, selection, ongoing monitoring and due diligence and is responsible for leading the analyst research team and investment process of the Adviser. He joined GuideStone in 2017 as a Senior Investment Analyst, where he performed quantitative and qualitative analysis, including research and recommendations regarding Fund structure and composition, on the Funds. Mr. Pizzurro holds a Bachelor of Business Administration degree with a double major in Finance and Real Estate from Baylor University. He is a CERTIFIED FINANCIAL PLANNER<sup>TM</sup> certificant and a member of both the CFA Institute and the CFA Society of Dallas/Fort Worth.

*Jill R. Rayburn, JD*. Dr. Rayburn serves as the University General Counsel for North Greenville University, since 2017. In addition, she serves or has served North Greenville University as an adjunct professor, Assistant Provost for Academic Outreach and Director of Professional Programs / Title IX Coordinator from 2019 to 2020 and Director of Academic Engagement and Outreach from 2017 to 2018. Dr. Rayburn is the Managing Partner for the Richey Family, GP, Richey Girls, GP and Richey Development, GP, since 2007. She also serves on the Board of Directors of the Upstate Homeschool Co-op and the Better Business Bureau Education Foundation, and on the Credentials Committee of the Southern Baptist Convention. She holds a Bachelor of Arts, summa cum laude, in Political Science/History with a minor in Economics from King College and a Doctor of Jurisprudence, with honors, from the University of Memphis Cecil C. Humphrey School of Law.

**The Board's Committees**

Currently, the Board has an Audit Committee, Compliance and Risk Committee, Investment Management Committee and a Nominating and Governance Committee. The responsibilities of each committee and its members are described below.

*Audit Committee.* The Board has an Audit Committee comprised only of the Independent Directors, Ms. Mankins, Dr. Rayburn and Messrs. Caldwell, Evans, George, McMillan and Murff. Pursuant to its charter, the Audit Committee has the responsibility, among other things, to (1) appoint the Trust's independent auditors; (2) review and approve the scope of the independent auditors' audit activity; (3) review the financial statements, which are the subject of the independent auditors' certifications; and (4) review with such independent auditors the adequacy of the Trust's basic accounting system and the effectiveness of the Trust's internal accounting controls. During the fiscal year ended December 31, 2025, there were three meetings of the Audit Committee.

*Compliance and Risk Committee.* The Board has a Compliance and Risk Committee comprised of Ms. Mankins, Dr. Rayburn and Messrs. Caldwell and Evans, all of whom are Independent Directors. Pursuant to its charter, the Compliance and Risk Committee has the responsibility, among other things, to (1) oversee generally the management of the Trust's operational, information security, compliance, regulatory, strategic, reputational and other risks; (2) oversee generally matters relating to the Trust's compliance controls and related policies and procedures; and (3) act as a liaison between the CCO of the Trust and the full Board when necessary and appropriate. The Compliance and Risk Committee was established in February 2015. During the fiscal year ended December 31, 2025, there were four meetings of the Compliance and Risk Committee.

*Investment Management Committee.* The Board has an Investment Management Committee comprised of only Independent Directors, Messrs. George, McMillan and Murff. Pursuant to its charter, the Investment Management

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Committee has the responsibility, among other things, to (1) review information in consideration of investment advisory and sub-advisory agreements; (2) make recommendations to the Board regarding the initial approval, reapproval or termination of investment advisory or sub-advisory agreements; (3) monitor sub-advisers to identify those that may require review by the Trust's management or further discussion or review by the Board; and (4) serve as a liaison between the Trust's management and the Board involving changes in a Fund's investment objectives and strategies, changes at the Adviser or Sub-Advisers and other material developments related to the investment management of the Funds that may warrant Board consideration. The Investment Management Committee was established in August 2011. During the fiscal year ended December 31, 2025, there were four meetings of the Investment Management Committee.

*Nominating and Governance Committee.* The Board has a Nominating and Governance Committee, comprised only of the Independent Directors, Ms. Mankins, Dr. Rayburn and Messrs. Caldwell, Evans, George, McMillan and Murff. Pursuant to its charter, the Nominating and Governance Committee is responsible for the nomination of candidates to serve as Directors and to monitor Board governance matters. The Trust's governing documents provide that only shareholders, by a vote of a majority of the outstanding shares, may fill vacancies in the Board or otherwise elect a Director. The Trust documents further provide that the selection and nomination of persons to fill vacancies on the Board to serve as Independent Directors shall be committed to the discretion of the Independent Directors then serving, provided that shareholders may also nominate and select persons to serve in these positions. During the fiscal year ended December 31, 2025, there were two meetings of the Nominating and Governance Committee.

Shareholders owning 50% or more of the outstanding voting securities of the Trust may submit nominations for Director candidates in writing to the attention of Melanie Childers, Vice President – Fund Operations and Secretary, GuideStone Funds, 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152.

*Security and Other Interests.* The following table sets forth the dollar range of equity securities beneficially owned by each Director in all Funds (which for each Director comprise all registered investment companies within the Trust's family of investment companies overseen by him), as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity Securities**<br> **in each Series of the Trust**<br>| **Aggregate Dollar Range of Equity Securities** <br> **in All Registered Investment Companies**<br> **Overseen by Director within the**<br> **Family of Investment Companies**<br>|
| **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** |
| Brandon Pizzurro | $10,001-$50,000 in the MyDestination 2055 Fund<br> $10,001-$50,000 in the Strategic Alternatives Fund<br> $10,001-$50,000 in the Defensive Market Strategies Fund<br> $10,001-$50,000 in the Impact Bond Fund<br> $10,001-$50,000 in the Global Real Estate Securities Fund<br> $50,001-$100,000 in the Value Equity Fund<br> $50,001-$100,000 in the Growth Equity Fund<br> $50,001-$100,000 in the Small Cap Equity Fund<br> Over $100,000 in the International Equity Fund<br> $50,001-$100,000 in the Emerging Market Equity Fund<br>| Over $100,000 |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| James D. Caldwell |  |  |
| Thomas G. Evans | Over $100,000 in the MyDestination 2025 Fund | Over $100,000 |
| William Craig George |  |  |
| Deanna A. Mankins |  |  |
| David B. McMillan | $1-10,000 in the Money Market Fund<br> $50,001-$100,000 in the Equity Index Fund<br> $50,001-$100,000 in the Value Equity Index Fund<br> $50,001-$100,000 in the Value Equity Fund<br> $50,001-$100,000 in the Growth Equity Index Fund<br> $50,001-$100,000 in the Growth Equity Fund <br>| Over $100,000 |

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GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity Securities**<br> **in each Series of the Trust**<br>| **Aggregate Dollar Range of Equity Securities** <br> **in All Registered Investment Companies**<br> **Overseen by Director within the**<br> **Family of Investment Companies**<br>|
| Ronald D. Murff | Over $100,000 in the Aggressive Allocation Fund<br> Over $100,000 in the Growth Equity Fund<br> Over $100,000 in the Small Cap Equity Fund<br>| Over $100,000 |
| Jill R. Rayburn | $50,001-$100,000 in the MyDestination 2035 Fund<br> Over $100,000 in Low-Duration Bond Fund<br>| Over $100,000 |

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As a group, the Directors and officers of the Trust owned less than 1% of each Class of the Fund, as of [March 31, 2025.]

As of December 31, 2025, the Independent Directors or their respective immediate family members (spouse or dependent children) did not own beneficially or of record any securities of the Trust's Adviser, Sub-Advisers or Underwriter, or in any person directly or indirectly controlling, controlled by, or under common control with the Adviser, Sub-Advisers or Underwriter.

Dr. Rayburn's spouse and Mr. Murff's spouse are members in the Southern Baptist Churches 403(b)(9) Retirement Plan established and maintained by GuideStone Financial Resources.

*Compensation.* Effective January 1, 2024, the Trust began compensating the Independent Directors. In addition, the Trust reimburses the Directors for any expense incurred in attending meetings. The Trust does not compensate officers for the services they provide to the Funds. The Trust pays each Independent Director annual compensation for his or her services as a Director of the Trust. In recognition for his services, the compensation paid to the Board chairman is larger than the compensation paid to the other members of the Board. The Independent Directors are also reimbursed for travel expenses incurred in connection with attending such meetings. The Trust may pay the incidental costs of an Independent Director to attend training or other types of conferences relating to the investment company industry.

The following table sets forth information with respect to the compensation of each Interested and Independent Director for the fiscal year ended December 31, 2025.

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| | |
|:---|:---|
| **Name of Director** | **Total Compensation from the Trust** |
| **INTERESTED DIRECTOR AND OFFICER** | **INTERESTED DIRECTOR AND OFFICER** |
| Brandon Pizzurro<sup>(1)</sup> <br>|  |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| James D. Caldwell | $80000 |
| Thomas G. Evans | $80000 |
| William Craig George | $100000 |
| David B. McMillan | $80000 |
| Deanna A. Mankins | $80000 |
| Ronald D. Murff | $80000 |
| Jill R. Rayburn | $80000 |

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(1) As an Interested Director who is an officer and employee of GuideStone Financial Resources and/or its affiliates, Mr. Pizzurro did not receive any compensation from the Trust for his services.

The Trust does not provide pension or retirement benefits to its Directors.

The Trust's officers do not receive fees from the Trust for services in such capacities.

*The Adviser.* The Funds have employed GuideStone Capital Management, LLC, a Texas limited liability company, as the Adviser. GuideStone Financial Resources indirectly controls the Adviser. GuideStone Financial Resources was established in 1918 and exists to assist churches and other Southern Baptist entities by making available

Statement of Additional Information

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retirement plan services, life and health coverage, risk management programs and personal and institutional investment programs. GuideStone Financial Resources is a Texas non-profit corporation of which the Southern Baptist Convention, a Georgia non-profit corporation, is the sole member.

*The Sub-Advisers.* The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric Portfolio Associates LLC ("Parametric") whereby Parametric is responsible for monitoring and investing cash balances of each Fund, except the Money Market Fund. The Adviser and the Sub-Adviser(s) for each Fund determine the amount of each Fund's cash balances. Under the agreement, Parametric may from time to time invest in long positions in U.S. Treasury securities and/or derivative instruments (*e.g.,* exchange listed equity index futures contracts, currency futures, non-U.S. government bond futures and U.S. Treasury futures contracts) and/or invest in short positions in credit default swap indexes within the Target Date Funds and Target Risk Funds in order to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For each Fixed Income Select Fund (except the Money Market Fund), Parametric may also from time to time invest in long positions in derivative instruments (*e.g.,* U.S. Treasury futures contracts, non-U.S. government bond futures and currency futures) and/or invest in short positions in credit default swap indexes to adjust the market exposure on cash balances. For each Equity Select Fund, Parametric may from time to time invest in long or short positions in exchange listed equity index futures contracts and/or currency futures contracts to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For the Strategic Alternatives Fund, Parametric may invest in long or short positions in exchange listed equity futures contracts and U.S. Treasury futures contracts to gain market exposure on cash balances and to reduce Fund-level duration.

The Adviser and the Trust have also entered into a Sub-Advisory Agreement with Parametric on behalf of the Funds (except the Money Market Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund) whereby Parametric may be responsible for implementing temporary investment portfolios designed to ensure that a Fund maintains its desired risk exposure. A completion portfolio may be employed, for example, if a Sub-Adviser exhibits style drift, thereby causing a Fund's risk/return profile and style orientation to be inconsistent with the Fund's stated objective. In such a situation, the Adviser may direct Parametric to apply the appropriate completion portfolio to restore the Fund to its desired portfolio alignment.

In addition, the Adviser and the Trust have entered into Sub-Advisory Agreements with the Sub-Advisers to manage each Select Fund's investment securities. It is the responsibility of the Sub-Advisers, under the general supervision of the Adviser, to make day-to-day investment decisions for the Select Funds. The Sub-Advisers also place purchase and sell orders for portfolio transactions of the Select Funds in accordance with each Select Fund's investment objectives and policies. The Adviser allocates the portion of each Select Fund's assets for which a Sub-Adviser will make investment decisions. The Adviser may make reallocations at any time in its discretion. The Adviser may, from time to time, elect to trade individual stocks, fixed income securities, third-party mutual funds, ETFs, closed-end interval funds, private funds and similar pooled investment vehicles for a Fund.

*Advisory Fees.* Under the Advisory Agreement and Sub-Advisory Agreements, each Fund pays to the Adviser and its Sub-Advisers advisory fees, which are computed daily and paid monthly, based on annual rates of the Fund's average net assets. The fee is allocated daily to each share class based on the proportionate net assets of each share class of a Fund in relation to the net assets of the Fund as a whole.

For the past three fiscal years ended December 31, advisory fees paid to the Adviser and the aggregate advisory fees paid to the Sub-Advisers were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | &nbsp;&nbsp; **Paid to**<br> **Adviser**<br>| &nbsp;&nbsp; **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>|
| MyDestination 2015 |  |  | &nbsp;&nbsp; $701681 | &nbsp;&nbsp; $51273 | &nbsp;&nbsp; $650840 | &nbsp;&nbsp; $46032 |
| MyDestination 2025 |  |  | &nbsp;&nbsp; 1869655 | &nbsp;&nbsp; 80134 | &nbsp;&nbsp; 1687642 | &nbsp;&nbsp; 62960 |

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GuideStone Funds

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|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | &nbsp;&nbsp; **Paid to**<br> **Adviser**<br>| &nbsp;&nbsp; **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>|
| MyDestination 2035 |  |  | &nbsp;&nbsp; 1820465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499970 | &nbsp;&nbsp; — |
| MyDestination 2045 |  |  | &nbsp;&nbsp; 1489705 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172302 | &nbsp;&nbsp; — |
| MyDestination 2055 |  |  | &nbsp;&nbsp; 723920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 520312 | &nbsp;&nbsp; — |
| MyDestination 2065<sup>(1)</sup> <br>|  |  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Conservative Allocation |  |  | &nbsp;&nbsp; 418375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 424621 | &nbsp;&nbsp; — |
| Balanced Allocation |  |  | &nbsp;&nbsp; 1269496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1227365 | &nbsp;&nbsp; — |
| Moderately Aggressive Allocation |  |  | &nbsp;&nbsp; 1063654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 982430 | &nbsp;&nbsp; — |
| Aggressive Allocation |  |  | &nbsp;&nbsp; 1053329 | &nbsp;&nbsp; — | &nbsp;&nbsp; 930477 | &nbsp;&nbsp; — |
| Money Market |  |  | &nbsp;&nbsp; 1156787 | &nbsp;&nbsp; 661012 | &nbsp;&nbsp; 1095995 | &nbsp;&nbsp; 626291 |
| Low-Duration Bond |  |  | &nbsp;&nbsp; 984097 | &nbsp;&nbsp; 1652391 | &nbsp;&nbsp; 1217697 | &nbsp;&nbsp; 1898058 |
| Medium-Duration Bond |  |  | &nbsp;&nbsp; 3529106 | &nbsp;&nbsp; 5305528 | &nbsp;&nbsp; 2714443 | &nbsp;&nbsp; 4189923 |
| Global Bond |  |  | &nbsp;&nbsp; 1481257 | &nbsp;&nbsp; 1332037 | &nbsp;&nbsp; 1377239 | &nbsp;&nbsp; 1223788 |
| Strategic Alternatives |  |  | &nbsp;&nbsp; 1027294 | &nbsp;&nbsp; 1300759 | &nbsp;&nbsp; 958320 | &nbsp;&nbsp; 1267476 |
| Defensive Market Strategies |  |  | &nbsp;&nbsp; 4852188 | &nbsp;&nbsp; 3894086 | &nbsp;&nbsp; 4347116 | &nbsp;&nbsp; 3619611 |
| Impact Bond<sup>(2)</sup> <br>|  |  | &nbsp;&nbsp; 127459 | &nbsp;&nbsp; 191255 | &nbsp;&nbsp; 96137 | &nbsp;&nbsp; 145592 |
| Equity Index |  |  | &nbsp;&nbsp; 3438338 | &nbsp;&nbsp; 268128 | &nbsp;&nbsp; 2649958 | &nbsp;&nbsp; 219302 |
| Global Real Estate Securities |  |  | &nbsp;&nbsp; 778091 | &nbsp;&nbsp; 983964 | &nbsp;&nbsp; 756814 | &nbsp;&nbsp; 963950 |
| Value Equity Index |  |  | &nbsp;&nbsp; 149192 | &nbsp;&nbsp; 31192 | &nbsp;&nbsp; 126478 | &nbsp;&nbsp; 26134 |
| Value Equity |  |  | &nbsp;&nbsp; 3468719 | &nbsp;&nbsp; 2814136 | &nbsp;&nbsp; 3111457 | &nbsp;&nbsp; 2682000 |
| Growth Equity Index |  |  | &nbsp;&nbsp; 201269 | &nbsp;&nbsp; 42001 | &nbsp;&nbsp; 137113 | &nbsp;&nbsp; 28249 |
| Growth Equity |  |  | &nbsp;&nbsp; 5550635 | &nbsp;&nbsp; 4766970 | &nbsp;&nbsp; 4458845 | &nbsp;&nbsp; 3891774 |
| Small Cap Equity |  |  | &nbsp;&nbsp; 2581544 | &nbsp;&nbsp; 4244578 | &nbsp;&nbsp; 2380832 | &nbsp;&nbsp; 3845972 |
| International Equity Index |  |  | &nbsp;&nbsp; 1110017 | &nbsp;&nbsp; 110246 | &nbsp;&nbsp; 856458 | &nbsp;&nbsp; 97854 |
| International Equity |  |  | &nbsp;&nbsp; 3956533 | &nbsp;&nbsp; 5121996 | &nbsp;&nbsp; 3515619 | &nbsp;&nbsp; 4523051 |
| Emerging Markets Equity |  |  | &nbsp;&nbsp; 2524265 | &nbsp;&nbsp; 3935924 | &nbsp;&nbsp; 2438975 | &nbsp;&nbsp; 3797741 |

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(1) Inception date was December 31, 2025.

(2) Inception date was January 27, 2023.

The Adviser has agreed to reimburse expenses for certain Funds, which exceed, in the aggregate, a specified annual percentage rate of the average daily net assets of the Fund's Institutional Class and/or Investor Class (the "Expense Limitation"), which are set forth in the Prospectus for the Fund. [For each Target Date Fund, the Expense Limitation, which will remain in place until April 30, 2027, applies to the operating expenses of each Fund, excluding extraordinary expenses. For the applicable Select Funds, as set forth in the Prospectus, the Expense Limitation applies to direct Fund operating expenses only (without regard to any expense reductions through the use of directed brokerage) and does not include interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses in connection with the short sales of securities and will remain in place until April 30, 2027.]

The shareholder servicing agent, Adviser and/or Sub-Adviser may voluntarily waive fees and/or reimburse expenses to the extent necessary to assist the Money Market Fund in attempting to maintain a yield of at least 0.00%. Such yield waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the shareholder servicing agent, Adviser and/or Sub-Adviser. There is no guarantee that the Money Market Fund will maintain a positive yield.

Statement of Additional Information

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For the fiscal years ended December 31, the Adviser reimbursed fees and was repaid expenses as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | &nbsp;&nbsp; **Fees**<br> **Reimbursed**<br>| &nbsp;&nbsp; **Expenses**<br> **Repaid**<br>| **Fees**<br> **Reimbursed**<br>| **Expenses**<br> **Repaid**<br>| **Fees**<br> **Reimbursed**<sup>(1)</sup><br>| **Expenses**<br> **Repaid**<br>|
| MyDestination 2015 |  |  | &nbsp;&nbsp; $224957 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187561 | &nbsp;&nbsp; $11741 |
| MyDestination 2025 |  |  | &nbsp;&nbsp; 409011 | &nbsp;&nbsp; 20587 | &nbsp;&nbsp; 380655 | &nbsp;&nbsp; 60564 |
| MyDestination 2035 |  |  | &nbsp;&nbsp; 268190 | &nbsp;&nbsp; 10453 | &nbsp;&nbsp; 274075 | &nbsp;&nbsp; 61236 |
| MyDestination 2045 |  |  | &nbsp;&nbsp; 5110 | &nbsp;&nbsp; 54449 | &nbsp;&nbsp; 69672 | &nbsp;&nbsp; 20334 |
| MyDestination 2055 |  |  | &nbsp;&nbsp; 17373 | &nbsp;&nbsp; 41407 | &nbsp;&nbsp; 63127 | &nbsp;&nbsp; 78412 |
| MyDestination 2065<sup>(2)</sup> <br>|  |  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Conservative Allocation |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Balanced Allocation |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Moderately Aggressive Allocation |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Aggressive Allocation |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Low-Duration Bond |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Medium-Duration Bond |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Global Bond |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Strategic Alternatives |  |  | &nbsp;&nbsp; 175639 | &nbsp;&nbsp; 22279 | &nbsp;&nbsp; 600144 |  |
| Defensive Market Strategies |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Impact Bond<sup>(3)</sup> <br>|  |  | &nbsp;&nbsp; 188548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 258036 | &nbsp;&nbsp; — |
| Equity Index |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Global Real Estate Securities |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Equity Index |  |  | &nbsp;&nbsp; 66057 | &nbsp;&nbsp; 4902 | &nbsp;&nbsp; 114915 | &nbsp;&nbsp; — |
| Value Equity |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Growth Equity Index |  |  | &nbsp;&nbsp; 35484 | &nbsp;&nbsp; 36543 | &nbsp;&nbsp; 108679 | &nbsp;&nbsp; — |
| Growth Equity |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Equity |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Equity Index |  |  | &nbsp;&nbsp; 35769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23846 | &nbsp;&nbsp; — |
| International Equity |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Emerging Markets Equity |  |  | &nbsp;&nbsp; 304230 | &nbsp;&nbsp; 27824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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(1) Also includes Shareholder Service Fee waivers.

(2) Inception date was December 31, 2025.

(3) Inception date was January 27, 2023.

Certain Funds have agreed to repay the Adviser the amount of any such reimbursement in the future, provided that the repayments are made within three years of the reimbursements being made and the amount of repayments does not cause the Fund to exceed its expense limitation at the time of the reimbursement or the Fund's expense limitation at the time of the repayment, whichever is lower. If the actual expense ratio is less than the expense limitation and the Adviser has recouped any eligible previous payments made, the Fund will be charged such lower expenses. Fee reimbursements will increase returns and yield, and a repayment will decrease returns and yield.

From time to time, the Adviser may enter into a Sub-Advisory Agreement with a Sub-Adviser that manages multiple Funds in the Trust's complex. In certain cases where the advisory fee schedule under the Sub-Advisory Agreement includes breakpoints that reduce the fee as assets increase, the net assets of the other Funds advised by the Sub-Adviser may be aggregated for purposes of calculating the fee payable under the Sub-Advisory Agreement.

From time to time, a Sub-Adviser may waive a portion of its fees and/or pay expenses of one or more of the Funds out of the Sub-Adviser's own assets.

GuideStone Funds

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The Select Funds have been granted an order by the SEC that permits the Adviser, subject to approval by the Board of Directors, to hire Sub-Advisers without shareholder approval and to make material changes to the Sub-Advisory Agreements, provided that shareholders of the applicable Select Fund will be notified of such a change within 90 days. Changes in a Fund's sub-advisory arrangements may result in increased transaction costs due to restructuring of the Fund's portfolio, which may negatively affect the Fund's performance.

The Adviser reviews the Sub-Advisers' performance, allocates assets of each Select Fund among them and makes recommendations to the Board of Directors regarding changes to the Sub-Advisers selected. To the extent that the Adviser re-allocates a Select Fund's assets to an existing Sub-Adviser that charges a higher sub-advisory fee, the Select Fund may be subject to increased sub-advisory fees and, therefore, a higher overall management fee.

The Adviser directs the Sub-Advisers to place security trades through designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses on behalf of the Equity Funds. The amount of operating expenses paid through such brokerage service arrangements for the fiscal year ended December 31, 2025, were as follows:

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| | |
|:---|:---|
| **Fund** | **Expenses Paid Through** <br> **Brokerage Service Arrangements**<br>|
| [Defensive Market Strategies | $105] |
| [Global Real Estate Securities | 17,286] |
| [Value Equity | 4,189] |
| [Growth Equity | 9,044] |
| [Small Cap Equity | 74,659] |
| [Emerging Markets Equity | 91] |

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*Securities Lending Activities*. The Northern Trust Company serves as the securities lending agent for the Select Funds and in that role administers each Fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Trust and The Northern Trust Company.

During the last fiscal year, The Northern Trust Company selected securities to be loaned; located borrowers; monitored loan opportunities for each participating Fund; negotiated the terms of the loans with borrowers; monitored the value of the securities on loan and the value of the corresponding collateral; invested cash collateral in accordance with the Trust's instructions; maintained custody of non-cash collateral; communicated with borrowers regarding daily marking to market the collateral; arranged for the return of the loaned securities and collateral upon the termination of the loan; managed entitlements; posted earned revenue and expenses; and performed recordkeeping and accounting services.

Statement of Additional Information

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The table below sets forth, for the fiscal year ended December 31, 2025, each Select Fund's gross income received from securities lending activities, the fees and/or other compensation paid by a Fund for securities lending activities and the net income earned by a Fund for securities lending activities. The table below also discloses any other fees or payments incurred by each Fund resulting from lending securities.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Income** | **Fees and/or Compensation\*** | **Fees and/or Compensation\*** | **Fees and/or Compensation\*** | **Fees and/or Compensation\*** | **Aggregate Fees /**<br> **Compensation** | **Net Income** |
| **Fund** | **Gross Income** | **Fees Paid to**<br> **Securities**<br> **Lending Agent**<br> **from a**<br> **Revenue Split**<br>| **Fees Paid for**<br> **Any Cash**<br> **Collateral**<br> **Management**<br> **Service**<br>| **Rebate (Paid**<br> **to**<br> **Borrower)\*\***<br>| **Other Fees Not**<br> **Included in Revenue**<br> **Split (Specify)**<br>| **Aggregate Fees /**<br> **Compensation** | **Net Income** |
| Money Market | $— | $— |  | $— |  | $— | $— |
| Low-Duration Bond | [$505,674] | [$15,286] |  | [$403,670] |  | [$418,956] | [$86,718] |
| Medium-Duration Bond | &nbsp;&nbsp; [2,040,997] | &nbsp;&nbsp; [39,443] |  | &nbsp;&nbsp; [1,777,653] |  | &nbsp;&nbsp; [1,817,095] | &nbsp;&nbsp; [223,902] |
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp; [958,763] | &nbsp;&nbsp; [23,292] |  | &nbsp;&nbsp;&nbsp;&nbsp; [803,332] |  | &nbsp;&nbsp;&nbsp;&nbsp; [826,625] | &nbsp;&nbsp; [132,138] |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Defensive Market Strategies | &nbsp;&nbsp; [1,161,164] | &nbsp;&nbsp; [65,261] |  | &nbsp;&nbsp;&nbsp;&nbsp; [726,153] |  | &nbsp;&nbsp;&nbsp;&nbsp; [791,414] | &nbsp;&nbsp; [369,750] |
| Impact Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6,618] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [43] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2,968] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [3,012] | &nbsp;&nbsp;&nbsp;&nbsp; [3,606] |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp; [444,914] | &nbsp;&nbsp; [45,770] |  | &nbsp;&nbsp;&nbsp;&nbsp; [139,728] |  | &nbsp;&nbsp;&nbsp;&nbsp; [185,499] | &nbsp;&nbsp; [259,415] |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp; [406,402] | &nbsp;&nbsp;&nbsp; [2,251] |  | &nbsp;&nbsp;&nbsp;&nbsp; [353,533] |  | &nbsp;&nbsp;&nbsp;&nbsp; [355,784] | &nbsp;&nbsp;&nbsp; [50,618] |
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [42,085] | &nbsp;&nbsp;&nbsp; [3,273] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [20,209] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [23,481] | &nbsp;&nbsp;&nbsp; [18,604] |
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp; [328,616] | &nbsp;&nbsp; [18,269] |  | &nbsp;&nbsp;&nbsp;&nbsp; [206,792] |  | &nbsp;&nbsp;&nbsp;&nbsp; [225,062] | &nbsp;&nbsp; [103,554] |
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [19,770] | &nbsp;&nbsp;&nbsp; [1,087] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [12,504] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [13,590] | &nbsp;&nbsp;&nbsp;&nbsp; [6,180] |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp; [145,717] | &nbsp;&nbsp; [10,312] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [76,938] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [87,251] | &nbsp;&nbsp;&nbsp; [58,466] |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp; [646,365] | &nbsp;&nbsp; [46,155] |  | &nbsp;&nbsp;&nbsp;&nbsp; [338,014] |  | &nbsp;&nbsp;&nbsp;&nbsp; [384,169] | &nbsp;&nbsp; [262,196] |
| International Equity Index | &nbsp;&nbsp; [1,897,489] | &nbsp;&nbsp; [27,005] |  | &nbsp;&nbsp; [1,717,379] |  | &nbsp;&nbsp; [1,744,384] | &nbsp;&nbsp; [153,105] |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp; [974,579] | &nbsp;&nbsp; [14,819] |  | &nbsp;&nbsp;&nbsp;&nbsp; [875,747] |  | &nbsp;&nbsp;&nbsp;&nbsp; [890,566] | &nbsp;&nbsp;&nbsp; [84,013] |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; [132,547] | &nbsp;&nbsp;&nbsp; [7,372] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [83,382] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [90,754] | &nbsp;&nbsp;&nbsp; [41,793] |

---

\*

The Funds do not pay any administrative, indemnification or any other fees that are not included in the revenue split.

\*\*

A negative rebate increases earnings and decreases fees due to securities on loan that have high demand and borrowers that are willing to pay additional fees to borrow.

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*Control Persons of Sub-Advisers:* The following is a description of parties who control the Sub-Advisers.

***Target Date Funds:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

***Target Risk Funds:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

***Money Market Fund:***

*BlackRock Advisors, LLC ("BA"), 100 Bellevue Parkway, Wilmington, Delaware 19809:* BA is an indirect, wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately [$11.6 trillion] in assets under management as of December 31, 2025. BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors.

***Low-Duration Bond Fund:***

*BlackRock Financial Management, Inc. ("BlackRock Financial"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") are located at 415 10*<sup>th</sup> *Avenue, New York, New York 10055, Exchange Place One, 1 Semple Street, Edinburgh EH3 8BL, Scotland, and at Twenty Anson, 20 Anson Road, #18-01, Singapore, Singapore 079912, respectively:* BlackRock Financial, BIL and BSL are indirect wholly owned subsidiaries of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately [$11.6 trillion] in assets under management as of December 31, 2025. BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors.

*Brown Brothers Harriman Credit Partners, LLC ("BBHCP"), 140 Broadway, New York, New York 10005:* BBHCP is controlled by and is a majority owned subsidiary of Brown Brothers Harriman & Co. ("BBH"). It is managed by the firm's chief executive officer and other principal officers under the direction of Daniel Greifenkamp, Chief Executive Officer. BBHCP is overseen by a board of directors, consisting of partners and principals (*i.e*., most senior executives) of BBH, who have retained certain responsibilities. Mr. Greifenkamp oversees the daily operations of BBHCP.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92260:* PIMCO is a majority owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent entity. Through various holding company structures, Allianz Asset Management is majority

Statement of Additional Information

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owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. The management and operational oversight of Allianz Asset Management is carried out by its Management Board, the sole member of which is currently Tucker J. Fitzpatrick.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*Payden & Rygel, 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071:* Payden & Rygel is a California C-Corporation and privately held by employee shareholders, all of whom are active in the firm's business. Joan Payden, CFA, President and Chief Executive Officer, owns more than 50% but less than 75% of the outstanding voting securities of Payden & Rygel. Brian Matthews, CFA owns more than 5% but less than 10% of the outstanding voting securities of Payden & Rygel, and the remaining shareholders each own less than 5% of the shares.

***Medium-Duration Bond Fund:***

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM has been a registered investment adviser since 1990. GSAM provides a wide range of discretionary and investment advisory services, actively managed and quantitatively driven, for the firm's clients. GSAM is an indirect wholly-owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman Sachs & Co. LLC. Founded in 1869, The Goldman Sachs Group, Inc is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm.

*Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa Monica, California 90401:* Guggenheim is a Delaware limited liability company formed on September 29, 2005. Guggenheim is an indirect wholly owned subsidiary of Guggenheim Capital, LLC, an affiliate of Guggenheim Partners, LLC. Guggenheim Partners, LLC is a global, diversified financial services firm with more than [$330 billion] in assets under management as of December 31, 2025. Assets under management include consulting services for clients whose assets are valued at approximately [$97 billion.]

*Loomis, Sayles & Company, L.P. ("Loomis Sayles")*, *One Financial Center, Boston, Massachusetts 02111:* Loomis Sayles is a Delaware limited partnership. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc, is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of Groupe BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92260:* PIMCO is a majority owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent entity. Through various holding company structures, Allianz Asset Management is majority

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owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. The management and operational oversight of Allianz Asset Management is carried out by its Management Board, the sole member of which is currently Tucker J. Fitzpatrick.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

***Global Bond Fund:***

*Loomis, Sayles & Company, L.P. ("Loomis Sayles")*, *One Financial Center, Boston, Massachusetts 02111:* Loomis Sayles is a Delaware limited partnership. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc, is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of Groupe BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

*MFS Institutional Advisors, Inc. ("MFSI"), 111 Huntington Avenue, Boston, Massachusetts 02199:* MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is the oldest U.S. mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company).

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is a registered investment adviser and an indirect subsidiary of Neuberger Berman Group LLC ("NBG"). NBG is a holding company that through its subsidiaries provides a broad range of global asset management services. NBG's voting equity is owned by NBSH Acquisition, LLC ("NBSH"). NBSH is owned by current and former employees, directors, consultants and, in certain instances, their permitted transferees.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

***Strategic Alternatives Fund:***

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830:* AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., MBA, may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

Statement of Additional Information

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*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM has been a registered investment adviser since 1990. GSAM provides a wide range of discretionary and investment advisory services, actively managed and quantitatively driven, for the firm's clients. GSAM is an indirect wholly-owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman Sachs & Co. LLC. Founded in 1869, The Goldman Sachs Group, Inc is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*P/E Global LLC ("P/E Global"), 75 State Street, 31*<sup>st</sup> *Floor, Boston, Massachusetts 02109:* P/E Global is a registered investment adviser providing investment advisory and portfolio management services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E Global. Warren Naphtal and Mary Naphtal own a controlling interest in P/E Strategic LLC. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. P/E Capital LLC, a Delaware limited liability company, is the sole owner of P/E Investments LLC. P/E Asset Management LLC, a Delaware limited liability company, owns 75% of P/E Capital LLC. P/E Investments, Inc., a Delaware corporation, owns 100% of P/E Asset Management LLC. Mr. Naphtal and Ms. Naphtal own P/E Investments, Inc.

*SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067*: SSI, a Delaware limited liability company, is owned approximately 54.3% by Resolute Investment Managers Inc. ("Resolute"), a diversified, multi-affiliate asset management platform, and approximately 6.54% by SSI officers, with approximately 39.2% owned by Team SSI LLC, an entity controlled by SSI officers. Resolute is an indirect wholly owned subsidiary of Resolute Topco, Inc. ("Topco"). Topco is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco. George M. Douglas, CFA, Chief Investment Officer and Managing Principal of SSI, is a material indirect owner of SSI through Team SSI LLC.

***Defensive Market Strategies Fund:***

*J.P. Morgan Investment Management Inc. ("JPMIM"), 270 Park Avenue, New York, NY 10017:* JPMIM is registered with the SEC as an investment adviser. JPMorgan Asset Management Holdings Inc. is a subsidiary of JPMorgan Chase & Co. ("JPMC"), a bank holding company, which provides discretionary investment services to institutional clients, and owns all of the common stock of JPMIM. JPMC is a publicly traded corporation listed on the New York and London stock exchanges (ticker: JPM).

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is a registered investment adviser and an indirect subsidiary of Neuberger Berman Group LLC ("NBG"). NBG is a holding company that through its subsidiaries provides a broad range of global asset management services. NBG's voting equity is owned by NBSH Acquisition, LLC ("NBSH"). NBSH is owned by current and former employees, directors, consultants and, in certain instances, their permitted transferees.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

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*PGIM Quantitative Solutions LLC ("PGIM QS"), 655 Broad Street, Newark, New Jersey 07102:* PGIM QS is a registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. PGIM QS is a wholly owned subsidiary and independently-operated subsidiary of PGIM, Inc. ("PGIM"), the global investment management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the New York Stock Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which is a wholly owned subsidiary of Prudential.

***Impact Bond Fund:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 50 South Sixth Street, Suite 2350, Minneapolis, Minnesota 55402:* RBC GAM US is a wholly owned subsidiary of RBC USA Holdco Corporation, which is an indirect, wholly owned subsidiary of the Royal Bank of Canada ("RBC"). RBC is publicly held and traded on the New York Stock Exchange and Toronto Stock Exchange.

***Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a registered investment adviser and is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc., which itself is a wholly owned subsidiary of Legal & General Investment Management Holdings, Limited ("LGIM(H)"). LGIM(H) is a financial services holding company wholly-owned by Legal & General Group PLC, a publicly-traded company in the United Kingdom.

***Global Real Estate Securities Fund:***

*Heitman Real Estate Securities LLC ("HRES"), 110 North Wacker Drive, Suite 4000, Chicago, Illinois 60606:* HRES is an SEC-registered investment adviser that has been in business since 1989. The firm is a wholly owned subsidiary of Heitman LLC, which is 100% owned indirectly by certain of the firm's senior officers through two Delaware limited liability companies, KE I LLC (99.95%) and KE 2 LLC (0.05%).

*RREEF America L.L.C. ("RREEF"), DWS, 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606:* RREEF is an indirect subsidiary of DWS KGaA, a German partnership limited by shares. DWS KGaA is a separate publicly listed financial services firm but is an indirect majority-owned subsidiary of Deutsche Bank AG, a publicly listed banking corporation organized under the laws of Germany.

***Value Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a registered investment adviser and is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc., which itself is a wholly owned subsidiary of Legal & General Investment Management Holdings, Limited ("LGIM(H)"). LGIM(H) is a financial services holding company wholly-owned by Legal & General Group PLC, a publicly-traded company in the United Kingdom.

Statement of Additional Information

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***Value Equity Fund:***

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century is a wholly owned, privately held subsidiary of American Century Companies, Inc. ("ACC"). ACC is a holding company for American Century and the other companies in the American Century Investments Complex. The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

*Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st Floor, Dallas, Texas 75201*: Barrow Hanley is majority owned by Perpetual Limited (Perpetual Group) (ASX: PPT), a global financial services firm operating a multi-boutique asset management business, as well as wealth management and trustee services businesses.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*TCW Investment Management Company, LLC ("TCW"), 1251 Avenue of the Americas, Suite 4700, New York, New York 10020:* TCW is a wholly owned subsidiary of The TCW Group, Inc. ("TCW Group"). In February 2013, TCW management and private investment funds affiliated with The Carlyle Group, LP (together with such affiliated, "Carlyle"), a global alternative asset manager, acquired TCW Group. On December 27, 2017, Nippon Life Insurance Company acquired a minority stake in TCW Group from Carlyle. Board representation and voting interests are as follows: TCW management and employees (44%), Carlyle Group (33%), and Nippon Life (22%).

***Growth Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a registered investment adviser and is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc., which itself is a wholly owned subsidiary of Legal & General Investment Management Holdings, Limited ("LGIM(H)"). LGIM(H) is a financial services holding company wholly-owned by Legal & General Group PLC, a publicly-traded company in the United Kingdom.

***Growth Equity Fund:***

*J.P. Morgan Investment Management Inc. ("JPMIM"), 270 Park Avenue, New York, NY 10017:* JPMIM is registered with the SEC as an investment adviser. JPMorgan Asset Management Holdings Inc. is a subsidiary of JPMorgan Chase & Co. ("JPMC"), a bank holding company, which provides discretionary investment services to institutional clients, and owns all of the common stock of JPMIM. JPMC is a publicly traded corporation listed on the New York and London stock exchanges (ticker: JPM).

*Loomis, Sayles & Company, L.P. ("Loomis Sayles")*, *One Financial Center, Boston, Massachusetts 02111:* Loomis Sayles is a Delaware limited partnership. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc, is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre

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Mendès France, 75013 Paris, France. The registered address of Groupe BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*Sands Capital Management, LLC ("Sands"), 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209:* Sands is a registered investment adviser founded in 1992. Sands is an independently owned limited liability company headquartered in Arlington, Virginia.

*William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606:* William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current William Blair and William Blair & Company employees.

***Small Cap Equity Fund:***

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century is a wholly owned, privately held subsidiary of American Century Companies, Inc. ("ACC"). ACC is a holding company for American Century and the other companies in the American Century Investments Complex. The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

*Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), 100 Campus Drive, 4th Floor East, Florham Park, New Jersey, 07932:* Jacobs Levy is equally owned and controlled by Bruce I. Jacobs, Ph.D., and Kenneth N. Levy, CFA.

*Nomura Investments Fund Advisers ("NIFA"), 100 Independence, 610 Market Street, Philadelphia, Pennsylvania, 19106:* NIFA is a series of Nomura Investment Management Business Trust ("NIMBT"), which is a Delaware statutory trust. NIMBT is a subsidiary of Nomura Holding America Inc. ("NHA"). NHA is a wholly owned subsidiary of Nomura Holdings, Inc., a publicly traded Japanese company.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

Statement of Additional Information

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*TimesSquare Capital Management, LLC ("TSCM"), 75 Rockefeller Plaza, 30*<sup>th</sup> *Floor, New York, New York 10019:* TSCM is an investment firm that is registered with the SEC. In November 2004, the firm entered into a strategic partnership with Affiliated Managers Group, Inc. TSCM was formed to succeed the growth equity investment advisory business of the firm's predecessor, TimesSquare Capital Management, Inc. TSCM is an investment management firm focused on meeting the needs of all clients.

***International Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a registered investment adviser and is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc., which itself is a wholly owned subsidiary of Legal & General Investment Management Holdings, Limited ("LGIM(H)"). LGIM(H) is a financial services holding company wholly-owned by Legal & General Group PLC, a publicly-traded company in the United Kingdom.

***International Equity Fund:***

*Altrinsic Global Advisors, LLC ("Altrinsic"), 300 First Stamford Place, Suite 750, Stamford, Connecticut 06902:* Altrinsic is a registered investment adviser focusing solely on international, global and emerging markets equity management. Altrinsic is employee-controlled and majority-owned. CI Global Investments Inc. ("CI"), a Canadian investment firm, owns approximately 11.4% of the outstanding equity units of Altrinsic. Employees own the remaining equity interest and retain 95.1% of the voting interests in Altrinsic.

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830:* AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., MBA, may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

*MFS Institutional Advisors, Inc. ("MFSI"), 111 Huntington Avenue, Boston, Massachusetts 02199:* MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is the oldest U.S. mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company).

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*WCM Investment Management, LLC ("WCM"), 281 Brooks Street, Laguna Beach, California 92651:* WCM is independently controlled entirely by its employees. Its CEO, Paul R. Black, and Chairman, Kurt R. Winrich, CFA, each own more than 25% of WCM.

*Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, Massachusetts 02210*: Wellington is a registered investment adviser and owned by 191 partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

GuideStone Funds

------

***Emerging Markets Equity Fund:***

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Suite 130, Greenwich, Connecticut 06830:* AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., MBA, may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM has been a registered investment adviser since 1990. GSAM provides a wide range of discretionary and investment advisory services, actively managed and quantitatively driven, for the firm's clients. GSAM is an indirect wholly-owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman Sachs & Co. LLC. Founded in 1869, The Goldman Sachs Group, Inc is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 100 Bishopsgate, London EC2N 4AA, United Kingdom:* RBC GAM UK is a wholly owned direct subsidiary of Royal Bank of Canada Holdings (U.K.) Limited, a company formed in the United Kingdom and which is a wholly owned subsidiary of the Royal Bank of Canada ("RBC"). RBC is publicly held and traded on the New York Stock Exchange and Toronto Stock Exchange.

*Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, Massachusetts 02210*: Wellington is a registered investment adviser and owned by 191 partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

***All Funds (except Money Market Fund) — Cash Overlay Program:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. The firm's direct, sole owner is Morgan Stanley Capital Management, LLC, a wholly owned subsidiary of Morgan Stanley. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

*Fund Expenses.* Each Fund pays the expenses incurred in its operations, including its pro rata share of expenses of the Trust. These expenses include investment advisory and administrative fees; registration fees; interest charges; taxes; expenses connected with the execution, recording and settlement of security transactions; fees and expenses of the custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; expenses of preparing and mailing reports to investors and to government offices and commissions; expenses of meetings of investors; fees and expenses of independent accountants and legal counsel; insurance premiums; and expenses of calculating the NAV of, and the net income on, shares. Each Target Date Fund and Target Risk Fund also bears its proportionate share of the operating expenses of the underlying mutual funds in which it holds shares. In addition, the Funds may allocate transfer agency and certain other expenses by Class.

Statement of Additional Information

------

*Other Accounts Managed.* The following table provides additional information about other accounts managed by portfolio managers and management team members jointly and primarily responsible for day-to-day management of the Funds for the fiscal year ended December 31, 2025.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Altrinsic Global Advisors, LLC\** |  |  |  |  |  |  |  |  |  |  |  |  |
| John L. DeVita, CFA, CPA |  |  |  |  |  |  |  |  |  |  |  |  |
| John D. Hock, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Rich McCormick, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *American Century Investment Management,* <br> *Inc.*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Ryan Cope, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Jeff John, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael Liss, CFA, CPA |  |  |  |  |  |  |  |  |  |  |  |  |
| Philip Sundell, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Kevin Toney, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Brian Woglom, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *AQR Capital Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Michele L. Aghassi, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Clifford S. Asness, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| John J. Huss |  |  |  |  |  |  |  |  |  |  |  |  |
| John M. Liew, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Laura Serban, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Barrow, Hanley, Mewhinney & Strauss, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| David W. Ganucheau, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Mark Giambrone |  |  |  |  |  |  |  |  |  |  |  |  |
| *BlackRock Financial Management, Inc.,* <br> *BlackRock International Limited and* <br> *BlackRock (Singapore) Limited*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Akiva Dickstein |  |  |  |  |  |  |  |  |  |  |  |  |
| Amanda Liu, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Scott MacLellan, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Siddharth Mehta |  |  |  |  |  |  |  |  |  |  |  |  |
| Sam Summers |  |  |  |  |  |  |  |  |  |  |  |  |
| *Brown Brothers Harriman Credit Partners,* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Andrew Hofer |  |  |  |  |  |  |  |  |  |  |  |  |
| Neil Hohmann |  |  |  |  |  |  |  |  |  |  |  |  |
| Paul Kunz, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *Driehaus Capital Management LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael Buck |  |  |  |  |  |  |  |  |  |  |  |  |
| Jeffrey James |  |  |  |  |  |  |  |  |  |  |  |  |
| Prakash Vijayan, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Goldman Sachs Asset Management, L.P.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Simon Dangoor |  |  |  |  |  |  |  |  |  |  |  |  |
| Lindsay Rosner |  |  |  |  |  |  |  |  |  |  |  |  |
| Paul Seary, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Basak Yavuz |  |  |  |  |  |  |  |  |  |  |  |  |
| *Guggenheim Partners Investment* <br> *Management, LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Adam J. Bloch |  |  |  |  |  |  |  |  |  |  |  |  |
| Steven H. Brown, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *GuideStone Capital Management, LLC\** |  |  |  |  |  |  |  |  |  |  |  |  |
| Joshua Chastant |  |  |  |  |  |  |  |  |  |  |  |  |
| Brandon Pizzurro |  |  |  |  |  |  |  |  |  |  |  |  |
| *Heitman Real Estate Securities LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Charles Harbin, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Jacques Perdrix |  |  |  |  |  |  |  |  |  |  |  |  |
| Damon Wang, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Jeffrey Yurk, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *Jacobs Levy Equity Management, Inc.\** |  |  |  |  |  |  |  |  |  |  |  |  |
| Bruce I. Jacobs, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Kenneth N. Levy, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *J.P. Morgan Investment Management Inc.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Matthew Bensen |  |  |  |  |  |  |  |  |  |  |  |  |
| Giri Devulapally, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Judy Jansen |  |  |  |  |  |  |  |  |  |  |  |  |
| Larry H. Lee |  |  |  |  |  |  |  |  |  |  |  |  |
| Robert Maloney  |  |  |  |  |  |  |  |  |  |  |  |  |
| Holly Morris |  |  |  |  |  |  |  |  |  |  |  |  |
| Hamilton Reiner |  |  |  |  |  |  |  |  |  |  |  |  |
| Joseph Wilson |  |  |  |  |  |  |  |  |  |  |  |  |
| Raffaele Zingone |  |  |  |  |  |  |  |  |  |  |  |  |
| *Legal & General Investment Management* <br> *America, Inc.\** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| David Barron, CFA, CAIA |  |  |  |  |  |  |  |  |  |  |  |  |
| Aodhagán Byrne, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Joseph LaPorta |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael O'Connor |  |  |  |  |  |  |  |  |  |  |  |  |
| Craig Parker, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Loomis, Sayles & Company, L.P.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Matthew J. Eagan, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Aziz V. Hamzaogullari |  |  |  |  |  |  |  |  |  |  |  |  |
| Brian P. Kennedy |  |  |  |  |  |  |  |  |  |  |  |  |
| *MFS Institutional Advisors, Inc.\** |  |  |  |  |  |  |  |  |  |  |  |  |
| Filipe Benzinho |  |  |  |  |  |  |  |  |  |  |  |  |
| Pilar Gomez-Bravo |  |  |  |  |  |  |  |  |  |  |  |  |
| Daniel Ling<sup>†</sup> <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Harry Purcell |  |  |  |  |  |  |  |  |  |  |  |  |
| Robert Spector |  |  |  |  |  |  |  |  |  |  |  |  |
| *Neuberger Berman Investment Advisers LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Ashok K. Bhatia, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| David M. Brown, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Derek Devens, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Robert Dishner |  |  |  |  |  |  |  |  |  |  |  |  |
| Rory Ewing |  |  |  |  |  |  |  |  |  |  |  |  |
| Adam Grotzinger, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Eric Zhou |  |  |  |  |  |  |  |  |  |  |  |  |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Nomura Investments Fund Advisers\** |  |  |  |  |  |  |  |  |  |  |  |  |
| Christopher S. Adams, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael S. Morris, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Donald G. Padilla, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| David E. Reidinger |  |  |  |  |  |  |  |  |  |  |  |  |
| Christina Van Het Hoen |  |  |  |  |  |  |  |  |  |  |  |  |
| *Pacific Investment Management Company* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Jerome Schneider |  |  |  |  |  |  |  |  |  |  |  |  |
| Marc Seidner |  |  |  |  |  |  |  |  |  |  |  |  |
| *Parametric Portfolio Associates LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Richard Fong, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Xiaozhen Li, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Jennifer Mihara |  |  |  |  |  |  |  |  |  |  |  |  |
| Zach Olsen, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Gordon Wotherspoon |  |  |  |  |  |  |  |  |  |  |  |  |
| *Payden & Rygel* |  |  |  |  |  |  |  |  |  |  |  |  |
| Brian Matthews, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Mary Beth Syal, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Adam Congdon, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *P/E Global LLC\** |  |  |  |  |  |  |  |  |  |  |  |  |
| Warren J. Naphtal |  |  |  |  |  |  |  |  |  |  |  |  |
| David J. Souza, Jr., CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *PGIM Quantitative Solutions LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Devang Gambhirwala |  |  |  |  |  |  |  |  |  |  |  |  |
| Joel M. Kallman, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Edward J. Tostanoski III, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *RBC Global Asset Management (U.K.)* <br> *Limited*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Philippe Langham, ACA |  |  |  |  |  |  |  |  |  |  |  |  |
| *RBC Global Asset Management (U.S.) Inc.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Brian Svendahl, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *RREEF America L.L.C.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Barry McConnell |  |  |  |  |  |  |  |  |  |  |  |  |
| Chris Robinson |  |  |  |  |  |  |  |  |  |  |  |  |
| Robert Thomas |  |  |  |  |  |  |  |  |  |  |  |  |
| David W. Zonavetch, CPA |  |  |  |  |  |  |  |  |  |  |  |  |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Sands Capital Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Benjamin H. Betcher, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Wesley A. Johnston, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Thomas H. Trentman, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *SSI Investment Management LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| George M. Douglas, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Dagney Maseda, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Alexander W. Volz |  |  |  |  |  |  |  |  |  |  |  |  |
| *TCW Investment Management Company, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Iman H. Brivanlou, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Matthew J. Spahn |  |  |  |  |  |  |  |  |  |  |  |  |
| *TimesSquare Capital Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Grant Babyak |  |  |  |  |  |  |  |  |  |  |  |  |
| David Ferriero, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Greg Vasse |  |  |  |  |  |  |  |  |  |  |  |  |
| *WCM Investment Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Sanjay Ayer, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Paul R. Black |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael B. Trigg |  |  |  |  |  |  |  |  |  |  |  |  |
| Jon Tringale |  |  |  |  |  |  |  |  |  |  |  |  |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | &nbsp;&nbsp; For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | &nbsp;&nbsp; **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>| &nbsp;&nbsp; **Number**<br> **of**<br> **Accounts**<br>| &nbsp;&nbsp; **Total**<br> **Assets**<br> **($mm)**<br>|
| *Wellington Management Company LLP* |  |  |  |  |  |  |  |  |  |  |  |  |
| Bo Z. Meunier, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Mary L. Pryshlak, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Jonathan G. White, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *William Blair Investment Management, LLC\** |  |  |  |  |  |  |  |  |  |  |  |  |
| James Golan, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| David Ricci, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

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\*

The Adviser or Sub-Adviser utilizes a team-based approach to portfolio management, and each of the portfolio managers listed are jointly and primarily responsible for the day-to-day management of a portion of the accounts listed in each category.

<sup>†</sup>

Effective June 1, 2026, Daniel Ling will retire and no longer serve as portfolio manager to the International Equity Fund.

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*Material Conflicts of Interest.* Material conflicts of interest that may arise in connection with the portfolio managers' management of the Select Funds' investments and the investments of the other accounts managed include conflicts between the investment strategy of a Select Fund and the investment strategy of other accounts managed by the portfolio manager and conflicts associated with the allocation of investment opportunities between a Select Fund and other accounts managed by the portfolio manager.

By implementing investment strategies of various accounts, a portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees or accounts of affiliated companies. Such favorable treatment could lead to more favorable investment opportunities for some accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, foundations and accounts managed on behalf of individuals) and commingled trust accounts.

Portfolio managers make investment decisions for each portfolio, including the Select Funds, based on the investment objectives, policies, practices and other relevant investment considerations that the portfolio managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio or may take similar actions for different portfolios at different times. Consequently, the mix of securities purchased in one portfolio may perform better than the mix of securities purchased for another portfolio. Similarly, the sale of securities from one portfolio may cause that portfolio to perform better than others if the value of those securities decline.

Potential conflicts of interest may also arise when allocating and/or aggregating trades. Sub-Advisers often aggregate into a single trade order several individual contemporaneous client trade orders in a single security. When trades are aggregated on behalf of more than one account, such transactions should be allocated to all participating client accounts in a fair and equitable manner. With respect to IPOs and other syndicated or limited offerings, accounts with the same or similar investment objectives should receive an equitable opportunity to participate meaningfully and should not be unfairly disadvantaged.

***Portfolio Manager Compensation:***

The following is a description of the structure of and method used to determine the compensation received by the Funds' portfolio managers or management team members from the Funds, the Adviser or any other source with respect to managing the Funds and any other accounts for the fiscal year ended December 31, 2025.

*Altrinsic Global Advisors, LLC ("Altrinsic").* Altrinsic is an employee-controlled and majority-owned firm. The portfolio managers are owners of the business and participate directly in the firm's earnings stream and value creation. Accordingly, they share a unique long- term focus. They also receive base salaries and 401(k) profit-sharing (available to U.S. employees) and are eligible for discretionary incentives and/or deferred compensation. Altrinsic believes the firm's compensation structure aligns the firm's interest with the interests of clients.

*American Century Investment Management, Inc. ("American Century").* American Century's portfolio manager compensation is structured to align the interests of portfolio managers with those of the shareholders whose assets they manage. It includes the components described as follows, each of which is determined with reference to a number of factors such as overall performance, market competition and internal equity.

*Base salary.* Portfolio managers receive base pay in the form of a fixed annual salary.

*Bonus.* A significant portion of portfolio manager compensation takes the form of an annual incentive bonus which is determined by a combination of factors. One factor is mutual fund investment performance of funds a portfolio manager manages. For most American Century mutual funds, investment performance is measured by a combination of one-, three- and five-year pre-tax performance relative to various benchmarks (*e.g.,* Russell 1000<sup>®</sup> Value Index for the Value Equity Fund and Russell 2000<sup>®</sup> Value Index for the Small Cap Equity Fund) and/or internally-customized peer groups. The performance comparison periods may be adjusted based on a fund's

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inception date or a portfolio manager's tenure on the fund. Custom peer groups are constructed using all the funds in the indicated categories as a starting point. Funds are then eliminated from the peer group based on a standardized methodology designed to result in a final peer group that is both more stable over the long term (*i.e.,* has less peer turnover) and that more closely represents the fund's true peers based on internal investment mandates.

Portfolio managers may have responsibility for multiple American Century products. In such cases, the performance of each is assigned a percentage weight appropriate for the portfolio manager's relative levels of responsibility.

Portfolio managers also may have responsibility for other types of managed portfolios or ETFs. This is the case for the Value Equity Fund and the Small Cap Equity Fund. If the performance of a managed account or ETF is considered for purposes of compensation, it is generally measured via the same criteria as an American Century mutual fund (*i.e.,* relative to the performance of a benchmark and/or peer group (*e.g.,* Russell 1000<sup>®</sup> Value Index for the Value Equity Fund and Russell 2000<sup>®</sup> Value Index for the Small Cap Equity Fund). Performance of the Value Equity Fund and the Small Cap Equity Fund is not separately considered in determining portfolio manager compensation.

A second factor in the bonus calculation relates to the performance of a number of American Century funds products managed according to one of the following investment disciplines, such as global growth equity, global value equity, disciplined equity, global fixed income and multi-asset strategies. The performance of American Century ETFs may also be included for certain investment disciplines. Performance is measured for each product individually, as described previously, and then combined to create an overall composite for the product group. These composites may measure one-year performance (equal weighted) or a combination of one-, three- and five-year performance (equal or asset weighted) depending on the portfolio manager's responsibilities and products managed, and the composite for certain portfolio managers may include multiple disciplines. This feature is designed to encourage effective teamwork among fund management teams in achieving long-term investment success for similarly styled portfolios.

A portion of portfolio managers' bonuses may discretionary and may be tied to factors such as profitability or individual performance goals, such as research projects and the development of new products.

*Restricted Stock Plans.* Portfolio managers are eligible for grants of restricted stock of ACC. These grants are discretionary and eligibility and availability can vary from year to year. The size of an individual's grant is determined by individual and product performance as well as other product-specific considerations such as profitability. Grants can appreciate/depreciate in value based on the performance of ACC stock during the restriction period (generally three to four years).

*Deferred Compensation Plans.* Portfolio managers are eligible for grants of deferred compensation. These grants are used in limited situations, primarily for retention purposes. Grants are fixed and can appreciate/ depreciate in value based on the performance of the American Century mutual funds in which the portfolio manager chooses to invest them.

*AQR Capital Management, LLC ("AQR").* The compensation for each of the portfolio managers that is a principal of AQR is in the form of distributions based on the net income generated by AQR and each principal's relative ownership in AQR. A principal's relative ownership in AQR is based on a number of factors including contribution to the research process, leadership and other contributions to AQR. There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income allocable to a principal. Each portfolio manager is also eligible to participate in AQR's 401(k) retirement plan which is offered to all employees of AQR.

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*Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley").* The compensation for Barrow Hanley's investment professionals is closely tied to their overall contribution to the success of the firm's clients' investment results, as well as the success of Barrow Hanley. In addition to base salary, all portfolio managers and analysts are eligible to participate in a bonus pool. The amount of bonus compensation is based on quantitative and qualitative factors and may be substantially higher than an investment professional's base compensation.

Portfolio managers and analysts are evaluated on the value each adds to the overall investment process and performance. Contributions in other areas are also considered, such as meetings with clients and consultants, leadership and mentoring and many other factors.

The final component of compensation of key employees, including portfolio managers and analysts, is their interest in Barrow Hanley's equity plan. Each quarter, equity owners receive a share of the firm's profits in the form of a distribution payment, which is related to the performance of the entire firm.

*BlackRock Financial Management, Inc. ("BlackRock Financial"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL" and together with BlackRock Financial and BIL, "BFM")*. BFM's financial arrangements with its portfolio managers, competitive compensation and career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock, Inc. ("BlackRock").

*Base compensation*. Generally, portfolio managers receive base compensation based on their position with the firm.

*Discretionary Incentive Compensation*. Discretionary incentive compensation is a function of several components: the performance of BlackRock, the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's chief investment officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/ or after-tax basis over various time periods including one-, three- and five-year periods, as applicable.

With respect to these portfolio managers, such benchmarks for the funds and other accounts include the following:

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|:---|:---|
| Portfolio Manager | Applicable Benchmarks |
| Akiva Dickstein | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Index, <br> Bloomberg US Universal Index and Bloomberg Intermediate Aggregate Index), <br> certain customized indexes and certain fund industry peer groups.<br>|
| Amanda Liu, CFA | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Bond <br> Index), certain customized indexes and certain fund industry peer groups. <br>|
| Scott MacLellan | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, Bank of America Merrill Lynch 1-3 <br> Year US Corporate & Government Index), certain customized indexes and certain <br> fund industry peer groups.<br>|
| Siddarth Mehta | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, FTSE Mortgage Index, Bloomberg <br> GNMA MBS Index), certain customized indexes and certain fund industry peer <br> groups.<br>|

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Sam Summers A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Bond Index), certain customized indexes and certain fund industry peer groups.

*Distribution of Discretionary Incentive Compensation.* Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock stock awards are generally granted in the form of BlackRock restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock common stock. The portfolio managers of this fund have deferred BlackRock stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

*Other Compensation Benefits.* In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans*. BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan ("RSP") and the BlackRock Employee Stock Purchase Plan ("ESPP"). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3% to 5% of eligible compensation up to the IRS limit ($330,000 for 2023). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

*Portfolio Manager Potential Material Conflicts of Interest.* BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, the firm's affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an

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interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of the firm's affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or the firm's affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of the firm's affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Ms. Liu and Messrs. Dickstein, MacLellan, Mehta and Summers may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Ms. Liu and Messrs. Dickstein, MacLellan, Mehta and Summers may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

*Brown Brothers Harriman Credit Partners, LLC ("BBHCP").* Neil Hohmann is a Partner of Brown Brothers Harriman and Co. ("BBH") and Portfolio Manager of BBHCP. As a Partner, most of Mr. Hohmann's compensation is linked directly to the profits of BBH through a working interest in BBH's profits and a return on capital invested in BBH. His working interest is set at the beginning of each calendar year by BBH's Executive Committee based on his overall contribution to BBH and BBHCP, including the investment performance and profitability of the funds and accounts that he manages and co-manages. Mr. Hohmann has also invested capital in BBH and receives an annual return on his invested capital that fluctuates each year based on the overall profits of BBH.

Andrew Hofer and Paul Kunz are Portfolio Managers of BBHCP. Messrs. Hofer and Kunz are paid a salary and variable incentives based on experience, the investment performance of their respective funds and other portfolios managed or co-managed and the overall profitability of BBHCP. Their salaries are determined within a market competitive salary range and based on individual experience and performance. The variable incentives are composed of two separate elements. The first element is a cash bonus paid after the end of each calendar year based on multiple performance criteria (the "Performance Bonus"). A portion of the Performance Bonus is a deferred award. The second element is participation in a profit-sharing plan that allows all employees to share in the success of BBH in meeting its profit objectives. This participation is a uniform portion of each employee's salary plus eligible bonus payments and is paid to each employee's 401(k) account. The main criteria for establishing the Performance Bonuses are the investment performance of their respective funds and certain other funds and separate accounts managed and co-managed by Messrs. Hofer and Kunz, their leadership and collaboration and communication skills. In addition to salary and variable incentives, certain portfolio managers may have an equity or profit-sharing interest in affiliated private funds, including performance-based compensation such as carried interest.

*Driehaus Capital Management LLC ("DCM").* Each lead portfolio manager, portfolio manager and assistant portfolio manager is paid a fixed salary plus a bonus. Bonuses are determined based on the terms of a Revenue Sharing Plan and include a base amount calculated as a percentage of management fees paid by the accounts managed. In addition, if performance exceeds certain percentile benchmarks when compared to its peer group (primarily using Morningstar rankings) and/or certain risk adjusted return formulas, the bonus pool increases as a percentage of the management fees paid by the accounts managed within the strategy.

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Michael Buck and Prakash Vijayan also receive a bonus based on a percentage of their salary, which has both subjective and objective components. Objective compensation is awarded at the end of each year based on four separate components: (i) incentive compensation tied to the performance of the strategies that use his research; (ii) incentive compensation tied to performance attribution within the universe he covers; (iii) the quality and performance of a mock portfolio that each of Messrs. Buck and Vijayan manage specific to his coverage universe; and (iv) incentive compensation tied to the assets under management growth of the strategies in which his research is used. In addition, a subjective annual bonus may also be earned based on the lead portfolio manager's formal annual review of each of Messrs. Buck and Vijayan. This review covers an array of topics, such as technical knowledge, process, new idea generation, teamwork and communication.

If DCM declares a profit sharing plan contribution, the lead portfolio manager, portfolio manager and assistant portfolio manager also would receive such contribution. The lead portfolio manager, portfolio manager and assistant portfolio manager participate in a deferred compensation plan.

*Goldman Sachs Asset Management, L.P. ("GSAM").* Compensation for GSAM portfolio managers is comprised of a base salary and year-end discretionary variable compensation. The base salary is fixed from year to year. Year-end discretionary variable compensation is primarily a function of each portfolio manager's individual performance; his or her contribution to the overall team performance; the performance of GSAM and The Goldman Sachs Group, Inc. ("Goldman Sachs"); the team's net revenues for the past year which in part is derived from advisory fees, and for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms.

Portfolio managers are rewarded in part for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of: excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over one-, three- and five-year time horizons.

For compensation purposes, the benchmark for the Medium-Duration Bond Fund is the Bloomberg US Aggregate Bond Index; the benchmark for the Strategic Alternatives Fund is the Bloomberg US Treasury Bills: 1-3 Months Index; and the benchmark for the Emerging Markets Equity Fund is the MSCI Emerging Markets Index - Net.

The discretionary variable compensation for portfolio managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objective of the fund. Other factors may also be considered, including: (1) general client/shareholder orientation and (2) teamwork and leadership.

As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, portfolio managers may receive deferred equity-based and similar awards, in the form of: (1) shares of Goldman Sachs (restricted stock units); and (2) for certain portfolio managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s).

*Other Compensation.* In addition to base salary and year-end discretionary variable compensation, the firm has a number of additional benefits in place including: (1) a 401(k) program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

*Guggenheim Partners Investment Management, LLC ("Guggenheim").* Guggenheim compensates portfolio managers for their management of a fund's portfolio. Compensation is evaluated (1) quantitatively based on their

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contribution to investment performance and portfolio risk control; and (2) qualitatively based on factors such as teamwork and client service efforts. The portfolio managers' incentives may include: a competitive base salary, bonus determined by individual and firm wide performance, equity participation, co-investment options and participation opportunities in various investments, including through deferred compensation programs. Some portfolio managers earn compensation that varies based on the performance of certain accounts or investments. All employees of Guggenheim are also eligible to participate in a 401(k) plan to which a discretionary match may be made after the completion of each plan year. Guggenheim's deferred compensation programs include equity that vests over a period of years, including equity in the form of shares of fund(s) managed by the particular portfolio manager. The value of the fund shares under the deferred compensation program is awarded annually and each award vests over a period of years (generally four years). A portfolio manager's ownership of shares of a fund managed by the portfolio manager may create conflicts of interest that incentivize the portfolio manager to favor such fund over other funds or other accounts.

*GuideStone Capital Management, LLC ("Adviser").* Portfolio managers and analysts (collectively, the "Adviser's investment personnel") of the Adviser are compensated for their services on behalf of the Adviser with a fixed base salary plus discretionary incentive compensation. With respect to portfolio management functions for the Funds and accounts managed or overseen by the Adviser, general consideration is given in the determination of incentive compensation to overall performance of these Funds and accounts in terms of both long-term and short-term performance results, with compensation primarily based on the Funds assigned to each individual analyst or portfolio manager. Factors included in the determination of base salary include the Adviser's investment personnel's experience, capabilities and extent of management responsibility. The Adviser and its parent are nonprofit entities, and there are no stock option or profit sharing plans. The absolute amount of base salary, incentive compensation and related benefits received by the Adviser's investment personnel may also be determined, in whole or in part, as a result of service as officers or employees of affiliates of the Adviser, including GuideStone Financial Resources, which is unrelated to service as the Adviser's investment personnel or officers of the Adviser.

*Heitman Real Estate Securities LLC ("HRES").* HRES's competitive compensation program is designed to accomplish several objectives, one of which is retention of HRES's talented team. A group of senior employees holds a 100% equity interest in the business. Equity ownership helps ensure retention of key personnel and, equally important, creates alignment of interest between HRES's partners and the firm's clients. The structure is designed to create incentives for Heitman's staff to deliver strong performance and high levels of client service. The total compensation of the firm's equity owners is tied directly to the performance of the investments under their collective management and the degree to which client objectives have been met.

For those professionals who are not in the equity ownership pool, compensation comes in the form of base salaries, which are evaluated annually against the market, and bonus compensation based on the achievement of enterprise, business unit and individual performance goals. Additional forms of compensation include awarding employees promote interests in funds or performance-oriented incentive fees, as well as offering the opportunity to invest in the sponsor capital position for many of the firm's investment vehicles. Lastly, a phantom equity program is in place that grants a select group of seasoned individuals the right to receive compensation in the event the firm is sold. This provides employees with a vested interest in the firm growth.

Target incentive opportunities are communicated to employees each year and are based upon the market compensation of their position. In aggregate, total cash compensation levels approximate the median of competitive practice.

*Jacobs Levy Equity Management, Inc. ("Jacobs Levy").* Each portfolio manager receives a fixed salary and a percentage of the profits of Jacobs Levy, which is based upon the portfolio manager's ownership interest in the firm. Jacobs Levy's profits are derived from the fees the firm receives from managing client accounts. For most client accounts, the firm receives a fee based upon a percentage of assets under management (the "basic fee"). For some accounts, the firm receives a fee that is adjusted based upon the performance of the account compared to a benchmark. The type of performance adjusted fee, the measurement period for the fee and the benchmark vary by

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client. In some cases, the basic fee is adjusted based upon the trailing returns (*e.g.,* annualized trailing 12 quarter returns) of the account relative to an annualized benchmark return plus a specified number of basis points. In other cases, the firm receives the basic fee and a percentage of the profits in excess of a benchmark.

*J.P. Morgan Investment Management Inc. ("JPMIM").* JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM portfolio managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on total compensation – base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for portfolio managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

<sup>●</sup>

Investment performance, generally weighted more to the long-term, with specific consideration for portfolio managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the portfolio managers success in tracking such index;

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The scale and complexity of their investment responsibilities;

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Individual contribution relative to the client's risk and return objectives;

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Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

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Adherence with JPMIM's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMIM Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual portfolio manager. Feedback from JPMIM's risk and control professionals is considered in assessing performance and compensation.

Portfolio managers are subject to a mandatory deferral of long-term incentive compensation under JPMIM's MIP. In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the portfolio manager's pay with that of the client's experience/return.

For portfolio managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the portfolio manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the portfolio manager manages, as determined by the employee's respective manager and reviewed by senior management.).

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In addition, named portfolio managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMIM's risk appetite and to discourage future imprudent behavior, the firm policies and procedures that enable prompt and proportionate actions with respect to holding accountable individuals, including:

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Reducing or altogether eliminating annual incentive compensation;

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Canceling unvested awards (in full or in part);

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Clawback/recovery of previously paid compensation (cash and/or equity);

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Demotion, negative performance rating or other appropriate employment actions; and

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Termination of employment.

The precise actions the firm takes with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMIM.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMIM uses the following index as a benchmark to evaluate the performance of a portfolio manager. For the Defensive Market Strategies Fund, the benchmark used to evaluate portfolio manager performance is 50% S&P 500<sup>®</sup> Index / 50% Bloomberg US Treasury Bills: 1-3 Months Index, and for the Growth Equity Fund, the benchmark used to evaluate portfolio manager performance is the Russell 1000<sup>®</sup> Growth Index.

*Legal & General Investment Management America, Inc. ("LGIM America").* LGIM America employees are generally compensated with fixed salary, discretionary bonus and a benefits package. A select group of senior-level leaders may be awarded shares of Legal & General Group Plc through Legal & General's long term incentive plans.

For certain investment professionals, which may include certain portfolio managers, investment performance forms a significant proportion of the overall bonus potential, predominantly tied, on a formulaic basis, to the performance of their portfolios against a relevant peer group, index or investment targets each as defined annually. The remainder of bonus potential is determined on a qualitative basis based on such factors as client retention, new business, ongoing profitability of the business, as well as conduct and behaviors (including the approach to risk and compliance controls).

For other investment professionals, which may also include portfolio managers based on the underlying portfolio assets, bonus potential is determined on a qualitative basis only, based on similar factors as outlined above, such as client retention, new business, ongoing profitability of the business, as well as conduct and behaviors (including the approach to risk and compliance controls), and other relevant factors including individual and team's ability to track the risk and return characteristics of the underlying indices.

For retention purposes, a portion of all employees, including investment professionals, annual bonus above a defined level is deferred and issued in shares of Legal & General Group Plc which vest over a three-year period.

*Loomis, Sayles & Company, L.P. ("Loomis Sayles").* Loomis Sayles believes that portfolio manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for the firm's clients. Mr. Hamzaogullari's compensation has four components: a competitive base salary, an annual incentive bonus driven by investment performance, participation in long-term incentive plans (annual and post-retirement payouts) and a revenue sharing bonus if certain revenue thresholds and performance hurdles are met. Maximum variable compensation potential is a multiple of base salary and reflects performance achievements relative to peers with similar disciplines. The performance review considers the asset class, manager experience and maturity of the product. The incentive compensation is based on trailing strategy performance and is weighted at one third for the three-year period, one third for the five-year period and one third for the ten-year period. Mr. Hamzaogullari also

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receives performance-based compensation as portfolio manager for a private investment fund. The firm's senior management review the components annually.

In addition, Mr. Hamzaogullari participates in the Loomis Sayles profit sharing plan, in which Loomis Sayles makes a contribution to the retirement plan of each employee based on a percentage of base salary (up to a maximum amount). He may also participate in the Loomis Sayles deferred compensation plan which requires all employees to defer 50% of their annual bonus if in excess of a certain dollar amount, except for those employees who will be age 61 or older on the date the bonus is awarded. These amounts are deferred over a two-year period with 50% being paid out one year from the bonus anniversary date and the second 50% being paid out two years from the bonus anniversary date. These deferrals are deposited into an investment account on the employee's behalf, but the employee must be with Loomis Sayles on the vesting dates in order to receive the deferred bonus.

*Fixed Income Managers*. Loomis Sayles believes that portfolio manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for the firm's clients. Although portfolio manager compensation is not directly tied to assets under management, a portfolio manager's base salary and/or bonus potential may reflect the amount of assets for which the manager is responsible relative to other portfolio managers. The annual bonus is incentive-based and generally represents a significant multiple of base salary. The bonus is based on three factors: investment performance, profit growth of the firm, and personal conduct. Investment performance is the primary component of the annual bonus and generally represents at least 60 % of the total for fixed-income managers. The other factors are used to determine the remainder of the annual incentive bonus, subject to the discretion of the Loomis Sayles' chief investment officer ("CIO") and senior management. Loomis Sayles' CIO and senior management evaluate these other factors annually.

The investment performance component of the annual incentive bonus depends primarily on investment performance against benchmark and/or against peers within similar disciplines. The score is based upon the product's institutional composite performance; however, adjustments may be made if there is significant dispersion among the returns of the composite and accounts not included in the composite. For most products, the product investment score compares the product's rolling three year performance over the past nine quarters (a five year view) against both a benchmark and a peer group established by the CIO. The scoring rewards both the aggregate excess performance of the product against a benchmark and the product's relative rank within a peer group. In addition, for fixed income products, the performance score rewards for the consistency of that outperformance and is enhanced if over the past five years it has kept its rolling three-year performance ahead of its benchmark. Managers working on several product teams receive a final score based on the relative revenue weight of each product.

Portfolio managers may also participate in the three segments of the long-term incentive program. The amount of the awards for each segment are dependent upon role, industry experience, team and firm profitability, and/or investment performance.

*General.* The core elements of the Loomis Sayles compensation plan include a base salary, an annual incentive bonus, and, for senior investor and leadership roles, a long-term incentive bonus. The base salary is a fixed amount based on a combination of factors, including industry experience, firm experience, job performance and market considerations. The annual incentive bonus and long term incentive bonus is driven by a variety of factors depending upon the specific role. Factors include investment performance, individual performance, team and firm profitability, role, and industry experience. Both the annual and long term bonus have a deferral component. Loomis Sayles has developed and implemented three long-term incentive plan segments to attract and retain investment talent.

For the senior-most investment roles, a Long Term Incentive Plan provides annual grants relative to the role, and includes a post retirement payment feature to incentivize effective succession management. Participation is contingent upon signing an award agreement, which includes a non-compete covenant. The second and third Long Term Incentive Plans are constructed to create mid- term alignment for key positions, including a two year

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deferral feature. The second plan is role based, and the third is team based which is more specifically dependent upon team profitability and/or investment performance.

In addition, Loomis Sayles also offers a profit sharing plan for all employees and a defined benefit plan for employees who joined the firm prior to May 3, 2003. The profit sharing contribution to the retirement plan of each employee is based on a percentage of base salary (up to a maximum amount). The defined benefit plan is based on years of service and base compensation (up to a maximum amount).

*MFS Institutional Advisors, Inc. ("MFS").* MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where the firm has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with the firm's goals of attracting, retaining and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2025, portfolio manager total cash compensation is a combination of base salary and performance bonus:

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*Base Salary*. Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.

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*Performance Bonus*. Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.

The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each fund/strategy and, when available, 10-, five- and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indexes ("benchmarks"). As of December 31, 2025, portfolio manager performance for the Global Bond Fund was measured against 70% Bloomberg Global Aggregate Index - Unhedged, 15% Bloomberg US Corporate High Yield 2% Issuer Capped Index and 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus, and the MSCI EAFE Growth Index (gross dividend) was used to measure portfolio manager performance for the International Equity Fund. Benchmarks may include versions and components of indices, custom indexes and linked indexes that combine performance of different indexes for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting

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period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

*MFS Equity Plan*. Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman").* Neuberger Berman's compensation philosophy is one that focuses on rewarding performance and incentivizing the firm's employees. Neuberger Berman is also focused on creating a compensation process that the firm believes is fair, transparent, and competitive with the market.

Compensation for portfolio managers consists of either (i) fixed (salary) and variable (discretionary bonus) compensation but is more heavily weighted on the variable portion of total compensation (ii) on a production model, whereby formulaic compensation is paid from the team compensation pool on a fixed schedule (typically monthly) or (iii) a combination of salary, bonus and/or production compensation. Compensation is paid from a team compensation pool made available to the portfolio management team with which a portfolio manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The amount allocated to individual portfolio managers is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management and overall contribution to the success of Neuberger Berman. Certain portfolio managers may manage products other than mutual funds, such as high net worth separate accounts. The share of pre-tax revenue a portfolio manager receives pursuant to any such arrangement will vary based on certain revenue thresholds.

The terms of Neuberger Berman's long-term retention incentives are as follows:

*Employee-Owned Equity.* Certain employees (primarily senior leadership and investment professionals) participated in Neuberger Berman's equity ownership structure, which was launched as part of the firm's management buyout in 2009 and designed to incentivize and retain key personnel. Neuberger Berman also currently offers an equity acquisition program which allows employees a more direct opportunity to invest in Neuberger Berman.

*Contingent Compensation.* Certain employees may participate in the Neuberger Berman Group Contingent Compensation Plan (the "CCP") to serve as a means to further align the interests of the employees with the success of the firm and the interests of the clients and to reward continued employment. Under the CCP, up to 20% of a participant's annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of Neuberger Berman investment strategies, as specified by the firm on an employee-by-employee basis. By having a participant's contingent compensation tied to Neuberger Berman investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including portfolio managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger Berman portfolio.

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*Restrictive Covenants.* Most investment professionals, including portfolio managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions.

*Nomura Investments Fund Advisers ("NIFA").* Each portfolio manager's compensation consists of a combination of base salary, an incentive profit-share tied to performance and long-term equity. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors (50%) and objective factors (50%). The primary objective factor is the one-, three- and five-year performance of the funds managed relative to the performance of the appropriate Morningstar, Inc. peer groups and the performance of institutional composites relative to the appropriate indexes. Three- and five-year performance is weighted more heavily, and there is no objective award for a fund whose performance falls below the 50th percentile for a given period of time.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

Portfolio managers participate in retention programs for alignment of interest purposes.

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A portion of a portfolio manager's retained profit-share may be notionally exposed to the return of certain funds within Nomura Asset Management ("Nomura") pursuant to the terms of a Notional Investment Plan. The retained amount will vest in equal tranches over a designated period after the date of investment.

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A portion of a portfolio manager's retained profit-share may be invested in a Nomura retained equity plan. Subject to vesting conditions, vesting and release of the shares occurs in a designated period after the date of investment.

In addition, portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

*Pacific Investment Management Company LLC ("PIMCO").* PIMCO's and its affiliates' approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for clients, among other factors. A portfolio manager's compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

*Base Salary*. Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position or a significant change in market levels.

*Variable Compensation.* In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

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performance measured over a variety of longer- and shorter-term periods, including five-year, four-year, three-year, two- year and one-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund(s)) and relative to applicable industry peer groups; and amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee's compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO's Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. Additionally, PIMCO's Carried Interest Plan provides eligible participants (i.e. those who provide services to PIMCO's alternative funds) a percentage of the carried interest otherwise payable to PIMCO if the applicable performance measurements described in the alternative fund's partnership agreements are achieved.

Portfolio managers who are managing directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are managing directors receive an amount determined by the Compensation Committee, based upon an individual's overall contribution to the firm.

*Parametric Portfolio Associates LLC ("Parametric")*. Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus.

Compensation of Parametric employees has the following components:

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Base salary

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Discretionary bonus

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This bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock.

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Deferred awards vest after three years.

Parametric employees also receive certain retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end.

The firm also maintains the following arrangements:

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Employment contracts for key investment professionals and senior leadership.

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Notice and non-solicit agreements for managing directors and executive directors of the company.

*Method to Determine Compensation*. Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry.

Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may

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fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion.

Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry.

*Payden & Rygel.* Portfolio managers and other investment personnel are paid competitive salaries by Payden & Rygel. An employee's base salary is contingent on many factors, such as (but not limited to) educational background and previous work experience. In addition, they may receive bonuses based on the overall profit of the firm and their contribution to the investment team(s) on which they participate. The relative mix of compensation represented by salary and bonus will vary depending on the individual's contribution to the investment team(s), contributions to the firm overall and other factors.

*P/E Global LLC ("P/E Global").* The firm's compensation philosophy is one that focuses on rewarding performance and incentivizing employees. P/E Global is also focused on creating a compensation process the firm believes is fair, transparent and competitive with the market. Compensation for portfolio managers consists of fixed (salary) and variable (bonus) compensation, which is based on overall firm performance. In some cases, variable compensation may be paid from a team compensation pool made available to senior employees at P/E Global. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by P/E Global. Portfolio managers manage products other than mutual funds, such as separate accounts, some of which may pay performance fees. For the management of accounts that pay performance fees, a portfolio manager may generally receive a percentage of pre-tax revenue less certain deductions in the form of distributions from the team compensation pool. The percentage of revenue the team compensation pool receives pursuant to this arrangement will vary based on certain revenue thresholds. Additionally, certain employees indirectly own equity in P/E Global and receive distributions of pre-tax revenue less certain deductions.

*PGIM Quantitative Solutions LLC ("PGIM QS").* PGIM QS's investment professionals are compensated through a combination of base salary, a performance-based annual cash incentive bonus and an annual long-term incentive grant. PGIM QS regularly utilizes third party surveys to compare the firm's compensation program against leading asset management firms to monitor competitiveness.

An investment professional's incentive compensation, including both the annual cash bonus and long-term incentive grant, is largely driven by a person's contribution to PGIM QS's goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters, as well as such person's qualitative contributions to the organization. An investment professional's long-term incentive grant is currently divided into two components: (i) 80% of the value of the grant is subject to increase or decrease based on the performance of certain PGIM QS strategies; and (ii) 20% of the value of the grant consists of restricted stock of Prudential Financial, Inc. (PGIM QS's ultimate parent company). The long-term incentive grants are subject to vesting requirements. The incentive compensation of each investment professional is not based solely or directly on the performance of a fund (or any other individual account managed by PGIM QS).

The annual cash bonus pool is determined quantitatively based on business results as measured by PGIM QS's pre-tax income.

*RBC Global Asset Management (U.K.) Limited ("RBC GAM UK").* The compensation program for investment staff and management team members is comprised of fixed pay and variable pay. In addition, they are eligible to participate in pension and benefit plans which are available generally to all employees. Variable pay may be comprised of one or a combination of the following components:

*Annual Discretionary Bonus.* All RBC GAM UK employees are eligible to be considered for a discretionary bonus from the eligible pool which is impacted both by business and RBC financial performance as well as client

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metrics. Determination of the discretionary bonus is based on an assessment of individual performance and behaviors against a combination of quantitative and qualitative objectives, including adherence to the firm's risk and compliance policies and procedures and RBC's Code of Conduct and Values, during the financial year. In some cases, and depending on the type of role, only a qualitative assessment is possible.

*Profit Sharing Plan ("PSP").* Certain senior investment staff members are eligible to participate in the PSP. The pool is calculated quarterly based on a fixed percentage of the net income before taxes (NIBT) of the investment management division of RBC GAM UK. The distribution for each PSP unit is calculated on a quarterly basis and distributed to each participant based on the number of units held. PSP units are reviewed annually and approved by the global RBC Global Asset Management chief investment officer and chief executive officer. The number of units held by each individual does not normally change during the year.

*Team Profit Sharing Plan ("TPS").* Certain teams of investment staff members may be selected to participate in the TPS. The pool is based on a fixed proportion of the fund's quarterly net revenue. Allocation of the pool to eligible participants is at the discretion of senior management, based on individual performance, behaviors and contribution to RBC GAM UK's business performance as a team member during the financial year.

*Deferral.* Consistent with best practices, and dependent on the total level of variable compensation, a portion of the investment staff member's variable compensation (Annual Discretionary Bonus plus PSP/TPS awards) is subject to a three-year mandatory deferral.

The compensation of any individual identified as a Material Risk Taker under the U.K. Regulators' Remuneration Code is awarded in accordance with the U.K. Regulators' Remuneration Rules.

*RBC Global Asset Management (U.S.) Inc. ("RBC GAM US").* RBC GAM US's compensation program is designed to align the firm's investment professionals' objectives with those of clients. Compensation for investment professionals consists of: (i) competitive salary; (ii) annual bonus; (iii) profit sharing. RBC GAM US calibrates salaries based on competitive criteria for asset class, seniority and performance record. Annual bonuses are determined by one-, three- and five-year performance measures, with emphasis on three- and five-year performance, and align the firm's investment professionals' objectives with the long-term performance objectives of clients. RBC GAM US's most senior investment professionals are awarded participation in team and firm profit sharing plans. These plans enable the top investment professionals to participate in the success of their teams and the firm and are important in RBC GAM US's ability to attract and retain outstanding investment talent. For key investment professionals, arrangements also include a mandatory three-year deferral of a portion of variable compensation, and employment agreements with non-solicit and non-compete terms.

*RREEF America L.L.C. ("RREEF").* RREEF and its affiliates are part of DWS. The brand DWS represents DWS Group GmbH & Co. KGaA ("DWS Group") and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF which offers advisory services. DWS seeks to offer its investment professionals competitive short- and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short- and long-term performance against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes fixed pay (base salary) and variable compensation, as follows:

*Fixed Pay ("FP").* FP is the key and primary element of compensation for the majority of DWS employees and reflects the value of the individual's role and function within the organization. FP rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional (*i.e.,* DWS) specifics. FP levels play a significant role in ensuring competitiveness of the sub-adviser and its affiliates in the labor market, thus benchmarking provides a valuable input when determining FP levels.

*Variable Compensation ("VC").* VC is a discretionary compensation element that enables DWS Group, which the sub-adviser and its affiliates are a part of, to provide additional reward to employees for their performance and behaviors, while reflecting DWS Group's affordability and financial situation. VC aims to: (i) recognize that

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every employee contributes to DWS's success through the franchise component of VC ("Franchise Component"); and (ii) reflect individual performance, investment performance, behaviors and culture through discretionary individual VC ("Individual Component").

Employee seniority as well as divisional and regional specifics determine which VC elements are applicable for a given employee and the conditions under which they apply. Both the Franchise Component and Individual Component may be awarded in shares or other share-based instruments and other deferral arrangements.

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VC can be delivered via cash, restricted equity awards and/or restricted incentive awards or restricted compensation. Restricted compensation may include notional fund investments, restricted equity, notional equity, restricted cash or such other form as DWS may decide in its sole discretion.

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VC comprises a greater proportion of total compensation as an employee's seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which is subject to performance and forfeiture provisions, will increase significantly as the amount of the VC increases.

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Additional forfeiture and claw back provisions, including complete forfeiture and claw back of VC, may apply in certain events if an employee is designated a Material Risk Taker.

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For key investment professionals, in particular, a portion of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage.

In general, each of the sub-adviser and its advisory affiliates seeks to offer its investment professionals competitive short- and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short- and long-term performance against industry and portfolio benchmarks. To evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the sub-adviser and its affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with respect to a fund or relevant benchmark index(es) (*e.g.,* FTSE EPRA/Nareit Developed Index) set forth in the governing documents with respect to each other account type. The ultimate goal of this process is to evaluate the degree to which investment professionals deliver investment performance that meets or exceeds their clients' risk and return objectives. When determining total compensation, the sub-adviser and its affiliates consider a number of quantitative, qualitative and other factors:

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Quantitative measures (*e.g.,* one-, three- and five-year pre-tax returns versus the appropriate Morningstar peer group universe for a fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type, taking risk targets into account) are utilized to measure performance.

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Qualitative measures (*e.g.,* adherence to, as well as contributions to, the enhancement of the investment process) are included in the performance review.

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Other factors (*e.g.,* non-investment related performance, teamwork, adherence to compliance rules, risk management and "living the values" of the sub-adviser and its affiliates) are included as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance on a subjective basis.

<sup>●</sup>

Furthermore, it is important to note that DWS Group functions within a controlled environment based upon the risk limits established by DWS Group's Risk Division, in conjunction with DWS Group management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee's ability to assess and manage risk.

*Sands Capital Management, LLC ("Sands").* Investment professionals receive a salary competitive in the industry. Investment professionals are also eligible to receive an annual qualitative bonus based on subjective review of the employee's overall contribution, an annual quantitative bonus based on investment results and a percentage of profits through Sands' profit sharing and 401(k) plan. Additional incentives may include equity participation. The annual investment results bonus is calculated from the pre-tax performance of the composite returns of Sands'

Statement of Additional Information

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investment strategies relative to their respective benchmarks over one-, three- and five-year periods, weighted towards the three- and five-year results.

*SSI Investment Management LLC ("SSI")*. SSI compensates the firm's investment professionals through a combination of base salary, an annual performance-based bonus and stock options. The performance bonus is based on the investment professional's individual contribution to the product's performance, the team's performance and success of the firm. SSI generally reviews performance over the prior 12 months compared against a broad-based benchmark (*e.g.,* Bloomberg 1-3 Month US Treasury Bill Index). The firm also compares performance against an internal proprietary peer group over the same period. This peer group includes peers that are market neutral but may not be the same strategy.

*TCW Investment Management Company, LLC ("TCW").* The overall objective of the firm's compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, fee sharing based compensation ("fee sharing"), bonus and equity incentive participation in TCW's parent company ("equity incentives"). Fee sharing and equity incentives generally represent most of the portfolio managers' compensation. In some cases, portfolio managers are eligible for discretionary bonuses.

*Salary.* Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

*Fee Sharing.* Fee sharing for investment professionals is based on revenues generated by accounts in the investment strategy area for which the investment professionals are responsible. In most cases, revenues are allocated to a pool and fee sharing compensation is allocated among members of the investment team after the deduction of certain expenses (including compensation over a threshold level) related to the strategy group. The allocations are based on the investment professionals' contributions to TCW and its clients, including qualitative and quantitative contributions.

In general, the same fee sharing percentage is used to compensate a portfolio manager for investment services related to the Value Equity Fund is generally the same as that used to compensate portfolio managers for other client accounts in the same strategy managed by TCW or an affiliate of TCW (collectively the "TCW Group"). In some cases, the fee sharing pool includes revenues related to more than one product, in which case each participant in the pool is entitled to fee sharing derived from his or her contributions to all the included products.

Investment professionals are not directly compensated for generating performance fees. In some cases, the overall fee sharing pool is subject to fluctuation based on the relative pre-tax performance of the investment strategy composite returns, net of fees and expenses, to that of the benchmark. The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Value Equity Fund managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Value Equity Fund.

*Discretionary Bonus/Guaranteed Minimums.* Discretionary bonuses may be paid out of an investment team's fee sharing pool, as determined by the supervisor(s) in the department. In other cases where portfolio managers do not receive fee sharing or where it is determined that the combination of salary and fee sharing does not adequately compensate the portfolio manager, discretionary bonuses may be paid by the applicable TCW entity. Also, pursuant to contractual arrangements, some portfolio managers received minimum bonuses.

*Equity Incentives.* Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW Group's key investment professionals participate in equity

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incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of TCW's parent company. The plans include the Fixed Income Retention Plan, Restricted Unit Plan and 2013 Equity Unit Incentive Plan.

Under the Fixed Income Retention Plan, certain portfolio managers in the fixed income area were awarded cash and/or partnership units in TCW's parent company, either on a contractually-determined basis or on a discretionary basis. Awards under this plan were made in 2010 and vested over time.

Under the Restricted Unit Plan, certain portfolio managers in the fixed income and equity areas may be awarded partnership units in TCW's parent company. Awards under this plan have vested over time subject to satisfaction of performance criteria.

Under the 2013 Equity Unit Incentive Plan, certain portfolio managers in the fixed income and equity areas may be awarded options to acquire partnership units in TCW's parent company with a strike price equal to the fair market value of the option at the date of grant. The options granted under this plan are subject to vesting and other conditions.

*Other Plans and Compensation Vehicles.* Portfolio managers may also elect to participate in the applicable TCW Group's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis.

*TimesSquare Capital Management, LLC ("TSCM")*. TSCM's compensation program rewards top performing portfolio managers and investment analysts, promotes retention of key personnel and provides senior leaders with an equity-based stake in the firm. The program is tied exclusively to client's investment performance and financial results of the firm and TSCM's investment business. Moreover, the program is based on a series of clear metrics with investment performance, relative to the appropriate comparative universe and benchmark, carrying the greatest weighting for portfolio managers. Investment professionals' compensation is comprised of the following three components: base salaries, an annual bonus plan and significant equity in the firm.

*Base Salaries.* Base salaries for investment professionals are targeted at the upper end of relevant peer groups of other institutional investment managers. TSCM adjusts base salaries when performance, market data, career path progression or position scope warrant an increase to encourage retention and development of top performers. For key investment decision-makers, variable performance-driven elements, such as the annual bonus and equity in the firm, comprise the substantial majority of total compensation.

*Annual Bonus Plan.* Bonuses for portfolio managers and investment analysts are determined primarily by investment performance (and not assets under management) using both manager-relative and benchmark-relative measures over multiple time horizons. Such performance is measured over the one- and three-year time periods, versus the relative benchmarks (Russell 2000<sup>®</sup> Growth Index for the Small Cap Equity Fund). Performance is analyzed on a pre-tax basis.

*Equity Ownership.* Senior investment professionals receive significant equity ownership in the firm, subject to a five-year vesting period. Once vested, certain components with vested value are not immediately accessible to further encourage retention. Through this stake in the business, portfolio managers should benefit from client retention and business growth. Currently, substantially all of TSCM's senior investment professionals with tenure greater than three years retain ownership.

*WCM Investment Management, LLC ("WCM").* Compensation for WCM portfolio management personnel is determined by research team leaders in conjunction with WCM's leadership team and consists of: (1) a salary with; (2) a possible bonus; (3) a possible revenue-share; and (4) a possible equity component.

*Base Salary.* Salary levels are based on the individual's degree of industry tenure, experience and responsibilities at the firm.

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*Discretionary Bonus.* The bonus component is discretionary, and is based on qualitative employee performance measures, such as a "return on time" evaluation, contribution to the portfolio team, management of portfolios and other responsibilities (*e.g.,* personnel management) at the firm. Furthermore, the overall performance of WCM (*e.g*., total assets under management, company profitability) also impacts this compensation component.

*Revenue share.* Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible.

*Equity ownership.* Portfolio managers may also receive compensation in the form of offers of equity ownership and the consequent distributions therefrom.

Portfolio managers are also eligible to participate in a 401(k) program which includes an annual company contribution based on the profitability of the firm.

*Wellington Management Company LLP ("Wellington").* Wellington receives a fee based on the assets under management of each Fund as set forth in the Sub-Advisory Agreements among Wellington, the Adviser and the Trust on behalf of each Fund. Wellington pays its investment professionals out of its total revenues, including the advisory fees earned with respect to each Fund.

Wellington's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to clients. Wellington's compensation of each Fund's manager listed in the prospectus who is primarily responsible for the day-to-day management of the Fund ("Investment Professional") includes a base salary and incentive components. The base salary for each Investment Professional who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for the other Investment Professional is determined by the Investment Professional's experience and performance in his role as an Investment Professional. Base salaries for Wellington employees are reviewed annually and may be adjusted based on the recommendation of an Investment Professional's manager, using guidelines established by Wellington's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Investment Professional, with the exception of Mary Pryshlak and Jonathan White, is eligible to receive an incentive payment based on the revenues earned by Wellington from the Fund managed by the Investment Professional and generally each other account managed by such Investment Professional. Each Investment Professional's incentive payment relating to the relevant Fund is linked to the net pre-tax performance of the portion of the Fund managed by the Investment Professional compared to the MSCI EAFE Index (International Equity Fund) and the net pre-tax performance compared to the MSCI Emerging Markets Index-Net (Emerging Markets Equity Fund) over one-, three- and five-year periods, with an emphasis on five-year results. Wellington applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Investment Professional, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an Investment Professional can, and typically do, represent a significant portion of an Investment Professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington's business operations. Senior management at Wellington may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Mses. Meunier and Pryshlak are Partners.

*William Blair Investment Management, LLC ("William Blair")*. The compensation of William Blair's portfolio managers, analysts, traders, marketers and client service professionals is based on the firm's mission: "Empower Colleagues, Deliver Client Success and Engage in our Communities." The portfolio managers, analysts and traders who are partners of the firm have compensation consisting of a performance-adjusted market value based on that partner's role and performance in the role, and a share of the firm's profits based on firm profitability and

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that partner's contributions to the firm. Each partner's ownership stake and bonus (if any) can vary over time and is determined by the individual's sustained contribution to the firm's revenue, profitability, long-term investment performance, intellectual capital and brand reputation. Compensation for non-partner portfolio managers is based upon the same factors, with the exception of their ownership interest in the firm.

All employees are provided competitive compensation that consists of a salary and a discretionary bonus that is based on individual, department and firm performance. Based on merit, many investment professionals will have an opportunity to benefit from equity ownership in the firm as well.

The bonus program is designed using fully discretionary bonuses. While the program is funded by firm and department performance, managers award bonuses based on each individual's sustained contribution, as summarized above. In addition, managers typically review annually each individual's total compensation versus both that individual's peers and the overall compensation market for that individual's responsibilities to ensure proper alignment.

*Securities Ownership.* Portfolio managers of the Sub-Advisers do not beneficially own any shares of the Funds. The following table sets forth the dollar range of equity securities beneficially owned by each portfolio manager of the Adviser in each of the Funds as of December 31, 2025.

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| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in each Series of the Trust** |
| Joshua Chastant | &nbsp;&nbsp;&nbsp; $1-$10,000 in the Strategic Alternatives Fund<br> $1-$10,000 in the Defensive Market Strategies Fund<br> $1-$10,000 in the Impact Bond Fund<br> Over $100,000 in the Equity Index Fund<br> $10,001-$50,000 in the Medium-Duration Bond Fund<br> $1-$10,000 in the Small Cap Equity Fund<br> $10,001-$50,000 in the International Equity Fund <br> $10,001-$50,000 in the Emerging Markets Equity Fund<br>|
| Brandon Pizzurro | &nbsp;&nbsp;&nbsp; $10,001-$50,000 in the MyDestination 2055 Fund<br> $10,001-$50,000 in the Strategic Alternatives Fund<br> $10,001-$50,000 in the Defensive Market Strategies Fund<br> $10,001-$50,000 in the Impact Bond Fund<br> $10,001-$50,000 in the Global Real Estate Securities Fund<br> $50,001-$100,000 in the Value Equity Fund<br> $50,001-$100,000 in the Growth Equity Fund<br> $50,001-$100,000 in the Small Cap Equity Fund<br> Over $100,000 in the International Equity Fund<br> $50,001-$100,000 in the Emerging Market Equity Fund<br>|

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*Fund Brokerage.* The Adviser and Sub-Advisers, in effecting the purchases and sales of portfolio securities for the account of the Funds, will seek execution of trades either (1) at the most favorable and competitive rate of commission charged by any broker, dealer or member of an exchange; or (2) at a higher rate of commission charged, if reasonable in relation to brokerage and research services provided to the Trust or the Adviser or Sub-Adviser by such member, broker or dealer. Such services may include, but are not limited to, information as to the availability of securities for purchase or sale and statistical or factual information or opinions pertaining to investments. The Adviser or Sub-Advisers may use research and services provided to it by brokers and dealers in servicing all its clients.

The Adviser or Sub-Adviser may, from time to time, receive services and products which serve both research and non-research functions. In such event, the Adviser or Sub-Adviser makes a good faith determination of the anticipated research and non-research use of the product or service and allocates brokerage only with respect to the research component.

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Subject to its obligation to seek best execution, the Adviser may direct the Sub-Advisers to place trades through designated brokers who have agreed to pay certain transfer agency, custody or other operating expenses that the Funds would otherwise be obligated to pay. Fund orders may be placed with an affiliated broker-dealer. Portfolio orders will be placed with an affiliated broker-dealer only where the price being charged and the services being provided compare favorably with those charged to the Funds by non-affiliated broker-dealers. OTC transactions are usually placed with a principal market-maker unless a better net security price is obtainable elsewhere.

If the Adviser or Sub-Adviser provides investment advisory services to individuals and other institutional clients, there may be occasions on which these investment advisory clients may also invest in the same securities as the Fund. When these clients buy or sell the same securities at substantially the same time, the Adviser or Sub-Adviser may average the transactions as to price and allocate the amount of available investments in a manner which the Adviser or Sub-Adviser believes to be equitable to each client, including a Fund. On the other hand, to the extent permitted by law, the Adviser or Sub-Adviser may aggregate the securities to be sold or purchased a Fund with those to be sold or purchased for other clients managed by it in order to obtain lower brokerage commissions, if any.

The Trust has obtained an order from the SEC that allows, subject to certain conditions, each Sub-Adviser that provides investment advice to a Select Fund or a portion thereof to, with respect to the assets under its control: (A) engage in certain principal and brokerage transactions that would otherwise be proscribed by the 1940 Act with a broker-dealer that is either (i) a Sub-Adviser to another portion of the same Select Fund or to another Select Fund, or (ii) an affiliated person of a Sub-Adviser to another portion of the same Select Fund; and (B) acquire securities of a Sub-Adviser, or its affiliate, to another portion of the same Select Fund. The Adviser believes that allowing a Select Fund or a portion thereof advised by one Sub-Adviser to purchase securities from another Sub-Adviser or its affiliates will expand the Select Funds' investment options without exposing the Select Funds to the potential abuses of self-dealing.

For the fiscal years ended December 31, the aggregate dollar amount of brokerage commissions paid by each Fund are shown in the following table. [The amount of brokerage commissions paid by a Fund may vary substantially from year to year due to differences in changing asset levels, shareholder activity and/or portfolio turnover, changes in a Fund's sub-adviser or investment strategies and other factors. During the periods noted in the following table, certain Funds had significant variation in brokerage commissions paid: (i) the MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund had higher brokerage commissions paid in 2023 compared to 2022 as a result of glide path rebalancing (*i.e.*, allocation changes to the underlying investments within each Fund's asset classes); (ii) the Aggressive Allocation Fund had higher brokerage commissions paid in 2023 compared to 2022 as a result of allocation changes to the underlying investments within the Equities asset class; (iii) the Medium-Duration Bond Fund and Value Equity Fund each had higher brokerage commissions paid in 2024 compared to 2023 due to changes to the Sub-Advisers; (iv) the Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund each experienced higher brokerage commissions paid in 2024 than in 2023 due to shareholder activity; and (v) the Small Cap Equity Fund experienced higher brokerage commissions paid in 2024 than in 2023 due to a reallocation of assets among the Sub-Advisers.]

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** |
| **Fund** | **2025** | **2024** | **2023** |
| MyDestination 2015 |  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $180 |
| MyDestination 2025 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 704 |
| MyDestination 2035 |  | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 2494 |
| MyDestination 2045 |  | &nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 1992 |
| MyDestination 2055 |  | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 1603 |
| MyDestination 2065<sup>(1)</sup> <br>|  | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Conservative Allocation |  | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 82 |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** |
| **Fund** | **2025** | **2024** | **2023** |
| Balanced Allocation |  | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 2691 |
| Moderately Aggressive Allocation |  | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 2490 |
| Aggressive Allocation |  | &nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp; 2281 |
| Money Market |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond |  | &nbsp;&nbsp;&nbsp; 64070 | &nbsp;&nbsp;&nbsp; 64241 |
| Medium-Duration Bond |  | &nbsp;&nbsp;&nbsp; 361368 | &nbsp;&nbsp;&nbsp; 187700 |
| Global Bond |  | &nbsp;&nbsp;&nbsp; 32251 | &nbsp;&nbsp;&nbsp; 20268 |
| Strategic Alternatives |  | &nbsp;&nbsp;&nbsp; 90814 | &nbsp;&nbsp;&nbsp; 73712 |
| Defensive Market Strategies |  | &nbsp;&nbsp;&nbsp; 102976 | &nbsp;&nbsp;&nbsp; 97695 |
| Impact Bond<sup>(2)</sup> <br>|  | &nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp; — |
| Equity Index |  | &nbsp;&nbsp;&nbsp; 47901 | &nbsp;&nbsp;&nbsp; 44494 |
| Global Real Estate Securities |  | &nbsp;&nbsp;&nbsp; 477173 | &nbsp;&nbsp;&nbsp; 440714 |
| Value Equity Index |  | &nbsp;&nbsp;&nbsp; 10764 | &nbsp;&nbsp;&nbsp; 7283 |
| Value Equity |  | &nbsp;&nbsp;&nbsp; 425141 | &nbsp;&nbsp;&nbsp; 275837 |
| Growth Equity Index |  | &nbsp;&nbsp;&nbsp; 15266 | &nbsp;&nbsp;&nbsp; 8904 |
| Growth Equity |  | &nbsp;&nbsp;&nbsp; 163891 | &nbsp;&nbsp;&nbsp; 184807 |
| Small Cap Equity |  | &nbsp;&nbsp;&nbsp; 598140 | &nbsp;&nbsp;&nbsp; 426503 |
| International Equity Index |  | &nbsp;&nbsp;&nbsp; 145074 | &nbsp;&nbsp;&nbsp; 49424 |
| International Equity |  | &nbsp;&nbsp;&nbsp; 789224 | &nbsp;&nbsp;&nbsp; 749133 |
| Emerging Markets Equity |  | &nbsp;&nbsp;&nbsp; 747785 | &nbsp;&nbsp;&nbsp; 679049 |

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(1) Inception date was December 31, 2025.

(2) Inception date was January 27, 2023.

During the fiscal years ended December 2025, 2024 and 2023 certain portfolio transactions for the Medium-Duration Bond Fund and Emerging Markets Equity Fund were executed through broker-dealers affiliated with the respective Fund's Sub-Adviser or Adviser directing applicable transactions as specified below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; **Aggregate Dollar Amount**<br> **of Brokerage Commissions**<br> **Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount**<br> **of Brokerage Commissions**<br> **Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount**<br> **of Brokerage Commissions**<br> **Paid** |
| **Fund** | **Broker-Dealer** | **Affiliate** | **2025** | **2024** | **2023** |
| Medium-Duration Bond | Goldman, Sachs & Co. | &nbsp;&nbsp; Goldman Sachs Asset <br> Management, L.P.<br>|  | &nbsp;&nbsp; $86041 | &nbsp;&nbsp; $57258 |
| Emerging Markets Equity | Goldman, Sachs & Co. | &nbsp;&nbsp; Goldman Sachs Asset <br> Management, L.P.<br>|  | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $163 |

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Statement of Additional Information

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As of the close of the fiscal period ended December 31, 2025, the Funds' aggregate holdings of securities of their regular broker-dealers or their parent company were as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **Dollar Value of Securities**<br> **Owned**<br> **(000's Omitted)**<br>|
| **Low-Duration Bond Fund** | **Low-Duration Bond Fund** |
| Bank of America Corporation |  |
| Barclays Capital Inc. |  |
| BNP Paribas Securities Corp. |  |
| Citigroup Global Markets Inc. |  |
| Goldman Sachs & Co. LLC |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co., LLC |  |
| UBS Group AG |  |
| **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** |
| Barclays Capital Inc. |  |
| BofAML Securities, Inc. |  |
| Citigroup Global Markets Inc. |  |
| Goldman Sachs & Co. LLC |  |
| Jefferies LLC |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co., LLC |  |
| Wells Fargo Securities |  |
| **Global Bond Fund** | **Global Bond Fund** |
| BNP Paribas Securities Corp. |  |
| Citigroup Global Markets Inc. |  |
| Goldman Sachs & Co. LLC |  |
| Jefferies LLC |  |
| Morgan Stanley & Co., LLC |  |
| Wells Fargo Securities, LLC |  |
| **Strategic Alternatives Fund** | **Strategic Alternatives Fund** |
| Bank of America Corporation |  |
| Citigroup Global Markets Inc. |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co., LLC |  |
| The Bank of New York Mellon |  |
| **Defensive Market Strategies Fund** | **Defensive Market Strategies Fund** |
| J.P. Morgan Securities, LLC |  |
| **Growth Equity Index Fund** | **Growth Equity Index Fund** |
| Goldman Sachs & CO. LLC |  |
| Morgan Stanley & Co., LLC |  |
| **Equity Index Fund** | **Equity Index Fund** |
| Bank of America Corporation |  |
| Citigroup Global Markets Inc. |  |
| Goldman Sachs & Co. LLC |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co., LLC |  |
| Northern Trust Corporation |  |

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **Dollar Value of Securities**<br> **Owned**<br> **(000's Omitted)**<br>|
| **Value Equity Index Fund** | **Value Equity Index Fund** |
| Bank of America Corporation |  |
| Citigroup Global Markets, Inc. |  |
| Goldman Sachs & Co. LLC |  |
| Jefferies LLC |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co., LLC |  |
| **Value Equity Fund** | **Value Equity Fund** |
| Bank of America Corporation |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co., LLC |  |
| **Growth Equity Fund** | **Growth Equity Fund** |
| Goldman Sachs & CO. LLC |  |
| **International Equity Index Fund** | **International Equity Index Fund** |
| Barclays |  |
| BNP Paribas Arbitrage SNC |  |
| UBS Group AG |  |
| **International Equity Fund** | **International Equity Fund** |
| Barclays |  |
| BNP Paribas |  |
| UBS Securities LLC |  |

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During the fiscal period ended December 31, 2025, the following Funds through an agreement or understanding with a broker, or through an internal allocation policy, directed brokerage transactions to the brokers specified below because of research services provided, as follows:

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| | | |
|:---|:---|:---|
| **Name of Broker** | **Aggregate Dollar**<br> **Amount of Transactions**<br> **Directed**<br>| **Aggregate Dollar**<br> **Amount of Related**<br> **Brokerage Commissions**<br> **Paid**<br>|
| **Defensive Market Strategies Fund** | **Defensive Market Strategies Fund** | **Defensive Market Strategies Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp; [$1,337,898]<br>| &nbsp;&nbsp; [$144]<br>|
| Russell Investments | &nbsp;&nbsp; [1,189,637] | &nbsp;&nbsp; [193] |
| **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
| Russell Investments | &nbsp;&nbsp; [162,414,203] | &nbsp;&nbsp; [3,048,310] |
| **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp; [20,177,786] | &nbsp;&nbsp; [2,652] |
| Russell Investments | &nbsp;&nbsp; [50,481,234] | &nbsp;&nbsp; [11,240] |
| **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp; [205,620,651] | &nbsp;&nbsp; [36,592] |
| Russell Investments | &nbsp;&nbsp; [25,319,009] | &nbsp;&nbsp; [4,807] |
| **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp; [158,018,787] | &nbsp;&nbsp; [112,196] |
| Russell Investments | &nbsp;&nbsp; [29,875,201] | &nbsp;&nbsp; [22,714] |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Broker** | **Aggregate Dollar**<br> **Amount of Transactions**<br> **Directed**<br>| **Aggregate Dollar**<br> **Amount of Related**<br> **Brokerage Commissions**<br> **Paid**<br>|
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp; [14,383,687] | &nbsp;&nbsp; [423] |

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*Codes of Ethics.* The Trust, the Adviser, each of the Sub-Advisers and the Underwriter (as defined below) have adopted codes of ethics addressing personal securities transactions and other conduct by investment personnel and access persons who may have access to information about the Funds' securities transactions. The codes are intended to address potential conflicts of interest that can arise in connection with personal trading activities of such persons. Persons subject to the codes are generally permitted to engage in personal securities transactions, including investing in securities eligible for investment by the Funds, subject to certain prohibitions, which may include pre-clearance requirements, blackout periods, annual and quarterly reporting of personal securities holdings and limitations on personal trading of initial public offerings. Violations of the codes are subject to review by the Board of Directors and could result in penalties.

**Proxy Voting**

Please refer to Appendix B of this SAI for the policies and procedures adopted by the Adviser and the Trust. Please refer to Appendix C of this SAI for a description of the Adviser's general guidelines for voting proxies.

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available by visiting the Trust's website at *GuideStoneFunds.com* or by visiting the SEC's website at *http://www.sec.gov*.

**Other Service Providers**

*Underwriter.* Foreside Funds Distributors LLC, 190 Middle Street, Suite 301, Portland, Maine 04101, serves as the Underwriter of each Fund's shares pursuant to a Distribution Agreement (the "Agreement"). The Agreement was for an initial two-year term and is renewable annually thereafter. The Agreement is terminable without penalty on 60 days' written notice by the Board of Directors, by vote of a majority of the outstanding voting securities of the Fund or by the Underwriter. The Agreement will also terminate automatically in the event of its assignment. The Funds do not pay any fees to the Underwriter in its capacity as underwriter. The Underwriter may enter into agreements with affiliates of the Adviser in connection with distribution. The Underwriter has agreed to use efforts deemed appropriate by it to facilitate the distribution of the Funds' shares, which are offered on a continuous basis.

*Transfer Agency Services.* BNY Mellon Investment Servicing (US) Inc. ("BNY"), which has its principal business address at 103 Bellevue Parkway, Wilmington, Delaware 19809, provides transfer agency and dividend disbursing agent services for the Funds. As part of these services, BNY maintains records pertaining to the sale, redemption and transfer of Fund shares and distributes each Fund's cash distributions to shareholders.

*Fund Administrative and Accounting Services.* The Northern Trust Company, 333 South Wabash Avenue, Chicago, Illinois 60604, provides fund administrative and accounting services to the Funds. The services include certain accounting, clerical and bookkeeping services; assistance in the preparation of reports to shareholders; preparation for signature by an officer of the Trust of documents required to be filed for compliance by the Trust with applicable laws and regulations including those of the SEC and the securities laws of various states; arranging for the computation of data, including daily computation of NAV; and arranging for the maintenance of books and records of the Trust and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. The Trust's administrator does not have any responsibility or authority for the management of

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the Funds or the determination of investment policy. In consideration of the services provided pursuant to the Fund Administration and Accounting Services Agreement, The Northern Trust Company receives from each Fund a fee computed daily and paid monthly. For the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023, The Northern Trust Company received [$[ ], $1,889,109 and $2,590,082], respectively, after waivers from the Trust for its fund administrative and accounting services.

*Custodian.* The Northern Trust Company, 333 South Wabash Avenue, Chicago, Illinois 60604, serves as custodian for the Funds pursuant to a custody agreement. As custodian, The Northern Trust Company holds or arranges for the holding of all portfolio securities and other assets of the Funds in connection with the custody agreement.

*Securities Lending Agent.* The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as securities lending agent for the Select Funds, except the Money Market Fund, and in that role administers the Trust's securities lending program pursuant to the securities lending agreement entered into between the Trust, on behalf of the Funds, and The Northern Trust Company.

*Independent Registered Public Accounting Firm.* [ ] serves as the independent registered public accounting firm to the Trust.

*Legal Counsel.* The law firm of Stradley Ronon Stevens & Young, LLP, 2000 K Street, N.W., Suite 700, Washington, DC 20006, serves as counsel to the Trust.

*Counsel to Independent Directors.* The law firm of Eversheds Sutherland (US) LLP, 700 Sixth Street, N.W., Suite 700, Washington, DC 20001-3980, serves as counsel to the Independent Directors.

**Shares of Beneficial Interest**

The Trust's Trust Instrument authorizes the issuance of an unlimited number of shares for each of the Funds and their Classes, and each share has a par value of $0.001 per share. There are no conversions or preemptive rights in connection with any shares. All issued shares will be fully paid and non-assessable and will be redeemable at NAV per share. Certificates certifying the ownership of shares will not be issued.

In accordance with the Trust's Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold the power to vote of at least 60% of the outstanding shares of the Trust. The Funds of the Trust will refuse to accept any investment that would result in a change of such control. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of the outstanding shares of the Trust.

The assets belonging to a Fund shall be held and accounted for separately from other assets of the Trust. Each share of a Fund represents an equal beneficial interest in the net assets of such Fund. Each Class of a Fund represents interests in the assets of that Fund and has identical voting, dividend, liquidation and other rights, except that expenses allocated to a Class will be borne by such Class. Expenses of the Trust which are not readily identifiable as belonging to a particular Fund or Class are allocated among all the Funds in a manner the Directors believe to be fair and equitable.

The Board of Directors has authority, without necessity of a shareholder vote, to create any number of new funds or classes and to issue an unlimited number of shares of beneficial interest of the Trust. The Directors have established 27 Funds of the Trust and two Classes of shares to be issued currently. The Trust offers Institutional Class and Investor Class shares. Expenses borne by each Class differ because of the allocation of class-specific expenses. For example, shareholder service fees may vary from class to class. The relative impact of ongoing annual expenses will depend on the length of time a share is held.

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Each share is entitled to one vote and each fractional share is entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Directors. Shares will generally be voted by shareholders of the individual Fund or Class, except in the case of election or removal of Directors, the amendment of the Trust's Trust Instrument, when required by the 1940 Act or when the Directors have determined that the matter affects the interests of more than one Fund of the Trust or Class.

The Trust is not required to and does not currently intend to hold annual meetings of shareholders. Special meetings of shareholders may be called by the Board of Directors or upon the written request of shareholders owning a majority of the outstanding shares of the Trust. Amendments and supplements to the Trust's Trust Instrument may be made only by majority of the outstanding shares of the Trust. The Trust shall have perpetual existence. Only a majority of the Board of Directors, including a majority of the Independent Directors, and not an individual Fund of the Trust, may approve the dissolution of a Fund of the Trust or the Trust.

**Redemptions In-Kind for Affiliated Persons**

As described in the Prospectus, each Fund reserves the right, taking into account the best interests of its shareholders, to honor a redemption request by certain affiliated shareholders by transferring some of the securities held by a Fund directly to a redeeming shareholder ("redemptions in-kind"). Specifically, redemptions in-kind may be effected for redeeming shareholders who are considered "affiliated persons" of a Fund by virtue of controlling, being controlled by or under common control with the Adviser (an "affiliated shareholder"). The Board has adopted procedures for redemptions in-kind of affiliated persons of a Fund. These procedures provide that a redemption in-kind shall be effected at approximately the affiliated shareholder's proportionate share of the Fund's current net assets, and require the Adviser to determine: (i) that the redemption in-kind will not favor the affiliated shareholder to the detriment of any of the Fund's remaining shareholders; (ii) in the context of another Fund redeeming from the distributing Fund, the redemption in-kind will not favor the distributing Fund to the detriment of the redeeming Fund; and (iii) the redemption in-kind is in the best interest of the distributing Fund. The procedures also require that the distributed securities be valued in the same manner as they are valued for purposes of computing the distributing Fund's NAV and that neither the affiliated shareholder nor any other party with the ability and pecuniary incentive to influence the redemption in-kind selects, or influences the selection of, the distributed securities.

**Shareholder Servicing Arrangements**

The Board of Directors has adopted a Shareholder Service Plan for the Investor Class ("Service Plan"). Under its Service Plan, the Investor Class is authorized to pay service fees of 0.25% of average daily net assets. Service fees are paid to parties that provide service for and maintain shareholder accounts.

Pursuant to the Service Plan, each Fund may pay GuideStone Financial Resources and/or GuideStone Resource Management, Inc. ("GSRM") for service activities. Service activities include, but are not limited to, such services as answering shareholder inquiries; establishing and maintaining shareholder accounts; providing account statements and documents; delivering reports and other communication from a Fund, as may be required by applicable law and regulation; aggregating and processing purchase and redemption orders; processing dividend payments; monitoring shareholder compliance with applicable frequent trading policy; cooperating with the Trust to facilitate implementation of its anti-money laundering program; and providing such other related personal and/or elective services as the shareholder may request. Any "service fee" paid by a Fund, as that term is defined in subparagraph (b)(9) of Rule 2830 of the Conduct Rules of FINRA, shall not exceed 0.25% of the Fund's average annual net assets.

The Funds may pay up to the entire amount of the shareholder service fee to GuideStone Financial Resources and/or GSRM or to unaffiliated service providers who provide these services to the Funds. In addition, the Adviser has agreed to make payments from its own resources to unaffiliated financial intermediaries under

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distribution support agreements in an amount not to exceed 0.10% annualized of the average daily aggregate value of a Fund's shares held by that intermediary's customers.

**Taxation**

**General**

The following discussion of certain federal income tax matters concerning the Funds and the purchase, ownership and disposition of Fund shares is not complete and may not deal with all aspects of federal income taxation that may be relevant to you in light of your particular circumstances. This discussion is based on the Code, the regulations promulgated thereunder and judicial and administrative interpretations thereof, all as of the date hereof; all these authorities are subject to change, which may be applied retroactively. If you invest in Fund shares through a tax-advantaged account (such as a retirement plan account, including a 403(b)(7) or 401(k) account or an individual retirement account ("IRA") (a "Tax-Advantaged Account")), special tax rules apply. You should consult your own tax adviser(s) with regard to the federal tax consequences to you of the purchase, ownership and disposition of Fund shares, as well as the tax consequences to you arising under the laws of any state, locality, foreign country or other taxing jurisdiction.

*Tax Character of Distributions.* As described in the Prospectus, unless your investment is held in a Tax-Advantaged Account, (1) dividends from net investment income and distributions from the excess of net short-term capital gain over net long-term capital loss ("net short-term capital gain") and net gains from certain foreign currency transactions, if any (collectively, "dividends"), generally are taxable to you as ordinary income (except that a Fund's dividends attributable to its "qualified dividend income" ("QDI") generally are subject to federal income tax for individual and certain other non-corporate shareholders (each, a "non-corporate shareholder") who satisfy certain restrictions with respect to their Fund shares at a maximum rate of 15% (20% for a single shareholder with taxable income exceeding $545,501 or $613,701 for married persons filing jointly, which amounts apply for the 2026 tax year and will be adjusted for inflation annually thereafter); and (2) distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) ("capital gain distributions") are taxable to you as long-term capital gains, at those rates for non-corporate shareholders, whether received in cash or reinvested in additional Fund shares.

A portion of a Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations ("DRD").

The eligible portion of any Fund dividend for purposes of the QDI rates may not exceed the aggregate dividends it receives from most domestic corporations and certain foreign corporations, whereas only dividends a Fund receives from domestic corporations are eligible for purposes of the DRD. Accordingly, a Fund's distributions of interest income, net short-term capital gain and net foreign currency gains do not qualify for the reduced QDI tax rates or the DRD. The Funds will inform you of the amount of your dividends and capital gain distributions, if any, when they are paid and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year.

Under the One Big Beautiful Bill, "qualified REIT dividends" (*i.e.,* ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. Regulations issued enable a Fund to pass through the special character of "qualified REIT dividends" to a shareholder, provided both the Fund and shareholder meet certain holding period requirements with respect to their shares.

You should be aware that if you purchase Fund shares shortly before the record date for a dividend or capital gain distribution, you will pay full price for the shares and receive some portion of the price back as a taxable distribution. At any time, a Fund may distribute to you, as ordinary income or capital gain, an amount that

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exceeds your proportionate share of the actual amount of such income or gain earned or realized during the period of your investment in the Fund.

*Redemption and Exchange of Fund Shares.* As discussed in the Prospectus, unless your investment is held in a Tax-Advantaged Account, redemptions (including those pursuant to exchanges) of Fund shares are taxable transactions. If you hold your shares as capital assets, the gain or loss that you realize will be capital gain or loss and will be long-term if you held your redeemed shares for more than one year. Any capital gain a non-corporate shareholder recognizes on a redemption of his or her Fund shares held for more than one year will qualify for the maximum tax rates referred to above. Any loss you realize on the redemption of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions you received on those shares.

All or a portion of any loss that you realize on the redemption of your Fund shares will be disallowed to the extent that you buy other shares in the same Fund (through reinvestment of dividends or capital gain distributions or otherwise) within 30 days before or after the redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares you buy.

A shareholder's basis in shares of a Fund that he or she acquired or acquires on or after January 1, 2012 ("Covered Shares"), will be determined in accordance with the Fund's default method, which is average basis, unless the shareholder affirmatively elects in writing (which may be electronic) to use a different acceptable basis determination method, such as a specific identification method. The basis determination method a Fund shareholder elects (or the default method) may not be changed with respect to a redemption of Covered Shares after the settlement date of the redemption.

In addition to the requirement to report the gross proceeds from redemptions of shares, each Fund (or its administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to its shareholders the basis information for Covered Shares and indicate whether they had a short-term (one year or less) or long-term (more than one year) holding period. You should consult with your tax adviser(s) to determine the best IRS-accepted basis determination method for your tax situation and to obtain more information about how the basis reporting law applies to you.

*Treatment as a Regulated Investment Company.* Each Fund has elected to be a "regulated investment company" under Subchapter M of Chapter 1 of Subtitle A of the Code ("RIC") and intends to continue to qualify for treatment as a RIC for its current taxable year. As a RIC that so qualifies, a Fund will pay no federal income tax on its net income and net realized gains it distributes to you. The Board of Directors reserves the right not to maintain a Fund's qualification for treatment as a RIC if the Board of Directors determines that course of action to be beneficial to its shareholders. In such a case, or if a Fund otherwise fails to maintain that qualification for any taxable year — either (1) by failing to satisfy the distribution requirement applicable to RICs ("Distribution Requirement"), even if it satisfied the source-of-income and diversification requirements applicable thereto ("Income Requirement" and "Diversification Requirements," respectively); or (2) by failing to satisfy the Income Requirement and/or either Diversification Requirement and was unable to, or determined not to, avail itself of Code provisions that enable a RIC to cure a failure to satisfy any of the Income and Diversification 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 — then for federal tax purposes the Fund would be taxed as an ordinary corporation on the full amount of its taxable income for that year without being able to deduct the distributions it makes to its shareholders. In addition, for those purposes, the shareholders would treat all those distributions, including capital gain distributions, as dividends to the extent of the Fund's earnings and profits, taxable as ordinary income (except that, for non-corporate shareholders those dividends would be QDI subject to federal income tax at the 15% and 20% maximum rates described above), and those dividends would be eligible for the DRD. Furthermore, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying for RIC treatment.

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*Excise Tax.* To avoid a nondeductible 4% federal excise tax ("Excise Tax"), a Fund must distribute to its shareholders by December 31 of each year at least the sum of the following amounts: 98% of its ordinary income earned during the calendar year, 98.2% of its capital gain net income earned during the 12-month period ending October 31 in that year, plus 100% of any undistributed amounts from the prior year. Each Fund intends to declare and pay at least that sum through periodic distributions during each year and any balance in December (or to pay the balance in January under a rule that treats such distributions as received by you in December) to avoid the Excise Tax, but the Funds can give no assurance that their distributions will be sufficient to eliminate all Excise Tax.

*Backup Withholding.* Each Fund must withhold and remit to the U.S. Treasury 24% of all dividends and (except in the case of the Money Market Fund) capital gain distributions and redemption proceeds (regardless of the extent to which a gain or loss may be realized) otherwise payable to you ("backup withholding") if (1) you are a noncorporate shareholder and (2) you fail to furnish the Fund with your correct social security or other taxpayer identification number. Withholding at that rate also is required from a Fund's dividends and (except for the Money Market Fund) capital gain distributions otherwise payable to you if you are such a shareholder and (a) the IRS notifies you or the Funds that you have failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect or (b) when required to do so, you fail to certify that you are not subject to backup withholding. Any amounts withheld may be credited against your federal income tax liability.

*Pass-through of Foreign Taxes.* If more than 50% of the value of a Fund's total assets at the end of a taxable year is invested in securities of foreign corporations, the Fund may elect to pass-through to you your *pro rata* share of withholding or other taxes imposed by foreign countries or U.S. possessions (collectively, "foreign taxes"). If a Fund makes this election, the year-end statement you receive will show more taxable dividends than it actually distributed to you, because you will be required to include in gross income, and treat as paid by you, your proportionate share of those foreign taxes (the amount of which will be included on your statement with other dividends, if any, the Fund paid). However, you will be entitled to either deduct your share of those taxes in computing your taxable income or (subject to limitations) claim a foreign tax credit for that share against your federal income tax. (The exception, again, is a Tax-Advantaged Account.) You will be provided with the information necessary to complete your individual income tax return if a Fund makes this election.

*Other Taxation.* Distributions may be subject to state, local and foreign taxes, depending on your particular situation.

**Tax Treatment of Fund Investments**

Securities transactions are accounted for on a trade date basis. Net realized gains or losses from sales of securities are determined by comparing the identified cost of the securities lot sold with the net proceeds pursuant to applicable federal income tax rules.

Each Target Date Fund and Target Risk Fund invests primarily in shares of the Select Funds. Accordingly, a Fund-of-Fund's income will consist of distributions from Select Funds and net gains realized from the disposition of Select Fund shares. If a Select Fund continues to qualify for treatment as a RIC — as noted above, each Fund, including the Select Funds, intends to continue to do so for its current taxable year — (1) dividends paid to a Fund of Funds from the Select Fund's "investment company taxable income" will be taxable to the Fund of Funds as ordinary income to the extent of the Select Fund's earnings and profits and (2) distributions paid to a Fund of Funds from the Select Fund's net capital gain will be taxable to the Fund of Funds as long-term capital gains, regardless of how long the Fund of Funds has held the Select Fund's shares. (As noted above, a Fund of Funds will be able to avoid having to pay entity-level federal income tax on those distributions by distributing the amount thereof to its shareholders.) If a Fund of Funds purchases shares of a Select Fund within 30 days before or after redeeming other shares of that Select Fund at a loss (whether pursuant to a rebalancing of the Fund of Fund's portfolio or otherwise), all or a part of the loss will not be deductible by the Fund of Funds and instead will increase its basis in the newly purchased shares.

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*Market Discount.* If a Fund purchases a debt security in the secondary market at a price lower than its stated redemption price, the difference is "market discount." If the amount of market discount is more than *de minimis*, a Fund must include in its gross income a portion of the market discount as ordinary income (not capital gain) in each taxable year in which the Fund receives a principal payment on the security. In general, the amount of market discount that must be included is equal to the lesser of (1) the amount of market discount accrued during the taxable year (plus any accrued market discount for prior taxable years not previously included in gross income) or (2) the amount of the principal payment(s) received during the taxable year. Generally, market discount accrues on a daily basis for each day a Fund holds a debt security at a constant rate over the time remaining to the security's maturity or, at the Fund's election, at a constant yield to maturity that takes into account the semi-annual compounding of interest. Gain realized on the disposition of a market discount obligation must be recognized as interest income (not capital gain) to the extent of the accrued market discount.

*Original Issue Discount and PIK Securities.* Certain debt securities a Fund acquires may be originally issued at a discount. Very generally, "original issue discount" is defined as the difference between the price at which a security was issued and its stated redemption price at maturity. Although a Fund currently receives no cash on account of the original issue discount that accrues on a debt security in a given taxable year, that discount generally is treated for federal income tax purposes as interest that is includable in gross income in that year and, therefore, is subject to the Distribution Requirement. Similar treatment is required for "interest" on PIK securities paid in the form of additional securities rather than cash. A Fund may purchase some debt securities at a discount that exceeds the original issue discount on them, if any. This additional discount represents market discount for federal income tax purposes (see above).

*Foreign Investments.* Most foreign exchange gains and losses realized on the sale of debt securities generally are treated as ordinary income and loss by the Funds. These gains, when distributed, will be taxable to you as ordinary dividends (unless your investment is held in a Tax-Advantaged Account), and any such losses will reduce the Fund's ordinary income otherwise available for distribution to you. This treatment could increase or reduce ordinary income distributions to you and may cause some or all of a Fund's previously distributed income to be classified as a return of capital.

The Funds may be subject to foreign taxes on income from, and gains realized on, certain foreign securities. Tax treaties between certain countries and the United States may reduce or eliminate foreign taxes, however, and many foreign countries do not impose taxes on capital gains with respect to investments by foreign investors.

*Passive Foreign Investment Companies.* Each Select Fund may invest in shares of foreign corporations that are "passive foreign investment companies" ("PFICs"). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests for the 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 Fund 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 on its disposition of that stock (collectively, "PFIC income"), plus interest thereon, even if the Fund distributes the PFIC income as a dividend to its shareholders. The balance of the PFIC income will be included in the Fund's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders. Fund distributions thereof will not be eligible for the maximum federal income tax rates on non-corporate shareholders' QDI.

If a Fund 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 Fund would be required to include in income each taxable year its *pro rata* share of the QEF's annual ordinary earnings and net capital gain — which the Fund likely would have to distribute to satisfy the Distribution Requirement and avoid imposition of the Excise Tax — even if the Fund did not receive those earnings and gain from the QEF. In most instances, it will be very difficult, if not impossible, to make this election because of certain requirements thereof.

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A Fund may elect to "mark-to-market" its stock in any PFIC. "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 the stock over a Fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund 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 market 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 Fund included in income for prior taxable years under the election. A Fund's adjusted basis in each PFIC's stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder.

You should be aware that determining whether a foreign corporation is a PFIC is a fact-intensive determination that is based on various facts and circumstances and thus is subject to change, and the principles and methodology used therein are subject to interpretation. As a result, a Fund may not be able, at the time it acquires a foreign corporation's shares, to ascertain whether the corporation is a PFIC, and a foreign corporation may become a PFIC after a Fund acquires shares therein. While each Fund generally will seek to minimize its investments in PFIC shares, and to make appropriate elections when they are available, to lessen the adverse tax consequences detailed above, there are no guarantees that it will be able to do so and it reserves the right to make such investments as a matter of its investment policy.

*Hedging Strategies.* The use of hedging strategies, such as writing (selling) and purchasing options and futures contracts and entering into forward contracts, involves complex rules that will determine for income tax purposes the amount, character, and timing of recognition of the gains and losses a Fund realizes in connection therewith. Gain from the disposition of foreign currencies (except certain gains that may be excluded by future regulations), and gains from options, futures contracts and forward contracts a Fund derives with respect to its business of investing in securities or foreign currencies, will be treated as "qualifying income" under the Income Requirement.

Some futures contracts, "nonequity" options (*i.e.*, certain listed options, such as those on a "broad-based" securities index) and foreign currency options and forward contracts — except any "securities futures contract" that is not a "dealer securities futures contract" (both as defined in the Code) and any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement — in which a Fund invests may be subject to Code section 1256 (collectively, "section 1256 contracts"). Any section 1256 contracts a Fund holds at the end of its taxable year generally must be "marked-to-market" (that is, treated as having been sold at that time for their fair market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they were realized. Sixty percent of any net gain or loss recognized on these deemed sales, and 60% of any net realized gain or loss from any actual sales of section 1256 contracts, will be treated as long-term capital gain or loss, and the balance will be treated as short-term capital gain or loss. Section 1256 contracts may also be marked-to-market for purposes of the Excise Tax. These rules may operate to increase the amount that a Fund must distribute to satisfy the Distribution Requirement (*i.e.*, with respect to the portion treated as short-term capital gain), which will be taxable to its shareholders as ordinary income when distributed to them, and to increase the net capital gain a Fund recognizes, without in either case increasing the cash available to the Fund.

Offsetting positions a Fund enters into or holds in any actively traded security, option, futures contract or forward contract may constitute a "straddle" for federal income tax purposes. Straddles are subject to certain rules that may affect the amount, character and timing of recognition of a Fund's gains and losses with respect to positions of the straddle by requiring, among other things, that (1) loss realized on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an offsetting position until the latter position is disposed of, (2) the Fund's holding period in certain straddle positions not begin until the straddle is terminated (possibly resulting in gain being treated as short-term rather than long-term capital gain), and (3) losses recognized with respect to certain straddle positions that otherwise would constitute short-term capital losses be treated as long-term capital losses. Applicable regulations also provide certain "wash sale" rules, which apply to transactions where a position is sold at a loss and a new offsetting position is acquired within a prescribed period, and "short sale" rules applicable to straddles. Different elections are available to the Funds, which may mitigate the effects of the

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straddle rules, particularly with respect to "mixed straddles" (*i.e.*, a straddle of which at least one, but not all, positions are section 1256 contracts).

If an option written (sold) by a Fund expires, it will realize a short-term capital gain equal to the amount of the premium it received for writing the option. If a Fund terminates its obligations under an option by entering into a closing transaction, it will realize a short-term capital gain (or loss), depending on whether the cost of the closing transaction is less (or more) than the premium it received when it wrote the option. If a covered call option written by a Fund is exercised, it will be treated as having sold the underlying security, producing long-term or short-term capital gain or loss, depending on the holding period of the underlying security and whether the sum of the option price received on the exercise plus the premium it received when it wrote the option is more or less than the underlying security's basis.

If a Fund has an "appreciated financial position" — generally, an interest (including an interest through an option, futures or forward contract or short sale) with respect to any stock, debt instrument (other than "straight debt"), or partnership interest the fair market value of which exceeds its adjusted basis — and enters into a "constructive sale" of the position, the Fund will be treated as having made an actual sale thereof, with the result that it will recognize gain at that time. A constructive sale generally consists of a short sale, an offsetting notional principal contract or a futures or forward contract a Fund or a related person enters into with respect to the same or substantially identical property. In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property will be deemed a constructive sale. The foregoing will not apply, however, to any transaction by a Fund during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the Fund holds the appreciated financial position unhedged for 60 days after that closing (*i.e.*, at no time during that 60-day period is the Fund's risk of loss regarding that position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale or granting an option to buy substantially identical stock or securities).

*Investments in REITs*. Certain Funds may invest in REITs that (1) hold residual interests in REMICs (*i.e.*, "real estate mortgage investment conduits") or (2) engage in mortgage securitization transactions that cause the REITs to be taxable mortgage pools ("TMPs") or have a qualified REIT subsidiary that is a TMP. A part of the net income allocable to REMIC residual interest holders may be an "excess inclusion." The Code authorizes the issuance of regulations dealing with the taxation and reporting of excess inclusion income of REITs and RICs that hold residual REMIC interests and of REITs, or qualified REIT subsidiaries, that are TMPs. Although those regulations have not yet been issued, the U.S. Treasury and the IRS issued a notice in 2006 ("Notice") announcing that, pending the issuance of further guidance (which has not yet been issued), the IRS would apply the principles in the following paragraphs to all excess inclusion income, whether from REMIC residual interests or TMPs.

The Notice provides that a REIT must (1) determine whether it or its qualified REIT subsidiary (or a part of either) is a TMP and, if so, calculate the TMP's excess inclusion income under a "reasonable method," (2) allocate its excess inclusion income to its shareholders generally in proportion to dividends paid, (3) inform shareholders that are not "disqualified organizations" (*i.e.*, governmental units and tax-exempt entities that are not subject to tax on their "unrelated business taxable income" ("UBTI")) of the amount and character of the excess inclusion income allocated thereto, (4) pay tax (at the corporate income tax rate) on the excess inclusion income allocable to its shareholders that are disqualified organizations, and (5) apply the withholding tax provisions with respect to the excess inclusion part of dividends paid to foreign persons without regard to any treaty exception or reduction in tax rate. Excess inclusion income allocated to certain tax-exempt entities (including qualified retirement plans, IRAs, and public charities) constitutes UBTI to them.

A RIC with excess inclusion income is subject to rules identical to those in clauses (2) through (5) above (substituting "that are nominees" for "that are not 'disqualified organizations'" in clause (3) and inserting "record" after "its" in clause (4)). The Notice further provides that a RIC is not required to report the amount and character

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of the excess inclusion income allocated to its shareholders who are not nominees, except that (1) a RIC with excess inclusion income from all sources that exceeds 1% of its gross income must do so and (2) any other RIC must do so by taking into account only excess inclusion income allocated to the RIC from REITs the excess inclusion income of which exceeded 3% of its dividends. A Fund will not invest directly in REMIC residual interests and does not intend to invest in REITs that, to its knowledge, invest in those interests or are TMPs or have a qualified REIT subsidiary that is a TMP.

After calendar year-end, REITs can and often do change the category (*e.g.*, ordinary income dividend, capital gain distribution, or return of capital) of one or more of the distributions they made during that year. If a Fund invests in a REIT that does so, the Fund also would have to re-categorize some of the distributions it made to its shareholders. Those changes would be reflected in your annual Form 1099, together with other tax information. Although those forms generally will be distributed to you in February of each year, a Fund may, in one or more years, request from the IRS an extension of time to distribute those forms until mid-March to enable it to receive the latest information it can from the REITs in which it invests and thereby accurately report that information to you on a single form (rather than having to send you an amended form).

A Fund may invest in the equity securities of corporations or other entities that invest in U.S. real property, including REITs. The sale of a U.S. real property interest by a REIT or "United States real property holding corporation" in which a Fund invests may trigger special tax consequences to the Fund's foreign shareholders, who are urged to consult their tax advisers regarding those consequences.

**Non-U.S. Investors**

Fund shares generally are not sold outside the United States. However, non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In General.* Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Foreign Account Tax Compliance Act ("FATCA").* Under FATCA, a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2020, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

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**Tax-Advantaged Accounts**

*Traditional IRAs.* Certain shareholders may obtain tax advantages by establishing an IRA. Specifically, except as noted below, if neither you nor your spouse is an active participant in a qualified employer or government retirement plan or if either you or your spouse is an active participant in such a plan and your adjusted gross income does not exceed a certain level, each of you may deduct cash contributions made to an IRA in an amount for each taxable year not exceeding the lesser of your earned income or $7,500 (increased by a "catch-up contribution" of $1,100 if you attain age 50 before the end of the year ("Catch-up Contribution")). Notwithstanding the foregoing, a married shareholder who is not an active participant in such a plan and files a joint income tax return with his or her spouse (and their combined "modified adjusted gross income" does not exceed $242,000 for 2026) is not affected by the spouse's active participant status. In addition, if your spouse is not employed and you file a joint return, you may also establish a separate IRA for your spouse and contribute up to a total of $15,000 to the two IRAs, provided that neither contribution exceeds $7,500 (in each case, if applicable, increased by a Catch-up Contribution of $1,100). If your employer's plan qualifies as a SIMPLE, permits voluntary contributions and meets certain requirements, you may make voluntary contributions to that plan that are treated as deductible IRA contributions.

Even if you are not in one of the categories described in the preceding paragraph, you may find it advantageous to invest in Fund shares through nondeductible IRA contributions, up to certain limits, because all dividends and other distributions on your shares are then not immediately taxable to you or the IRA; they become taxable only when distributed to you. To avoid penalties, your interest in an IRA must be distributed, or start to be distributed, to you not later than April 1 following the calendar year in which you attain age 73. Distributions made before age 59<sup>1</sup>/2, in addition to being taxable, generally are subject to a penalty equal to 10% of the distribution, except in the case of death or disability or where the distribution is rolled over into another qualified plan or certain other situations.

*Roth IRAs.* A shareholder whose adjusted gross income (or combined adjusted gross income with his or her spouse) does not exceed certain levels may establish and contribute up to $7,500 per taxable year (increased by a Catch-up Contribution of $1,100) to a Roth IRA (or to any combination of Roth and traditional IRAs). Certain distributions from traditional IRAs may be rolled over to a Roth IRA, and any of a shareholder's traditional IRAs may be converted to a Roth IRA; these rollover distributions and conversions are, however, subject to federal income tax.

Contributions to a Roth IRA are not deductible; however, earnings accumulate tax-free in a Roth IRA, and withdrawals of earnings are not subject to federal income tax if the account has been held for at least five years (or in the case of earnings attributable to rollover contributions from or conversions of a traditional IRA, the rollover or conversion occurred more than five years before the withdrawal) and the account holder has reached age 59<sup>1</sup>/2 (or certain other conditions apply).

*Section 403(b)(7) Arrangements.* Eligible investors in individual Section 403(b)(7) custodial accounts may purchase Investor Class shares of the Funds. GuideStone Trust Services, an affiliate of GuideStone Financial Resources and an affiliate of the Adviser, serves as non-bank custodian of those accounts. To participate in a Section 403(b)(7) custodial account, your employer must have a service agreement with GuideStone Financial Resources.

*Withholding.* Withholding at the rate of 20% is required for federal income tax purposes on certain distributions (excluding, for example, certain periodic payments) from the foregoing retirement plans (except IRAs), unless the recipient transfers the distribution directly to an "eligible retirement plan" (including an IRA and other qualified plan) that accepts those distributions. Other distributions generally are subject to regular wage withholding or withholding at the rate of 10% (depending on the type and amount of the distribution), unless the recipient elects not to have any withholding apply. You should consult your plan administrator or tax adviser for further information.

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**Third-Party Line of Credit**

The Trust, on behalf of the Funds, participates in a line of credit arrangement with The Northern Trust Company for a $50,000,000 unsecured, committed revolving line of credit ("LOC"). The proceeds of the loans under the LOC are to be used solely for short-term liquidity to support redemptions of investors in a borrowing Fund and settlement of trades. The Trust's ability to borrow under the LOC is also subject to its organization documents, the limitations of the 1940 Act and various conditions precedent that must be satisfied before a Fund can borrow. Additionally, inter-fund lending is permitted under the LOC; however, a Fund may not be a lender of an inter-fund loan at any time during which such Fund has a loan under the LOC outstanding. Loans under the LOC are charged an interest rate on the outstanding principal amount at a rate per annum equal to the greater of (i) the federal funds rate plus 1.00%; or (ii) 1.50%. If any amount of a loan is not paid when due, all amounts due shall bear interest at a rate equal to the rate otherwise applicable and 2.00% per annum for each day until all past due amounts and any interest thereon are paid in full. The LOC also requires each Fund to pay its pro rata share of a facility fee based on the amount of the LOC.

**Valuation of Shares**

Each Fund's shares are bought or sold at a price that is the Fund's NAV per share. The NAV for each Fund is calculated by subtracting total liabilities from total assets (the market value of the securities the Fund holds plus cash and other assets). Each Fund's per share NAV is calculated by dividing its NAV by the number of Fund shares outstanding. Because each Target Date Fund and Target Risk Fund invests primarily in shares of the Select Funds, the price of a share of a Target Date Fund or Target Risk Fund is based upon the NAVs of the shares of those underlying investments. In turn, the NAV per share of each underlying investment is based upon the values of the obligations, stocks and other investments held by the underlying fund. Therefore, the price of a share of a Target Date Fund or Target Risk Fund will fluctuate in relation to its asset allocation among the underlying investments and the value of the portfolio investments of the underlying investments.

The Funds value their portfolio securities and compute their NAV per share as of the close of regular trading on the NYSE, which is generally 4:00 p.m. Eastern Time on each day that the NYSE is open for trading or such other times as the NYSE may officially close ("Business Day"), in accordance with the procedures discussed in the Prospectus. This section provides a more detailed description of the Funds' methods for valuing their portfolio securities. Fund shares will generally not be priced on any day the NYSE is closed for trading (market holidays). The Funds also remain closed on days when the NYSE is closed and the Securities Industry and Financial Markets Association recommends that the bond markets remain open. The valuation of the Funds' investments is subject to oversight of the Board of Directors. The Board of Directors has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act ("Rule 2a-5"). The Adviser, as the valuation designee, performs the fair value determinations relating to Fund investments, subject to oversight by the Board of Directors. The Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a Valuation Committee to assist with its designated responsibilities as valuation designee.

The Funds (except the Money Market Fund) each value portfolio securities listed on an exchange at current market value on the basis of the last sale price or official closing price prior to the time the valuation is made. Securities traded primarily on the Nasdaq Stock Market are normally valued by the Fund at the Nasdaq Official Closing Price ("NOCP") provided by Nasdaq each business day. The NOCP is the most recently reported price as of 4:00 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (*i.e.*, the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, Nasdaq will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there has been no

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sale since the immediately previous valuation, then the official close price is used. Quotations are taken from the exchange where the security is primarily traded.

Portfolio securities which are primarily traded on foreign exchanges are generally valued at the preceding closing values of such securities on their respective exchanges. The Funds translate prices for investments quoted in foreign currencies into U.S. dollars at current exchange rates. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund's NAVs. Because foreign markets may be open at different times than the NYSE, the value of Fund shares, particularly shares of the Bond Funds, the Global Real Estate Securities Fund, the International Equity Index Fund, the International Equity Fund and the Emerging Markets Equity Fund, may change on days when shareholders will not be able to buy or redeem Fund shares. When an occurrence subsequent to the time that a foreign security is valued is likely to have changed such value, then such foreign security will be valued at its fair value, as determined through procedures established by, or under the direction of, the Board of Directors. In addition, foreign equity securities will be valued at fair values provided by Interactive Data Corporation on certain days determined upon movements in a broad-based index in relation to the close of a foreign market. To the extent available, valuations of portfolio securities (except those valued using amortized cost) will be provided by reliable independent pricing services.

Notwithstanding the above, bonds and other fixed income securities are valued by using market quotations and may be valued on the basis of evaluated prices provided by a pricing service approved by the Board of Directors. Portfolio securities not currently quoted as indicated above will be valued through procedures established by, or under the direction of, the Board of Directors.

If official closing prices, market quotations or the estimates of value provided by an independent pricing service are insufficient or not readily available on a Business Day; it is determined by the Valuation Committee or a Fund's applicable Sub-Adviser that the available prices or values do not represent the fair value of the security; or the security is determined to be illiquid in accordance with guidelines approved by the Board of Directors, then the Fund will value the security based on a method that the Board of Directors believes accurately reflects fair value. The fair value ascertained for a security is an estimate and there is no assurance, given the limited information available at the time of fair valuation, that a security's fair value will be the same as or close to the subsequent opening market price for that security.

The Money Market Fund uses the amortized cost method to determine the value of its portfolio securities pursuant to Rule 2a-7 under the 1940 Act. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which the value, as determined by amortized cost, is higher or lower than the price which the Fund would receive if the security were sold. During these periods, the yield to a shareholder may differ somewhat from that which could be obtained from a similar fund which utilizes a method of valuation based upon market prices. Thus, during periods of declining interest rates, if the use of the amortized cost method resulted in a lower value of the Fund's portfolio on a particular day, a prospective investor in the Fund would be able to obtain a somewhat higher yield than would result from an investment in a fund utilizing solely market values and existing Fund shareholders would receive correspondingly less income. The converse would apply during periods of rising interest rates.

Rule 2a-7 provides that in order to value its portfolio using the amortized cost method, the Money Market Fund must maintain a dollar-weighted average portfolio maturity of 60 calendar days or less and a dollar-weighted average life portfolio maturity of 120 calendar days or less, purchase securities having remaining maturities of 397 days or less and invest in U.S. dollar-denominated securities that at the time of acquisition are Eligible Securities (as defined in Rule 2a-7). U.S. Treasury and U.S. government securities and securities of government money market funds are Eligible Securities, as are securities that the Money Market Fund's Sub-Adviser has determined present minimal credit risks based on an analysis of the issuer's or guarantor's capacity to meet its financial obligations.

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Pursuant to Rule 2a-7, the Board of Directors is also required to establish procedures designed to stabilize the price per share of the Money Market Fund, as computed for the purpose of sales and redemptions, at $1.00. Such procedures include review of the Fund's portfolio holdings by the Board of Directors, at such intervals as it may deem appropriate, to determine whether the NAV of the Fund calculated by using available market quotations deviates from $1.00 per share based on amortized cost. The extent of any deviation will be reviewed by the Board of Directors. If such deviation exceeds 1/2 of 1%, the Board of Directors will promptly consider what action, if any, will be initiated. In the event the Board of Directors determines that a deviation exists which may result in material dilution or other unfair results to investors or existing shareholders, the Board of Directors will take such corrective action as it regards as necessary and appropriate, which may include, for example, redeeming shares in kind, selling portfolio instruments prior to maturity to realize capital gains or losses or to shorten average portfolio maturity, withholding dividends or establishing a NAV per share by using available market quotations. The Money Market Fund does not currently intend to impose liquidity fees on Fund redemptions. The Board reserves the ability to impose liquidity fees in the future, after providing prior notice to shareholders and in accordance with Rule 2a-7 under the 1940 Act. In accordance with applicable legal requirements, the Money Market Fund may suspend redemptions if: (i) the Board, including a majority of its Independent Directors, irrevocably approve the liquidation of the Fund and (ii) the Fund, prior to suspending redemptions, has notified the SEC of the decision to liquidate the Fund and suspend redemptions.

**Portfolio Holdings Information**

It is the Trust's policy to protect the confidentiality of the Funds' current portfolio holdings information and to prevent the selective disclosure and misuse of such information. The Trust maintains portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. These portfolio holdings disclosure policies have been approved by the Board of Directors. It is prohibited for the Trust, the Adviser, the Adviser's affiliates or any other person to receive compensation in connection with their disclosure of the Funds' portfolio holdings information.

Each Fund will publicly disclose its portfolio holdings in accordance with regulatory requirements, such as periodic portfolio disclosure in filings with the SEC. The Funds also may disclose portfolio holdings information as required by law or in response to requests from regulators. In accordance with SEC regulatory requirements, each Fund (except the Money Market Fund) files a complete schedule of its portfolio holdings with the SEC for each semi-annual and annual period of its fiscal year on Form N-CSR and for the third month of each quarter of each fiscal year on Form N-PORT. In addition, the Money Market Fund files a complete schedule of its portfolio holdings with the SEC on a monthly basis on Form N-MFP. Each Fund also includes a schedule of its portfolio holdings in its annual and semi-annual reports to shareholders.

These reports (1) are available on the EDGAR database on the SEC's website at *http://www.sec.gov*; and (2) copies may be requested (you will be charged a duplicating fee) via electronic request by emailing *publicinfo@sec.gov*. The Trust's annual and semi-annual reports to shareholders are available without charge on the Trust's website (*GuideStoneFunds.com*). A Fund's portfolio holdings information is publicly available at the time such information is filed with the SEC.

Each Fund, other than the Money Market Fund, may post on the Trust's website a detailed list of the Fund's portfolio holdings as of the end of each calendar quarter 15 calendar days after the end of the quarter. The Money Market Fund publishes its complete schedule of portfolio holdings on a monthly basis on the Trust's website. Fund holdings information that is posted to the Trust's website will remain available on the website at least until the date on which the Fund files a Form N-CSR or Form N-PORT for the period that includes the date as of which the website information is current. A Fund may publish on the website complete portfolio holdings information more frequently if it has a legitimate business purpose for doing so. Each Fund may also distribute analytical or portfolio characteristics data that is based on its quarter-end portfolio holdings provided that (1) at

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least 15 calendar days have elapsed since the quarter-end to which the information relates; and (2) the information has been made publicly available via the Trust's website or otherwise (but not earlier than the 15 calendar day restriction).

Each Fund may disclose current, non-public portfolio holdings information as frequently as daily as part of the legitimate business purposes of each Fund to service providers that have contracted to provide services to the Trust and to other organizations. The entities to which each Fund provides non-public holdings information are subject to a duty of confidentiality either by explicit agreement or by virtue of their respective duties to each Fund, and include:

a)

the Adviser;

b)

Sub-Adviser(s) to the Funds, including newly hired Sub-Advisers prior to the commencement of duties;

c)

Administrator to the Funds;

d)

Fund Accountant;

e)

Auditors of the Funds;

f)

Legal counsels to the Funds and the independent Directors;

g)

Custodian or sub-custodian to the Funds;

h)

Companies that provide research and analytical services to the Funds, the Adviser or a Sub-Adviser;

i)

Pricing services employed by the Funds;

j)

Proxy voting services employed by the Funds;

k)

Broker-dealers who provide execution or research services for the Funds (including identifying potential buyers and sellers for securities that are held by the Funds, and including transition management services);

l)

Broker-dealers who provide quotations that are used in pricing when a pricing service is unable to provide a price or the price is determined to be unreliable;

m)

Financial printer employed by the Funds;

n)

Securities lending agent employed by the Funds;

o)

Index provider(s) to the Funds; and

p)

Companies that provide other services that are deemed to be beneficial to the Funds.

The Funds may distribute (or authorize a service provider to distribute) complete or partial lists of portfolio holdings to ratings and ranking agencies or organizations (such as Morningstar, Inc.) for a legitimate business purpose (which shall not include the receipt of compensation as consideration for the disclosure).

**Telephone Instructions**

Neither the Funds nor any of their service providers will be liable for any loss or expense in acting upon telephone instructions that are reasonably believed to be genuine. In attempting to confirm that telephone instructions are genuine, they will use procedures that are considered reasonable. Shareholders assume the risk to the full extent of their accounts that telephone requests may be unauthorized. To the extent that the Funds or their service providers fail to use reasonable procedures to verify the genuineness of telephone instructions, the Funds or their service providers may be liable for any such instructions that prove to be fraudulent or unauthorized. All telephone conversations with the Funds, GuideStone Financial Resources and BNY Mellon may be recorded.

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**Control Persons and Principal Holders of Securities**

As of [April 15, 2025], the following persons owned of record or were known by the Funds to own beneficially 5% or more of a Class of shares of a Fund. Persons are deemed to control a Fund when they own beneficially over 25% of the Fund's outstanding shares. Principal holders are persons that own beneficially 5% or more of any Class of a Fund's outstanding shares.

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|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| MyDestination 2015 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2015 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2035 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2035 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2065 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2065 Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Balanced Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Balanced Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Moderately Aggressive Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Moderately Aggressive Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; Charles Schwab & Co Inc<br> Special Custody Acct FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94101-4122<br>| [ ]% |
| Low-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Medium-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; LPL Financial (FBO) Customer Accounts<br> Attn: Mutual Fund Operations<br> PO Box 509046<br> San Diego, CA 92150-9046<br>| [ ]% |
| Global Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp; Charles Schwab & Co Inc<br> Special Custody Acct FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94101-4122<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Voluntary Annuity Plan (VAP)<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Investor Class<br>| &nbsp;&nbsp; LPL Financial (FBO) Customer Accounts<br> Attn: Mutual Fund Operations<br> PO Box 509046<br> San Diego, CA 92150-9046<br>| [ ]% |
| Impact Bond Fund<br> Investor Class <br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO TNT-LDN-GIOR01 GSFR-<br> IMPACTOPRE A/C 70-33317<br> PO Box 92956<br> Chicago, IL 60675-2994<br>| [ ]% |
| Impact Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Restricted Insurance Reserves<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Impact Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Impact Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Protection Benefit Plan<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Impact Bond Fund<br> Investor Class <br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Impact Bond Fund<br> Investor Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Endowed Mission Dignity<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Global Real Estate Securities Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; LPL Financial (FBO) Customer Accounts<br> Attn: Mutual Fund Operations<br> PO Box 509046<br> San Diego, CA 92150-9046<br>| [ ]% |
| Growth Equity Index Fund<br> Investor Class <br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; LPL Financial (FBO) Customer Accounts<br> Attn: Mutual Fund Operations<br> PO Box 509046<br> San Diego, CA 92150-9046<br>| [ ]% |
| International Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Strategic Reserves<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| International Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

---

GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| International Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| International Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Protection Benefit Plan<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| MyDestination 2015 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2035 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2065 Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; TIAA Trust, N.A. as Cust/Ttee of<br> Retirement Plans Recordkept by TIAA<br> Attn: Fund Operations<br> 8500 Andrew Carnegie Blvd<br> Charlotte, NC 28262-8500<br>| [ ]% |
| Balanced Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

---

Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Balanced Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; TIAA Trust, N.A. as Cust/Ttee of<br> Retirement Plans Recordkept by TIAA<br> Attn: Fund Operations<br> 8500 Andrew Carnegie Blvd<br> Charlotte, NC 28262-8500<br>| [ ]% |
| Moderately Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; TIAA Trust, N.A. as Cust/Ttee of<br> Retirement Plans Recordkept by TIAA<br> Attn: Fund Operations<br> 8500 Andrew Carnegie Blvd<br> Charlotte, NC 28262-8500<br>| [ ]% |
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Variable Benefit Plan<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> Equity Index Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Fixed Benefit<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> Medium-Duration Bond Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Strategic Alternatives Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Conservative Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO In Touch Ministries Inc Operations<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

---

GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO In Touch Foundation Inc Operations<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO GSFR Fixed Benefit<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Conservative Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Impact Bond Fund<br> Institutional Class <br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Impact Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Impact Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Conservative Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Impact Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO In Touch Ministries Inc Operations<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Impact Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp; Northern Trust as Custodian<br> FBO In Touch Foundation Inc Operations<br> PO Box 92956<br> Chicago, IL 60675<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

---

Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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In accordance with the Trust's trust instrument, GuideStone Financial Resources will, at all times, directly or indirectly control the vote of at least 60% of the outstanding shares of the Trust. The Trust will refuse to accept any investment in any Fund that would result in a change of such control. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of the outstanding shares of the Trust. GuideStone Financial Resources is a Texas non-profit corporation, of which the Southern Baptist Convention is the sole member.

**Calculation of Performance Data**

The Funds may, from time to time, include their yield, effective yield, tax-equivalent yield, average annual total return, average annual total return after taxes on distributions and average annual total return after taxes on distributions and redemptions in advertisements or shareholder reports or other communications to shareholders or prospective investors. The Funds may also, with respect to certain periods of less than one year, provide total return information for that period that is not annualized. The Funds may also show quotations of total return for other periods. Any such information would be accompanied by standardized total return information. Performance

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is calculated separately for each Class of a Fund. Since each Class of shares has its own expenses and distributions, the performance for each Class over the same period will vary.

**Financial Statements**

[[The Funds' Annual Report for the fiscal year ended December 31, 2025, has been filed with the SEC. The](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[audited financial statements, including the notes thereto, in the Annual Report (the "Audited Financial](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[Statements") and the financial highlights in the Annual Report are incorporated by reference into this SAI. The](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[Audited Financial Statements and the financial highlights have been audited by the Funds' independent registered](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[public accounting firm, \[ \], whose report thereon also appears in the Annual Report and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1131013/000119312524055229/d10147dncsr.htm)]

Statement of Additional Information

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**Appendix A — Descriptions of Securities Ratings**

A description of the rating policies of Moody's Investors Services Inc. ("Moody's"), S&P Global Ratings and Fitch, Inc./Fitch Ratings Ltd. ("Fitch") with respect to bonds and commercial paper appears below.

***Moody's Global Long-Term Obligation Rating Scale***

Moody's long-term ratings are opinions of the relative credit risk of financial obligations with an original maturity of 11 months or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default.

Aaa — Obligations rated "Aaa" are judged to be of the highest quality, with minimal credit risk.

Aa — Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

A — Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

Baa — Obligations rated "Baa" are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.

Ba — Obligations rated "Ba" are judged to have speculative elements and are subject to substantial credit risk.

B — Obligations rated "B" are considered speculative and are subject to high credit risk.

Caa — Obligations rated "Caa" are judged to be of poor standing and are subject to very high credit risk.

Ca — Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C — Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

By their terms, hybrid securities allow for the omission of scheduled dividends, interest or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid security indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

***S&P Global Ratings Long-Term Issue Credit Ratings***

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations: a) the likelihood of payment (capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation); b) the nature and provisions of the financial obligation, and the promise imputed; and c) the protection afforded by, and relative position of, the financial obligation in the event of bankruptcy, reorganization or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights. Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated

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lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations or operating company and holding company obligations.)

AAA — An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA — An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A — An obligation rated "A" is 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 still strong.

BBB — An obligation rated "BBB" exhibits 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.

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

BB — An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces 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.

B — An obligation rated "B" is 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.

CCC — An obligation rated "CCC" is currently vulnerable to nonpayment and is 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.

CC — An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

C — An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D — An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The "D" rating also will 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.

Note: 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.

Statement of Additional Information

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***Fitch's International Long-Term Issuer Credit Ratings***

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings ("IDRs"). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts. In aggregate, IDRs provide an ordinal ranking of issuers based on Fitch's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

AAA — Highest credit quality. "AAA" ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA — Very high credit quality. "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A — High credit quality. "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB — Good credit quality. "BBB" ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB — Speculative. "BB" ratings indicate 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.

B — Highly speculative. "B" ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC — Substantial credit risk. Very low margin for safety. Default is a real possibility.

CC — Very high levels of credit risk. Default of some kind appears probable.

C — Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a "C" category rating for an issuer include: (a) the issuer has entered into a grace or cure period following non-payment of a material financial obligation; (b) the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; (c) the formal announcement by the issuer or their agent of a distressed debt exchange; and (d) a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

RD — Restricted default. "RD" ratings indicate an issuer, in Fitch's opinion, has experienced: (a) an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but (b) has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and (c) has not otherwise ceased operating. This would include: (i) the selective payment default on a specific class or currency of debt; (ii) the uncured expiry of any applicable grace period, cure period or default

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forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; (iii) the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel, or; (iv) ordinary execution of a distressed debt exchange on one or more material financial obligations.

D — Default. "D" ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

Note: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" ratings and ratings below the "CCC" category.

***Moody's Global Short-Term Rating Scale***

Moody's short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding 13 months, unless explicitly noted. Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

P-1 — Issuers (or supporting institutions) rated "Prime-1" have a superior ability to repay short-term debt obligations.

P-2 — Issuers (or supporting institutions) rated "Prime-2" have a strong ability to repay short-term debt obligations.

P-3 — Issuers (or supporting institutions) rated "Prime-3" have an acceptable ability to repay short-term debt obligations.

NP — Issuers (or supporting institutions) rated "Not Prime" do not fall within any of the Prime rating categories.

***S&P Global Ratings Short-Term Issue Credit Ratings***

Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the United States, for example, this means obligations with an original maturity of no more than 365 days, including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term ratings.

A-1 — A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 — A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

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A-3 — A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

B — A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C — A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation.

D — A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will 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.

Dual Ratings: S&P Global Ratings may assign "dual" ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, "AAA/A-1+" or "A-1+/A-1"). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, "SP-1+/A-1+").

***Fitch's International Short-Term Issuer Credit Ratings***

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. (A long-term rating can also be used to rate an issue with short maturity.) Typically, this means up to 13 months for corporate, sovereign and structured obligations and up to 36 months for obligations in U.S. public finance markets.

F1 — Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 — Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 — Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B — Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C — High short-term default risk. Default is a real possibility.

RD — Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D — Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

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A plus (+) or minus (-) modifier may be appended to a rating to denote relative status within major rating categories. For the short-term rating category of "F1," a plus (+) may be appended.

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**Appendix B — GuideStone Capital Management, LLC and GuideStone Funds Proxy Voting Policies and Procedures**

Provided below are the proxy voting policies and procedures adopted by GuideStone Capital Management, LLC and GuideStone Funds.

**Purposes**

Each series of GuideStone Funds, a Delaware statutory trust, (each a "Fund," and together, the "Funds"), uses the following policies and procedures to address how its proxies relating to portfolio securities will be voted, which include the procedures used when a vote presents a conflict between the interests of Fund shareholders, on the one hand, and those of the Fund's investment adviser, GuideStone Capital Management, LLC (the "Adviser"), its sub-advisers, or its principal underwriter (or any affiliated person of the Adviser, sub-advisers, or principal underwriter), on the other.

The Board of Directors of the Funds (the "Board") has delegated its proxy voting duties to the Adviser and, accordingly, the following includes the policies and procedures of the Adviser that will be used on the Funds' behalf to determine how to vote proxies relating to portfolio securities.

In addition, the Adviser's and the Funds' policies and procedures governing their shareholder advocacy efforts, *e.g.*, submitting shareholder proposals or notices of exempt solicitations (NES), authoring or signing onto shareholder letters, or engaging in dialogue with portfolio company management are also set forth below.

**The Funds' Proxy Voting Program**

*Select Funds*

<sup>●</sup>

<u>Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Adviser is a fiduciary and owes each Fund a fiduciary duty with respect to services undertaken on each Fund's behalf, including voting. The Adviser is responsible to vote any proxies associated with each Fund's portfolio securities in accordance with these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

One of more of the Fund(s) may participate in a securities lending program. The Proxy Voting Committee may determine that the benefit to a Fund of voting a particular proxy outweighs the benefits of securities lending if the matters involved would have a material effect on the Fund's investment in the loaned security. In those instances, the Adviser may determine to recall securities that are on loan prior to the meeting record date, so that it will be entitled to vote those shares. There may be instances where the Adviser is unable to recall shares in time to vote.

<sup>●</sup>

<u>Proxy Advisory Firm(s)</u>. The Adviser has retained a proxy advisory firm, Institutional Shareholder Services Inc. ("ISS"), to assist it in discharging its proxy voting duties. The Adviser retains full and independent discretion with respect to proxy voting decisions. The Adviser leverages research and voting recommendations from ISS as an input to the Adviser's voting decisions, which are based on the Adviser's internally developed custom guidelines, as described below.

Updates to previously issued proxy research reports may be provided to incorporate newly available information or additional disclosure provided by the issuer regarding a matter to be voted on, or to correct factual errors which may result in ISS issuing revised proxy vote recommendations. The Adviser will periodically monitor for these research alerts issued by ISS and will generally endeavor to consider such information where such information is considered material provided that it is delivered in a timely manner ahead of the vote deadline.

As part of its fiduciary obligation, the Adviser performs initial and ongoing due diligence on the proxy advisory firms that it engages. Accordingly, the Adviser is responsible for taking into account appropriate considerations

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in selecting a proxy advisory firm (*e.g.*, capabilities of research staff, methodologies for formulating voting recommendations, adequacy and quality of personnel and technology, as applicable, and internal controls, policies and procedures, including those relating to possible conflicts of interest), evaluating its services (including any material changes in services or operations) in determining whether to continue to retain the firm, and for taking appropriate steps when the Adviser becomes aware of potential factual errors, potential incompleteness, or potential methodological weaknesses in the proxy advisory firm's analysis that may materially affect one or more of the Adviser's voting determinations.

<sup>●</sup>

<u>Proxies Not Voted</u>. There may be times when the Adviser may refrain from voting a proxy on behalf of a Fund where the economic or other opportunity costs of voting exceeds any benefit to the Fund, such as when the Adviser determines that the cost of voting the proxy (which may include the opportunity cost of recalling shares out on loan for the purposes of proxy voting) exceeds the expected benefit to the Fund or where the Adviser does not receive proxy materials with sufficient time and information to make an informed independent voting decision.

**The Adviser's Proxy Voting Policies and Procedures**

These policies and procedures are reasonably designed to ensure that the Adviser votes proxies in the best interests of the Funds in accordance with its fiduciary duty and Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Advisers Act").

*Proxy Voting in the Best Interests of the Funds*

<sup>●</sup>

<u>Policies</u>*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

To satisfy its fiduciary duty in making any voting determination with respect to portfolio securities held by a Fund, the Adviser will make the determination in the best interests of the Fund(s) and will not place the Adviser's own interests ahead of the interests of the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Adviser will conduct an investigation reasonably designed to ensure that the voting determination is not based on materially inaccurate or incomplete information (*e.g.*, the Adviser will monitor corporate events with respect to those portfolio securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

As deemed necessary and appropriate, the Adviser will also consider whether certain types of matters may necessitate that the Adviser conduct a more detailed analysis than what may be entailed by application of its general voting guidelines (set forth in Appendix A hereto (which is Appendix C of this SAI), to consider factors particular to the issuer or the voting matter under consideration (*e.g.*, corporate events (mergers and acquisition transactions, dissolutions, conversions or consolidations) or contested elections for directors). When determining whether to conduct such an issuer-specific analysis, or an analysis specific to the matter to be voted on, the Adviser will consider the potential effect of the vote on the value of a Fund's investments.

<sup>●</sup>

<u>Guidelines</u>. When the Adviser votes portfolio securities held by a Fund, it applies the guidelines attached hereto as Appendix A (which is Appendix C of this SAI).

<sup>●</sup>

<u>Procedures</u>. When voting portfolio securities held by a Fund, the Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Have a process to obtain and evaluate such information as deemed reasonably necessary, such as the proxy statement and other information provided by the companies whose securities are being voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Analyze and evaluate the voting matters on the proxy statement and the disclosure contained therein, including the recommendations of management of the issuer, and any shareholder proposal(s), considering the potential effect of the vote on the value of the Fund's investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Assess whether the expected benefit to the Fund of voting exceeds the cost of voting the proxy (including the opportunity cost of recalling shares out on loan for the purposes of proxy voting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Arrange for the submission of those vote(s) to the shareholder meeting(s) in a timely manner.

Statement of Additional Information

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*Conflicts of Interest*

From time to time, the Adviser or its Proxy Voting Committee member(s) may have a conflict of interest in making voting determinations with respect to a Fund's portfolio securities (*e.g.*, if the Adviser's and/or a Committee member's interests in an issuer or voting matter differ from those of the Fund(s) voting a proxy). A conflict of interest could arise, for example, because of a business relationship with an issuer, or a direct or indirect pecuniary interest in the issuer or matter being voted upon, or because of a personal relationship with corporate directors or candidates for directorships. Whether a material conflict of interest exists depends upon the facts and circumstances.

The members of the Proxy Voting Committee will seek to identify any potential conflict(s) of interest, and provide full, fair and timely disclosure of such conflict(s) to the Chief Compliance Officer of the Funds and the Adviser (the "CCO") (who is a non-voting member of the Committee) and obtain his/her informed consent before proceeding further (as set forth below).

<sup>●</sup>

<u>Identifying Conflicts of Interest</u>. For purposes of identifying conflicts of interest under these procedures, the Proxy Voting Committee will rely upon the objective facts available to it about an issuer and its voting matters from reliable sources. It may be determined that a conflict of interest exists for the following reasons, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Significant Business Relationships – A matter could involve an issuer or proponent with which the Adviser has a significant business relationship, such as other investment advisory firms, service providers and vendors, clients and financial intermediaries. For this purpose, a "significant business relationship" is one that might create a pecuniary incentive for the Adviser to vote in favor of the issuer's management. The CCO may reasonably determine that a business relationship with an issuer does not entail any pecuniary incentive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Direct or Indirect Pecuniary Interest in Issuers or Voting Matters – The Adviser or its Proxy Voting Committee members could have beneficial ownership of securities of an issuer (including securities in an issuer's capital structure different from those owned by a Fund), and thus an opportunity to profit from changes in the value of an issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Significant Personal or Family Relationships – A matter could involve an issuer, proponent, or individual with which a Proxy Voting Committee member has a significant personal or family relationship. For this purpose, a "significant personal or family relationship" is one that would be reasonably likely to influence how the Proxy Voting Committee member votes the proxy.

<sup>●</sup>

<u>Mitigating Conflicts of Interest</u>. If a Proxy Voting Committee member becomes aware of a potential conflict of interest with respect to an issuer or a matter being voted upon (including those described above), the Committee member will promptly disclose the conflict(s) to the CCO. If the CCO determines that there is an actual material conflict of interest, the CCO will take such steps as deemed reasonably necessary to address the conflict, including but not limited to the use of a third party to vote the proxies, and disclosure to the Board of Directors (or an appropriate committee of the Board) so that the Board (or committee) could make a determination on how to vote the proxy.

<sup>●</sup>

<u>The CCO and the Board</u>. In the event that the CCO determines that the Adviser has a material conflict of interest with respect to an issuer's proxy voting matter(s), the CCO will provide full and fair disclosure of the fact, nature and scope of the conflict to the Chairman of the Board and/or the Chairman of the Compliance and Risk Committee of the Board (both of whom are not "interested persons" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Directors")), and as deemed necessary and appropriate obtain his (or their) consent (or instruction) before permitting the Adviser to vote on the matter(s).

<sup>●</sup>

<u>Voting Shares of the Select Funds</u>. Because the Adviser is the investment adviser both to the Funds of Funds and the Select Funds (each as designated in the Funds' prospectus and SAI), the Adviser will either:

GuideStone Funds

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Seek instructions from a Fund of Funds' shareholders with regard to the voting of proxies with respect to shares of the Select Funds held by the Fund of Funds and vote those proxies only in accordance with those instructions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Vote the shares held by the Fund of Funds in the same proportion as the vote of all other shareholders of the Select Fund(s).

**Policies and Procedures for the Oversight of Proxy Voting by the Adviser**

*Responsibilities of the Funds*

<sup>●</sup>

<u>Delegation and Oversight</u>. The Board has delegated its proxy voting duties to the Adviser, and therefore, it generally oversees the voting of proxies by the Adviser in accordance with these policies and procedures.

<sup>●</sup>

<u>Board Approval</u>. As required by Rule 38a-1(a)(2) under the 1940 Act, each Fund obtains the approval of the Board, including a majority of Independent Directors, of these policies and procedures, based on a finding by the Board that the policies and procedures are reasonably designed to prevent violation of the federal securities laws (including Rule 206(4)-6 under the Advisers Act).

<sup>●</sup>

<u>Annual Review</u>. The CCO reviews, no less frequently than annually, the adequacy of these policies and procedures and the effectiveness of their implementation. The CCO, no less frequently than annually, provides a written report to the Board that, at a minimum, addresses, the operation of the proxy voting policies and procedures of the Adviser, material changes thereto, and "Material Compliance Matters" thereunder (as defined in Rule 38a-1(e)(2) under the 1940 Act).

*Responsibilities of the Adviser*

<sup>●</sup>

<u>Voting in the Funds' Best Interests and Addressing Material Conflicts</u>. The Adviser is responsible for voting the portfolio securities of the Funds in the best interests of the Funds, and addressing material conflicts that may arise between the Adviser's interests and those of the Funds, in accordance with these policies and procedures.

<sup>●</sup>

<u>Annual Review</u>. As part of the Adviser's ongoing compliance program, the Adviser reviews and documents, no less frequently than annually, the adequacy of these voting policies and procedures to ensure that they have been formulated reasonably and implemented effectively, including whether these policies and procedures continue to be reasonably designed to ensure that the Adviser casts votes on behalf of the Funds in the best interest of the Fund, as required by Rule 204-2(a)(17)(ii) and Rule 206(4)-7(b) under the Advisers Act. The Adviser takes reasonable measures to determine that it is casting votes on behalf of the Funds consistently with these voting policies and procedures. The Adviser reviews the proxy votes it casts on behalf of the Funds as part of this annual review.

<sup>●</sup>

<u>Periodic Review of ISS</u>. As deemed necessary and appropriate, the Adviser reviews the services of ISS and/or The Northern Trust Company ("Northern Trust") with respect to the timely and accurate voting of the Funds' proxies, the filing of the Funds' proxy voting records with the U.S. Securities and Exchange Commission ("SEC"), and the disclosure of the Funds' proxy voting records on the Trust's website.

**Disclosure of Proxy Voting Policies and Proxy Voting Records**

*Disclosure of Policies and Procedures with respect to Voting Proxies Relating to Portfolio Securities*

The Funds include a description of these policies and procedures in their SAI.

*Disclosure of Proxy Voting Record*

The Funds file with the SEC their proxy voting records annually on Form N-PX. The Funds make available free of charge the information disclosed in the Funds' most recently filed report on Form N-PX on the website as soon as reasonably practicable after filing the report with the SEC.

Statement of Additional Information

------

The Funds employ ISS to record and report all proxies voted by the Adviser on all portfolio securities. The proxy voting information on the website is provided by ISS. The Form N-PX report is filed annually with the SEC by Northern Trust with the proxy voting information provided by ISS.

**Shareholder Advocacy Program**

The Funds (or the Adviser on behalf of the Funds) from time to time engage in other shareholder advocacy efforts beyond proxy voting. These include submitting shareholder proposals or NES to portfolio companies (and filing with the SEC when required), authoring or signing onto shareholder letters, and engaging in dialogue with portfolio company management.

The Adviser's Proxy Voting Committee provides oversight designed to ensure that the Adviser's shareholder advocacy activities on the Funds' behalf are conducted in the best interests of the Funds in accordance with the Adviser's fiduciary duty. Accordingly, the Proxy Voting Committee has adopted (and may amend from time to time) desktop procedures that describe how it will discharge its shareholder advocacy activities on behalf of the Funds, and that delegate certain functions to one or more supervised persons of the Adviser under the supervision of a Proxy Voting Committee member.

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**Appendix C — Description of GuideStone Capital Management, LLC's Proxy Voting Guidelines**

Provided below is a description of the proxy voting guidelines of GuideStone Capital Management, LLC (the "Adviser").

**GENERAL PROXY VOTING GUIDELINES** 

The Adviser has adopted general guidelines for voting proxies as summarized below. In keeping with its fiduciary obligations, the Adviser reviews all proposals, even those that may be considered to be routine matters. Although these guidelines are to be followed as a general policy, in all cases each proxy and proposal (including both management and shareholder proposals) will be considered based on the relevant facts and circumstances on a case-by-case basis. The Adviser may deviate from the general policies and procedures when it determines that the particular facts and circumstances warrant such deviation to protect the best interests of the Funds and Fund shareholders. These guidelines cannot provide an exhaustive list of all the issues that may arise, nor can the Adviser anticipate all future situations. Corporate governance issues are diverse and continually evolving, and the Adviser devotes significant time and resources to monitor these changes.

**THE ADVISER'S PROXY VOTING GUIDELINES**

These guidelines have been reviewed by various members of the Adviser's organization, including portfolio management and the Adviser's officers.

In general, the Adviser will cast proxy votes FOR proposals that the Adviser reasonably believes encourage alignment of corporate actions with the Funds' faith-based investing policy guidelines, in accordance with GuideStone Financial Resources stated policy, ("FBI policy") so as to allow a Fund to continue to hold companies' securities that the Adviser believes offer financial benefits to the Fund, and the Adviser will cast proxy votes AGAINST proposals having the opposite effect, or where the Adviser does not have adequate objective facts available to it to make a reasonably informed decision as to whether the proposal is in the best interest of the Fund.

The following guidelines reflect what the Adviser believes to be good corporate governance and behavior:

**Board of Directors:** The election of directors and an independent board are key to good corporate governance. Directors are expected to be competent individuals, and they should be accountable and responsive to shareholders. The Adviser supports independent boards of directors, and believes that boards should be sufficiently independent from management to ensure effective supervision of management, that board composition should ensure that boards are appropriately sized and that directors add value through specific skills. The Adviser believes that key committees such as audit, nominating and compensation committees should be comprised of independent directors. The Adviser believes that directors should be sufficiently responsive to investor input, and accountable to shareholders, including through transparency of the company's governance practices and regular board elections.

In evaluating its vote for directors, the Adviser will consider the individual's qualifications, his or her ability to devote sufficient time to the board and his or her independence from management, as well as the overall composition of the board. As it relates to the composition of a board, the Adviser will consider current best practices and governance structures. Consideration will be given to the different qualifications and expertise of each director and the relevance of their experience to the company's operations, how representative the board is of the company's operations and other factors deemed relevant to that specific situation. Additionally, the Adviser will consider withholding votes from directors chairing or serving on committees which in its view have not been sufficiently responsive to shareholder concerns.

Statement of Additional Information

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The Adviser will generally vote for director nominees, except under certain circumstances, including but not limited to those addressed herein. The Adviser will generally vote against management efforts to classify a board and will generally support proposals to declassify the board of directors. The Adviser will consider voting against or withholding votes from directors who have attended less than 75% of meetings without a valid reason. The Adviser will generally vote against or withhold from the directors, members of the governance committee or the full board if the company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. The Adviser will generally vote against or withhold from members of the audit committee if the company shows evidence of problematic audit-related practices, including poor accounting practices that rise to a level of serious concern*.* The Adviser will vote case-by-case on proposals on director and officer indemnification, liability protection and exculpation and will consider the stated rationale for the proposed change. In control situations, the Adviser will consider the specific circumstances of the situation. In general, the Adviser will focus on the protection of minority shareholder rights, and the history of the exercise of control by the controlling shareholder(s).

In the event of a contested election, the Adviser will review a number of factors in making a decision, including management's track record, the company's financial performance, qualifications of candidates on both slates and the strategic plan of the dissidents and/or shareholder nominees.

**Audit-Related:** The Adviser will closely scrutinize the independence, role and performance of auditors. On a case-by-case basis, the Adviser will examine proposals relating to non-audit services and non-audit fees, and proposals related to auditor indemnification and limitation of liability. The Adviser will 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. The Adviser will vote against the ratification of auditors when there is clear and compelling evidence of a lack of independence, accounting irregularities or negligence attributable to the auditors.

**Shareholder Rights and Defenses:** The Adviser will 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. The Adviser will vote against proposals giving the board exclusive authority to amend the bylaws, and vote case-by-case on proposals giving the board the ability to amend the bylaws in addition to shareholders. The Adviser will generally 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, vote against proposals to amend the charter to include control share acquisition provisions and vote for proposals to restore voting rights to the control shares. The Adviser will generally vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments and will vote case-by-case on anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

The Adviser generally supports proposals that require shareholder rights plans ("poison pills") to be subject to a shareholder vote. The Adviser will closely evaluate shareholder rights plans, including management proposals to ratify a shareholder rights plan, on a case-by-case basis, to determine whether or not they warrant support. The Adviser will 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. 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 Adviser will generally vote against proposals to require a supermajority shareholder vote. The Adviser will vote case-by-case on proposals to adopt fair price provisions, 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. The Adviser will generally vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares. The Adviser will review a company's proposal to reincorporate to a different state on a case-by-case basis taking into consideration financial and corporate governance concerns, including reason for

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incorporation, comparison of company's governance practices and provisions prior to and following reincorporation and comparison of corporation laws of original state and destination state. The Adviser will support reincorporation when the economic factors outweigh any neutral or negative governance changes. The Adviser will generally support strong rights for shareholders as it relates to calling special meetings and acting by written consent.

**Capital/Restructuring:** The Adviser realizes that a company's financing decisions have a significant impact on its shareholders, particularly when they involve the issuance of additional shares of common or preferred stock or the assumption of additional debt. The Adviser will carefully review, on a case-by-case basis, proposals by companies to increase authorized shares and the purpose for the increase. The Adviser will generally not vote in favor of dual-class capital structures unless the company discloses a compelling reason for the dual-class structure, such as the intention to use the new class for financing purposes with minimal or no dilution to current shareholders in both the short and long term. The Adviser will vote on a case-by-case basis on proposals to increase the number of authorized shares of preferred stock that are used for general corporate purposes, but will generally vote against the issuance of preferred shares if the company discloses no specific use for the shares. The Adviser will review proposals seeking preemptive rights on a case-by-case basis, taking into consideration the size of the company, the shareholder base and the liquidity of the stock.

**Management and Director Compensation:** A company's equity-based compensation plan should be in alignment with the performance of the company, with emphasis on long-term shareholder value. The Adviser evaluates plans on a case-by-case basis by considering several factors to determine whether the plan is fair and reasonable. The Adviser will generally oppose plans that have the potential to be excessively dilutive and will almost always oppose plans that are structured to allow the repricing of underwater options or plans that have an automatic share replenishment ("evergreen") feature. The Adviser will generally support employee stock option plans in which the purchase price is at least 85% of fair market value, the offering period is 27 months or less and when potential dilution is 10% or less.

Severance compensation arrangements will be reviewed on a case-by-case basis, although the Adviser will generally oppose "golden parachutes" that are considered excessive or include tax gross-ups.

The Adviser will generally support holding say-on-pay votes annually. The Adviser will consider ISS's analysis of the plan, the alignment of pay and performance, the overall structure of the plan, the metrics used to judge performance and management performance. The Adviser will generally seek strong disclosure of the basis and rationale for pay decisions. Any discretionary elements of the compensation plan will be reviewed on the basis of sound judgement. Repricing of compensation awards, retroactive adjustments favoring management or any other provision or practice deemed to be egregious and present a significant risk to investors will lead to strong consideration of a vote against the compensation decision.

**Social and Environmental Issues:** The Adviser believes that environmental and social issues can have significant impact on a company's performance over time. Companies may face significant financial, legal and reputational risks resulting from environmental and social practices, or negligent oversight of environmental and social issues. Appropriate oversight and handling of such issues can benefit corporate culture and performance over time.

The Adviser will generally vote case-by-case, examining whether implementation of the proposal is likely to enhance or protect shareholder value, while seeking to encourage alignment of corporate actions with the FBI policy.

The Adviser will generally vote case-by-case on proposals seeking a company's endorsement of principles that support a particular public policy position. The Adviser will consider whether the principles align with its Christian values, whether the principles is in the best interest of shareholders and whether endorsing the 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.

Statement of Additional Information

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The Adviser will generally vote against proposals restricting a company from making charitable contributions. The Adviser will generally vote case-by-case on proposals requesting a report on company or company supplier labor and/or human rights standards and policies, unless such information is already publicly disclosed, and will generally 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. The Adviser will generally vote for shareholder proposals seeking to limit the sale of tobacco, alcohol, gambling services, tetrahydrocannabinol (THC) products and conscious altering products and will vote for shareholder proposals that seek a review of a company's involvement with pornography. The Adviser will vote for resolutions supporting stronger governance in healthcare companies, vote for proposals increasing transparency of lending practices and vote for proposals asking for reports on company policies related to the sale of mature-rated video games. The Adviser will vote on shareholder proposals that address sanctity of life issues in a manner consistent with the biblical principles of the Southern Baptist Convention on abortion and sanctity of life issues. The Adviser will generally vote in support of resolutions that foster a culture of respect for people who hold diverse religious and ideological viewpoints in all aspects of their business.

GuideStone Funds

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

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Funds distributed by Foreside Funds Distributors LLC <br>190 Middle Street, Suite 301, Portland, ME 04101

**1-888-GS-FUNDS** (1-888-473-8637)

***GuideStoneFunds.com***

5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152

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

811-10263© 2026 GuideStone Funds® 2126 05/26

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GUIDESTONE FUNDS <br>N-1A <br>PART C: OTHER INFORMATION

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| | | | |
|:---|:---|:---|:---|
| Item 28. | EXHIBITS |  |  |
| (a) |  |  | Trust Instrument. |
|  |  | 1. | &nbsp;&nbsp; [Certificate of Trust, dated February 29, 2000, filed in the State of Delaware, is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000089322001000022/w43557aex99-a_1.txt)<br> [by reference to the Initial Registration Statement on Form N-1A (No. 333-53432) filed with the](http://www.sec.gov/Archives/edgar/data/1131013/000089322001000022/w43557aex99-a_1.txt)<br> [U.S. Securities and Exchange Commission (the "SEC") on January 9, 2001.](http://www.sec.gov/Archives/edgar/data/1131013/000089322001000022/w43557aex99-a_1.txt)<br>|
|  |  | 2. | &nbsp;&nbsp; [Certificate of Amendment to Certificate of Trust, dated March 12, 2001, filed in the State of](http://www.sec.gov/Archives/edgar/data/1131013/000119312509040854/dex99a3.htm)<br> [Delaware, is incorporated herein by reference to Post-Effective Amendment No. 21 to the](http://www.sec.gov/Archives/edgar/data/1131013/000119312509040854/dex99a3.htm)<br> [Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on February 27, 2009.](http://www.sec.gov/Archives/edgar/data/1131013/000119312509040854/dex99a3.htm)<br>|
|  |  | 3. | &nbsp;&nbsp; [Certificate of Amendment to Certificate of Trust, dated September 13, 2005, filed in the State of](http://www.sec.gov/Archives/edgar/data/1131013/000119312519129166/d658530dex99a7.htm)<br> [Delaware, is incorporated herein by reference to Post-Effective Amendment No. 77 to the](http://www.sec.gov/Archives/edgar/data/1131013/000119312519129166/d658530dex99a7.htm)<br> [Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on April 30, 2019.](http://www.sec.gov/Archives/edgar/data/1131013/000119312519129166/d658530dex99a7.htm)<br>|
|  |  | 4. | &nbsp;&nbsp; [Amended and Restated Trust Instrument, dated April 1, 2024, is Post-Effective Amendment No. 97](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99a4.htm)<br> [to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on April 26, 2024](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99a4.htm)<br> [("PEA No. 97").](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99a4.htm)<br>|
|  |  | 5. | &nbsp;&nbsp; [Schedule A to the Amended and Restated Trust Instrument, dated December 31, 2025, is](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99a5.htm)<br> [incorporated herein by reference to Post-Effective Amendment No. 101 to the Registration](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99a5.htm)<br> [Statement on Form N-1A (No. 333-53432) filed with the SEC on December 30, 2025 ("PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99a5.htm)<br> [101").](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99a5.htm)<br>|
| (b) |  |  | By-laws. |
|  |  | 1. | &nbsp;&nbsp; [Amended and Restated By-laws, dated August 1, 2023, are incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99b1.htm)<br> [Effective Amendment No. 96 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99b1.htm)<br> [with the SEC on February 29, 2024 ("PEA No. 96").](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99b1.htm)<br>|
| (c) |  |  | &nbsp;&nbsp; Instruments Defining Rights of Security Holders.<br> [Articles IV – VI and Article IX, Section 4 of the Amended and Restated Trust Instrument, dated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99a4.htm)<br> [April 1, 2024, are incorporated herein by reference to PEA No. 97. Articles IV – VI of the Amended](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99a4.htm)<br> [and Restated By-laws dated August 1, 2023, are incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99a4.htm)<br>|
| (d) |  |  | Investment Advisory Contracts. |
|  |  | 1. | &nbsp;&nbsp; [Form of Amended and Restated Advisory Agreement with GuideStone Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99d1.htm)<br> [is incorporated herein by reference to PEA No. 101.](https://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99d1.htm)<br>|
|  |  | 2. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with Altrinsic Global Advisors, LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d2.htm)<br> [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d2.htm)<br>|
|  |  | 3. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with American Century Investment Management, Inc. is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d3.htm)<br> [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d3.htm)<br>|
|  |  | 4. | &nbsp;&nbsp; [Form of Amended and Restated Sub-Advisory Agreement with AQR Capital Management, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d4.htm)<br> [incorporated herein by reference to Post-Effective Amendment No. 98 to the Registration Statement](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d4.htm)<br> [on Form N-1A (No. 333-53432) filed with the SEC on February 28, 2025 ("PEA No. 98").](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d4.htm)<br>|
|  |  | 5. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with Barrow, Hanley, Mewhinney & Strauss, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d5.htm)<br> [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d5.htm)<br>|
|  |  | 6. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with BlackRock Advisors, LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d6.htm)<br> [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d6.htm)<br>|
|  |  | 7. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with BlackRock Financial Management, Inc. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d7.htm)<br> [herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d7.htm)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Form of Sub-Sub-Investment Advisory Agreement with BlackRock Financial Management, Inc.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d8.htm) [and BlackRock International Limited is incorporated herein by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d8.htm) [Amendment No. 87 to the Registration Statement on Form N-1A (No. 333-53432) filed with the](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d8.htm) [SEC on February 25, 2022 ("PEA No. 87").](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Form of Sub-Sub-Investment Advisory Agreement with BlackRock Financial Management, Inc.](https://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d9.htm) [and BlackRock (Singapore) Limited is incorporated herein by reference to PEA No. 87.](https://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Form of Sub-Advisory Agreement with Brown Brothers Harriman Credit Partners, LLC is filed](d941623dex99d10.htm) [herewith as Exhibit EX-99(d)(10).](d941623dex99d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Form of Sub-Advisory Agreement with Driehaus Capital Management LLC is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d12.htm) [by reference to PEA No. 98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Form of Sub-Advisory Agreement with Goldman Sachs Asset Management, L.P. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d11.htm) [herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Form of Sub-Advisory Agreement with Guggenheim Partners Investment Management, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d39.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Form of Sub-Advisory Agreement with Heitman Real Estate Securities LLC is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d12.htm) [by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Form of Sub-Advisory Agreement with Jacobs Levy Equity Management, Inc. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d13.htm) [herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Form of Sub-Advisory Agreement with J.P. Morgan Investment Management Inc. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d37.htm) [herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Form of Sub-Advisory Agreement with Legal & General Investment Management America, Inc. is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d15.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Form of Sub-Advisory Agreement with Loomis, Sayles & Company, L.P. is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d20.htm) [reference to PEA No. 98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. [Form of Amended and Restated Sub-Advisory Agreement with MFS Institutional Advisors, Inc. is](d941623dex99d19.htm) [filed herewith as Exhibit EX-99(d)(19).](d941623dex99d19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. [Form of Sub-Advisory Agreement with Neuberger Berman Investment Advisers LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d18.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. [Form of Sub-Advisory Agreement with Nomura Investments Fund Advisers is filed herewith as](d941623dex99d21.htm) [Exhibit EX-99(d)(21).](d941623dex99d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. [Form of Sub-Advisory Agreement with P/E Global LLC is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d19.htm) [No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. [Form of Sub-Advisory Agreement with Pacific Investment Management Company LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d20.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. [Form of Amended and Restated Sub-Advisory Agreement with Parametric Portfolio Associates](d941623dex99d24.htm) [LLC with respect to completion portfolio services is filed herewith as Exhibit EX-99(d)(24).](d941623dex99d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. [Form of Amended and Restated Sub-Advisory Agreement with Parametric Portfolio Associates](d941623dex99d25.htm) [LLC with respect to cash overlay services is filed herewith as Exhibit EX-99(d)(25).](d941623dex99d25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. [Form of Sub-Advisory Agreement with Payden & Rygel is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d23.htm) [No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. [Form of Sub-Advisory Agreement with QMA LLC (renamed PGIM Quantitative Solutions LLC](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d24.htm) [effective September 28, 2021) is incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. [Form of Sub-Advisory Agreement with RBC Global Asset Management (U.K.) Limited is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d25.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d25.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. [Form of Sub-Advisory Agreement with RBC Global Asset Management (U.S.) Inc. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d26.htm) [herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. [Form of Sub-Advisory Agreement with RREEF America L.L.C. is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d27.htm) [to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. [Form of Sub-Advisory Agreement with Sands Capital Management, LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d28.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. [Form of Sub-Advisory Agreement with SSI Investment Management LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d34.htm) [reference to PEA No. 98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99d34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. [Form of Sub-Advisory Agreement with TCW Investment Management Company, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d31.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. [Form of Sub-Advisory Agreement with TimesSquare Capital Management, LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d33.htm) [herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d33.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. [Form of Sub-Advisory Agreement with WCM Investment Management, LLC is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d34.htm) [by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. [Form of Amended and Restated Sub-Advisory Agreement with Wellington Management Company](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99d35.htm) [LLP is incorporated herein by reference to PEA No. 97.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99d35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. [Form of Sub-Advisory Agreement with William Blair Investment Management, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d38.htm) [incorporated herein by reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. [Expense Cap Letter with GuideStone Capital Management, LLC for the Target Date Funds is filed](d941623dex99d38.htm) [herewith as Exhibit EX-99(d)(38).](d941623dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. [Expense Cap Letter with GuideStone Capital Management, LLC for the Select Funds is filed](d941623dex99d39.htm) [herewith as Exhibit EX-99(d)(39).](d941623dex99d39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. [Expense Cap Letter with GuideStone Capital Management, LLC for the MyDestination 2065 Fund](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99d4.htm) [is incorporated herein by reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Underwriting Agreement with Foreside Funds Distributors LLC incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99e1.htm) [Post-Effective Amendment No. 88 to the Registration Statement on Form N-1A (No. 333-53432)](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99e1.htm) [filed with the SEC on April 28, 2022.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99e1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Exhibit A to Underwriting Agreement with Foreside Funds Distributors LLC, dated December 31,](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99e2.htm) [2025, is incorporated herein by reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bonus or Profit Sharing Contracts. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodian Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Custody Agreement with The Northern Trust Company dated April 1, 2021,](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99g1.htm) [is incorporated herein by reference to Post-Effective Amendment No. 86 to the Registration](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99g1.htm) [Statement on Form N-1A (No. 333-53432) filed with the SEC on April 29, 2021 ("PEA No. 86").](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [First Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99g2.htm) [Company dated August 31, 2022, is incorporated herein by reference to Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99g2.htm) [No. 90 to the Registration Statement on Form N-1A (no. 333-53432) filed with the SEC on August](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99g2.htm) [30, 2022 ("PEA No. 90").](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Second Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99g3.htm) [Company dated January 27, 2023, is incorporated herein by reference to Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99g3.htm) [No. 93 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on January](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99g3.htm) [27, 2023 ("PEA No. 93").](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99g3.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Third Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99g4.htm) [Company dated April 1, 2024, is incorporated herein by reference to PEA No. 97.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99g4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Fourth Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99g5.htm) [Company dated May 1, 2025, is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99g5.htm) [99 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on April 29,](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99g5.htm) [2025 ("PEA No. 99").](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99g5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Fifth Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99g6.htm) [Company dated July 25, 2025, is incorporated herein by reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99g6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Sixth Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99g7.htm) [Company dated December 31, 2025, is incorporated herein by reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99g7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Seventh Amendment to the Amended and Restated Custody Agreement with The Northern Trust](d941623dex99g8.htm) [Company dated March 1, 2026, is filed herewith as Exhibit EX-99(g)(8).](d941623dex99g8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Fund Administration and Accounting Services Agreement with The](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99h1.htm) [Northern Trust Company dated April 1, 2021, is incorporated herein by reference to PEA No. 86.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [First Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h2.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Second Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h3.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Third Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h4.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Fourth Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312523054286/d456053dex99h5.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/1131013/000119312523054286/d456053dex99h5.htm) [Amendment No. 94 to the Registration Statement on Form N-1A (no. 333-53432) filed with the](http://www.sec.gov/Archives/edgar/data/1131013/000119312523054286/d456053dex99h5.htm) [SEC on February 28, 2023 ("PEA No. 94").](http://www.sec.gov/Archives/edgar/data/1131013/000119312523054286/d456053dex99h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Fifth Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99h6.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 97.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Sixth Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99h7.htm) [Agreement with The Northern Trust Company dated May 1, 2025, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99h7.htm) [reference to PEA No. 99.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525104025/d936629dex99h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Seventh Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h8.htm) [Agreement with The Northern Trust Company dated July 25, 2025, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h8.htm) [reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Eighth Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h9.htm) [Agreement with The Northern Trust Company dated December 31, 2025, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h9.htm) [reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Ninth Amendment to the Amended and Restated Fund Administration and Accounting Services](d941623dex99h10.htm) [Agreement with the Northern Trust Company dated February 27, 2026 is filed herewith as Exhibit](d941623dex99h10.htm) [EX-99(h)(10).](d941623dex99h10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Transfer Agency and Shareholder Services Agreement with BNY Mellon Investment Servicing](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm) &nbsp;&nbsp;&nbsp;&nbsp; [(US) Inc. dated December 14, 2012, is incorporated herein by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm) [Amendment No. 40 to the Registration Statement on Form N-1A (No. 333-53432) filed with the](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm) [SEC on February 28, 2013.](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Amendment No. 1 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](d941623dex99h12.htm) [Investment Servicing (US) Inc. dated January 1, 2014, is filed herewith as Exhibit EX-99(h)(12).](d941623dex99h12.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Amendment No. 2 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm) [Investment Servicing (US) Inc. dated April 30, 2015, is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm) [Effective Amendment No. 58 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm) [with the SEC on April 29, 2015.](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Amendment No. 3 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) [Investment Servicing (US) Inc. dated May 1, 2016, is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) [Effective Amendment No. 62 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) [with the SEC on February 26, 2016](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Termination Amendment to Transfer Agency and Shareholder Services Agreement with BNY](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm) [Mellon Investment Servicing (US) Inc. dated December 31, 2016, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm) [reference to Post-Effective Amendment No. 66 to the Registration Statement on Form N-1A (No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm) [333-53432) filed with the SEC on February 28, 2017 ("PEA No. 66").](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Amendment No. 5 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm) [Investment Servicing (US) Inc. dated May 1, 2017, is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm) [Effective Amendment No. 71 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm) [with the SEC on June 29, 2017 ("PEA No. 71").](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Amendment No. 6 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h34.htm) [Investment Servicing (US) Inc. dated June 1, 2017, is incorporated herein by reference to PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h34.htm) &nbsp;&nbsp;&nbsp;&nbsp; [71.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Amendment No. 7 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h11.htm) [Investment Servicing (US) Inc. dated July 5, 2018, is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h11.htm) [Effective Amendment No. 80 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h11.htm) [with the SEC on April 28, 2020 ("PEA No. 80").](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. [Amendment No. 8 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm) [Investment Servicing (US) Inc. dated November 12, 2020, is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm) [Post-Effective Amendment No. 84 to the Registration Statement on Form N-1A (No. 333-53432)](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm) [filed with the SEC on January 26, 2021.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. [Amendment No. 9 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99h11.htm) [Investment Servicing (US) Inc. dated February 2, 2022, is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99h11.htm) [No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. [Amendment No. 10 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h13.htm) [Investment Servicing (US) Inc. dated July 1, 2022, is incorporated herein by reference to PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h13.htm) &nbsp;&nbsp;&nbsp;&nbsp; [90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. [Amendment No. 11 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h16.htm) [Investment Servicing (US) Inc. dated January 27, 2023, is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h16.htm) [No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. [Amendment No. 12 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h22.htm) [Investment Servicing (US) Inc. dated July 29, 2025, is incorporated herein by reference to PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h22.htm) &nbsp;&nbsp;&nbsp;&nbsp; [101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. [Amendment No. 13 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h23.htm) [Investment Servicing (US) Inc. dated December 19, 2025, is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h23.htm) [PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99h23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. [Amendment No. 14 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](d941623dex99h25.htm) [Investment Servicing (US) Inc. dated March 1, 2026, is filed herewith as Exhibit EX-99(h)(25).](d941623dex99h25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. [Transfer on Death Exception Procedures Agreement with BNY Mellon Investment Servicing (US)](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h12.htm) [Inc. is incorporated herein by reference to PEA No. 80.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal Opinion. Opinion of [ ] to be filed by amendment.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other Opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consent of Independent Registered Public Accounting Firm. Consent of [ ] to be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Powers of Attorney. [Power of Attorney for William Craig George, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j2.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Power of Attorney for James D. Caldwell, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j3.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Power of Attorney for Thomas G. Evans, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j4.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Power of Attorney for Deanna A. Mankins, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j6.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Power of Attorney for David B. McMillan, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j7.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Power of Attorney for Ronald D. Murff, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j8.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Power of Attorney for Brandon Pizzurro, dated February 29, 2024, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j9.htm) [reference to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Power of Attorney for Jill R. Rayburn, dated February 29, 2024, is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j10.htm) [to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99j10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Omitted Financial Statements. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Initial Capital Agreements. [Letter Agreement with GuideStone Financial Resources of the Southern Baptist Convention](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt) [(formerly, Annuity Board of the Southern Baptist Convention) is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt) [Pre-Effective Amendment No. 2 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt) [with the SEC on June 18, 2001.](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plan. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Rule 18f-3 Plan. [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99n.htm) [reference to PEA No. 101.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525336771/d49193dex99n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Code of Ethics of Altrinsic Global Advisors, LLC is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p32.htm) [Effective Amendment No. 85 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p32.htm) [with SEC on March 1, 2021 ("PEA No. 85](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p32.htm) ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Code of Ethics of American Century Investment Management, Inc. is filed herewith as Exhibit](d941623dex99p2.htm) [EX-99(p)(2).](d941623dex99p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Code of Ethics of AQR Capital Management, LLC is incorporated herein by reference to PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p3.htm) &nbsp;&nbsp;&nbsp;&nbsp; [98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Code of Ethics of Barrow, Hanley, Mewhinney & Strauss, LLC is filed herewith as Exhibit](d941623dex99p4.htm) [EX-99(p)(4).](d941623dex99p4.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Code of Ethics of BlackRock Advisors, LLC, BlackRock Financial Management, Inc., BlackRock](d941623dex99p5.htm) [International Limited and BlackRock (Singapore) Limited is filed herewith as Exhibit EX-99(p)(5).](d941623dex99p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Code of Ethics of Brown Brothers Harriman Credit Partners, LLC is filed herewith as Exhibit](d941623dex99p6.htm) [EX-99(p)(6).](d941623dex99p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Code of Ethics of Driehaus Capital Management LLC is filed herewith as Exhibit EX-99(p)(7).](d941623dex99p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Code of Ethics of Goldman Sachs Asset Management, L.P. is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d7.htm) [Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A (No. 333-53432)](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d7.htm) [filed with the SEC on May 20, 2020 ("PEA No. 82").](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Code of Ethics of Guggenheim Partners Investment Management, LLC is filed herewith as Exhibit](d941623dex99p9.htm) [EX-99(p)(9).](d941623dex99p9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Code of Ethics of GuideStone Capital Management, LLC and GuideStone Funds is filed herewith](d941623dex99p10.htm) [as Exhibit EX-99(p)(10).](d941623dex99p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Code of Ethics of Heitman Real Estate Securities LLC is filed herewith as Exhibit EX-99(p)(11).](d941623dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Code of Ethics of Jacobs Levy Equity Management, Inc. is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312519060400/d658547dex99p34.htm) [Effective Amendment No. 76 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312519060400/d658547dex99p34.htm) [with the SEC on March 1, 2019.](http://www.sec.gov/Archives/edgar/data/1131013/000119312519060400/d658547dex99p34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Code of Ethics of J.P. Morgan Investment Management Inc. is filed herewith as Exhibit](d941623dex99p13.htm) [EX-99(p)(13).](d941623dex99p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Code of Ethics of Legal & General Investment Management America, Inc. is filed herewith as](d941623dex99p14.htm) [Exhibit EX-99(p)(14).](d941623dex99p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Code of Ethics of Loomis, Sayles & Company, L.P. is filed herewith as Exhibit EX-99(p)(15).](d941623dex99p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Code of Ethics of MFS Institutional Advisors, Inc. is filed herewith as Exhibit EX-99(p)(16).](d941623dex99p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Code of Ethics of Neuberger Berman Investment Advisers LLC is filed herewith as Exhibit](d941623dex99p17.htm) [EX-99(p)(17).](d941623dex99p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Code of Ethics of Nomura Investments Fund Advisers is filed herewith as Exhibit EX-99(p)(18).](d941623dex99p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. [Code of Ethics of Pacific Investment Management Company LLC is filed herewith as Exhibit](d941623dex99p19.htm) [EX-99(p)(19).](d941623dex99p19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. [Code of Ethics of Parametric Portfolio Associates LLC is filed herewith as Exhibit EX-99(p)(20).](d941623dex99p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. [Code of Ethics of Payden & Rygel is incorporated herein by reference to PEA No. 82.](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. [Code of Ethics of P/E Global LLC is incorporated herein by reference to PEA No. 98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. [Code of Ethics of PGIM Quantitative Solutions LLC (formerly, QMA LLC) is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p37.htm) [by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. [Code of Ethics of RBC Global Asset Management (U.K.) Limited is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99p34.htm) [reference to Post-Effective Amendment No. 79 to the Registration Statement on Form N-1A (No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99p34.htm) [333-53432) filed with the SEC on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99p34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. [Code of Ethics of RBC Global Asset Management (U.S.) Inc. is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p26.htm) [PEA No. 98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. [Code of Ethics of RREEF America L.L.C.is incorporated herein by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. [Code of Ethics of Sands Capital Management, LLC is filed herewith as Exhibit EX-99(p)(27).](d941623dex99p27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. [Code of Ethics of SSI Investment Management LLC is incorporated herein by reference to PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p30.htm) &nbsp;&nbsp;&nbsp;&nbsp; [98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p30.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. [Code of Ethics of TCW Investment Management Company, LLC is filed herewith as Exhibit](d941623dex99p29.htm) [EX-99(p)(29).](d941623dex99p29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. [Code of Ethics of TimesSquare Capital Management, LLC is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p32.htm) [PEA No. 98.](http://www.sec.gov/Archives/edgar/data/1131013/000119312525042864/d866892dex99p32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. [Code of Ethics of WCM Investment Management, LLC is filed herewith as Exhibit EX-99(p)(31).](d941623dex99p31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. [Code of Ethics of Wellington Management Company, LLP is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99p21.htm) [PEA No. 97.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524118155/d574858dex99p21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. [Code of Ethics of William Blair Investment Management, LLC is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99p35.htm) [to PEA No. 96.](http://www.sec.gov/Archives/edgar/data/1131013/000119312524053693/d591850dex99p35.htm)

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

Item 29.

PERSONS CONTROLLED BY OR UNDER COMMON CONTROL OF THE FUND.

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| | | | |
|:---|:---|:---|:---|
| **<u>Company</u>** | &nbsp;&nbsp; **<u>Controlling Person(s)</u>**<br> **<u>of Company</u>**<br>| &nbsp;&nbsp; **<u>% of Voting Securities</u>**<br> **<u>Owned by Controlling</u>**<br> **<u>Person(s) (or other</u>**<br> **<u>basis of control)</u>**<br>| &nbsp;&nbsp; **<u>State of Organization</u>**<br> **<u>of Company</u>**<br>|
| GuideStone Funds | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| 87.2% | Delaware |
| GuideStone Advisors | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Advisors, LLC | GuideStone Advisors | 80.0%; Manager | Texas |
| GuideStone Agency Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Capital Management, LLC | &nbsp;&nbsp; GuideStone Investment <br> Services<br>| 60.0%; Manager | Texas |
|  | &nbsp;&nbsp; GuideStone Resource <br> Management, Inc.<br>| 40.0% |  |
| GuideStone Financial Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Investment Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Resource Management, Inc. | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| 100.0% | Texas |
| GuideStone Risk Management Co. | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Vermont |
| GuideStone Trust Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |

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Item 30.

INDEMNIFICATION.

A Delaware statutory trust may provide in its governing instrument for indemnification of its officers and directors from and against any and all claims and demands whatsoever. Article IX, Section 3 of the Trust Instrument provides that, subject to the exceptions and limitations contained therein, every person who is, or has been, a Director or an officer, employee or agent of the Registrant (a "Covered Person") shall be indemnified by the Registrant and each series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any investigation, 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

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Covered Person and against amounts paid or incurred by him or her in the settlement thereof. As used therein, the words "investigation," "claim," "action," "suit" or "proceeding" shall apply to all investigations, claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), whether formal or informal, actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever. To the extent required under the Investment Company Act of 1940 (the "1940 Act"), but only to such extent, no indemnification shall be provided thereunder to a Covered Person: who shall have been finally adjudicated by a court or body before which the proceeding was brought to be liable to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or 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 by the court or other body approving the settlement, by at least a majority of those Directors who are neither "interested persons" of the Registrant (within the meaning of section 2(a)(19) of the 1940 Act) nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry), or by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

Pursuant to Article IX, Section 4 of the Trust Instrument, if any present or former shareholder of any series ("Series") of the Registrant shall be held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason, the present or former shareholder (or his or her heirs, executors, administrators or other legal representatives or in the case of any entity, its general successor) shall be entitled out of the assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Registrant, on behalf of the affected Series, shall, upon request by such shareholder, assume the defense of any claim made against such shareholder for any act or obligation of the Series and satisfy any judgment thereon from the assets of the Series.

Section 12 of the Advisory Agreement between the Adviser and the Registrant provides that the Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith or gross negligence, or breach of its duties or obligations thereunder, whether express or implied; provided, that this shall not be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

Section 5 of the Advisory Agreement between the Adviser and the Registrant provides that the Adviser shall indemnify the Registrant or any of its directors, officers, employees or affiliates for all losses, damages, liabilities, costs and expenses (including legal) ("Losses") incurred by the Registrant by reason of or arising out of any act or omission by the Adviser under the Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the negligence, gross negligence, willful misfeasance or bad faith of the Registrant. Section 5 further provides that the Registrant shall indemnify the Adviser or any of its directors, officers, employees or affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Registrant under the Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the negligence, gross negligence, willful misfeasance or bad faith of the Adviser or the Adviser's breach of fiduciary duty to the Registrant.

Section 8 of the Sub-Advisory Agreements among the Registrant, the Adviser and each Sub-Adviser to one or more Series, provides that the Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith or gross negligence in the performance of its duties, or its

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reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

Section 9 of the Sub-Advisory Agreements among the Registrant, the Adviser and each Sub-Adviser to one or more Series provides that the Registrant and the Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Registrant and the Adviser under the Agreement, if such act or omission involves the Registrant's or the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under the Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under the Agreement.

Section 9 also provides that the Sub-Adviser shall indemnify the Registrant and the Adviser and any of their directors, officers, employees and affiliates for all Losses incurred by the Registrant and the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under the Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the Adviser's or the Registrant's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

Section 10 of the Underwriting Agreement between the Registrant and Foreside Funds Distributors LLC ("the Distributor") provides that the Registrant agrees to indemnify and hold harmless the Distributor and its affiliates from all taxes, charges, expenses, assessments, claims and liabilities (including, without limitation, attorneys' fees and disbursements and liabilities arising under the Securities Laws and any state and foreign securities and blue sky laws) arising directly or indirectly from any action or omission to act which the Distributor takes under the Agreement. Neither the Distributor, nor any of its affiliates shall be indemnified against any liability caused by the Distributor's or its affiliates' own willful misfeasance, bad faith, negligence, gross negligence or reckless disregard of its duties and obligations under the Agreement.

Section 20 of the Underwriting Agreement between the Registrant and the Distributor provides that the Distributor is "expressly put on notice of the limitation of shareholder liability as set forth in the Trust's Declaration of Trust and notice is hereby given that this Agreement is executed on behalf of the Directors of the Trust as Directors and not individually and that the obligations of this Agreement are not binding upon any of the Directors or Shareholders individually but are binding only upon the assets and property of the Trust."

Mutual fund and directors and officers liability policies purchased by the Registrant insure such persons and their respective directors, partners, officers and employees, subject to the policies' coverage limits and exclusions and varying deductibles, against loss resulting from claims by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, ("1933 Act") may be permitted to directors, 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 SEC, such indemnification is against public policy as expressed in the 1933 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 director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court

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of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

Item 31.

BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISERS.

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| | | | |
|:---|:---|:---|:---|
| 1. | &nbsp;&nbsp; **<u>GuideStone Capital Management, LLC</u>**<br> GuideStone Capital Management, LLC ("GSCM") is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, <br> Texas 75244. GSCM is a Texas non-profit corporation, is a registered investment adviser and offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the firm's officers is as follows: | &nbsp;&nbsp; **<u>GuideStone Capital Management, LLC</u>**<br> GuideStone Capital Management, LLC ("GSCM") is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, <br> Texas 75244. GSCM is a Texas non-profit corporation, is a registered investment adviser and offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the firm's officers is as follows: | &nbsp;&nbsp; **<u>GuideStone Capital Management, LLC</u>**<br> GuideStone Capital Management, LLC ("GSCM") is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, <br> Texas 75244. GSCM is a Texas non-profit corporation, is a registered investment adviser and offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the firm's officers is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Brandon Pizzurro<br> President and Chief <br> Investment Officer<br>| GuideStone Financial Resources | Chief Investment Officer |
|  | &nbsp;&nbsp; Arthur Byrne<br> Vice President – Risk <br> Management<br>| GuideStone Financial Resources | &nbsp;&nbsp; Senior Manager, Investments Risk <br> Management |
|  | &nbsp;&nbsp; Joshua Chastant<br> Vice President – <br> Portfolio <br> Management<br>| GuideStone Financial Resources | Portfolio Manager, Public Markets |
|  | &nbsp;&nbsp; Melanie Childers<br> Vice President – Fund <br> Operations and <br> Secretary<br>| GuideStone Financial Resources | Managing Director, Fund Operations |
|  | &nbsp;&nbsp; Tammy Harp<br> Chief Compliance <br> Officer<br>| GuideStone Financial Resources | &nbsp;&nbsp; Senior Compliance Manager, Mutual Funds <br> Compliance |
|  | &nbsp;&nbsp; Matthew A. Wolfe<br> Vice President - Legal<br>| GuideStone Financial Resources | &nbsp;&nbsp; Managing Director, Investments Compliance, <br> Legal and Risk Management |
|  | &nbsp;&nbsp; Erin Wynne<br> Treasurer<br>| GuideStone Financial Resources | &nbsp;&nbsp; Managing Director, Financial and Tax <br> Reporting |
| 2. | &nbsp;&nbsp; **<u>Altrinsic Global Advisors, LLC</u>**<br> Altrinsic Global Advisors, LLC ("Altrinsic") is located at 300 First Stamford Place, Suite 750, Stamford, Connecticut <br> 06902, is registered under the Investment Advisers Act of 1940, as amended, and is employee-controlled and majority-<br> owned. Information regarding other business, profession, vocation or employment of a substantial nature as to the <br> directors and officers of Altrinsic during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Altrinsic Global Advisors, LLC</u>**<br> Altrinsic Global Advisors, LLC ("Altrinsic") is located at 300 First Stamford Place, Suite 750, Stamford, Connecticut <br> 06902, is registered under the Investment Advisers Act of 1940, as amended, and is employee-controlled and majority-<br> owned. Information regarding other business, profession, vocation or employment of a substantial nature as to the <br> directors and officers of Altrinsic during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Altrinsic Global Advisors, LLC</u>**<br> Altrinsic Global Advisors, LLC ("Altrinsic") is located at 300 First Stamford Place, Suite 750, Stamford, Connecticut <br> 06902, is registered under the Investment Advisers Act of 1940, as amended, and is employee-controlled and majority-<br> owned. Information regarding other business, profession, vocation or employment of a substantial nature as to the <br> directors and officers of Altrinsic during the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; John Hock<br> CEO, CIO, Chairman<br>| Waterside School | Board Member |
|  | &nbsp;&nbsp; Greg Rogers<br> Director<br>| RayLign LLC | Owner and Managing Partner |
|  |  | RayLign Foundation | President |
|  |  | Rogers Investment Partners | Member |
|  |  | D. Rogers Family Trust | Trustee |

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| | | | |
|:---|:---|:---|:---|
|  |  | Rogers Family Foundation | Director |
|  |  | Ackerman Institute for the Family | Board Trustee |
|  |  | Greenwich Academy | Board Trustee |
| 3. | &nbsp;&nbsp; **<u>American Century Investment Management, Inc.</u>**<br> American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri <br> 64111, is a wholly owned, privately held subsidiary of American Century Companies Inc. ("ACC") and is registered <br> under the Investment Advisers Act of 1940, as amended. American Century provides portfolio management services for <br> investment companies as well as for other business and institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of American Century during <br> the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>American Century Investment Management, Inc.</u>**<br> American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri <br> 64111, is a wholly owned, privately held subsidiary of American Century Companies Inc. ("ACC") and is registered <br> under the Investment Advisers Act of 1940, as amended. American Century provides portfolio management services for <br> investment companies as well as for other business and institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of American Century during <br> the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>American Century Investment Management, Inc.</u>**<br> American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri <br> 64111, is a wholly owned, privately held subsidiary of American Century Companies Inc. ("ACC") and is registered <br> under the Investment Advisers Act of 1940, as amended. American Century provides portfolio management services for <br> investment companies as well as for other business and institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of American Century during <br> the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | Lynn Chen | Aberdeen Standard Investments | Head of the Total Return Bond Team |
|  | &nbsp;&nbsp; Stephen Quance, Vice <br> President<br>| Invesco Ltd | Global Director of Factor Investing |
|  | &nbsp;&nbsp; Anthony Americh, <br> Vice President<br>| 3x5 Partners, LLC | Co-Founder and Managing Director |
|  | &nbsp;&nbsp; Joseph Biller, Vice <br> President<br>| 3x5 Partners, LLC | Managing Director |
|  | &nbsp;&nbsp; Nicholas Ward, Vice <br> President<br>| 3x5 Partners, LLC | Co-Founder and Managing Director |
|  | &nbsp;&nbsp; Paul Norris, Vice <br> President<br>| &nbsp;&nbsp; Managing Director and Head of Structured <br> Products | Conning Asset Management |
|  | &nbsp;&nbsp; Muting Ren, Vice <br> President<br>| Alliance Bernstein | Senior Vice President |
|  | &nbsp;&nbsp; Stephen Bartolini, <br> Vice President<br>| T. Rowe Price | &nbsp;&nbsp; Portfolio Manager and Co-head of the Global <br> Interest Rate and Currency strategy team |
|  | &nbsp;&nbsp; Abe Riazati, Vice <br> President<br>| &nbsp;&nbsp; American Equity Investment Life Insurance <br> Company | Head of Investment Risk |
| 4. | &nbsp;&nbsp; **<u>AQR Capital Management, LLC</u>**<br> AQR Capital Management, LLC ("AQR"), is located at One Greenwich Plaza, Suite 130, Greenwich Connecticut 06830. <br> AQR is a registered investment adviser under the Investment Advisers Act of 1940, as amended. AQR offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the principals and executive officers of AQR during the <br> past two fiscal years is as follows: | &nbsp;&nbsp; **<u>AQR Capital Management, LLC</u>**<br> AQR Capital Management, LLC ("AQR"), is located at One Greenwich Plaza, Suite 130, Greenwich Connecticut 06830. <br> AQR is a registered investment adviser under the Investment Advisers Act of 1940, as amended. AQR offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the principals and executive officers of AQR during the <br> past two fiscal years is as follows: | &nbsp;&nbsp; **<u>AQR Capital Management, LLC</u>**<br> AQR Capital Management, LLC ("AQR"), is located at One Greenwich Plaza, Suite 130, Greenwich Connecticut 06830. <br> AQR is a registered investment adviser under the Investment Advisers Act of 1940, as amended. AQR offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the principals and executive officers of AQR during the <br> past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Lasse Pedersen<br> Principal<br>| &nbsp;&nbsp; Copenhagen Business School<br> Howitzvej 60,<br> 2000 Frederiksberg<br> Denmark 2815 2815 | Professor (2011-present) |
|  | &nbsp;&nbsp; Tobias Moskowitz<br> Principal<br>| &nbsp;&nbsp; Yale University School of Management<br> Yale University<br> New Haven, CT 06511 | &nbsp;&nbsp; Dean Takahashi Professor of Finance (2016-<br> present) |

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|  |  | &nbsp;&nbsp; Commonfund<br> 15 Old Danbury Road<br> Wilton, CT 06897 | Board Member (2022-present) |
|  | &nbsp;&nbsp; David Kabiller, <br> Principal<br>| &nbsp;&nbsp; Arqitel Investment Management, LP<br> 9800 Wilshire Blvd, Suite 203<br> Beverly Hills CA 90212 | &nbsp;&nbsp; Chairman and Founding Partner (2022-<br> present) |
| 5. | &nbsp;&nbsp; **<u>Barrow, Hanley, Mewhinney & Strauss, LLC</u>**<br> The sole business activity of Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st <br> Floor, Dallas, Texas 75201, is to serve as an investment adviser. Barrow Hanley is registered under the Investment <br> Advisers Act of 1940, as amended. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the trustees and officers of Barrow Hanley during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Barrow, Hanley, Mewhinney & Strauss, LLC</u>**<br> The sole business activity of Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st <br> Floor, Dallas, Texas 75201, is to serve as an investment adviser. Barrow Hanley is registered under the Investment <br> Advisers Act of 1940, as amended. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the trustees and officers of Barrow Hanley during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Barrow, Hanley, Mewhinney & Strauss, LLC</u>**<br> The sole business activity of Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st <br> Floor, Dallas, Texas 75201, is to serve as an investment adviser. Barrow Hanley is registered under the Investment <br> Advisers Act of 1940, as amended. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the trustees and officers of Barrow Hanley during the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Craig Squires<br> Member Board of <br> Managers<br>| Perpetual Group (Parent Company) | Perpetual Executive |
|  | &nbsp;&nbsp; Allan Lo Proto<br> Member Board of <br> Managers<br>| Perpetual Group (Parent Company) | Perpetual Executive |
| 6. | &nbsp;&nbsp; **<u>BlackRock Advisors, LLC</u>**<br> BlackRock Advisors, LLC's ("BA") principal business address is 415 10<sup>th</sup> Avenue, New York, New York 10055. BA is an <br> indirect wholly owned subsidiary of BlackRock, Inc. and was organized in 1994 for the purpose of providing advisory <br> services to investment companies and other types of clients. The directors and officers of BA have not been engaged in <br> any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a <br> director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Advisors, LLC</u>**<br> BlackRock Advisors, LLC's ("BA") principal business address is 415 10<sup>th</sup> Avenue, New York, New York 10055. BA is an <br> indirect wholly owned subsidiary of BlackRock, Inc. and was organized in 1994 for the purpose of providing advisory <br> services to investment companies and other types of clients. The directors and officers of BA have not been engaged in <br> any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a <br> director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Advisors, LLC</u>**<br> BlackRock Advisors, LLC's ("BA") principal business address is 415 10<sup>th</sup> Avenue, New York, New York 10055. BA is an <br> indirect wholly owned subsidiary of BlackRock, Inc. and was organized in 1994 for the purpose of providing advisory <br> services to investment companies and other types of clients. The directors and officers of BA have not been engaged in <br> any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a <br> director, officer or employee of affiliated entities. |
| 7. | &nbsp;&nbsp; **<u>BlackRock Financial Management, Inc.</u>**<br> BlackRock Financial Management, Inc.'s ("BFM") principal business address is 415 10<sup>th</sup> Avenue, New York, New York <br> 10055 and is an indirect wholly owned subsidiary of BlackRock, Inc. BFM was organized in.1994 for the purpose of <br> providing advisory services to investment companies and other types of clients. The directors and officers of BFM have <br> not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in <br> their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Financial Management, Inc.</u>**<br> BlackRock Financial Management, Inc.'s ("BFM") principal business address is 415 10<sup>th</sup> Avenue, New York, New York <br> 10055 and is an indirect wholly owned subsidiary of BlackRock, Inc. BFM was organized in.1994 for the purpose of <br> providing advisory services to investment companies and other types of clients. The directors and officers of BFM have <br> not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in <br> their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Financial Management, Inc.</u>**<br> BlackRock Financial Management, Inc.'s ("BFM") principal business address is 415 10<sup>th</sup> Avenue, New York, New York <br> 10055 and is an indirect wholly owned subsidiary of BlackRock, Inc. BFM was organized in.1994 for the purpose of <br> providing advisory services to investment companies and other types of clients. The directors and officers of BFM have <br> not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in <br> their capacities as a director, officer or employee of affiliated entities. |
| 8. | &nbsp;&nbsp; **<u>BlackRock International Limited</u>**<br> BlackRock International Limited's ("BIL") principal business address is Exchange Place One, 1 Semple Street, <br> Edinburgh EH3 8BL, Scotland and is an indirect wholly owned subsidiary of BlackRock, Inc. BIL was organized in <br> 1995 for the purpose of providing advisory services to investment companies and other types of clients. The directors <br> and officers of BIL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock International Limited</u>**<br> BlackRock International Limited's ("BIL") principal business address is Exchange Place One, 1 Semple Street, <br> Edinburgh EH3 8BL, Scotland and is an indirect wholly owned subsidiary of BlackRock, Inc. BIL was organized in <br> 1995 for the purpose of providing advisory services to investment companies and other types of clients. The directors <br> and officers of BIL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock International Limited</u>**<br> BlackRock International Limited's ("BIL") principal business address is Exchange Place One, 1 Semple Street, <br> Edinburgh EH3 8BL, Scotland and is an indirect wholly owned subsidiary of BlackRock, Inc. BIL was organized in <br> 1995 for the purpose of providing advisory services to investment companies and other types of clients. The directors <br> and officers of BIL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. |
| 9. | &nbsp;&nbsp; **<u>BlackRock (Singapore) Limited</u>**<br> BlackRock (Singapore) Limited's ("BSL") principal business address is Twenty Anson, 20 Anson Road, #18-01, <br> Singapore, Singapore 079912 and is an indirect wholly owned subsidiary of BlackRock, Inc. BSL was organized in 2000 <br> for the purpose of providing advisory services to investment companies and other types of clients. The directors and <br> officers of BSL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock (Singapore) Limited</u>**<br> BlackRock (Singapore) Limited's ("BSL") principal business address is Twenty Anson, 20 Anson Road, #18-01, <br> Singapore, Singapore 079912 and is an indirect wholly owned subsidiary of BlackRock, Inc. BSL was organized in 2000 <br> for the purpose of providing advisory services to investment companies and other types of clients. The directors and <br> officers of BSL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock (Singapore) Limited</u>**<br> BlackRock (Singapore) Limited's ("BSL") principal business address is Twenty Anson, 20 Anson Road, #18-01, <br> Singapore, Singapore 079912 and is an indirect wholly owned subsidiary of BlackRock, Inc. BSL was organized in 2000 <br> for the purpose of providing advisory services to investment companies and other types of clients. The directors and <br> officers of BSL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. |

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| 10. | &nbsp;&nbsp; **<u>Brown Brothers Harriman Credit Partners, LLC</u>** Brown Brothers Harriman Credit Partners, LLC, is a Delaware <br> limited liability company, founded in 2025. It is a majority owned subsidiary of, and controlled by, Brown Brothers <br> Harriman & Co. (BBH&Co.) which was founded in 1818. BBHCP is a registered investment adviser under the <br> Investment Company Act of 1940, as amended, and serves as an investment adviser or sub-adviser to mutual funds that <br> are registered under the Investment Company Act of 1940, as amended, private funds, institutional separately managed <br> accounts, collective investment trusts, and collective investment funds organized under the Undertakings for Collective <br> Investments in Transferable Securities. BBHCP commenced operations and became an eligible SEC-registered <br> investment adviser on January 1, 2026. | &nbsp;&nbsp; **<u>Brown Brothers Harriman Credit Partners, LLC</u>** Brown Brothers Harriman Credit Partners, LLC, is a Delaware <br> limited liability company, founded in 2025. It is a majority owned subsidiary of, and controlled by, Brown Brothers <br> Harriman & Co. (BBH&Co.) which was founded in 1818. BBHCP is a registered investment adviser under the <br> Investment Company Act of 1940, as amended, and serves as an investment adviser or sub-adviser to mutual funds that <br> are registered under the Investment Company Act of 1940, as amended, private funds, institutional separately managed <br> accounts, collective investment trusts, and collective investment funds organized under the Undertakings for Collective <br> Investments in Transferable Securities. BBHCP commenced operations and became an eligible SEC-registered <br> investment adviser on January 1, 2026. | &nbsp;&nbsp; **<u>Brown Brothers Harriman Credit Partners, LLC</u>** Brown Brothers Harriman Credit Partners, LLC, is a Delaware <br> limited liability company, founded in 2025. It is a majority owned subsidiary of, and controlled by, Brown Brothers <br> Harriman & Co. (BBH&Co.) which was founded in 1818. BBHCP is a registered investment adviser under the <br> Investment Company Act of 1940, as amended, and serves as an investment adviser or sub-adviser to mutual funds that <br> are registered under the Investment Company Act of 1940, as amended, private funds, institutional separately managed <br> accounts, collective investment trusts, and collective investment funds organized under the Undertakings for Collective <br> Investments in Transferable Securities. BBHCP commenced operations and became an eligible SEC-registered <br> investment adviser on January 1, 2026. |
| 11. | &nbsp;&nbsp; **<u>Driehaus Capital Management LLC</u>**<br> Driehaus Capital Management LLC ("DCM"), located at 25 East Erie Street, Chicago, Illinois 60611, is registered under <br> the Investment Advisers Act of 1940, as amended. DCM is privately held independent investment adviser providing <br> discretionary and non-discretionary advisory services to clients. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and officers of DCM during the past two fiscal years is <br> as follows: | &nbsp;&nbsp; **<u>Driehaus Capital Management LLC</u>**<br> Driehaus Capital Management LLC ("DCM"), located at 25 East Erie Street, Chicago, Illinois 60611, is registered under <br> the Investment Advisers Act of 1940, as amended. DCM is privately held independent investment adviser providing <br> discretionary and non-discretionary advisory services to clients. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and officers of DCM during the past two fiscal years is <br> as follows: | &nbsp;&nbsp; **<u>Driehaus Capital Management LLC</u>**<br> Driehaus Capital Management LLC ("DCM"), located at 25 East Erie Street, Chicago, Illinois 60611, is registered under <br> the Investment Advisers Act of 1940, as amended. DCM is privately held independent investment adviser providing <br> discretionary and non-discretionary advisory services to clients. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and officers of DCM during the past two fiscal years is <br> as follows: |
|  | &nbsp;&nbsp; Stephen T. Weber <br> Chief Executive <br> Officer and President <br>| Driehaus Trust Company  | Director |
|  |  | Driehaus Capital Management (USVI) LLC | President |
|  |  | Driehaus Capital Holdings LLLP | President |
|  | &nbsp;&nbsp; Janet L. McWilliams <br> General Counsel and <br> Secretary <br>| Driehaus Capital Management (USVI) LLC | Senior Vice President & Secretary |
|  |  | Driehaus Capital Holdings LLLP | Senior Vice President & Secretary |
|  |  | RHD Holdings LLC | Senior Vice President & Secretary |
|  | &nbsp;&nbsp; Robert M. Kurinsky <br> Chief Financial <br> Officer, Chief <br> Operating Officer, <br> and Treasurer<br>| Driehaus Capital Management (USVI) LLC | &nbsp;&nbsp; Vice President, Treasurer & Chief Financial <br> Officer |
|  |  | Driehaus Capital Holdings LLLP | &nbsp;&nbsp; Vice President, Treasurer & Chief Financial <br> Officer |
|  |  | RHD Holdings LLC | &nbsp;&nbsp; Vice President, Treasurer & Chief Financial <br> Officer |
|  | &nbsp;&nbsp; Christina E. Algozine <br> Assistant Secretary<br>| Driehaus Capital Management (USVI) LLC | Assistant Secretary |
| 12. | &nbsp;&nbsp; **<u>Goldman Sachs Asset Management, L.P.</u>**<br> The principal business address of Goldman Sachs Asset Management, L.P. ("GSAM") is 200 West Street, New York, <br> New York 10282. GSAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. <br> GSAM is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc., a public company that is a bank <br> holding company, financial holding company and a worldwide, full-service financial services organization. GSAM <br> Holdings LLC is the general partner and principal owner of GSAM and has been providing financial solutions for <br> investors since 1988. Information about the officers and partners of GSAM is included in its Form ADV filed with the <br> Commission (registration number 801-37591) and is incorporated herein by reference. | &nbsp;&nbsp; **<u>Goldman Sachs Asset Management, L.P.</u>**<br> The principal business address of Goldman Sachs Asset Management, L.P. ("GSAM") is 200 West Street, New York, <br> New York 10282. GSAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. <br> GSAM is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc., a public company that is a bank <br> holding company, financial holding company and a worldwide, full-service financial services organization. GSAM <br> Holdings LLC is the general partner and principal owner of GSAM and has been providing financial solutions for <br> investors since 1988. Information about the officers and partners of GSAM is included in its Form ADV filed with the <br> Commission (registration number 801-37591) and is incorporated herein by reference. | &nbsp;&nbsp; **<u>Goldman Sachs Asset Management, L.P.</u>**<br> The principal business address of Goldman Sachs Asset Management, L.P. ("GSAM") is 200 West Street, New York, <br> New York 10282. GSAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. <br> GSAM is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc., a public company that is a bank <br> holding company, financial holding company and a worldwide, full-service financial services organization. GSAM <br> Holdings LLC is the general partner and principal owner of GSAM and has been providing financial solutions for <br> investors since 1988. Information about the officers and partners of GSAM is included in its Form ADV filed with the <br> Commission (registration number 801-37591) and is incorporated herein by reference. |

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| 13. | &nbsp;&nbsp; **<u>Guggenheim Partners Investment Management, LLC</u>**<br> Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa <br> Monica, California 90401. Guggenheim is primarily engaged in the provision of investment advisory and management <br> services to registered investment companies, private funds and separately managed accounts. The executive officers of <br> Guggenheim consist primarily of persons who during the past two years have been active in the investment management <br> business. To the knowledge of Guggenheim, except as set forth below, as applicable, none of the executive officers of <br> Guggenheim is or has been at any time during the past two fiscal years engaged in any other business, profession, <br> vocation or employment of a substantial nature, other than in their capacity as a director, officer or employee of affiliated <br> entities. Information as to the executive officers of Guggenheim is included in its Form ADV as filed with the SEC (File <br> No. 801 66789) pursuant to the Investment Advisers Act of 1940, as amended, which is incorporated herein by reference.  | &nbsp;&nbsp; **<u>Guggenheim Partners Investment Management, LLC</u>**<br> Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa <br> Monica, California 90401. Guggenheim is primarily engaged in the provision of investment advisory and management <br> services to registered investment companies, private funds and separately managed accounts. The executive officers of <br> Guggenheim consist primarily of persons who during the past two years have been active in the investment management <br> business. To the knowledge of Guggenheim, except as set forth below, as applicable, none of the executive officers of <br> Guggenheim is or has been at any time during the past two fiscal years engaged in any other business, profession, <br> vocation or employment of a substantial nature, other than in their capacity as a director, officer or employee of affiliated <br> entities. Information as to the executive officers of Guggenheim is included in its Form ADV as filed with the SEC (File <br> No. 801 66789) pursuant to the Investment Advisers Act of 1940, as amended, which is incorporated herein by reference.  | &nbsp;&nbsp; **<u>Guggenheim Partners Investment Management, LLC</u>**<br> Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa <br> Monica, California 90401. Guggenheim is primarily engaged in the provision of investment advisory and management <br> services to registered investment companies, private funds and separately managed accounts. The executive officers of <br> Guggenheim consist primarily of persons who during the past two years have been active in the investment management <br> business. To the knowledge of Guggenheim, except as set forth below, as applicable, none of the executive officers of <br> Guggenheim is or has been at any time during the past two fiscal years engaged in any other business, profession, <br> vocation or employment of a substantial nature, other than in their capacity as a director, officer or employee of affiliated <br> entities. Information as to the executive officers of Guggenheim is included in its Form ADV as filed with the SEC (File <br> No. 801 66789) pursuant to the Investment Advisers Act of 1940, as amended, which is incorporated herein by reference.  |
| 14. | &nbsp;&nbsp; **<u>Heitman Real Estate Securities LLC</u>**<br> Heitman Real Estate Securities LLC ("HRES"), at 110 North Wacker Drive, Suite 4000, Chicago, IL 60606, is an <br> investment adviser registered under the Investment Advisers Act of 1940, as amended. Information as to the directors <br> and executive officers during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Heitman Real Estate Securities LLC</u>**<br> Heitman Real Estate Securities LLC ("HRES"), at 110 North Wacker Drive, Suite 4000, Chicago, IL 60606, is an <br> investment adviser registered under the Investment Advisers Act of 1940, as amended. Information as to the directors <br> and executive officers during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Heitman Real Estate Securities LLC</u>**<br> Heitman Real Estate Securities LLC ("HRES"), at 110 North Wacker Drive, Suite 4000, Chicago, IL 60606, is an <br> investment adviser registered under the Investment Advisers Act of 1940, as amended. Information as to the directors <br> and executive officers during the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Maury Tognarelli <br> Manager<br>| Affiliates of HRES | CEO, Managing Member, Director |
|  | &nbsp;&nbsp; Larry Christensen <br> Manager<br>| Affiliates of HRES | CFO, Member, Director |
|  | &nbsp;&nbsp; Anthony Stamato <br> Chief Legal Officer, <br> Head of Compliance <br> and Chief <br> Compliance Officer <br>| Affiliates of HRES | &nbsp;&nbsp; Senior Managing Director, Secretary, Chief <br> Legal Officer, Head of Compliance, and Chief <br> Compliance Officer |
| 15. | &nbsp;&nbsp; **<u>Jacobs Levy Equity Management, Inc.</u>**<br> Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), with principal offices at 100 Campus Drive, Florham Park, New <br> Jersey 07932, is a New Jersey based investment adviser founded in 1986. The firm's core business activity is managing <br> U.S. equity portfolios for clients, which include institutions with separately managed accounts, registered investment <br> companies and pooled investment vehicles intended for sophisticated, institutional investors. The directors and officers <br> of Jacobs Levy have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>Jacobs Levy Equity Management, Inc.</u>**<br> Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), with principal offices at 100 Campus Drive, Florham Park, New <br> Jersey 07932, is a New Jersey based investment adviser founded in 1986. The firm's core business activity is managing <br> U.S. equity portfolios for clients, which include institutions with separately managed accounts, registered investment <br> companies and pooled investment vehicles intended for sophisticated, institutional investors. The directors and officers <br> of Jacobs Levy have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>Jacobs Levy Equity Management, Inc.</u>**<br> Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), with principal offices at 100 Campus Drive, Florham Park, New <br> Jersey 07932, is a New Jersey based investment adviser founded in 1986. The firm's core business activity is managing <br> U.S. equity portfolios for clients, which include institutions with separately managed accounts, registered investment <br> companies and pooled investment vehicles intended for sophisticated, institutional investors. The directors and officers <br> of Jacobs Levy have not held any positions with other companies during the past two fiscal years. |
| 16. | &nbsp;&nbsp; **<u>J.P. Morgan Investment Management Inc.</u>** <br> J.P. Morgan Investment Management Inc. ("JMIM") is located at 383 Madison Avenue, New York, New York 10179, and <br> is registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and officers of JPMIM is considered confidential. | &nbsp;&nbsp; **<u>J.P. Morgan Investment Management Inc.</u>** <br> J.P. Morgan Investment Management Inc. ("JMIM") is located at 383 Madison Avenue, New York, New York 10179, and <br> is registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and officers of JPMIM is considered confidential. | &nbsp;&nbsp; **<u>J.P. Morgan Investment Management Inc.</u>** <br> J.P. Morgan Investment Management Inc. ("JMIM") is located at 383 Madison Avenue, New York, New York 10179, and <br> is registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and officers of JPMIM is considered confidential. |
| 17. | &nbsp;&nbsp; **<u>Legal & General Investment Management America, Inc.</u>**<br> Legal & General Investment Management America, Inc. is located at 71 South Wacker Drive, Suite 800, Chicago, <br> Illinois 60606 and is registered with the SEC under the Investment Advisers Act of 1940, as amended. Information as to <br> the directors and executive officers during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Legal & General Investment Management America, Inc.</u>**<br> Legal & General Investment Management America, Inc. is located at 71 South Wacker Drive, Suite 800, Chicago, <br> Illinois 60606 and is registered with the SEC under the Investment Advisers Act of 1940, as amended. Information as to <br> the directors and executive officers during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Legal & General Investment Management America, Inc.</u>**<br> Legal & General Investment Management America, Inc. is located at 71 South Wacker Drive, Suite 800, Chicago, <br> Illinois 60606 and is registered with the SEC under the Investment Advisers Act of 1940, as amended. Information as to <br> the directors and executive officers during the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Michelle Scrimgeour<br> Director<br>| &nbsp;&nbsp; Legal & General Investment Management <br> (Holdings) Ltd. | Director of affiliated entity |
|  |  | &nbsp;&nbsp; Legal & General Investment Management <br> Limited | Director of affiliated entity |
|  |  | &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |

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|  | &nbsp;&nbsp; Legal & General Investment Management <br> Japan K.K. | Director of affiliated entity |
|  | Legal & General Group Plc | &nbsp;&nbsp; Member of Group Management Committee of <br> affiliated entity |
|  | The Investment Association | Board Member |
|  | FCA Practitioner Panel | Member |
|  | Glasgow Financial Alliance for Net Zero  | Principals Group Member |
| &nbsp;&nbsp; Kerrigan Procter<br> Interim Head of <br> LGIM America, <br> Director<br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |
|  | &nbsp;&nbsp; Legal & General Business Consulting <br> (Shanghai) Limited  | Director and Chair of affiliated entity |
|  | IDLG Asset Holdings Pte. Ltd.  | Director of affiliated joint venture entity |
| &nbsp;&nbsp; Donald Andrews<br> Head of Distribution <br> and Client Solutions, <br> Director, Officer<br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |
|  | Ledgeview Commercial Partners, LLC | Founding Member |
|  | Lafayette Holdings, LLC | Founding Member/Manager  |
|  | Rock Rimmon Holdings, LLC | Founding Member/Manager  |
|  | Kigali Farm, LLC | Founding Member  |
|  | Croydon Holdings, LLC | Member/Manager |
|  | Derryfield Holdings, LLC | Founding Member |
|  | Sweeney Holdings, LLC | Founding Member |
|  | Enright Holdings, LLC | Founding Member |
|  | Ascutney Holdings II, LLC | Founding Member  |
|  | Ascutney Holdings, LLC | Founding Member |
| &nbsp;&nbsp; John Bender<br> Chairman of <br> Investments, LGIM <br> America, Director, <br> Officer<br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |
| &nbsp;&nbsp; BethAnne Panos<br> Head of Human <br> Resources, Director, <br> Officer<br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |
| &nbsp;&nbsp; Patrick Ryan<br> Chief Financial <br> Officer, Director<br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |

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|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Mike Reiffsteck<br> Head of US <br> Operations <br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Director of affiliated entity |
|  | &nbsp;&nbsp; Kristina St. Charles<br> General Counsel, <br> Interim Chief <br> Compliance Officer, <br> Board Secretary<br>| &nbsp;&nbsp; Legal & General Investment Management <br> United States (Holdings), Inc. | Board Secretary of affiliated entity |
|  |  | Pangea Educational Development | Executive Board Member, Non-Profit Board |
|  | &nbsp;&nbsp; Alexia Gottschalch<br> Head of Real Estate <br> Equity, US, Officer <br>| &nbsp;&nbsp; The Association of Foreign Investors in Real <br> Estate (AFIRE) | Board Member |
|  |  | Ancora L&G, LLC | Director of affiliated entity |
| 18. | &nbsp;&nbsp; **<u>Loomis, Sayles & Company, L.P.</u>**<br> Loomis, Sayles & Company, L.P., One Financial Center, Boston, Massachusetts 02111, is an investment adviser <br> registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and executive officers during the past two fiscal years <br> is as follows: | &nbsp;&nbsp; **<u>Loomis, Sayles & Company, L.P.</u>**<br> Loomis, Sayles & Company, L.P., One Financial Center, Boston, Massachusetts 02111, is an investment adviser <br> registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and executive officers during the past two fiscal years <br> is as follows: | &nbsp;&nbsp; **<u>Loomis, Sayles & Company, L.P.</u>**<br> Loomis, Sayles & Company, L.P., One Financial Center, Boston, Massachusetts 02111, is an investment adviser <br> registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, profession, <br> vocation or employment of a substantial nature as to the directors and executive officers during the past two fiscal years <br> is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Kevin P. Charleston<br> Chairman, President, <br> Chief Executive <br> Officer, and Director<br>| Loomis Sayles Trust Company, LLC | Manager and President |
|  |  | Loomis Sayles Funds I | Trustee, President and Chief Executive Officer |
|  |  | &nbsp;&nbsp; Loomis Sayles Fund II; Natixis Funds Trust I; <br> Natixis Funds Trust II; Natixis Funds Trust IV; <br> Natixis ETF Trust; Natixis ETF Trust II; <br> Gateway Trust | Trustee |
|  |  | Loomis Sayles Distributors, Inc. | Director |
|  |  | Loomis Sayles Trust Company, LLC | Manager and President |
|  |  | Loomis Sayles Investments Limited | &nbsp;&nbsp; Representative of Loomis Sayles as a <br> corporate Director |
|  |  | Loomis Sayles Investment Asia Pte. Ltd. | Director |
|  |  | Loomis Sayles Operating Services, LLC | Director, Chairman and President |
|  |  | NIM-os, LLC | Manager |
|  | &nbsp;&nbsp; John R. Gidman<br> Executive Vice <br> President, Chief <br> Operating Officer and <br> Director<br>| Loomis Sayles Operating Services, LLC | Director, Chief Executive Officer |
|  |  | NIM-os, LLC | Director, Chief Executive Officer |
|  | &nbsp;&nbsp; David L. Giunta<br> Director<br>| Natixis Investment Managers  | President and Chief Executive Officer, US |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Compliance, Risk and Internal Control <br> Committee (formerly known as Natixis <br> Distribution Corporation)  | &nbsp;&nbsp; Chairman, President, and Chief Executive <br> Officer |
|  | &nbsp;&nbsp; Natixis Advisors, LLC; Natixis Distribution, <br> LLC  | President and Chief Executive Officer |
|  | &nbsp;&nbsp; Natixis Funds Trust I; Natixis Funds Trust II; <br> Natixis Funds Trust IV; Natixis ETF Trust; <br> Natixis ETF Trust II; Gateway Trust; Loomis <br> Sayles Funds I; Loomis Sayles Funds II | Trustee, President and Chief Executive Officer |
|  | Loomis Sayles Funds I | Trustee and Executive Vice President |
|  | NIM-os, LLC | Manager |
| &nbsp;&nbsp; Kinji Kato<br> Director<br>| Natixis Investment Managers Japan | Honorary Chairman |
| &nbsp;&nbsp; Maurice Leger<br> Executive Vice <br> President, Director of <br> Global Institutional <br> Services and Director<br>| Loomis Sayles Trust Company, LLC | Manager |
| &nbsp;&nbsp; Rebecca O'Brien <br> Radford<br> Executive Vice <br> President, General <br> Counsel, Secretary, <br> and Director<br>| Loomis Sayles Distributors, Inc. | Director |
|  | Loomis Sayles Investments Limited | General Counsel and Secretary |
|  | Loomis Sayles Trust Company, LLC | Manager and Secretary |
|  | Loomis Sayles Operating Services, LLC | Director and Secretary |
|  | NIM-os, LLC | Manager and General Counsel |
| &nbsp;&nbsp; Philippe Setbon <br> Director<br>| Natixis Investment Managers France | Chief Executive Officer  |
|  | Natixis France | Member of Senior Management Committee |
|  | Natixis TradEx Solutions | Director |
|  | Harris Associates L.P. | Director |
|  | AEW Capital Management, L.P. | Director |
| &nbsp;&nbsp; Susan Sieker<br> Executive Vice <br> President, Chief <br> Financial Officer and <br> Director<br>| Loomis Sayles Trust Company, LLC | Manager and Chief Financial Officer |
|  | Loomis Sayles Investments Limited | Chief Financial Officer |
|  | NIM-os, LLC | Manager and Chief Financial Officer |

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| 19. | &nbsp;&nbsp; **<u>MFS Institutional Advisors, Inc.</u>**<br> MFS Institutional Advisors, Inc. ("MFSI") is located at 111 Huntington Avenue, Boston, Massachusetts 02199 and is a <br> U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is a <br> subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned <br> subsidiary of Sun Life Financial Inc. (a diversified financial services company). Certain officers and directors of MFSI <br> serve, or have served, as officers or directors of some or all of MFSI's corporate affiliates and/or as officers of some or <br> all of the MFS funds and/or officers or directors of certain investment products managed by MFS or certain of MFS's <br> corporate affiliates. Except as set forth below, each director and principal executive officer of MFSI has been engaged <br> during the past two fiscal years in no business profession, vocation or employment of a substantial nature other than as <br> an officer and/or director of MFSI or certain of MFSI's corporate affiliates. The following lists the directors and <br> principal executive officers of MFSI and their positions with certain of MFSI's corporate affiliates as of January 1, 2025: | &nbsp;&nbsp; **<u>MFS Institutional Advisors, Inc.</u>**<br> MFS Institutional Advisors, Inc. ("MFSI") is located at 111 Huntington Avenue, Boston, Massachusetts 02199 and is a <br> U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is a <br> subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned <br> subsidiary of Sun Life Financial Inc. (a diversified financial services company). Certain officers and directors of MFSI <br> serve, or have served, as officers or directors of some or all of MFSI's corporate affiliates and/or as officers of some or <br> all of the MFS funds and/or officers or directors of certain investment products managed by MFS or certain of MFS's <br> corporate affiliates. Except as set forth below, each director and principal executive officer of MFSI has been engaged <br> during the past two fiscal years in no business profession, vocation or employment of a substantial nature other than as <br> an officer and/or director of MFSI or certain of MFSI's corporate affiliates. The following lists the directors and <br> principal executive officers of MFSI and their positions with certain of MFSI's corporate affiliates as of January 1, 2025: | &nbsp;&nbsp; **<u>MFS Institutional Advisors, Inc.</u>**<br> MFS Institutional Advisors, Inc. ("MFSI") is located at 111 Huntington Avenue, Boston, Massachusetts 02199 and is a <br> U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is a <br> subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned <br> subsidiary of Sun Life Financial Inc. (a diversified financial services company). Certain officers and directors of MFSI <br> serve, or have served, as officers or directors of some or all of MFSI's corporate affiliates and/or as officers of some or <br> all of the MFS funds and/or officers or directors of certain investment products managed by MFS or certain of MFS's <br> corporate affiliates. Except as set forth below, each director and principal executive officer of MFSI has been engaged <br> during the past two fiscal years in no business profession, vocation or employment of a substantial nature other than as <br> an officer and/or director of MFSI or certain of MFSI's corporate affiliates. The following lists the directors and <br> principal executive officers of MFSI and their positions with certain of MFSI's corporate affiliates as of January 1, 2025: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Heidi W. Hardin<br> Director, Chair of the <br> Board and Assistant <br> Secretary<br>| Massachusetts Financial Services Company | &nbsp;&nbsp; Executive Vice President, General Counsel <br> and Secretary |
|  |  | &nbsp;&nbsp; MFS Fund Distributors, Inc.; MFS Service <br> Center, Inc.; Sun Life of Canada (U.S.) <br> Financial Services Holdings, Inc.; 3060097 <br> Nova Scotia Company | Secretary |
|  |  | MFS International Ltd | Assistant Secretary |
|  |  | International Australia Pty. Ltd. | Director, Chair and Assistant Secretary |
|  |  | &nbsp;&nbsp; MFS Investment Management Canada <br> Limited | &nbsp;&nbsp; Director, Chair of the Board and Assistant <br> Secretary |
|  |  | International Singapore Pte. Ltd. | Director and Assistant Secretary |
|  |  | MFS Investment Management K.K. | Director, Chair and Secretary |
|  |  | MFS Heritage Trust Company | Director, Chair of the Board and Secretary |
|  |  | &nbsp;&nbsp; Funds within the MFS U.S. Funds Complex <br> (the "MFS Funds Complex") | Secretary and Clerk |
|  | &nbsp;&nbsp; Michelle Thompson-<br> Dolberry<br> Director<br>| Massachusetts Financial Services Company | &nbsp;&nbsp; Executive Vice President and Chief Diversity, <br> Equity and Inclusion Officer |
|  |  | &nbsp;&nbsp; MFS International Australia Pty. Ltd.; MFS <br> International Singapore Pte. Ltd.; MFS <br> Investment Management K.K.; MFS Heritage <br> Trust Company | Director |
|  | &nbsp;&nbsp; Michael S. Keenan<br> Director<br>| MFS Fund Distributors, Inc. | Director and President |
|  |  | &nbsp;&nbsp; MFS International Australia Pty. Ltd.; MFS <br> International Singapore Pte. Ltd; MFS <br> Heritage Trust Company | Director |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Robertson G. Mansi<br> Director<br>| &nbsp;&nbsp; MFS International (U.K.) Limited; MFS <br> International Singapore Pte. Ltd.; MFS <br> Investment Management Canada Limited; <br> MFS Heritage Trust Company; MFS <br> International Australia Pty. Ltd. | Director |
|  | &nbsp;&nbsp; Charuda (Bee) <br> Upatham-Costello<br> Director and <br> Treasurer<br>| MFS International Ltd. | Assistant Treasurer |
|  |  | &nbsp;&nbsp; MFS Investment Management Company <br> (LUX) S.a.r.l. | Treasurer |
|  |  | MFS Fund Distributors, Inc. | Treasurer and Senior Group Controller |
|  |  | &nbsp;&nbsp; MFS International Australia Pty. Ltd.; MFS <br> International Singapore Pte. Ltd.; MFS <br> Heritage Trust Company; MFS Investment <br> Management Canada Limited | Director |
|  |  | MFS Investment Management K.K | Statutory Auditor |
|  |  | 3060097 Nova Scotia Company | Director and President |
|  | &nbsp;&nbsp; Carol W. Geremia<br> President and <br> Secretary<br>| Massachusetts Financial Services Company | &nbsp;&nbsp; Director, President and Co-Head of Global <br> Distribution |
|  |  | MFS Heritage Trust Company | Executive Vice President |
|  |  | MFS Investment Management K.K. | Vice President |
|  |  | MFS Fund Distributors, Inc. | Director and Chairman of the Board |
|  | &nbsp;&nbsp; Alison O'Neill<br> Chief Investment <br> Officer<br>| Massachusetts Financial Services Company | &nbsp;&nbsp; Executive Vice President and Chief Investment <br> Officer |
|  |  | MFS Heritage Trust Company | Investment Officer |
|  | &nbsp;&nbsp; Rosa-Licea-Mailloux<br> Chief Compliance <br> Officer<br>| &nbsp;&nbsp; Massachusetts Financial Services Company; <br> MFS Heritage Trust Company; MFS Funds <br> Complex | Chief Compliance Officer |
| 20. | &nbsp;&nbsp; **<u>Neuberger Berman Investment Advisers LLC</u>**<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), with its principal offices located at 1290 Avenue <br> of the Americas, New York, New York 10104, is a registered investment adviser and an indirect subsidiary of Neuberger <br> Berman Group LLC. The directors of Neuberger Berman have not been engaged in any other business or profession, <br> vocation or employment of a substantial nature during the past two fiscal years other than in their capacities as a director <br> of Neuberger Berman or certain of Neuberger Berman's affiliated entities or certain domestic or non-U.S. investment <br> companies. | &nbsp;&nbsp; **<u>Neuberger Berman Investment Advisers LLC</u>**<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), with its principal offices located at 1290 Avenue <br> of the Americas, New York, New York 10104, is a registered investment adviser and an indirect subsidiary of Neuberger <br> Berman Group LLC. The directors of Neuberger Berman have not been engaged in any other business or profession, <br> vocation or employment of a substantial nature during the past two fiscal years other than in their capacities as a director <br> of Neuberger Berman or certain of Neuberger Berman's affiliated entities or certain domestic or non-U.S. investment <br> companies. | &nbsp;&nbsp; **<u>Neuberger Berman Investment Advisers LLC</u>**<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), with its principal offices located at 1290 Avenue <br> of the Americas, New York, New York 10104, is a registered investment adviser and an indirect subsidiary of Neuberger <br> Berman Group LLC. The directors of Neuberger Berman have not been engaged in any other business or profession, <br> vocation or employment of a substantial nature during the past two fiscal years other than in their capacities as a director <br> of Neuberger Berman or certain of Neuberger Berman's affiliated entities or certain domestic or non-U.S. investment <br> companies. |

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| 21. | &nbsp;&nbsp; **<u>Nomura Investments Fund Advisers</u>**<br> Nomura Investments Fund Advisers ("NIFA"), 601 Market Street, Philadelphia, Pennsylvania 19106, is a series of <br> Nomura Investment Management Business Trust ("NIMBT"), a Delaware statutory trust which is registered with the <br> U.S. Securities and Exchange Commission as an investment adviser. NIMBT is a subsidiary of Nomura Holding <br> America Inc. ("NHA"), which is a wholly owned subsidiary of Nomura Holdings, Inc., a publicly traded Japanese <br> company. Nomura Asset Management ("NAM") is part of the Investment Management Division of the Nomura Group, <br> which provides integrated public and private market asset management services across equities, fixed income, private <br> credit and multi-asset solutions to intermediary and institutional clients. NAM primarily operates through several distinct <br> investment managers, which include NIMBT and its NIFA series. The following persons serve as directors or officers of <br> NIFA. | &nbsp;&nbsp; **<u>Nomura Investments Fund Advisers</u>**<br> Nomura Investments Fund Advisers ("NIFA"), 601 Market Street, Philadelphia, Pennsylvania 19106, is a series of <br> Nomura Investment Management Business Trust ("NIMBT"), a Delaware statutory trust which is registered with the <br> U.S. Securities and Exchange Commission as an investment adviser. NIMBT is a subsidiary of Nomura Holding <br> America Inc. ("NHA"), which is a wholly owned subsidiary of Nomura Holdings, Inc., a publicly traded Japanese <br> company. Nomura Asset Management ("NAM") is part of the Investment Management Division of the Nomura Group, <br> which provides integrated public and private market asset management services across equities, fixed income, private <br> credit and multi-asset solutions to intermediary and institutional clients. NAM primarily operates through several distinct <br> investment managers, which include NIMBT and its NIFA series. The following persons serve as directors or officers of <br> NIFA. | &nbsp;&nbsp; **<u>Nomura Investments Fund Advisers</u>**<br> Nomura Investments Fund Advisers ("NIFA"), 601 Market Street, Philadelphia, Pennsylvania 19106, is a series of <br> Nomura Investment Management Business Trust ("NIMBT"), a Delaware statutory trust which is registered with the <br> U.S. Securities and Exchange Commission as an investment adviser. NIMBT is a subsidiary of Nomura Holding <br> America Inc. ("NHA"), which is a wholly owned subsidiary of Nomura Holdings, Inc., a publicly traded Japanese <br> company. Nomura Asset Management ("NAM") is part of the Investment Management Division of the Nomura Group, <br> which provides integrated public and private market asset management services across equities, fixed income, private <br> credit and multi-asset solutions to intermediary and institutional clients. NAM primarily operates through several distinct <br> investment managers, which include NIMBT and its NIFA series. The following persons serve as directors or officers of <br> NIFA. |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | &nbsp;&nbsp; **<u>Position with Other</u>** <br> **<u>Company</u>**<br>|
|  | &nbsp;&nbsp; Shawn K. Lytle<br> President/Head of Public Investments/<br> Executive Director | Nomura Funds Complex | &nbsp;&nbsp; President/Chief <br> Executive Officer<br>|
|  |  | Nomura Asset Management | &nbsp;&nbsp; Various executive <br> capacities<br>|
|  |  | Nomura ETF Trust | &nbsp;&nbsp; Executive Vice <br> President<br>|
|  | &nbsp;&nbsp; Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed <br> Income and Municipal Bonds/Executive <br> Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Head of US Fixed <br> Income and <br> Municipal Bonds<br>|
|  |  | Nomura Asset Management | Various capacities |
|  |  | Nomura ETF Trust | Senior Vice President  |
|  |  | Nomura Asset Management | &nbsp;&nbsp; Various executive <br> capacities<br>|
|  | &nbsp;&nbsp; Alexander Alston<br> Senior Vice President/Co-Head of Private <br> Placements/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Co-Head of Private <br> Placements<br>|
|  |  | Nomura Asset Management | &nbsp;&nbsp; Various executive <br> capacities<br>|
|  | &nbsp;&nbsp; Erik R. Becker<br> Senior Vice President/Senior Portfolio <br> Manager/Division Director | Nomura Funds Complex | Vice President |
|  |  | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; Nathan A. Brown<br> Senior Vice President/Senior Portfolio <br> Manager/Division Director | Nomura Funds Complex | Vice President |
|  |  | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; Erin Canon<br> Senior Vice President/Deputy Head of <br> Business Management – Investments/<br> Managing Director | Nomura Asset Management | Various capacities |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Michael F. Capuzzi<br> Senior Vice President/US Chief Operating <br> Officer/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice <br> President/US Chief <br> Operations Officer<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust  | Senior Vice President |
| &nbsp;&nbsp; Eugene Chiulli<br> Chief Financial Officer/Managing Director | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Liu-Er Chen<br> Senior Vice President/Chief Investment <br> Officer, Emerging Markets and Healthcare/<br> Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Chief Investment <br> Officer - Emerging <br> Markets and <br> Healthcare<br>|
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Anthony G. Ciavarelli<br> Senior Vice President/Associate General <br> Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust  | &nbsp;&nbsp; Senior Vice President/<br> General Counsel/<br> Assistant Secretary<br>|
|  | Nomura ETF Trust | &nbsp;&nbsp; Senior Vice President/<br> Assistant Secretary<br>|
| &nbsp;&nbsp; David F. Connor<br> Senior Vice President/General Counsel, Public <br> Investments Americas/Secretary/Division <br> Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> General Counsel/<br> Secretary<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/<br> Secretary<br>|
|  | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Assistant Secretary<br>|
| &nbsp;&nbsp; Michael E. Dresnin<br> Senior Vice President/Associate General <br> Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Assistant Secretary<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|
|  | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|

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|:---|:---|:---|
| &nbsp;&nbsp; Brad Frishberg<br> Senior Vice President/Chief Investment <br> Officer, Global Listed Infrastructure/Division <br> Director | Nomura ETF Trust  | Senior Vice President  |
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Daniel V. Geatens<br> Senior Vice President/Head of US Fund <br> Administration/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Treasurer<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/<br> Chief Financial <br> Officer/Treasurer<br>|
|  | Nomura ETF Trust | &nbsp;&nbsp; Senior Vice President/<br> Treasurer<br>|
| &nbsp;&nbsp; Derek L. Hamilton<br> Senior Vice President/Economist/Division <br> Director  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; James L. Hinkley<br> Senior Vice President/Head of Special <br> Products/Division Director | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Head of ETF Product <br> Development<br>|
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Kashif Ishaq<br> Senior Vice President/Senior Portfolio <br> Manager/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Head of Investment <br> Grade Corporate <br> Bond Trading<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust  | Senior Vice President |
| &nbsp;&nbsp; Michael Kopfler<br> Senior Vice President/Chief Operating Officer, <br> Equities & Multi-Asset/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Global Head of <br> Equity Trading<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust | Senior Vice President  |
| &nbsp;&nbsp; Nik Lalvani<br> Senior Vice President/Team Lead – Large Cap <br> Value/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Chief Investment <br> Officer – Large Cap <br> Value<br>|
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & <br> Intermediary Services/Division Director  | Nomura Funds Complex | &nbsp;&nbsp; Vice President/Head <br> of US Service <br> Provider Management <br>|
|  | Nomura Asset Management  | Various capacities  |
|  | Nomura ETF Trust  | Vice President |

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|:---|:---|:---|
| &nbsp;&nbsp; John P. McCarthy<br> Senior Vice President/Senior Portfolio <br> Manager/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Co-Head of High <br> Yield<br>|
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Carleen Michalski<br> Senior Vice President/Head of Global Product <br> Development/Division Director | Nomura Asset Management | Various capacities  |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/<br> Head of Global <br> Product Development<br>|
|  | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Head of Global <br> Product Development<br>|
| &nbsp;&nbsp; Susan L. Natalini<br> Senior Vice President/Chief Administrative <br> Officer/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Chief Operations <br> Officer-Equity and <br> Fixed Income <br> Operations<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust  | Senior Vice President  |
| &nbsp;&nbsp; Aaron Norris<br> Senior Vice President/Head of Head of Core <br> Compliance/Managing Director | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Terrance M. O'Brien<br> Senior Vice President/US Head of <br> Quantitative and Markets Research/Division <br> Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice <br> President/US Head of <br> Quantitative and <br> Markets Research<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust  | Senior Vice President |
| &nbsp;&nbsp; Mansur Z. Rasul<br> Senior Vice President/Senior Portfolio <br> Manager/Associate Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Head of Emerging <br> Markets Credit <br> Trading<br>|
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Richard Salus<br> Senior Vice President/Global Head of Fund <br> Services/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Chief Financial <br> Officer <br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/<br> Fund Administration<br>|
|  | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Chief Financial <br> Officer<br>|

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|:---|:---|:---|
| &nbsp;&nbsp; Daniel G. Scherman<br> Senior Vice President/Head of Equity Risk <br> Analysis Group/Division Director  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust  | &nbsp;&nbsp; Senior Vice President/<br> Head of Equity Risk <br> Analysis Group <br>|
| &nbsp;&nbsp; Emilia P. Wang<br> Senior Vice President/Associate General <br> Counsel/Assistant Secretary/Division Director  | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust  | &nbsp;&nbsp; Senior Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|
|  | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary <br>|
| &nbsp;&nbsp; Kathryn R. Williams<br> Senior Vice President/Deputy General <br> Counsel/Assistant Secretary/Division Director | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Deputy General <br> Counsel/Assistant <br> Secretary<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/<br> Deputy General <br> Counsel/Assistant <br> Secretary<br>|
|  | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Assistant Secretary <br>|
| &nbsp;&nbsp; Robert Wolfangel, Jr.<br> Senior Vice President/Division Director | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Marty Wolin<br> Senior Vice President/Chief Compliance <br> Officer/Division Director  | Nomura Funds Complex | &nbsp;&nbsp; Senior Vice President/<br> Chief Compliance <br> Officer <br>|
|  | Nomura Asset Management | &nbsp;&nbsp; Senior Vice President/<br> Chief Compliance <br> Officer<br>|
|  | Nomura ETF Trust  | &nbsp;&nbsp; Senior Vice President/<br> Chief Compliance <br> Officer<br>|
| &nbsp;&nbsp; Jennifer Sator<br> Vice President/Executive Director | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Aaron D. Young<br> Senior Vice President/Senior Portfolio <br> Manager/Division Director | Nomura Funds Complex | Vice President |

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| | | |
|:---|:---|:---|
|  | Optimum Fund Trust  | &nbsp;&nbsp; Senior Vice President/<br> Portfolio Manager<br>|
|  | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Augustas Baliulis<br> Vice President/Associate General Counsel/<br> Assistant Secretary/Vice President | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Catherine DiValentino<br> Vice President/Associate General Counsel/<br> Assistant Secretary/Associate Director | Nomura Funds Complex | &nbsp;&nbsp; Assistant Vice <br> President/Associate <br> General Counsel/<br> Assistant Secretary <br>|
|  | Optimum Fund Trust  | &nbsp;&nbsp; Assistant Vice <br> President/Associate <br> General Counsel/<br> Assistant Secretary<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust  | &nbsp;&nbsp; Vice President/<br> General Counsel/ <br> Secretary<br>|
| &nbsp;&nbsp; Aaron Buser<br> Vice President/Associate General Counsel/<br> Assistant Secretary/Executive Director | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Joseph A. Fiorilla<br> Vice President/Head of US Trading <br> Operations, Equities & Multi-Asset/Associate <br> Director | Nomura Funds Complex | &nbsp;&nbsp; Vice President/Head <br> of US Trading <br> Operations<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust | Vice President |
| &nbsp;&nbsp; Stephen Hoban<br> Vice President/Controller/Executive Director | Nomura Funds Complex | &nbsp;&nbsp; Vice President/<br> Financial <br> Management<br>|
|  | Nomura Asset Management | Various capacities |
|  | Nomura ETF Trust | Vice President |
| &nbsp;&nbsp; Gregory Ito<br> Treasurer/Managing Director | Nomura Asset Management | Various capacities |
| &nbsp;&nbsp; Francis Magee<br> Vice President/Head of US Valuations/<br> Associate Director  | Nomura Funds Complex | &nbsp;&nbsp; Vice President/<br> Financial <br> Administration<br>|
|  | Nomura Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Vice President/<br> Investment <br> Accounting/Financial <br> Administration <br>|
|  | Nomura ETF Trust  | Vice President |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Andrew McEvoy<br> Vice President/Associate Director of US <br> Transaction Management/Associate Director | Nomura Funds Complex | &nbsp;&nbsp; Vice President/<br> Associate Director of <br> US Transaction <br> Management<br>|
|  |  | Nomura Asset Management | Various capacities |
|  |  | Optimum Fund Trust | &nbsp;&nbsp; Vice President/Trade <br> Settlements<br>|
|  |  | Nomura ETF Trust | Vice President |
|  | &nbsp;&nbsp; Ross Oklewicz<br> Vice President/Associate General Counsel/<br> Assistant Secretary/Executive Director  | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; Thomas Routhier<br> Co-Head of Private Placements/Executive <br> Director  | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; Philip A. Shipp Vice President/Associate <br> General Counsel/Assistant Secretary/<br> Associate Director | Nomura Funds Complex | &nbsp;&nbsp; Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|
|  |  | Nomura Asset Management | Various capacities |
|  |  | Optimum Fund Trust | &nbsp;&nbsp; Vice President/<br> Associate General <br> Counsel/Assistant <br> Secretary<br>|
|  |  | Nomura ETF Trust | &nbsp;&nbsp; Vice President/<br> Assistant Secretary<br>|
|  | &nbsp;&nbsp; Tracey Todd<br> Vice President/Associate General Counsel/<br> Assistant Secretary/Executive Director | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; Lauren Weintraub<br> Vice President/Senior Equity Trader/Associate <br> Director  | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; Joseph Zalewski<br> Vice President/Senior Credit Analyst – <br> Distressed Debt/Associate Director | Nomura Asset Management | Various capacities |
|  | &nbsp;&nbsp; William Hynes<br> Tax Officer | Nomura Asset Management | Various capacities |
| 22. | &nbsp;&nbsp; **<u>Pacific Investment Management Company LLC</u>**<br> Pacific Investment Management Company LLC ("PIMCO") is a majority owned subsidiary of Allianz Asset <br> Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management <br> U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. <br> Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset <br> Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective <br> January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent <br> entity. Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. <br> Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded <br> German company. The management and operational oversight of Allianz Asset Management is carried out by its <br> Management Board, the sole member of which is currently Tucker J. Fitzpatrick. | &nbsp;&nbsp; **<u>Pacific Investment Management Company LLC</u>**<br> Pacific Investment Management Company LLC ("PIMCO") is a majority owned subsidiary of Allianz Asset <br> Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management <br> U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. <br> Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset <br> Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective <br> January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent <br> entity. Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. <br> Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded <br> German company. The management and operational oversight of Allianz Asset Management is carried out by its <br> Management Board, the sole member of which is currently Tucker J. Fitzpatrick. | &nbsp;&nbsp; **<u>Pacific Investment Management Company LLC</u>**<br> Pacific Investment Management Company LLC ("PIMCO") is a majority owned subsidiary of Allianz Asset <br> Management of America LLC ("Allianz Asset Management") with a minority interest held by Allianz Asset Management <br> U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former officers of PIMCO. <br> Allianz Asset Management was organized as a limited liability company under Delaware law in 2000. Allianz Asset <br> Management of America LP merged with Allianz Asset Management, with the latter being the surviving entity, effective <br> January 1, 2023. Following the merger, Allianz Asset Management is PIMCO LLC's managing member and direct parent <br> entity. Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. <br> Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded <br> German company. The management and operational oversight of Allianz Asset Management is carried out by its <br> Management Board, the sole member of which is currently Tucker J. Fitzpatrick. |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Kimberley Stafford<br> Managing Director<br>| PIMCO Hong Kong | Head of PIMCO Asia-Pacific |
|  | &nbsp;&nbsp; Craig A. Dawson<br> Managing Director<br>| PIMCO Europe Ltd. | Head of EMEA |
|  | &nbsp;&nbsp; Jennifer E. Durham<br> Managing Director<br>| &nbsp;&nbsp; Pacific Investment Mgt Co. LLC; PIMCO <br> Variable Insurance Trust; PIMCO ETF Trust; <br> PIMCO Equity Series; PIMCO Equity Series <br> VIT | Chief Compliance Officer |
|  | &nbsp;&nbsp; Emmanuel Roman<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | CEO |
|  | &nbsp;&nbsp; David C. Flattum<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | General Counsel |
|  |  | &nbsp;&nbsp; PIMCO Variable Insurance Trust; PIMCO <br> ETF Trust; PIMCO Equity Series; PIMCO <br> Equity Series VIT | Chief Legal Officer |
|  | &nbsp;&nbsp; Daniel Ivascyn<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | Group Chief Investment Officer |
|  | &nbsp;&nbsp; Brent Richard Harris<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | Executive Committee Member |
|  |  | StocksPLUS Management, Inc. | Director and Vice President |
|  |  | &nbsp;&nbsp; PIMCO Variable Insurance Trust; PIMCO <br> ETF Trust | Trustee, Chairman and President of the Trust |
|  |  | &nbsp;&nbsp; PIMCO Equity Series; PIMCO Equity Series <br> VIT | Trustee, Chairman and Senior Vice President |
|  |  | &nbsp;&nbsp; PIMCO Luxembourg S.A. and PIMCO <br> Luxembourg II | Director |
|  | &nbsp;&nbsp; Andrew Balls<br> Managing Director<br>| PIMCO Europe Limited | Chief Investment Officer |
|  | &nbsp;&nbsp; Eric Sutherland<br> Managing Director<br>| PIMCO Investments | President |
|  | &nbsp;&nbsp; Tomoya Masanao<br> Managing Director<br>| PIMCO Japan Limited | &nbsp;&nbsp; Co-Head of Asia-Pacific Portfolio <br> Management, Head of Japan office |
| 23. | &nbsp;&nbsp; **<u>Parametric Portfolio Associates LLC</u>**<br> Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, is a registered <br> investment adviser offering a variety of structured portfolio solutions. Information as to the directors and officers of the <br> adviser for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Parametric Portfolio Associates LLC</u>**<br> Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, is a registered <br> investment adviser offering a variety of structured portfolio solutions. Information as to the directors and officers of the <br> adviser for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Parametric Portfolio Associates LLC</u>**<br> Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, is a registered <br> investment adviser offering a variety of structured portfolio solutions. Information as to the directors and officers of the <br> adviser for the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Thomas Lee<br> Chief Investment <br> Officer<br>| St. Thomas Academy | Trustee |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Ranjit Kapila<br> Co-President and <br> Chief Operating <br> Officer<br>| Minds Matter Seattle | Board Member |
|  | Brian Herscovici | BMSN, LLC | Partner |
| 24. | &nbsp;&nbsp; **<u>Payden & Rygel</u>**<br> Payden & Rygel is located at 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071 and engages <br> principally in the business of providing investment services to institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of Payden & Rygel for the past <br> two fiscal years is as follows: | &nbsp;&nbsp; **<u>Payden & Rygel</u>**<br> Payden & Rygel is located at 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071 and engages <br> principally in the business of providing investment services to institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of Payden & Rygel for the past <br> two fiscal years is as follows: | &nbsp;&nbsp; **<u>Payden & Rygel</u>**<br> Payden & Rygel is located at 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071 and engages <br> principally in the business of providing investment services to institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of Payden & Rygel for the past <br> two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Robin Creswell<br> Managing Director<br>| Payden & Rygel Global Limited | Head of Mutual Fund Operations |
|  | &nbsp;&nbsp; Nigel Jenkins<br> Director<br>| Payden & Rygel Global Limited | Director and Chairman of the Board |
|  | &nbsp;&nbsp; Mark Stanley<br> Director<br>| Payden & Rygel Global Limited | Director and Board Member |
| 25. | &nbsp;&nbsp; **<u>P/E Global LLC</u>**<br> P/E Global LLC ("P/E Global") is located at 75 State Street, 31st Floor, Boston, Massachusetts 02109, is registered <br> under the Investment Advisers Act of 1940, as amended, and provides investment advisory and portfolio management <br> services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E <br> Global. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. Warren Naphtal and <br> Mary Naphtal own a controlling interest in P/E Strategic LLC and P/E Investments LLC. The directors and officers of <br> P/E Global have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>P/E Global LLC</u>**<br> P/E Global LLC ("P/E Global") is located at 75 State Street, 31st Floor, Boston, Massachusetts 02109, is registered <br> under the Investment Advisers Act of 1940, as amended, and provides investment advisory and portfolio management <br> services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E <br> Global. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. Warren Naphtal and <br> Mary Naphtal own a controlling interest in P/E Strategic LLC and P/E Investments LLC. The directors and officers of <br> P/E Global have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>P/E Global LLC</u>**<br> P/E Global LLC ("P/E Global") is located at 75 State Street, 31st Floor, Boston, Massachusetts 02109, is registered <br> under the Investment Advisers Act of 1940, as amended, and provides investment advisory and portfolio management <br> services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E <br> Global. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. Warren Naphtal and <br> Mary Naphtal own a controlling interest in P/E Strategic LLC and P/E Investments LLC. The directors and officers of <br> P/E Global have not held any positions with other companies during the past two fiscal years. |
| 26. | &nbsp;&nbsp; **<u>PGIM Quantitative Solutions LLC</u>**<br> PGIM Quantitative Solutions LLC ("PGIM QS") is located at 655 Broad Street, Newark, New Jersey 07102, is <br> registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. PGIM QS is <br> a wholly owned subsidiary and independently operated subsidiary of PGIM, Inc. ("PGIM"), the global investment <br> management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the New York Stock <br> Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which is a wholly <br> owned subsidiary of Prudential. The directors and officers of PGIM QS have not held any positions with other <br> companies during the past two fiscal years. | &nbsp;&nbsp; **<u>PGIM Quantitative Solutions LLC</u>**<br> PGIM Quantitative Solutions LLC ("PGIM QS") is located at 655 Broad Street, Newark, New Jersey 07102, is <br> registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. PGIM QS is <br> a wholly owned subsidiary and independently operated subsidiary of PGIM, Inc. ("PGIM"), the global investment <br> management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the New York Stock <br> Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which is a wholly <br> owned subsidiary of Prudential. The directors and officers of PGIM QS have not held any positions with other <br> companies during the past two fiscal years. | &nbsp;&nbsp; **<u>PGIM Quantitative Solutions LLC</u>**<br> PGIM Quantitative Solutions LLC ("PGIM QS") is located at 655 Broad Street, Newark, New Jersey 07102, is <br> registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. PGIM QS is <br> a wholly owned subsidiary and independently operated subsidiary of PGIM, Inc. ("PGIM"), the global investment <br> management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the New York Stock <br> Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which is a wholly <br> owned subsidiary of Prudential. The directors and officers of PGIM QS have not held any positions with other <br> companies during the past two fiscal years. |
| 27. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.K.) Limited</u>**<br> RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 100 Bishopsgate, London EC2N 4AA, United <br> Kingdom, is a wholly owned subsidiary of Royal Bank of Canada. For the past two fiscal years, RBC GAM UK had no <br> information regarding other business, profession, vocation or employment to disclose for its directors and officers. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.K.) Limited</u>**<br> RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 100 Bishopsgate, London EC2N 4AA, United <br> Kingdom, is a wholly owned subsidiary of Royal Bank of Canada. For the past two fiscal years, RBC GAM UK had no <br> information regarding other business, profession, vocation or employment to disclose for its directors and officers. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.K.) Limited</u>**<br> RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 100 Bishopsgate, London EC2N 4AA, United <br> Kingdom, is a wholly owned subsidiary of Royal Bank of Canada. For the past two fiscal years, RBC GAM UK had no <br> information regarding other business, profession, vocation or employment to disclose for its directors and officers. |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; David Thomas<br> Chairman<br>| &nbsp;&nbsp; Great Ormond Street Hospital Children's <br> Charity | Board Member |
|  |  | CLS Bank International | Board Member |
|  |  | FICC Markets Standards Board | Consultant |
| 28. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.S.) Inc.</u>**<br> RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota <br> 55401, is a wholly owned subsidiary of Royal Bank of Canada. For the past two fiscal years, RBC GAM US had no <br> information regarding other business, profession, vocation or employment to disclosure for its directors and officers. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.S.) Inc.</u>**<br> RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota <br> 55401, is a wholly owned subsidiary of Royal Bank of Canada. For the past two fiscal years, RBC GAM US had no <br> information regarding other business, profession, vocation or employment to disclosure for its directors and officers. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.S.) Inc.</u>**<br> RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota <br> 55401, is a wholly owned subsidiary of Royal Bank of Canada. For the past two fiscal years, RBC GAM US had no <br> information regarding other business, profession, vocation or employment to disclosure for its directors and officers. |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Damon Williams<br> Chief Executive <br> Officer<br>| Enbridge Ride to Conquer Cancer | Honorary Chair |
|  |  | Canadian Institute for Advanced Research | Board Member |
|  |  | The Universities Academic Pension Plan | Member |
|  |  | United Way of the Lower Mainland | Board Member |
|  |  | 0845514 B.C. Ltd | President and Director |
| 29. | &nbsp;&nbsp; **<u>RREEF America L.L.C.</u>**<br> RREEF America L.L.C. ("RREEF") is located at 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606. RREEF's <br> sole business activity is to serve as an investment adviser. RREEF is registered under the Investment Advisers Act of <br> 1940, as amended. The directors and officers of RREEF have not held any positions with other companies during the <br> past two fiscal years. | &nbsp;&nbsp; **<u>RREEF America L.L.C.</u>**<br> RREEF America L.L.C. ("RREEF") is located at 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606. RREEF's <br> sole business activity is to serve as an investment adviser. RREEF is registered under the Investment Advisers Act of <br> 1940, as amended. The directors and officers of RREEF have not held any positions with other companies during the <br> past two fiscal years. | &nbsp;&nbsp; **<u>RREEF America L.L.C.</u>**<br> RREEF America L.L.C. ("RREEF") is located at 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606. RREEF's <br> sole business activity is to serve as an investment adviser. RREEF is registered under the Investment Advisers Act of <br> 1940, as amended. The directors and officers of RREEF have not held any positions with other companies during the <br> past two fiscal years. |
| 30. | &nbsp;&nbsp; **<u>Sands Capital Management, LLC</u>**<br> Sands Capital Management, LLC ("Sands") is located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209. <br> The directors, officers and/or partners of Sands have been engaged in the below capacities with other companies within <br> the last two fiscal years: | &nbsp;&nbsp; **<u>Sands Capital Management, LLC</u>**<br> Sands Capital Management, LLC ("Sands") is located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209. <br> The directors, officers and/or partners of Sands have been engaged in the below capacities with other companies within <br> the last two fiscal years: | &nbsp;&nbsp; **<u>Sands Capital Management, LLC</u>**<br> Sands Capital Management, LLC ("Sands") is located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209. <br> The directors, officers and/or partners of Sands have been engaged in the below capacities with other companies within <br> the last two fiscal years: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Frank M. Sands<br> Chief Investment <br> Officer, Chief <br> Executive Officer<br>| Sands Capital Ventures, LLC | &nbsp;&nbsp; Investment Board Member; Executive <br> Management Team |
|  | &nbsp;&nbsp; Jonathan Goodman<br> General Counsel and <br> Secretary<br>| Sands Capital Ventures, LLC | General Counsel and Secretary |
|  | &nbsp;&nbsp; Dana McNamara<br> Executive Managing <br> Director, Chief <br> Administrative <br> Officer <br>| Sands Capital Ventures, LLC | Executive Management Team  |
|  | &nbsp;&nbsp; Stephen Nimmo<br> Executive Managing <br> Director, Business <br> Development and <br> Client Relations<br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Thomas Perry <br> Williams<br> President<br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Brian Christiansen<br> Executive Managing <br> Director, Sr. Portfolio <br> Manager, Research <br> Analyst <br>| Sands Capital Ventures, LLC | Executive Management Team |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Ian Ratcliffe<br> Executive Managing <br> Director; Executive <br> Managing Partner<br>| Sands Capital Ventures, LLC | &nbsp;&nbsp; Executive Managing Director, Executive <br> Managing Partner |
|  | &nbsp;&nbsp; Alexandra Fulk<br> Chief Compliance <br> Officer, Sr. Legal <br> Counsel<br>| Sands Capital Ventures, LLC | Chief Compliance Officer, Sr. Legal Counsel |
|  | &nbsp;&nbsp; David Levanson<br> Executive Managing <br> Director, Sr. Portfolio <br> Manager, Research <br> Analyst <br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Andrew Giordano<br> Executive Managing <br> Director, Business <br> Development and <br> Client Relations <br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Michael Raab<br> Executive Managing <br> Director, Director of <br> Research, Portfolio <br> Manager, Sr. <br> Research Analyst <br>| Sands Capital Ventures, LLC | Executive Management Team |
| 32. | &nbsp;&nbsp; **<u>SSI Investment Management LLC</u>**<br> SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067, is <br> registered under the Investment Advisers Act of 1940, as amended, and serves as an investment adviser to separately <br> managed accounts, investment sub-adviser to open-end investment companies under the Investment Company Act of <br> 1940, as amended, and as general partner of an investment limited partnership. Resolute Investment Managers Inc., a <br> diversified, multi-affiliate asset management platform, owns approximately 54.3% of SSI and approximately 6.5% is <br> owned by SSI officers, with approximately 39.2% owned by Team SSI LLC, an entity controlled by SSI officers. <br> Resolute is an indirect wholly owned subsidiary of Resolute Topco, Inc., which is owned by various institutional <br> investment funds each owning less than 25%. George M. Douglas, CFA, Chief Investment Officer and Managing <br> Principal of SSI, is a material indirect owner of SSI through Team SSI LLC. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of SSI during the past two <br> fiscal years is as follows: | &nbsp;&nbsp; **<u>SSI Investment Management LLC</u>**<br> SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067, is <br> registered under the Investment Advisers Act of 1940, as amended, and serves as an investment adviser to separately <br> managed accounts, investment sub-adviser to open-end investment companies under the Investment Company Act of <br> 1940, as amended, and as general partner of an investment limited partnership. Resolute Investment Managers Inc., a <br> diversified, multi-affiliate asset management platform, owns approximately 54.3% of SSI and approximately 6.5% is <br> owned by SSI officers, with approximately 39.2% owned by Team SSI LLC, an entity controlled by SSI officers. <br> Resolute is an indirect wholly owned subsidiary of Resolute Topco, Inc., which is owned by various institutional <br> investment funds each owning less than 25%. George M. Douglas, CFA, Chief Investment Officer and Managing <br> Principal of SSI, is a material indirect owner of SSI through Team SSI LLC. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of SSI during the past two <br> fiscal years is as follows: | &nbsp;&nbsp; **<u>SSI Investment Management LLC</u>**<br> SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067, is <br> registered under the Investment Advisers Act of 1940, as amended, and serves as an investment adviser to separately <br> managed accounts, investment sub-adviser to open-end investment companies under the Investment Company Act of <br> 1940, as amended, and as general partner of an investment limited partnership. Resolute Investment Managers Inc., a <br> diversified, multi-affiliate asset management platform, owns approximately 54.3% of SSI and approximately 6.5% is <br> owned by SSI officers, with approximately 39.2% owned by Team SSI LLC, an entity controlled by SSI officers. <br> Resolute is an indirect wholly owned subsidiary of Resolute Topco, Inc., which is owned by various institutional <br> investment funds each owning less than 25%. George M. Douglas, CFA, Chief Investment Officer and Managing <br> Principal of SSI, is a material indirect owner of SSI through Team SSI LLC. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of SSI during the past two <br> fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Gregory J. Stumm<br> Director<br>| Resolute Acquisition, Inc. | &nbsp;&nbsp; Director/President/Chief Executive Officer/<br> Senior Vice President |
|  |  | Resolute Topco, Inc. | Director/President/Chief Executive Officer |
|  |  | Resolute Investment Services, Inc. | &nbsp;&nbsp; Director/President/Chief Executive Officer/<br> Senior Vice President |
|  |  | Resolute Investment Managers, Inc. | &nbsp;&nbsp; Director/President/Chief Executive Officer/<br> Senior Vice President |
|  |  | Resolute Investment Distributors, Inc. | &nbsp;&nbsp; President/Chief Executive Officer/Director/<br> Senior Vice President |

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; National Investment Services of America, <br> LLC; RSW Investments Holdings LLC; <br> Shapiro Capital Management, LLC; SSI <br> Investment Management, LLC | Director |
|  |  | American Beacon Advisors, Inc. | Senior Vice President |
|  |  | American Beacon Funds Complex | President/Vice President |
|  | &nbsp;&nbsp; Rebecca L. Harris<br> Director<br>| Resolute Investment Managers, Inc. | &nbsp;&nbsp; Chief Operating Officer/Senior Vice <br> President/Director/President/Chief Executive <br> Officer |
|  |  | Resolute Investment Services, Inc. | &nbsp;&nbsp; Senior Vice President/Director/President/Chief <br> Executive Officer |
|  |  | Resolute Acquisition, Inc. | &nbsp;&nbsp; Senior Vice President/Director/President/Chief <br> Executive Officer |
|  |  | Resolute Topco, Inc. | &nbsp;&nbsp; Senior Vice President/Director/President/Chief <br> Executive Officer |
|  |  | Continuous Capital, LLC | Vice President/Director |
|  |  | &nbsp;&nbsp; National Investment Services of America, <br> LLC; RSW Investments Holdings LLC; <br> Shapiro Capital Management LLC; SSI <br> Investment Management LLC | Director |
|  |  | American Beacon Advisors, Inc. | &nbsp;&nbsp; Senior Vice President/Director/President/Chief <br> Executive Officer |
|  |  | American Beacon Funds Complex | President/Vice President |
| 33. | &nbsp;&nbsp; **<u>TCW Investment Management Company, LLC</u>**<br> The TCW Group, Inc., 515 South Flower Street, Los Angeles, California 90071, consists principally of The TCW Group, <br> Inc., the holding company, and the following investment advisers registered under the Investment Advisors Act of 1940, <br> as amended. TCW Asset Management Company, TCW Investment Management Company, LLC ("TCW") and <br> Metropolitan West Asset Management, LLC. TCW is located at 1251 Avenue of the Americas, Suite 4700, New York, <br> New York 10020. Information regarding other business, profession, vocation or employment of a substantial nature as to <br> the directors and officers of TCW for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>TCW Investment Management Company, LLC</u>**<br> The TCW Group, Inc., 515 South Flower Street, Los Angeles, California 90071, consists principally of The TCW Group, <br> Inc., the holding company, and the following investment advisers registered under the Investment Advisors Act of 1940, <br> as amended. TCW Asset Management Company, TCW Investment Management Company, LLC ("TCW") and <br> Metropolitan West Asset Management, LLC. TCW is located at 1251 Avenue of the Americas, Suite 4700, New York, <br> New York 10020. Information regarding other business, profession, vocation or employment of a substantial nature as to <br> the directors and officers of TCW for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>TCW Investment Management Company, LLC</u>**<br> The TCW Group, Inc., 515 South Flower Street, Los Angeles, California 90071, consists principally of The TCW Group, <br> Inc., the holding company, and the following investment advisers registered under the Investment Advisors Act of 1940, <br> as amended. TCW Asset Management Company, TCW Investment Management Company, LLC ("TCW") and <br> Metropolitan West Asset Management, LLC. TCW is located at 1251 Avenue of the Americas, Suite 4700, New York, <br> New York 10020. Information regarding other business, profession, vocation or employment of a substantial nature as to <br> the directors and officers of TCW for the past two fiscal years is as follows: |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Marc I. Stern<br> Chairman<br>| &nbsp;&nbsp; The John F. Kennedy Center for the <br> Performing Arts | Trustee |
|  |  | &nbsp;&nbsp; Los Angeles 2028 Olympic Committees (f/k/a <br> Los Angeles 2024 Exploratory Committee). <br> Marc & Eva Stern Foundation | Director |
|  |  | &nbsp;&nbsp; California Institute of Technology; <br> Metropolitan Opera; Los Angeles Opera; The <br> Alliance for Southern California Innovation, <br> Base Hologram | Board Member |
|  |  | Milwaukee Brewers Baseball Club | Minority Owner & Advisor Board Member |
|  | &nbsp;&nbsp; Kathryn Koch<br> Chief Executive <br> Officer <br>| &nbsp;&nbsp; TIFF Investment Management, Tolgo <br> Foundation | Director  |

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; Notre Dame Institute for Global Investing, <br> CNBC Delivery Alpha Advisory Board | Advisory Board Member  |
|  |  | &nbsp;&nbsp; The Spence School, Investment Company <br> Institute (ICI); U.S. Saudi Business Council <br> (USSBC); Nasdaq | Board Member  |
|  |  | Notre Dame Trustees | Alumni Trustee  |
|  |  | &nbsp;&nbsp; Notre Dame Wall Street Leadership <br> Committee | Member  |
|  | &nbsp;&nbsp; Gladys Xiques<br> Chief Compliance <br> Officer<br>| Brown University | Committee Member, Alumni Trustee  |
|  | &nbsp;&nbsp; Richard Villa<br> Chief Financial <br> Officer<br>| &nbsp;&nbsp; Goodwill of Southern California, Special <br> Olympics Southern California  | Board Member  |
|  |  | CV Restaurant Group | Partner |
|  | &nbsp;&nbsp; Andrew Bowden<br> General Counsel <br>| &nbsp;&nbsp; Provide legal advice and representation to <br> Mark Bowden (brother), who is an author. | Advisor / Agent |
| 34. | &nbsp;&nbsp; **<u>TimesSquare Capital Management, LLC</u>**<br> The business activity of TimesSquare Capital Management, LLC ("TSCM"), located at 75 Rockefeller Plaza, 30th Floor, <br> New York, New York 10019, is to serve as an investment adviser. TSCM is an investment advisor registered with the <br> SEC and is subject to the Investment Advisers Act of 1940, as amended. The directors and officers of TSCM have not <br> held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>TimesSquare Capital Management, LLC</u>**<br> The business activity of TimesSquare Capital Management, LLC ("TSCM"), located at 75 Rockefeller Plaza, 30th Floor, <br> New York, New York 10019, is to serve as an investment adviser. TSCM is an investment advisor registered with the <br> SEC and is subject to the Investment Advisers Act of 1940, as amended. The directors and officers of TSCM have not <br> held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>TimesSquare Capital Management, LLC</u>**<br> The business activity of TimesSquare Capital Management, LLC ("TSCM"), located at 75 Rockefeller Plaza, 30th Floor, <br> New York, New York 10019, is to serve as an investment adviser. TSCM is an investment advisor registered with the <br> SEC and is subject to the Investment Advisers Act of 1940, as amended. The directors and officers of TSCM have not <br> held any positions with other companies during the past two fiscal years. |
| 35. | &nbsp;&nbsp; **<u>WCM Investment Management, LLC</u>**<br> WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM <br> is independently controlled entirely by the firm's employees and is registered with the SEC under the Investment <br> Advisers Act of 1940, as amended. WCM specializes in providing innovative, equity investment advisory services. The <br> directors and officers of WCM have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>WCM Investment Management, LLC</u>**<br> WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM <br> is independently controlled entirely by the firm's employees and is registered with the SEC under the Investment <br> Advisers Act of 1940, as amended. WCM specializes in providing innovative, equity investment advisory services. The <br> directors and officers of WCM have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>WCM Investment Management, LLC</u>**<br> WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM <br> is independently controlled entirely by the firm's employees and is registered with the SEC under the Investment <br> Advisers Act of 1940, as amended. WCM specializes in providing innovative, equity investment advisory services. The <br> directors and officers of WCM have not held any positions with other companies during the past two fiscal years. |
| 36. | &nbsp;&nbsp; **<u>Wellington Management Company LLP</u>**<br> The business activity of Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, <br> Massachusetts 02210, is to serve as an investment adviser and assist in the selection of investment advisers. Wellington is <br> registered under the Investment Advisers Act of 1940, as amended. The officers of Wellington have been engaged during <br> the past two fiscal years in no business, vocation or employment of a substantial nature other than as directors, officers <br> or employees of Wellington or certain of the firm's corporate affiliates. | &nbsp;&nbsp; **<u>Wellington Management Company LLP</u>**<br> The business activity of Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, <br> Massachusetts 02210, is to serve as an investment adviser and assist in the selection of investment advisers. Wellington is <br> registered under the Investment Advisers Act of 1940, as amended. The officers of Wellington have been engaged during <br> the past two fiscal years in no business, vocation or employment of a substantial nature other than as directors, officers <br> or employees of Wellington or certain of the firm's corporate affiliates. | &nbsp;&nbsp; **<u>Wellington Management Company LLP</u>**<br> The business activity of Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, <br> Massachusetts 02210, is to serve as an investment adviser and assist in the selection of investment advisers. Wellington is <br> registered under the Investment Advisers Act of 1940, as amended. The officers of Wellington have been engaged during <br> the past two fiscal years in no business, vocation or employment of a substantial nature other than as directors, officers <br> or employees of Wellington or certain of the firm's corporate affiliates. |
| 37. | &nbsp;&nbsp; **<u>William Blair Investment Management, LLC</u>**<br> William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606. <br> William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the <br> SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair <br> and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current <br> William Blair and William Blair & Company employees. | &nbsp;&nbsp; **<u>William Blair Investment Management, LLC</u>**<br> William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606. <br> William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the <br> SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair <br> and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current <br> William Blair and William Blair & Company employees. | &nbsp;&nbsp; **<u>William Blair Investment Management, LLC</u>**<br> William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606. <br> William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the <br> SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair <br> and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current <br> William Blair and William Blair & Company employees. |
|  | &nbsp;&nbsp; **<u>Name and Position</u>** <br> **<u>with Adviser</u>**<br>| **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Stephanie Braming, <br> Executive Committee <br> Member and Global <br> Head of Investment <br> Management <br>| ICI | &nbsp;&nbsp; Board of Governors Member and Investment <br> Committee Member |

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| | | |
|:---|:---|:---|
|  | Chicago Museum of Science and Industry | &nbsp;&nbsp; Board Member and Finance Committee <br> Member |
| &nbsp;&nbsp; Ryan DeVore, Head <br> of Private Wealth <br> Management and <br> Executive Committee <br> Member<br>| Naval War College Foundation | Board Member |
|  | Merit Music School | Board Member |

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Item 32

PRINCIPAL UNDERWRITERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside Funds Distributors LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the 1940 Act, as amended:

Fairholme Funds, Inc. <br>FundVantage Trust <br>GuideStone Funds <br>Harrison Street Infrastructure Income Fund

Harrison Street Real Assets Fund LLC

Harrison Street Real Estate Fund LLC <br>Matthews International Funds (d/b/a Matthews Asia Funds) <br>New Alternatives Fund <br>Old Westbury Funds, Inc.

Polen Credit Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

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| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Address</u> | <u>Position with Underwriter</u> | <u>Position with Registrant</u> |
| Jennifer Brunner | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| &nbsp;&nbsp; Vice President and Chief <br> Compliance Officer<br>|  |
| Teresa Cowan | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| President/Manager |  |
| Susan L. LaFond | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| Treasurer |  |
| Christopher Lanza | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| Vice President |  |
| Kate Macchia | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| Vice President |  |
| Weston Summers | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| &nbsp;&nbsp; Financial and Operations <br> Principal and Chief Financial <br> Officer<br>|  |
| Kelly B. Whetstone | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101<br>| Secretary |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

Item 33.

LOCATION OF ACCOUNTS AND RECORDS.

The books and other documents required by paragraph (b)(4) of Rule 31a-1 under the Investment Company Act of 1940, as amended are maintained in the physical possession of GuideStone Capital Management, LLC, the Registrant's investment adviser, 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, TX 75244. Other

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accounts, books and documents required by Rule 31a-1 are maintained in the physical possession of the Registrant's transfer agent, BNY Mellon Investment Servicing, 103 Bellevue Parkway, Wilmington, DE 19809; administration agent and accounting agent, The Northern Trust Company, 333 South Wabash Avenue, Chicago, IL 60604 and 801 South Canal Street, Chicago, IL 60607; and the Registrant's sub-advisers at their respective locations shown in the Statement of Additional Information.

Item 34.

MANAGEMENT SERVICES.

Not Applicable.

Item 35.

UNDERTAKINGS.

Not Applicable.

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**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, ("1933 Act") and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on the 27th day of February 2026.

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| |
|:---|
| GUIDESTONE FUNDS |
| By: /s/ Brandon Pizzurro |
| Brandon Pizzurro<br> President<br>|

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Pursuant to the requirements of the 1933 Act, the following persons in the capacities and on the dates indicated have signed this Registration Statement below.

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| | | |
|:---|:---|:---|
| /s/ William Craig George\* | Director, Chairman of the Board | February 27, 2026 |
| William Craig George |  |  |
| /s/ James D. Caldwell\* | Director | February 27, 2026 |
| James D. Caldwell |  |  |
| /s/ Thomas G. Evans\* | Director | February 27, 2026 |
| Thomas G. Evans |  |  |
| /s/ Deanna A. Mankins\* | Director | February 27, 2026 |
| Deanna A Mankins |  |  |
| /s/ David B. McMillan\* | Director | February 27, 2026 |
| David B. McMillan |  |  |
| /s/ Ronald D. Murff\* | Director | February 27, 2026 |
| Ronald D. Murff |  |  |
| /s/ Jill R. Rayburn\* | Director | February 27, 2026 |
| Jill R. Rayburn |  |  |
| /s/ Erin Wynne | Treasurer | February 27, 2026 |
| Erin Wynne | (principal financial officer) |  |
| \*By: /s/ Brandon Pizzurro | Director, President and Attorney-in-Fact | February 27, 2026 |
| Brandon Pizzurro |  |  |

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## Ex-99.(D)(10)

**SUB-ADVISORY AGREEMENT** 

THIS SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC, a registered investment adviser organized under the laws of the State of New York ("Sub-Adviser").

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants ("FCMs"), and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time as necessary.

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account. If, at any time: (i) the Sub-Adviser or any of its affiliated persons provides to any other investment company registered under the 1940 Act investment advisory services using the investment strategies substantially similar to those provided by the Sub-Adviser to the Fund pursuant to this Agreement, (ii) the value of the assets under management with respect to which the Sub-Adviser provides such services to such other investment company is equal to or less than the value of the Fund Account, and (iii) the Sub-Adviser is compensated for providing such services at a rate less than the rate set forth on Schedule A, then the Sub-Adviser shall promptly notify the Adviser of the foregoing in reasonable detail and, as of the date of such notice, the rate set forth on Schedule A shall immediately and without requirement of further action (subject to any required approval or ratification by the Board) be deemed amended to reflect a rate equal to the lower rate at which the Sub-Adviser is compensated by such other investment company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Limitation of Liability, Indemnification and Waiver of Consequential Damages.</u>

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither party to this Agreement shall be liable to the other party for special, punitive or consequential damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Section 9 shall survive the termination of this Agreement.

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

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

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

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

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

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

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

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

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Trust and the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 14 shall survive any termination of this Agreement.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment of this Agreement by the Sub-Adviser.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control. By signing this Agreement, the parties consent to the exclusive jurisdiction of the Courts of the State of Delaware and Federal Courts in Delaware. Each party hereto irrevocably waives all right of trial by jury in any dispute, proceeding, claim or counterclaim arising out of or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The Adviser and the Trust are authorized to publish and distribute information, including, but not limited to, Registration Statements, Fund fact sheets and marketing material, regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement and to include in such information the name of the Sub-Adviser or any trademark, service mark, symbol or logo of the Sub-Adviser, without the prior written consent of the Sub-Adviser. The Adviser will provide copies of such items to the Sub-Adviser upon request within a reasonable time following such use, publication or distribution.

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

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

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

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

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

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

Email: melanie.childers@guidestone.org

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

Brown Brothers Harriman Credit Partners, LLC

140 Broadway

New York, NY 10005

Attn: Craig Schwalb

Email: craig.schwalb@bbh.com

CC: Office of General Counsel

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of January 1, 2026.

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| |
|:---|
| **GUIDESTONE FUNDS**,<br> on behalf of the series of the Trust listed on<br>Schedule A |
| By: ___________________________________ |
| Name: Brandon Pizzurro |
| Title: President |

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| |
|:---|
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: ___________________________________ |
| Name: Melanie Childers |
| Title: Vice President – Fund Operations and Secretary |

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| |
|:---|
| **BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC** |
| By: ___________________________________ |
| Name:<u> </u> |
| <br> Title:  |

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## Ex-99.(D)(19)

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. Regardless of whether the Sub-Adviser is registered with the National Futures Association as a commodity trading advisor, the Sub-Adviser will provide any commodity trading advice to the Fund as if the Sub-Adviser were exempt from registration as a commodity trading advisor. For so long as the Adviser is relying on Rule 4.5 with respect to the Fund, the Sub-Adviser agrees to manage its portion of the Fund in adherence with the limitations set forth in CFTC Rule 4.5(c)(2)(iii).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

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

Email: melanie.childers@guidestone.org

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

MFS Institutional Advisors, Inc.

111 Huntington Avenue

Boston, Massachusetts 02199

Attn: General Counsel, MFS Legal Department

Email: dlmfsiuscs@mfs.com

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

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| | |
|:---|:---|
| **GUIDESTONE FUNDS,**<br> on behalf of the series of the Trust listed on Schedule A | **GUIDESTONE FUNDS,**<br> on behalf of the series of the Trust listed on Schedule A |
|  By: ____________________________________ | By: ____________________________________ |
|  Name: | Brandon Pizzurro |
|  Title: | President |

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| | |
|:---|:---|
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** | **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By:____________________________________ | By:____________________________________ |
| Name: | Melanie Childers |
| Title: | Vice President – Fund Operations and Secretary |

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| | |
|:---|:---|
| **MFS INSTITUTIONAL ADVISORS, INC.** | **MFS INSTITUTIONAL ADVISORS, INC.** |
|  By: ___________________________________ | By: ___________________________________ |
|  Name: | ________________________________ |
|  Title: | ________________________________ |

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

Amended and Restated as of September 18, 2020.

Amended and Restated as of June 17, 2025.

## Ex-99.(D)(21)

**SUB-ADVISORY AGREEMENT** 

THIS SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and NOMURA INVESTMENTS FUND ADVISERS, a series of Nomura Investment Management Business Trust, a registered investment adviser organized under the laws of the State of Delaware ("Sub-Adviser"). This Agreement shall become effective on the date of consummation of the announced transaction in which Nomura Holding America Inc. acquires the Sub-Adviser.

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser, including all written guidelines provided to Sub-Adviser with advance written notice and the policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Adviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Adviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Adviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement"), each of which the Sub-Adviser has advance written notice. The Trust will deliver to the Sub-Adviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and will provide advance written notice of such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Adviser, as necessary for the Sub-Adviser to carry out its obligations under this Agreement, including the policies and procedures applicable to the Sub-Adviser listed on Schedule B hereto.

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

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

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

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

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

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

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

If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants("FCMs"), and/or banks, and will update such list from time to time as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time as necessary

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In accordance with procedures adopted by the Board, as amended from time to time and provided in writing to the Sub-Adviser, the Sub-Adviser will upon reasonable request provide reasonable assistance to the Administrator and/or the Fund in their determination of the fair valuation of portfolio securities held in the Fund Account. This assistance includes (but is not limited to): (i) designating and providing access to one or more employees of the Sub-Adviser who are knowledgeable about the security or other asset or liability, its issuer or Counterparty (as applicable), its financial condition, trading and/or other relevant factors for valuation, which employees shall be reasonably available for consultation when the Board or the Valuation Committee of the Adviser convenes; (ii) assisting the Board, Adviser, the Custodian or the Administrator in obtaining bids and offers or quotes from broker-dealers or market-makers with respect to investments held in the Fund Account, upon the reasonable request of the Adviser, Custodian or Administrator; (iii) upon the request of the Board, Adviser, the Custodian or the Administrator, providing recommendations for pricing and fair valuations (including the methodology and rationale used in making such recommendation and such other relevant information as may be requested) of any portfolio security held in the Fund Account for which the Administrator does not obtain prices in the ordinary course of business from an automated pricing service; and (iv) maintaining adequate records and written backup information with respect to the investments for which valuation assistance has been provided hereunder, and providing such information to the Board, Adviser or the Fund upon request. Additionally, the Sub-Adviser shall be responsible for obtaining valuations for derivative instruments from Counterparties and for providing that information (and any valuation determinations made by the Sub-Adviser) to the Fund's Administrator and the Adviser for their consideration as the Administrator or Adviser may specify. The Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof. In those circumstances, approved fair valuation methodology may be utilized by the Sub-Adviser to recommend a price, at which time a fair valuation recommendation would be provided to the Adviser. Notwithstanding the foregoing, the Adviser and the Trust hereby acknowledge that the Sub-Adviser is not the pricing agent nor the valuation designee for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value.

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser is permitted to use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Sub-Adviser, each of whom shall be treated as an "associated person" of the Sub-Adviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Adviser in assisting the Sub-Adviser under the Agreement to the same extent as if the Sub-Adviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Sub-Adviser and neither the Fund nor the Adviser shall have any obligation to pay any fee or compensation to such affiliated person. To the extent the Sub-Adviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(o), it will provide the Adviser and the Fund with 30 days' prior written notice, which will include the identity of the affiliated person and such other information reasonably requested by the Adviser or the Fund. For the avoidance of doubt, the Trust and the Adviser consent to the Sub-Adviser's affiliates within Nomura and third-party agents providing non-investment advisory services that enable Sub-Adviser to fulfill its duties and responsibilities in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall reasonably cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser had determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account. If, at any time after the date of this Agreement: (i) the Sub-Adviser enters into an agreement (that is not a renewal, extension of or an amendment of an existing agreement) to have the Sub-Adviser's current portfolio management team to the Fund (i.e., the Small Cap Core team) provide investment advisory services to any other single mandate, unaffiliated investment company registered under the 1940 Act pursuant to a non-performance based fee and using investment strategies, guidelines, restrictions, and objectives substantially similar to those provided by the Sub-Adviser to the Fund pursuant to this Agreement, (ii) the value of the assets under management with respect to which the Sub-Adviser provides such services to such other investment company (either alone or together with other accounts of it and its affiliates) is equal to or less than the value of the Fund Account, and (iii) the Sub-Adviser is compensated for providing such services at an effective rate less than the effective rate calculated as set forth on Schedule A, then the Sub-Adviser shall promptly notify the Adviser of the foregoing in reasonable detail and, effective going forward as of the date of such notice, the rate set forth on Schedule A shall immediately and without requirement of further action (subject to any required approval or ratification by the Board) be deemed amended to reflect a fee schedule with an effective rate equal to the lower effective rate at which the Sub-Adviser is compensated by such other investment company.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of or a summary of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if possible but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Trust and the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 14 shall survive any termination of this Agreement. Notwithstanding the foregoing, the Trust and the Adviser consent to the Sub-Adviser sharing information relating to the Fund Account with its affiliates within Nomura and any of Sub-Adviser's agents in connection with Sub-Adviser's duties and responsibilities under this Agreement.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment of this Agreement by the Sub-Adviser.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The Adviser and the Trust are authorized to publish and distribute information for the Fund, including, but not limited to, Registration Statements, Fund fact sheets and marketing material, regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement and to include in such information the name of the Sub-Adviser or any trademark, service mark, symbol or logo of the Sub-Adviser, without the prior written consent of the Sub-Adviser to the extent such references to the Sub-Adviser and the services it provides to the Fund are consistent with the disclosures in the Fund's Registration Statement that have been previously consented to by the Sub-Adviser. The Adviser will provide copies of such items to the Sub-Adviser upon request within a reasonable time following such use, publication or distribution. When using the Sub-Adviser's name in marketing materials, the Adviser and Trust agree to refer to the Sub-Adviser as "Nomura Investment Fund Advisers", "NIFA" or "Nomura".

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

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

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

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

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

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

Email: melanie.childers@guidestone.org

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

Nomura Investments Fund Advisers

610 Market Street

Philadelphia, PA 19106

Attn: Alexandra Parson and copy General Counsel

Email: alexandra.parson@nomura.com

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

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| |
|:---|
| **GUIDESTONE FUNDS,** |
| on behalf of the series of the Trust listed on Schedule A |
| By:<u> </u> |
| Name: Brandon Pizzurro |
| Title: President |
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By:<u> </u> |
| Name: Melanie Childers |
| Title: Vice President – Fund Operations and Secretary |
| **NOMURA INVESTMENTS FUND ADVISERS, a series of Nomura Investment Management Business Trust** |
| By:<u> </u> |
| Name: |
| Title: |

---

<sup>1</sup> Original Agreement as of December 1, 2025.

## Ex-99.(D)(24)

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT** 

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

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

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

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

WHEREAS, the Trust, Adviser and Sub-Adviser previously entered into an Amended and Restated Sub-Advisory Agreement dated January 27, 2023, as amended, ("Prior Agreement"); and

WHEREAS, the Trust, Adviser and Sub-Adviser wish to amend and restate the Prior Agreement in its entirety on the terms set forth in this Agreement;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, and/or futures commission merchants ("FCMs"), and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time, as necessary.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall reconcile all trades and positions with each executing broker and Counterparty daily to ensure accurate trade settlement and verify open positions (including cash). The Sub-Adviser shall also reconcile daily all trades and positions (including cash) to the Fund's official books and records, including without limitation, daily reconciliation of all open Custody positions (as defined below) (including cash) to the Custodian, and a daily reconciliation of all open Counterparty-Traded Positions (as defined below) to the Administrator. The Fund's Administrator shall also conduct a reconciliation of Counterparty-Traded Positions (as defined below) as reported from executing brokers and Counterparties and the Sub-Adviser shall cooperate with the Fund's Administrator in order to effect such reconciliation, including without limitation by arranging for access by the Fund's Custodian and Administrator to such files and websites of the executing brokers and Counterparties. The Sub-Adviser shall work with the Fund's Custodian and Administrator and/or the Adviser, as appropriate, to resolve all open reconciliation items on the same day that they are identified, including trade and position discrepancies, identified in such reconciliations. For purposes of this Section 3(j), the term "Custody Positions" refers to all assets of the Fund, including cash, for which custody is maintained directly by the Fund's Custodian and the term "Counterparty-Traded Positions" refers to all other assets of the Fund, including instruments traded via a Counterparty as defined in Section 3(b).

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of a summary of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Trust and the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, or (iii) the need to provide information to a third party to provide the services described in this Agreement, where such third party is subject to an obligation of confidentiality with respect to such information, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information, and that such persons comply with the confidentiality provisions of this Agreement. The provisions of this Section 14 shall survive any termination of this Agreement.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The Adviser and the Trust are authorized to publish and distribute information, including, but not limited to, Registration Statements and Fund fact sheets, regarding the provision of sub-advisory services by the Sub-Adviser, without the prior written consent of the Sub-Adviser. In addition the Adviser and the Trust may publish and distribute these and other marketing materials regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement and to include in such materials the name and any trademark, service mark, symbol or logo of the Sub-Adviser, provided that the Adviser and the Trust shall obtain the prior written consent of the Sub-Adviser to any such materials to be published or otherwise distributed; Sub-Adviser shall not unreasonably withhold consent to such materials, and shall be deemed to have consented to such materials if it does not provide a written notice of objection within five (5) business days of receipt.

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

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

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

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

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All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

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

Email: melanie.childers@guidestone.org

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

Parametric Portfolio Associates LLC

3600 Minnesota Drive, Suite 325

Minneapolis, Minnesota 55435

Attn: Chief Investment Officer

Email: GuideStone@paraport.com

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PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISION DOES NOT PASS UPON THE MERITS OR PARTICIPATION IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, TH COMMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of December 31, 2025.<sup>1</sup>

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| |
|:---|
| **GUIDESTONE FUNDS**, |
| on behalf of the series of the Trust listed on Schedule A |
| By: |
| Name: Brandon Pizzurro |
| Title: President |

---

---

| |
|:---|
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: |
| Name: Melanie Childers |
| Title: Vice President – Fund Operations and Secretary |

---

---

| |
|:---|
| **PARAMETRIC PORTFOLIO ASSOCIATES LLC** |
| By: |
| Name: Thomas Lee |
| Title: Chief Investment Officer |

---

<sup>1</sup>Original Agreement dated as of the effective date of this Agreement pursuant to Section 15(a) hereof.

Amended and Restated as of January 27, 2023.

Amended and Restated as of December 31, 2025.

## Ex-99.(D)(25)

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT** 

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

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

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

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

WHEREAS, the Trust, Adviser and Sub-Adviser previously entered into an Amended and Restated Sub-Advisory Agreement dated January 27, 2023, as amended, ("Prior Agreement"); and

WHEREAS, the Trust, Adviser and Sub-Adviser wish to amend and restate the Prior Agreement in its entirety on the terms set forth in this Agreement; and

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, and/or futures commission merchants ("FCMs"), and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time, as necessary.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall reconcile all trades and positions with each executing broker and Counterparty daily to ensure accurate trade settlement and verify open positions (including cash). The Sub-Adviser shall also reconcile daily all trades and positions (including cash) to the Fund's official books and records, including without limitation, daily reconciliation of all open Custody positions (as defined below) (including cash) to the Custodian, and a daily reconciliation of all open Counterparty-Traded Positions (as defined below) to the Administrator. The Fund's Administrator shall also conduct a reconciliation of Counterparty-Traded Positions (as defined below) as reported from executing brokers and Counterparties and the Sub-Adviser shall cooperate with the Fund's Administrator in order to effect such reconciliation, including without limitation by arranging for access by the Fund's Custodian and Administrator to such files and websites of the executing brokers and Counterparties. The Sub-Adviser shall work with the Fund's Custodian and Administrator and/or the Adviser, as appropriate, to resolve all open reconciliation items on the same day that they are identified, including trade and position discrepancies, identified in such reconciliations. For purposes of this Section 3(j), the term "Custody Positions" refers to all assets of the Fund, including cash, for which custody is maintained directly by the Fund's Custodian and the term "Counterparty-Traded Positions" refers to all other assets of the Fund, including instruments traded via a Counterparty as defined in Section 3(b).

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of a summary of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Trust and the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, or (iii) the need to provide information to a third party to provide the services described in this Agreement, where such third party is subject to an obligation of confidentiality with respect to such information, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information, and that such persons comply with the confidentiality provisions of this Agreement. The provisions of this Section 14 shall survive any termination of this Agreement.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund.

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

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The Adviser and the Trust are authorized to publish and distribute information, including, but not limited to, Registration Statements and Fund fact sheets, regarding the provision of sub-advisory services by the Sub-Adviser, without the prior written consent of the Sub-Adviser. In addition the Adviser and the Trust may publish and distribute these and other marketing materials regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement and to include in such materials the name and any trademark, service mark, symbol or logo of the Sub-Adviser, provided that the Adviser and the Trust shall obtain the prior written consent of the Sub-Adviser to any such materials to be published or otherwise distributed; Sub-Adviser shall not unreasonably withhold consent to such materials, and shall be deemed to have consented to such materials if it does not provide a written notice of objection within five (5) business days of receipt.

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

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

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

------

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

------

All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

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

Email: melanie.childers@guidestone.org

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

Parametric Portfolio Associates LLC

3600 Minnesota Drive, Suite 325

Minneapolis, Minnesota 55435

Attn: Chief Investment Officer

Email: GuideStone@paraport.com

[rest of page left intentionally blank]

------

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISION DOES NOT PASS UPON THE MERITS OR PARTICIPATION IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, TH COMMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of December 31, 2025.<sup>1</sup>

---

| |
|:---|
| **GUIDESTONE FUNDS,**<br> on behalf of the series of the Trust listed on Schedule A |
| By: |
| Name: Brandon Pizzurro |
| Title: President |

---

---

| |
|:---|
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: |
| Name: Melanie Childers |
| Title: Vice President – Fund Operations and Secretary |

---

---

| |
|:---|
| **PARAMETRIC PORTFOLIO ASSOCIATES LLC** |
| By: |
| Name: Thomas Lee |
| Title: Chief Investment Officer |

---

<sup>1</sup>Original Agreement dated as of the effective date of this Agreement pursuant to Section 15(a) hereof.

Amended and Restated as of January 27, 2023.

Amended and Restated as of December 31, 2025.

## Ex-99.(D)(38)

May 1, 2026

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, TX 75244

**RE: Expense Cap Letter –Target Date Funds** 

Dear GuideStone Capital Management, LLC:

GuideStone Funds, a Delaware statutory trust ("the Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This Agreement pertains only to the series of the Trust that are listed on Schedule A (each, a "Fund" and collectively, the "Funds"), and the respective classes (each a "Class" and collectively, the "Classes"), which is attached hereto and is part of this Agreement. For the Classes of each Fund listed on Schedule A, this Agreement amends and supersedes the Expense Cap and Reimbursement Arrangement letter agreement with you dated May 1, 2025, on behalf of each Class of the Funds.

You hereby agree to reimburse, during the period from May 1, 2026 to April 30, 2027 ("Limitation Period"), operating expenses of each Class of each Fund, (excluding extraordinary expenses) ("Operating Expenses") which exceed, in the aggregate, the rate per annum of a Class' average daily net assets set forth on Schedule A for each Fund ("Expense Limitation").

Each Class of each Fund in turn agrees to repay you out of assets belonging to that Class of that Fund for any Operating Expenses of the Class in excess of the Expense Limitation reimbursed by you for that Fund during the Limitation Period, provided that you would not be entitled to repayment for any amount that would cause Operating Expenses to exceed the Expense Limitation in place on the date on which (1) you reimbursed the Operating Expenses, or (2) the repayment would be made, whichever is lower, and provided further that no amount will be repaid by a Class of that Fund more than three years after the year in which it was reimbursed by you. The Trust agrees to furnish or otherwise make available to you such copies of its financial statements, reports and other information relating to its business and affairs as you may, at any time or from time to time, reasonably request in connection with this Agreement.

You agree that you shall look only to the assets of the respective Class of each respective Fund for performance of this Agreement and for payment of any claim you may have hereunder, and neither any other series or class of the Trust, nor any of the Trust's directors, officers, employees, agents or shareholders, whether past, present or future, shall be personally liable therefore.

This Agreement is made and to be performed principally in the State of Texas, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Texas. Any amendment to this Agreement shall be in writing signed by the parties hereto.

------

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| GUIDESTONE FUNDS,<br> on behalf of the Funds, and their Classes, listed<br> on Schedule A | GUIDESTONE FUNDS,<br> on behalf of the Funds, and their Classes, listed<br> on Schedule A |
| Name: | Brandon Pizzurro |
| Title: | President |

---

---

| | |
|:---|:---|
| The foregoing agreement is hereby<br> accepted as of May 1, 2026.<sup>1</sup> | The foregoing agreement is hereby<br> accepted as of May 1, 2026.<sup>1</sup> |
| GUIDESTONE CAPITAL MANAGEMENT, LLC | GUIDESTONE CAPITAL MANAGEMENT, LLC |
| Name: | Erin Wynne |
| Title: | Treasurer |

---

<sup>1</sup> Original agreement dated September 30, 2018.

Amended and restated May 1, 2020.

Amended and restated May 1, 2021.

Amended and restated May 1, 2022.

Amended and restated May 1, 2023.

Amended and restated May 1, 2024.

Amended and restated May 1, 2025.

Amended and restated May 1, 2026.

------

**SCHEDULE A** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | <br> **Annual Expense Limitation**<br> **Investor Class** | <br> **Annual Expense Limitation**<br> **Institutional Class** |
| &nbsp;&nbsp;&nbsp; MyDestination 2015 Fund | 0.75% | 0.45% |
| &nbsp;&nbsp;&nbsp; MyDestination 2025 Fund | 0.75% | 0.45% |
| &nbsp;&nbsp;&nbsp; MyDestination 2035 Fund | 0.75% | 0.45% |
| &nbsp;&nbsp;&nbsp; MyDestination 2045 Fund | 0.75% | 0.45% |
| &nbsp;&nbsp;&nbsp; MyDestination 2055 Fund | 0.75% | 0.45% |

---

## Ex-99.(D)(39)

May 1, 2026

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, Texas 75244

**Re: Expense Cap Letter – Select Funds** 

Dear GuideStone Capital Management, LLC:

GuideStone Funds, a Delaware statutory trust ("the Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). This Agreement pertains only to the series of the Trust that are listed on Schedule A (each, a "Fund" and together, the "Funds"), and the respective classes (each, a "Class" and collectively, the "Classes"), which is attached hereto and is part of this Agreement. For the Classes of each Fund listed on Schedule A, this Agreement amends and supersedes the Expense Cap and Reimbursement Arrangement letter agreement with you dated May 1, 2025, on behalf of each Class of the Funds;.

You hereby agree to reimburse, during the period from May 1, 2026 to April 30, 2027 ("Limitation Period"), operating expenses of the Fund, without regard to any expense reductions realized through use of directed brokerage, (and excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses in connection with the short sales of securities) ("Operating Expenses") which exceed, in the aggregate, the rate per annum of a Class's average daily net assets set forth on Schedule A for the Fund ("Expense Limitation").

Each Class of the Fund in turn agrees to repay you out of assets belonging to that Class of the Fund for any Operating Expenses of the Class in excess of the Expense Limitation reimbursed by you for the Fund during the Limitation Period, provided that you would not be entitled to repayment for any amount that would cause Operating Expenses to exceed the Expense Limitation in place on the date on which (1) you reimbursed the Operating Expenses, or (2) the repayment would be made, whichever is lower, and provided further that no amount will be repaid by a Class of the Fund more than three years after the year in which it was reimbursed by you. The Trust agrees to furnish or otherwise make available to you such copies of its financial statements, reports and other information relating to its business and affairs as you may, at any time or from time to time, reasonably request in connection with this Agreement.

You agree that you shall look only to the assets of the respective Class of the Fund for performance of this Agreement and for payment of any claim you may have hereunder, and neither any other series or class of the Trust, nor any of the Trust's directors, officers, employees, agents or shareholders, whether past, present or future, shall be personally liable therefore.

This Agreement is made and to be performed principally in the State of Texas, and except insofar as the 1940 Act or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Texas. Any amendment to this Agreement shall be in writing signed by the parties hereto.

------

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| GUIDESTONE FUNDS,<br> on behalf of the Funds, and their Classes,<br> listed on Schedule A | GUIDESTONE FUNDS,<br> on behalf of the Funds, and their Classes,<br> listed on Schedule A |
| Name: | Brandon Pizzurro |
| Title: | President |

---

---

| | |
|:---|:---|
| The foregoing agreement is hereby<br> accepted as of May 1, 2026.<sup>1</sup> | The foregoing agreement is hereby<br> accepted as of May 1, 2026.<sup>1</sup> |
| GUIDESTONE CAPITAL MANAGEMENT, LLC | GUIDESTONE CAPITAL MANAGEMENT, LLC |
| Name: | Erin Wynne |
| Title: | Treasurer |

---

<sup>1</sup> Original agreement dated June 1, 2015, for the Institutional Class of the IEIF and amended and restated as of May 1, 2017, May 1, 2018, September 30, 2018, May 1, 2020 and May 1, 2021. Original agreement dated May 1, 2021, for the SAF.

Amended and restated May 1, 2022.

Amended and restated May 1, 2023.

Amended and restated May 1, 2024 (supersedes original agreement dated August 31, 2022, for each Class of the Value Equity Index Fund and Growth Equity Index Fund and original agreement dated January 27, 2023, for each Class of the Impact Bond Fund and the Investor Class of the Impact Equity Fund).

Amended and restated May 1, 2025.

Amended and restated May 1, 2026.

------

**SCHEDULE A** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | <br> **Annual Expense Limitation**<br> **Investor Class** | <br> **Annual Expense Limitation Institutional Class** |
| &nbsp;&nbsp;&nbsp; Strategic Alternatives Fund | 1.57% | 1.32% |
| &nbsp;&nbsp;&nbsp; Impact Bond Fund | 0.72% | 0.47% |
| &nbsp;&nbsp;&nbsp; Value Equity Index Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp; Growth Equity Index Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp; International Equity Index Fund | 0.50% | N/A |
| &nbsp;&nbsp;&nbsp; Emerging Markets Equity Fund | 1.28% | 1.03% |

---

## Ex-99.(G)(8)

**SEVENTH AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT** 

**THIS SEVENTH AMENDMENT** to the Amended and Restated Custody Agreement is entered into as of March 1, 2026 (this "<u>Amendment</u>") by and between **GUIDESTONE FUNDS**, a Delaware statutory trust (the "<u>Fund</u>") on behalf of each series of the Fund listed on Schedule B to the Agreement (as defined below) (each, a "<u>Portfolio</u>" and, collectively, the "<u>Portfolios</u>") and **THE NORTHERN TRUST COMPANY** (the "<u>Custodian</u>"), an Illinois corporation.

**WHEREAS**, the Custodian provides certain services to the Fund pursuant to the Amended and Restated Custody Agreement, dated as of April 1, 2021 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Agreement"</u>); and

**WHEREAS**, in addition to the provisions contained in the Agreement, effective as of the date hereof, the Fund and the Custodian wish to make certain amendments to the Agreement.

**NOW THEREFORE**, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**1. DEFINITIONS; INTERPRETATION.** Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Agreement. The headings to the clauses of this Amendment shall not affect its interpretation.

**2. AMENDMENT.** Effective as of the date of this Amendment, Section 18(b) of the Agreement shall be amended by replacing such section in its entirety with the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time on or after December 31, 2027, the Fund may terminate this Agreement with respect to any Portfolio by giving to the Custodian a notice in writing specifying the date of such termination, which shall be not less than 60 days after the date of Custodian receives such notice. At any time on or after December 31, 2028, either of the parties hereto may terminate this Agreement with respect to any Portfolio by giving to the other party a notice in writing specifying the date of such termination, which in case the Fund is the terminating party, shall be not less than 60 days after the date of Custodian receives such notice or, in case the Custodian is the terminating party, shall be not less than 180 days after the date the Fund receives such notice.

**3. GOVERNING LAW.** This Amendment shall be construed and the substantive provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

**5. EFFECT OF AMENDMENT.** All other terms and conditions set forth in the Agreement shall remain unchanged and in full force and effect. On and after the date hereof, each reference to the Agreement in the Agreement and all schedules thereto shall mean and be a reference to the Agreement as amended by this Amendment.

[Signature Pages Follow]

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.

---

| |
|:---|
| GUIDESTONE FUNDS |
| By:<u> </u> |
| Name: Melanie Childers |
| Title: Vice President – Fund Operations and Secretary |
| THE NORTHERN TRUST COMPANY |
| By:<u> </u> |
| Name: Kelly Reed-Clare |
| Title: Vice President |

---

## Ex-99.(H)(10)

**NINTH AMENDMENT TO THE AMENDED AND RESTATED** 

**FUND ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT** 

**THIS NINTH AMENDMENT** to the Amended and Restated Fund Administration and Accounting Services Agreement is entered into as of March 1, 2026 (this "<u>Amendment</u>") by and between **GUIDESTONE FUNDS**, a Delaware statutory trust (the "<u>Trust</u>") on behalf of each its separate series listed on Annex A to the Agreement (as defined below) (each, a "<u>Fund</u>" and, collectively, the "<u>Funds</u>") and **THE NORTHERN TRUST COMPANY** ("Northern"), an Illinois corporation.

**WHEREAS**, Northern provides certain services to the Trust pursuant to the Amended and Restated Fund Administration and Accounting Services Agreement, dated as of April 1, 2021 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Agreement"</u>); and

**WHEREAS**, in addition to the provisions contained in the Agreement, effective as of the date hereof, the Trust and Northern wish to make certain amendments to the Agreement.

**NOW THEREFORE**, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**1. DEFINITIONS; INTERPRETATION.** Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Agreement. The headings to the clauses of this Amendment shall not affect its interpretation.

**2. AMENDMENT.** Effective as of the date of this Amendment, Section 13(b) of the Agreement shall be amended by replacing such section in its entirety with the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated by the Trust at any time on or after December 31, 2027, upon sixty (60) days' prior written notice, and by either party at any time on or after December 31, 2028, upon prior written notice, which in case Northern is the terminating party, shall be on one hundred and eighty (180) days' prior written notice or, in case the Trust is the terminating party, shall be on sixty (60) days' prior written notice.

**3. GOVERNING LAW.** This Amendment shall be construed and the substantive provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

**5. EFFECT OF AMENDMENT.** All other terms and conditions set forth in the Agreement shall remain unchanged and in full force and effect. On and after the date hereof, each reference to the Agreement in the Agreement and all schedules thereto shall mean and be a reference to the Agreement as amended by this Amendment.

[Signature Pages Follow]

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.

---

| |
|:---|
| GUIDESTONE FUNDS |
| By:<u> </u> |
| Name: Melanie Childers |
| Title: Vice President – Fund Operations and Secretary |
| THE NORTHERN TRUST COMPANY |
| By:<u> </u> |
| Name: Kelly Reed-Clare |
| Title: Vice President |

---

## Ex-99.(H)(12)

Execution Version

**Amendment No. 1** 

**To** 

**Transfer Agency And Shareholder Services Agreement** 

This Amendment No. 1 To Transfer Agency And Shareholder Services Agreement, dated as of January 1, 2014 ("**Amendment No. 1**"), is being entered into by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and GuideStone Funds (the "**Trust**").

**<u>Background</u>**

BNYM and the Trust previously entered into the Transfer Agency And Shareholder Services Agreement, made as of December 14, 2012 ("**Original Agreement**"). The parties wish to amend the Original Agreement as set forth in this Amendment No. 1.

**<u>Terms</u>**

**IN CONSIDERATION** of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to all statements made above and as follows:

1. <u>Modifications to Original Agreement</u>. The Original Agreement is hereby amended:

(a) Effective December 14, 2012, by deleting Schedule B in its entirety and replacing it with the Schedule B, dated December 14, 2012, attached to Amendment No. 1 to Transfer Agency And Shareholder Services Agreement, dated as of January 1, 2014, between BNYM and the Trust; and

(b) Effective July 1, 2013, by deleting Schedule B in its entirety and replacing it with the Schedule B, dated July 1, 2013, attached to Amendment No. 1 to Transfer Agency And Shareholder Services Agreement, dated as of January 1, 2014, between BNYM and the Trust; and

(c) Effective January 1, 2014, by deleting Schedule B in its entirety and replacing it with the Schedule B, dated January 1, 2014, attached to Amendment No. 1 to Transfer Agency And Shareholder Services Agreement, dated as of January 1, 2014, between BNYM and the Trust.

2. <u>Adoption of Amended Agreement by New Funds</u>. Each Fund that has been added to Schedule B by virtue of this Amendment No. 1 acknowledges and agrees that (i) by virtue of its execution of this Amendment No. 1, it becomes and is a party to the Original Agreement as amended by this Amendment No. 1 ("**Amended Agreement**") as of the date first written above, or if BNYM commenced providing services to the Fund prior to the date first written above, as of the date BNYM first provided services to the Fund, and (ii) it is bound by all terms and conditions of the Amended Agreement as of such date. The term "Fund" has the same meaning in this Amendment No. 1 as it has in the Original Agreement

3. <u>Remainder of Original Agreement</u>. Except as specifically modified by this Amendment No. 1, all terms and conditions of the Original Agreement shall remain in full force and effect.

4. <u>Governing Law</u>. The governing law of the Original Agreement shall be the governing law of this Amendment No. 1.

5. <u>Entire Agreement</u>. This Amendment No. 1 constitutes the final, complete, exclusive and fully integrated record of the agreement of the parties with respect to the subject matter herein and the amendment of the Original Agreement.

------

Execution Version

6. <u>Facsimile Signatures; Counterparts</u>. This Amendment No. 1 may be executed in one more counterparts; such execution of counterparts may occur by manual signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission; and each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Amendment No. 1 or of executed signature pages to this Amendment No. 1 by facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof and may be used for all purposes in lieu of a manually executed copy of this Amendment No. 1.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment No. 1 to be executed by their duly authorized officers, as of the day and year first above written.

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| |
|:---|
|  **BNY Mellon Investment Servicing (US) Inc.** |
| By: |

---

 <br> Name:    

---

| |
|:---|
| Title: |
|  **GuideStone Funds** |
| On behalf of each Fund in its individual<br> and separate capacity, and not on behalf of any other Fund |
| By: |

---

 <br> Name:    

Title:

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Execution Version

**<u>SCHEDULE B</u>**

(Dated: December 14, 2012)

THIS SCHEDULE B is Schedule B to that certain Transfer Agency And Shareholder Services Agreement dated as of December 14, 2012 between BNY Mellon Investment Servicing (US) Inc. and GuideStone Funds.

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| | |
|:---|:---|
| **FUND** | **CLASS** |
| **DATE TARGET FUNDS** | |
| MyDestination 2005 Fund | GS4 |
| MyDestination 2015 Fund | GS4 |
| MyDestination 2025 Fund | GS4 |
| MyDestination 2035 Fund | GS4 |
| MyDestination 2045 Fund | GS4 |
| MyDestination 2055 Fund | GS4 |
| **ASSET ALLOCATION FUNDS** |  |
| Aggressive Allocation Fund | GS4 |
| Aggressive Allocation Fund I | GS2 |
| Balanced Allocation Fund | GS4 |
| Balanced Allocation Fund I | GS2 |
| Conservative Allocation Fund | GS4 |
| Conservative Allocation Fund I | GS2 |
| Growth Allocation Fund | GS4 |
| Growth Allocation Fund I | GS2 |
| **SELECT FUNDS** |  |
| Defensive Market Strategies Fund | GS2 |
| Defensive Market Strategies Fund | GS4 |
| Equity Index Fund | GS2 |
| Equity Index Fund | GS4 |
| Extended-Duration Bond Fund | GS2 |
| Extended-Duration Bond Fund | GS4 |
| Global Bond Fund | GS4 |
| Growth Equity Fund | GS2 |
| Growth Equity Fund | GS4 |
| Inflation Protected Bond Fund | GS4 |
| International Equity Fund | GS2 |
| International Equity Fund | GS4 |
| Low-Duration Bond Fund | GS2 |
| Low-Duration Bond Fund | GS4 |
| Medium-Duration Bond Fund | GS2 |
| Medium-Duration Bond Fund | GS4 |
| Money Market Fund | GS2 |
| Money Market Fund | GS4 |
| Real Estate Securities Fund | GS4 |
| Small Cap Equity Fund | GS2 |
| Small Cap Equity Fund | GS4 |
| Value Equity Fund | GS2 |
| Value Equity Fund | GS4 |

---

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Execution Version

**<u>SCHEDULE B</u>**

(Dated: July 1, 2013)

THIS SCHEDULE B is Schedule B to that certain Transfer Agency And Shareholder Services Agreement dated as of December 14, 2012 between BNY Mellon Investment Servicing (US) Inc. and GuideStone Funds.

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| | |
|:---|:---|
| **FUND**<br>**DATE TARGET FUNDS** | **CLASS**<br>|
| MyDestination 2005 Fund | GS4 |
| MyDestination 2015 Fund | GS4 |
| MyDestination 2025 Fund | GS4 |
| MyDestination 2035 Fund | GS4 |
| MyDestination 2045 Fund | GS4 |
| MyDestination 2055 Fund | GS4 |
| **ASSET ALLOCATION FUNDS** |  |
| Aggressive Allocation Fund | GS4 |
| Aggressive Allocation Fund I | GS2 |
| Balanced Allocation Fund | GS4 |
| Balanced Allocation Fund I | GS2 |
| Conservative Allocation Fund | GS4 |
| Conservative Allocation Fund I | GS2 |
| Growth Allocation Fund | GS4 |
| Growth Allocation Fund I | GS2 |
| **SELECT FUNDS** |  |
| Defensive Market Strategies Fund | GS2 |
| Defensive Market Strategies Fund | GS4 |
| Equity Index Fund | GS2 |
| Equity Index Fund | GS4 |
| Extended-Duration Bond Fund | GS2 |
| Extended-Duration Bond Fund | GS4 |
| Flexible Income Fund | GS4 (opened to public on July 1, 2013) |
| Global Bond Fund | GS4 |
| Global Natural Resources Equity Fund | GS4 (opened to public on July 1, 2013) |
| Growth Equity Fund | GS2 |
| Growth Equity Fund | GS4 |
| Inflation Protected Bond Fund | GS4 |
| International Equity Fund | GS2 |
| International Equity Fund | GS4 |
| Low-Duration Bond Fund | GS2 |
| Low-Duration Bond Fund | GS4 |
| Medium-Duration Bond Fund | GS2 |
| Medium-Duration Bond Fund | GS4 |
| Money Market Fund | GS2 |
| Money Market Fund | GS4 |
| Real Assets Fund | GS4 (opened to public on July 1, 2013) |
| Real Estate Securities Fund | GS4 |
| Small Cap Equity Fund | GS2 |
| Small Cap Equity Fund | GS4 |
| Value Equity Fund | GS2 |
| Value Equity Fund | GS4 |

---

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Execution Version

**<u>SCHEDULE B</u>**

(Dated: January 1, 2014)

THIS SCHEDULE B is Schedule B to that certain Transfer Agency And Shareholder Services Agreement dated as of December 14, 2012 between BNY Mellon Investment Servicing (US) Inc. and GuideStone Funds.

---

| | |
|:---|:---|
| **FUND**<br>**DATE TARGET FUNDS** | **CLASS**<br>|
| MyDestination 2005 Fund | GS4 |
| MyDestination 2015 Fund | GS4 |
| MyDestination 2025 Fund | GS4 |
| MyDestination 2035 Fund | GS4 |
| MyDestination 2045 Fund | GS4 |
| MyDestination 2055 Fund | GS4 |
| **ASSET ALLOCATION FUNDS** |  |
| Aggressive Allocation Fund | GS4 |
| Aggressive Allocation Fund I | GS2 |
| Balanced Allocation Fund | GS4 |
| Balanced Allocation Fund I | GS2 |
| Conservative Allocation Fund | GS4 |
| Conservative Allocation Fund I | GS2 |
| Growth Allocation Fund | GS4 |
| Growth Allocation Fund I | GS2 |
| **SELECT FUNDS** |  |
| Defensive Market Strategies Fund | GS2 |
| Defensive Market Strategies Fund | GS4 |
| Emerging Markets Equity Fund | GS2 (opened to public on October 31, 2013) |
| Emerging Markets Equity Fund | GS4 (opened to public on October 31, 2013) |
| Equity Index Fund | GS2 |
| Equity Index Fund | GS4 |
| Extended-Duration Bond Fund | GS2 |
| Extended-Duration Bond Fund | GS4 |
| Flexible Income Fund | GS4 |
| Global Bond Fund | GS4 |
| Growth Equity Fund | GS2 |
| Growth Equity Fund | GS4 |
| Global Natural Resources Equity Fund | GS4 |
| Inflation Protected Bond Fund | GS4 |
| International Equity Fund | GS2 |
| International Equity Fund | GS4 |
| Low-Duration Bond Fund | GS2 |
| Low-Duration Bond Fund | GS4 |
| Medium-Duration Bond Fund | GS2 |
| Medium-Duration Bond Fund | GS4 |
| Money Market Fund | GS2 |
| Money Market Fund | GS4 |
| Real Assets Fund | GS4 |
| Real Estate Securities Fund | GS4 |
| Small Cap Equity Fund | GS2 |
| Small Cap Equity Fund | GS4 |
| Value Equity Fund | GS2 |
| Value Equity Fund | GS4 |

---

## Ex-99.(H)(25)

EXECUTION

**Amendment No. 14** 

**To** 

**Transfer Agency And Shareholder Services Agreement** 

This Amendment No. 14 To Transfer Agency and Shareholder Services Agreement ("**Amendment No. 14**"), dated as of February 27, 2026 ("**Effective Date**"), is being entered into by and between BNY Mellon Investment Servicing (US) Inc. ("**BNY**") and GuideStone Funds (the "**Trust**"), on its own behalf and on behalf of each of its Portfolios listed on Schedule B.

**<u>Background</u>**

BNY and the Trust previously entered into the Transfer Agency and Shareholder Services Agreement, made as of December 14, 2012, Amendment No. 1 to Transfer Agency and Shareholder Services Agreement, dated as of January 1, 2014, Amendment No. 2 to Transfer Agency and Shareholder Services Agreement, dated as of April 30, 2015, Amendment No. 3 To Transfer Agency And Shareholder Services Agreement, dated as of May 1, 2016, Termination Amendment To Transfer Agency And Shareholder Services Agreement, dated as of December 31, 2016, Amendment No. 5 to Transfer Agency and Shareholder Services Agreement, dated as of May 1, 2017, Amendment No. 6 to Transfer Agency and Shareholder Services Agreement, dated as of June 1, 2017, Amendment No.7 to Transfer Agency and Shareholder Services Agreement, dated as of July 5, 2018, Amendment No. 8 To Transfer Agency and Shareholder Services Agreement, dated as of November 12, 2020, Amendment No. 9 To Transfer Agency and Shareholder Services Agreement, dated as of February 2, 2022, Amendment No. 10 To Transfer Agency and Shareholder Services Agreement, dated as of July 1, 2022, Amendment No. 11 To Transfer Agency and Shareholder Services Agreement, dated as of January 27, 2023, Amendment No. 12 to Transfer Agency and Shareholder Services Agreement, dated as of July 29, 2025, and Amendment No. 13 to Transfer Agency and Shareholder Services Agreement, dated as of December 19, 2025 (collectively, the "**Current Agreement**"). The parties intend that the Current Agreement be further amended as provided in this Amendment #14.

**<u>Terms</u>**

**IN CONSIDERATION** of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to all statements made above and as follows:

1. <u>Modifications to Current Agreement</u>. The Current Agreement is hereby amended by deleting Section 13(a) in its entirety and replacing it with the following:

"This Agreement shall be effective, subject to Section C of the Background section, on the Execution Date and continue, unless validly terminated pursuant to this Section 13 prior thereto, until December 31, 2027 (the "**Initial Term**")."

2. <u>Remainder of Current Agreement</u>. Except as specifically modified by this Amendment No. 14, all terms and conditions of the Current Agreement shall remain in full force and effect.

3. <u>Governing Law</u>. The governing law provision of the Current Agreement shall be the governing law provision of this Amendment No. 14.

4. <u>Entire Agreement</u>. This Amendment No. 14 constitutes the final, complete, exclusive and fully integrated record of the agreement of the parties with respect to the subject matter herein and the amendment of the Current Agreement with respect to such subject matter, and supersedes all prior and contemporaneous proposals, agreements, contracts, representations and understandings, whether written, oral or electronic, between the parties with respect to the same subject matter.

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EXECUTION

5. <u>Signatures; Counterparts</u>. The parties expressly agree that this Amendment No. 14 may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of Amendment No. 14, by a manual signature on a copy of Amendment No. 14 transmitted by facsimile transmission, by a manual signature on a copy of Amendment No. 14 transmitted as an imaged document attached to an email, or by "**Electronic Signature**", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of Amendment No.14 by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment No. 14 or of executed signature pages to counterparts of this Amendment No. 14, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment No. 14 and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment No. 14.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment No. 14 to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment No. 14 by Electronic Signature, affirms authorization to execute this Amendment No. 14 by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment No. 14 and an agreement with its terms.

---

| |
|:---|
| **BNY Mellon Investment Servicing (US) Inc.** |
| By: |

---

 <br> Name:    

---

| |
|:---|
| Title: |
| **GuideStone Funds**<br> On its own behalf and on behalf of each Fund,<br> each in its individual and separate capacity |
| By: |

---

---

| |
|:---|
| Name: |
| Title: |

---

## Ex-99.(P)(2)

**Applicable Entities / Rules** 

---

| | |
|:---|:---|
| *Applicable Entities:* | Enterprise-wide policy, including American Century Investment Management, Inc., Registered Investment Companies, Schedule A, American Century Investment Services, Inc., American Century Services, LLC |
| *Statutory/Regulatory:* | Investment Company Act § 17(j), Rule 17j-1; Investment Advisers Act § 204A, 206, Rule 204A-1 and 204-2(12) |
| Effective Date(s): | October 29, 1999, Last Revised December 17, 2025 |
| ***Policy or Summary:*** | **Policy** |
| ***Related Summary:*** | **Code of Ethics Policies and Procedures** |
| *Related Documents:* | Business Code of Conduct; Insider Trading Policy |

---

---

| | |
|:---|:---|
|  **Table of Contents** |  |
|  Snapshot of the Policy | 2 |
|  Requirements for All Employees | 2 |
|  Requirements for Access, Investment and Portfolio Persons | 2 |
|  Trading Prohibitions for Investment and Portfolio Persons | 2 |
| I. Purpose of Code | 3 |
| II. Why Do We Have a Code of Ethics? | 4 |
| III. Does the Code of Ethics Apply to You? | 5 |
| IV. Restrictions on Personal Investing Activities | 6 |
| V. Reporting Requirements | 11 |
| VI. Can there be any exceptions to the restrictions? | 15 |
| VII. Confidential Information | 16 |
| VIII. Conflicts of Interest | 17 |
| IX. What happens if you violate the rules in the Code of Ethics? | 17 |
| X. ACI's Quarterly Report to Fund Directors/Trustees | 18 |
|  APPENDIX 1: DEFINITIONS | 19 |
|  APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | 23 |
|  APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | 26 |
|  APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | 28 |
|  APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | 31 |
|  APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | 33 |
|  SCHEDULE A: BOARD APPROVAL DATES | 35 |
|  SCHEDULE B: SUBADVISED FUNDS | 36 |
|  SCHEDULE C: BROKERS | 39 |
|  PROHIBITED BROKERS | 39 |
|  APPROVED ELECTRONIC BROKERS | 39 |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 1

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**Snapshot of the Policy** 

The Code of Ethics is a comprehensive policy which provides the standards for personal investing by American Century Investments (ACI) employees. Each employee has a Code of Ethics classification based on their job responsibilities and the ability to access nonpublic information about ACI client portfolios' security holdings and trading activities. The restrictions on personal investing contained in the Code vary by classification. The Code of Ethics also applies to accounts and securities that ACI employees beneficially own (i.e., owned by immediate family sharing your household, your domestic partner, or accounts for which you have trading authority or power of attorney, etc.).

It is important that you understand the Code and the restrictions on personal investing. These restrictions may include preclearance of trades and reporting of transactions and holdings, including for exchange traded funds (ETFs) and reportable mutual funds. This page contains a summary of the Code requirements. Please review the full text of the Code to fully understand your responsibilities. Contact Compliance if you have questions about the policy and how it applies to your situation. ComplianceAlpha is the primary tool for performing your duties under the Code. All reporting and preclearance activities are performed in ComplianceAlpha.

**Requirements for All Employees** 

*Non-Access Persons, Access Persons, Investment Persons, and Portfolio Persons must* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place our client's interest first

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with federal securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report violations to Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acknowledge that you have read and understand the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Link reportable brokerage accounts and reportable mutual fund accounts in ComplianceAlpha

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with short-term trading restrictions for ACI client portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain written approval to enter into an arrangement or agreement that could create a conflict of interest with ACI
activities (i.e. serving on the board of directors of a publicly traded company)

**Requirements for Access, Investment and Portfolio Persons** 

*Access Persons, Investment Persons, Portfolio Persons must* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose holdings within 10 days of designation and annually, thereafter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose personal security transactions on a quarterly basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose conflicts of interest annually

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval (preclearance) to trade in reportable securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval to transact in an affiliated, self-indexed ETF if you are a member of the Global Analytics team or the
Index Governance Committee (including non-voting members)

**Trading Prohibitions for Investment and Portfolio Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons and Portfolio Persons cannot participate in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons and Portfolio Persons cannot profit on short-term reportable security trades within 60 calendar days.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons cannot trade in a security, or a related security, within seven days before and after transactions of a
client portfolio you manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons cannot sell a security, or a related security which is held by your assigned client portfolio or buy a
security held as a short position in your assigned funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons that manage a Semi-Transparent Active Exchange Traded Fund (STA ETF) are required to obtain pre-approval prior to trading in shares of the STA ETF. They are restricted from selling shares of a STA ETF that they manage within 30 days after purchase.

**I.** **Purpose of Code** 

The Code of Ethics guides the personal investment activities of American Century Investments (ACI) employees (including full and part-time employees, contract and temporary employees, officers and directors), and members of their immediate family.<sup>1</sup> The Code of Ethics aids in the elimination and detection of personal securities transactions by employees that might be viewed as fraudulent or might conflict with the interests of our client portfolios. Such transactions may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the misuse of client trading information for personal benefit (including so-called "front-running"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the misappropriation of investment opportunities that may be appropriate for client portfolios, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive personal trading that may affect our ability to provide services to our clients.

Violations of this Code must be promptly reported to the Chief Compliance Officer.

<sup>1</sup> The directors or trustees of Fund Clients who are not "interested persons" (the "Independent Directors") are covered under a separate Code applicable only to them.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 3

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**II.** **Why Do We Have a Code of Ethics?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investors have placed their trust in ACI** 

As an investment adviser, ACI is entrusted with the assets of our clients for investment purposes. Our employees' personal trading activities and the administration of the Code are governed by these general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of our clients must be placed before our own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any personal securities transactions must be conducted consistent with this Code and in a manner as to avoid even the
appearance of a conflict of interest.

Complying with these principles is how we earn and keep our clients' trust. To protect this trust, we will hold ourselves to the highest ethical standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **ACI wants to give you flexible investing options** 

Management believes that ACI's own mutual funds, ETFs and other pooled investment vehicles provide a broad range of investment alternatives in virtually every segment of the securities market. We encourage ACI employees to use these vehicles for their personal investments. We do not encourage active trading by our employees. We recognize, however, that individual needs differ and that there are other attractive investment opportunities. As a result, this Code is intended to give you and your family flexibility to invest, without jeopardizing relationships with our clients.

Our employees are able to undertake personal transactions in stocks and other individual securities subject to the terms of this Code. All employees are required to report their personal transactions in securities owned by them and in beneficially owned securities under this Code. Additionally, Portfolio, Investment and Access Persons are required to receive preclearance of transactions and further limitations are placed on the transactions of Portfolio and Investment Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Regulations require that we have a Code of Ethics** 

The Investment Company Act of 1940 and the Investment Advisers Act of 1940, and other governmental regulations, require that we have safeguards in place to prevent personal investment activities that might take inappropriate advantage of our fiduciary position. These safeguards are embodied in this Code of Ethics.<sup>2</sup>

<sup>2</sup> Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 serve as a basis for much of what is contained in this Code of Ethics.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 4

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**III.** **Does the Code of Ethics Apply to You?** 

*Yes!* All ACI employees and contract personnel must observe the principles contained in this Code of Ethics. This Code applies to your personal investments, as well as those for which you are a beneficial owner. However, there are different requirements for different categories of employees. The category in which you have been placed generally depends on your job function, although circumstances may prompt us to place you in a different category. The range of categories is as follows:

![LOGO](g941623g08o58.jpg)

The standard profile for each of the categories is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Portfolio Persons** 

Portfolio Persons include portfolio managers and equity investment analysts and any other Investment Persons (as defined below) with authority to enter purchase/sale orders on behalf of client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investment Persons** 

Investment Persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any persons that are involved in or have access to client portfolio securities trading, securities recommendations, or
portfolio holdings or are involved in making securities recommendations that are nonpublic, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any officers and directors of an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Access Persons** 

Access Persons are persons who, in connection with their regular function and duties, consistently obtain information regarding current purchase and sale recommendations and daily transaction and holdings information concerning client portfolios. Examples of persons that may be considered Access Persons include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who are directly involved in the execution, clearance, and settlement of purchases and sales of securities (e.g.
certain investment operations personnel),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose function requires them to evaluate trading activity on a real-time basis (e.g. attorneys, accountants,
portfolio compliance personnel),

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who assist in the design, implementation, and maintenance of investment management technology systems (e.g.
certain I/T personnel, including contractors),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• support staff and supervisors of the above if they are required to obtain such information as a part of their regular
function and duties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers or "interested" director of our Fund Clients, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• members of the Index Governance Committee for affiliated ETFs (including non-voting members).

Single, infrequent, or inadvertent instances of access to current recommendations or real-time trading information or the opportunity to obtain such information through casual observance or bundled data security access may not be sufficient to qualify you as an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Access Persons** 

If you are an ACI officer, director, or employee and you do not fit into any of the above categories, you are a Non-Access Person. Contractors and temporary employees may be considered Non-Access Persons depending on your role. While your trading is not subject to preclearance and other restrictions applicable to Portfolio, Investment, and Access Persons, you are still subject to the remaining provisions of the Code.

**IV.** **Restrictions on Personal Investing Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Principles of Personal Investing** 

All ACI employees, officers, and directors, and members of your immediate family, must comply with the federal securities laws and other governmental rules and regulations, and maintain ACI's high ethical standards when making personal securities transactions. You must not misuse nonpublic information about client security holdings or contemplated, pending, or completed portfolio transactions for your personal benefit or the benefit of others. Likewise, you may not cause a client portfolio to take action, or fail to take action, for your personal benefit.

In addition, investment opportunities appropriate for client portfolios should not be retained for the personal benefit of yourself or others. Investment opportunities arising as a result of ACI investment management activities must first be considered for inclusion in our client portfolios. B. Trading on Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Trading on Inside Information** 

Federal law prohibits trading on material nonpublic information. Examples of potentially material nonpublic information include confidential received by employees regarding securities that are current or potential portfolio investments. You are expected to abide by the highest ethical and legal standards in conducting your personal investment activities.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 6

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As set forth in ACI's Insider Trading Policy, under certain circumstances, an employee may be granted permission to serve as a director, trustee or officer of an outside private or public company. If approved to join the board of directors of such company, the employee is required to abide by ACI's Code of Ethics and related policies, as well as such company's code of ethics or similar rules, including any requirement to abide by trading windows. In such case, the employee must obtain preclearance approval from Compliance prior to trading the outside company's stock.

For more information regarding what to do when you believe you are in possession of material nonpublic information, please consult ACI's **Insider Trading Policy.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading in ACI Open-End Mutual Funds** 

Excessive, short-term trading of ACI open-end mutual funds and other abusive trading practices (such as time zone arbitrage) may disrupt portfolio management strategies and harm fund performance. These practices can cause funds to maintain higher-than-normal cash balances and incur increased trading costs. Short-term and other abusive trading strategies can also cause unjust dilution of shareholder value if such trading is based on information not accurately reflected in the price of the fund.

You may not engage in short-term trading or other abusive trading strategies with respect to any ACI open-end mutual fund client portfolio. For purposes of this Code, "ACI open-end mutual fund client portfolios" include any open-end mutual fund or variable annuity, advised or subadvised by ACI.<sup>3</sup>

*Seven-Day Holding Period*. You will be deemed to have engaged in short-term trading if you have purchased shares or otherwise invested in a variable-priced (non-money market) ACI open-end mutual fund client portfolio and redeem shares or otherwise withdraw assets from that portfolio within seven days. In other words, if you make an investment in an ACI open-end mutual fund client portfolio, you may not redeem shares from that fund before the completion of the seventh day following the purchase date. *Limited Trading Within 30 Days*. We realize that abusive trading is not limited to a seven-day window. As a result, we may deem the sale of all or a substantial portion of an employee's purchase in an ACI open-end mutual fund client portfolio to be abusive if the sale is made within 30 days, and it happens more than once every rolling twelve months.

These trading restrictions are applicable to any account for which you have the authority to direct trades or of which you are a beneficial owner, including brokerage accounts, ACI Personal Financial Solutions (PFS) accounts, retirement plans, subadvised accounts, or accounts held through an intermediary.

<sup>3</sup> See <u>Schedule A</u> for a list of Fund Clients. See <u>Schedule B</u> for a list of <u>subadvised funds</u>.

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*Transactions NOT Subject to Limitations*. Automatic investments such as AMIs, dividend reinvestments, employer plan contributions, and payroll deductions are not considered transactions for purposes of the holding requirements. Redemptions in variable-priced funds that allow check writing privileges or trusts used as cash instruments in the retirement plan will not be considered redemptions for purposes of the holding requirements.

*Information to be Provided*. You may be required to provide certain information regarding mutual fund accounts beneficially owned by you and transactions in reportable mutual funds. See the Reporting Requirements for your applicable Code of Ethics classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Preclearance of Personal Securities Transactions** 

**[Portfolio, Investment, and Access Persons]** 

Preclearance of personal securities transactions allows ACI to prevent certain trades that may conflict with client trading activities. The nature of securities markets makes it impossible to predict all conflicts. As a consequence, even trades that are precleared can result in potential conflicts between your trades and those affected for client portfolios. You are responsible for avoiding such conflicts with any client portfolios for which you make investment recommendations. You have an obligation to ACI and its clients to avoid even a perception of a conflict of interest with respect to personal trading activities.

All Portfolio, Investment, and Access Persons must comply with the following preclearance procedures prior to entering into (i) the purchase or sale of a security for your own account or (ii) the purchase or sale of a security for an account for which you are a beneficial owner.<sup>4</sup>

All preclearance requests should be submitted in ComplianceAlpha. Refer to "Appendix 4: How the preclearance process works." for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the security a "Code-Exempt Security" or a "Prohibited Security" listed in Appendix 3?

If the security is listed on the Code-Exempt Security list, you may execute the transaction without preclearance.

If the security is listed on the Prohibited Security list, you may not execute the transaction.

If the security is not on either list, then you must obtain preclearance (Proceed to Step 2).

<sup>4</sup> See <u>Appendix 2</u> for an explanation of beneficial ownership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit a Preclearance Request in ComplianceAlpha. You will be required to enter the following information,
correctly **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name and/or security identifier (Ticker symbol, CUSIP, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broker and account number used for the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantity (number of shares or par value) (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar value (Your actual transaction amount should be less than or equal to the value entered on your Preclearance
Request.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The request will be reviewed through our preclearance process. You will receive an e-mail informing you of your approval or denial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If you receive preclearance for the transaction,<sup>5</sup> you may execute
the approved transaction the day your preclearance is granted and the following business day (the "Preclearance Period"). For example, if preclearance is granted at 3:00 p.m. on Wednesday, you have until the close of the market on
Thursday to execute the trade. If you do not execute the approved transaction within the Preclearance Period, you must repeat the preclearance procedure prior to executing the transaction.

ACI reserves the right to restrict the purchase or sale by Portfolio, Investment, and Access Persons of any security at any time. Such restrictions are imposed through the use of a Restricted List that will cause ComplianceAlpha to deny the approval of preclearance to transact in the security. Securities may be restricted for a variety of reasons including without limitation the possession of material nonpublic information by ACI or its employees.

<u>Private Investments.</u>

Before you personally acquire any securities in a private placement, private equity fund, venture capital fund or any other private fund (including any private fund managed by American Century Private Investment), you must first request and obtain preclearance by entering your request in ComplianceAlpha to acquire such securities.

<sup>5</sup> See Appendix 4 for a description of the preclearance process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Additional Trading Restrictions** 

**[Portfolio and Investment Persons]** 

Participation in the investment management of a client portfolio or participation on a Committee that reviews certain types of information potentially increases the risk of a conflict of interest between an employee's personal trading and the use of client information. In order to mitigate this risk, Portfolio and Investment Persons are subject to additional trading restrictions. If these restrictions apply to your preclearance request, it will not be approved through the de minimis process. Preclearance should be submitted in ComplianceAlpha following the instructions in Appendix 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Public Offerings.</u> You may not acquire securities issued in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>60-Day Rule (Short-Term Trading Profits)</u> <u>.</u> You may not profit from
any purchase and sale, or sale and purchase, of the same (or equivalent) securities other than code-exempt securities within sixty (60) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Seven-Day Blackout Period** 

**[Portfolio Persons]** 

Portfolio Persons should avoid even the appearance of a conflict of interest between your own personal security transactions and those of client portfolios to which you are assigned ("Client Portfolios"), including trading in securities that are traded in a Client Portfolio before or after your personal transaction. If you are a Portfolio Person, you may not purchase or sell a security, or a related security, other than a code exempt security during the seven (7) calendar days after it has been traded in a Client Portfolio through the trade-order system. You may also be prohibited from trading that security before it is traded in a Client Portfolio depending on the circumstances surrounding both trades.

If you transact in a security of an issuer that is later traded in a Client Portfolio within seven days, your personal transaction will be reviewed by the Code of Ethics Review Committee to determine whether a violation has occurred and if any appropriate action should be taken (e.g. disgorgement of any personal profits). This possible prohibition should never impact whether the security should be traded in the Client Portfolio as that decision should always be made in the best interests of the Client Portfolio and independent of the Portfolio Person's earlier transaction in a security of the same issuer during the blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Securities Held in Your Funds** 

**[Portfolio Persons]** 

Personally investing in the same securities held by the client portfolios you are assigned to may result in a conflict of interest. To mitigate this risk, you may not sell a security, or a related security in which your client portfolio has a long position or purchase a security, or a related security, in which your client portfolio has a short position without an exemption from this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Semi-Transparent Active ETFs (STA ETF)** 

**[Portfolio Persons]** 

Trading shares of an ACI STA ETF while in possession of information regarding STA ETF security transactions not fully disseminated in the market is prohibited. As a result, you are required to obtain preclearance to transact in the STA ETFs for which you have portfolio manager or trade order authority assigned through the order-trade system. You will only be allowed to execute the trade on the day following your approved preclearance. In addition, you are limited from selling shares of the STA ETF for 30 calendar days after your last purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Trading in Affiliated Self-Indexed ETFs** 

**[Certain Members of the Global Analytics Team and the Index Governance Committee]** 

Trading shares of an ACI Self-Indexed ETF while in possession of nonpublic information about the index is prohibited. If you are member of the Global Analytics Team responsible for creating indexes or the Index Governance Committee (including non-voting members), you are required to preclear your transactions in an affiliated Self-Indexed ETF. You will only be allowed to execute the trade on the sixth business day after your preclearance request.

**V.** **Reporting Requirements** 

You are required to file complete, accurate, and timely reports of all required information under this Code. All reported information is subject to review for indications of abusive trading, misappropriation of information, or failure to adhere to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting Requirements Applicable to All Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Code Acknowledgement

Upon employment, any amendment of the Code, and not less than annually thereafter, you will be required to acknowledge that you have received, read, and will comply with this Code. Compliance will notify you when you must provide this information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Brokerage Accounts and Duplicate Confirmations

You are required to report <u>ALL</u> reportable brokerage accounts in ComplianceAlpha. Reportable brokerage accounts include both brokerage accounts maintained by you and brokerage accounts maintained by a person whose trades you must report because you are a beneficial owner. (Refer to Appendix 5 Account Reporting Instructions). Compliance will use your account information to obtain trade confirmations for the activity in your account.

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To aid with required recordkeeping requirements and streamline operations, employees may be required to hold all reportable brokerage accounts at a firm that provides electronic trade confirmations to ComplianceAlpha. Through reporting your account information, you are consenting to receipt by Compliance of electronic trade confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting of American Century Managed Mutual Fund Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Employee-owned ACI Personal Financial Solutions (PFS) and ACI Retirement Plans** 

You are not required to report ACI PFS and ACI Retirement Plan accounts held under your own Social Security number. Trading in these accounts will be monitored based on information contained on our transfer agency and retirement plan systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Beneficially-Owned ACI PFS Accounts (Portfolio and Investment Persons Only)** 

You must report all ACI PFS open-end mutual fund accounts that are owned by your immediate family members and other accounts you beneficially-own.

Compliance will obtain trading activity in these accounts which will be monitored for short-term and abusive trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Certain third-party accounts invested in funds managed by ACI** 

You are required to report other accounts invested in funds managed by ACI such as those invested in (i) any subadvised fund (see Schedule B of this Code for a list of subadvised funds); and (ii) non-ACI retirement plan, unit investment trust, variable annuity, or similar accounts in which you own or beneficially own<u> </u>reportable mutual funds.

In addition, you must provide either account statements or confirmations of all trading activity in reportable third-party accounts to Compliance within 30 calendar days of the end of each calendar quarter.

Refer to Appendix 5: Account Reporting Instructions for the process to report your accounts in the ComplianceAlpha.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Reporting Requirements [Portfolio, Investment, and Access Persons]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holdings Report

Within ten (10) calendar days of becoming a Portfolio, Investment, or Access Person, and annually, thereafter, you must submit a Holdings Report. You will be sent an email from ComplianceAlpha with a link to the compliance system where you will complete your report. The information submitted must be current as of a date no more than 45 calendar days before the report is filed and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities, other than certain code-exempt
securities<sup>6</sup>, that you own or in which you have a beneficial ownership interest. This listing must include the financial institution, account number, security identifier and description, number of
shares, currency, and principal amount of each covered security. If you are using an Approved Electronic Broker (AEB) through the Direct or Aggregation Feed on ComplianceAlpha, your holdings will be imported into ComplianceAlpha for you once your
accounts are connected to the Direct or Aggregation Feed. If your holdings do not import from your broker feed by the due date of your Initial Holdings Certification, you will be required to attach a copy of your most recent statements to your
Initial Holdings Certification in ComplianceAlpha. For securities held in accounts listed as Manual in ComplianceAlpha, you will be required to import or manually add your holdings prior to the reporting deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio and Investment Persons must also provide a list of all reportable mutual fund holdings owned or in which they
have a beneficial ownership interest. This list must include investments held through ACI PFS in accounts that are beneficially-owned, investments in any subadvised fund, holdings in a reportable brokerage account, and holdings in non-ACI retirement plans, unit investment trusts, variable annuity, or similar accounts. ACI PFS reportable mutual fund holdings held under an employee's taxpayer identification number are not required to be
listed in ComplianceAlpha. Compliance will obtain the information from ACI PFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of your relationships that may conflict with the interests of ACI, such as outside employment, relationships
with competitors, suppliers, vendors, independent contractors or consultants of ACI, or relationships with directors or trustees in outside organizations other than community charitable activities, education activities, or dissimilar family
business. Additional information regarding conflicts of interest can be found in the Business Code of Conduct and the Outside Business Activities Policy.

<sup>6</sup> See Appendix 3 for a listing of code-exempt securities that must be reported.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quarterly Transactions Report

Within 30 calendar days of the end of each calendar quarter, all Portfolio, Investment, and Access Persons must submit a Quarterly Transactions Report. Compliance will notify you of the dates and requirements for filing the report. A report of the transactions for which we have received your trade confirmations during the quarter will be provided for your review in ComplianceAlpha. It is your responsibility to review the completeness and accuracy of this report, provide any necessary changes, and certify its contents when submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Quarterly Transactions Report must contain the following information about each personal securities transaction
undertaken during the quarter other than those in certain code exempt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's name and account number in which the transaction was executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the security identifier and description and number of shares or the principal amount of each
security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction, that is, purchase, sale, or any other type of acquisition or disposition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price, currency, and amount.

In addition, information regarding accuracy and completeness of your reportable brokerage and other accounts should be verified at this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Portfolio and Investment Persons are also required to report transactions in reportable mutual funds held through a
brokerage account. The Quarterly Transactions Report for such persons must contain the following information about each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the fund identifier and description and number of shares or units of each trade involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction, that is, purchase, sale, or any other type of acquisition or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price, and amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's name and account number in which the trade was executed.

Transactions of reportable mutual funds that do not need to be reported by Portfolio and Investment Persons on the Quarterly Transaction Report include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvested dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds through the ACI retirement plan
accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds held through ACI PFS accounts under
your Social Security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds in beneficially-owned ACI PFS accounts
if the account has been linked to ComplianceAlpha through the Aggregation Feed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in reportable third-party accounts for which the account statements or confirmations are provided to
Compliance within 30 days of the end of the calendar quarter in which the transactions took place.

**VI.** **Can there be any exceptions to the restrictions?** 

*Yes.* The Chief Compliance Officer or their designee may grant limited exemptions to specific provisions of the Code on a case-by-case basis. Exemptions are requested in ComplianceAlpha (see Appendix 6: Requesting an Exemption).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Factors Considered** 

In considering your request, the Chief Compliance Officer or their designee may grant your exemption request if they are satisfied of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your request addresses an undue personal hardship imposed on you by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your situation is not in conflict with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your exemption, if granted, would be consistent with the achievement of the objectives of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Exemption Reporting** 

All exemptions must be reported to the Boards of Directors/Trustees of our Fund Clients at the next regular meeting following the initial grant of the exemption. Subsequent grants of an exemption of a type previously reported to the Boards may be affected without reporting. The Boards of Directors/Trustees may choose to delegate the task of receiving and reviewing reports to a committee comprised of Independent Directors/Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Day 15 De Minimis Sell Exemption (Portfolio Persons Only)** 

An exemption may be requested when a Portfolio Person's de minimis sell preclearance request has been denied. The Chief Compliance Officer or their designee will review the request and determine if the exemption is warranted. If approval is granted, Compliance will designate the date on which the sale can take place which will be the 15<sup>th</sup> day following the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-volitional Transaction Exemption** 

Certain non-volitional purchase and sale transactions are exempt from the preclearance requirements of the Code. These transactions include stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, receipt of securities as gifts, the giving of securities, inheritances, margin/ maintenance calls (where the securities to be sold are not directed by the covered person), dividend reinvestment plans, and employer sponsored payroll deduction plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Blind Trust/Managed Account Exemption** 

An exemption from the preclearance and reporting requirements of the Code may be requested for securities that are held in a blind or quasi-blind trust arrangement or a managed (discretionary) account. For the exemption to be available, you or a member of your immediate family must not have authority to advise or direct securities transactions of the trust or managed account. You must provide a copy of the trust document or management agreement when requesting the exemption. The request will only be granted once the covered person and/or the investment adviser for the trust or managed account certify that the covered person or members of their immediate family will not advise or direct transactions. Your account must be reported in ComplianceAlpha and ACI may require that statements or trade confirmations be received for the trust or managed account. The employee and/or adviser may be requested by Compliance to re-certify the trust arrangement.

**VII.** **Confidential Information** 

All information about clients' securities transactions and portfolio holdings is confidential. You must not disclose, except as required by the duties of your employment, actual or contemplated securities transactions, portfolio holdings, portfolio characteristics or other nonpublic information about Clients, or the contents of any written or oral communication, study, report or opinion concerning any security. Employees should consult the Portfolio Holdings and Characteristics Disclosure and the Confidential Information Asset Security policies before disseminating information to individuals that otherwise do not have access to the information. Employees should not disseminate information about clients' securities transactions and portfolio holdings to employees or contract personnel that are Non-Access Persons or elicit material nonpublic information from any independent directors/trustee of a managed fund who also serves as a director trustee, officer, consultant, or employee of, or has similar affiliation with, another business entity that issues publicly traded securities.This does not apply to information which has already been publicly disclosed.

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**VIII.** **Conflicts of Interest** 

You must receive prior written approval from ACI's General Counsel or their designee, as appropriate, to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negotiate or enter into any agreement on a client's behalf with any business concern doing or seeking to do
business with the client if you, or a person related to you, has a substantial interest in the business concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter into an agreement, negotiate or otherwise do business on the client's behalf with a personal friend or a
person related to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve on the board of directors of, or act as consultant to, any publicly traded corporation. Please note that
ACI's Business Code of Conduct, Outside Business Activities Policy and Insider Trading Policy also contain limitations on outside employment and directorships.

**IX.** **What happens if you violate the rules in the Code of Ethics?** 

If you violate the requirements of the Code of Ethics, you may be subject to serious penalties. Violations of the Code and sanctions are documented by Compliance and submitted to the Code of Ethics Review Committee. The Committee consists of representatives of the investment adviser and the Compliance and Legal departments of ACI. The Committee is responsible for determining the materiality of Code violations and appropriate sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Materiality of Violation** 

In determining the materiality of a violation, the Committee considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indication of fraud, neglect, or indifference to Code provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary value of the violation in question; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level of influence of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Penalty Factors** 

In assessing the appropriate penalties, the Committee will consider the foregoing in addition to any other factors they deem applicable, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extent of harm to client interests;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the trade would have been approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount of profits on trades that would not have been approved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior record of the violator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which there is a personal benefit from unique knowledge obtained through employment with ACI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The level of accurate, honest and timely cooperation from the covered person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mitigating circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **The penalties which may be imposed include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Non-material violation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warning (notice sent to manager) and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attendance at a Code of Ethics training session and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of trading privileges and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unwinding transactions at your own expense and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Penalties for material or more frequent non-material violations will be based on
the circumstances of the violation. These penalties could include any of the above sanctions in addition to,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Suspension of trading privileges for one-year if, for any reason, you've
had three non-material trading violations in a six-month period. The six-month period will not include months for which you
served a suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Suspension or termination of employment.

**X.** **ACI's Quarterly Report to Fund Directors/Trustees** 

ACI will prepare a quarterly report for the Board of Directors/Trustees of each Fund Client of any material violation of this Code of Ethics.

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| | |
|:---|:---|
| **APPENDIX** | **1: DEFINITIONS**  |

---

**1.** **"Automatic Investment Plan"** 

"Automatic investment plan" means a program in which regular periodic purchases, exchanges or redemptions are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation including dividend reinvestment plans.

**2.** **"Beneficial Ownership" or "Beneficially Owned"** 

See "Appendix 2: What is Beneficial Ownership?"

**3.** **"Code-Exempt Security"** 

A "code-exempt security" is a security in which you may invest without preclearing the transaction with ACI. The list of code-exempt securities appears in Appendix 3. Code-exempt securities may require reporting of transactions and holdings.

**4.** **"Federal Securities Law"** 

"Federal securities law" means the Securities Act of 1933, the Securities Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted by the Commission or the Department of Treasury.

**5.** **"Fund Clients"** 

Fund clients includes each Fund Client listed on Schedule A.

**6.** **"Initial Public Offering"** 

"Initial public offering" means an offering of securities for which a registration statement has not previously been filed with the SEC and for which there is no active public market.

**7.** **"Investment Adviser"** 

"Investment adviser" includes each investment adviser listed on Schedule A

**8.** **"Member of Your Immediate Family"** 

A "member of your immediate family" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your minor children; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative who shares your home.

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For the purpose of determining whether any of the foregoing relationships exist, a legally adopted child of a person is considered a child of such person.

**9.** **"Private Placement"** 

"Private placement" means an offering of securities in which the issuer relies on an exemption from the registration provisions of the Federal Securities Laws, and usually involves a limited number of sophisticated investors and a restriction on resale of the securities.

**10.** **"Prohibited Security"** 

**"**Prohibited Security" is a security for which trading has been prohibited for Portfolio, Investment and Access Persons.

**11.** **"Related Security"** 

A security made available by the same issuer (i.e. stocks, preferred stocks, depository receipts, bonds, rights, warrants); or an underlying asset of a derivative (futures, SWAPs, etc.).

**12.** **"Reportable Brokerage Accounts"** 

A "reportable brokerage account" includes any account in which securities are held for the direct or indirect benefit of any person subject to this Code of Ethics, including managed or discretionary accounts.

**13.** **"Reportable Mutual Fund"** 

A "reportable mutual fund" includes any mutual fund issued by a Fund Client (as listed on Schedule A) and any subadvised funds (as listed on Schedule B).

**14.** **"Security"** 

A "security" includes a large number of investment vehicles. However, for purposes of this Code of Ethics, "security" (or "securities") includes but is not limited to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock, (including stock acquired in private placements and restricted stock in nonpublic companies received through an
employee stock ownership program);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasury stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange traded fund (ETFs) or similar vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts (UIT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of interest or participation in any profit-sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preorganization certificate or subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of deposit for a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in private investment funds including private equity funds, venture capital funds, or hedge funds, or
unregistered collective investment vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fractional undivided interest in oil, gas or other mineral rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, future, or privilege on any security or other financial instrument (including a
certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), including stock options received from an employer or through a retirement plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, future, or privilege entered into on a national securities exchange relating to foreign
currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, any interest or instrument commonly known as a "security;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, future on
or warrant or right to subscribe to or purchase, any of the foregoing.

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**15.** **"Subadvised Fund"** 

A "subadvised fund" means any mutual fund or portfolio listed on Schedule B.

**16.** **"Supervised Person"** 

A "supervised person" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of an investment adviser and is subject to the supervision and control of the investment adviser.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 22

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**APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"?** 

A "beneficial owner" of a security is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares in the opportunity, directly or indirectly, to profit or share in any profit derived from a purchase or sale of the security.

**1.** **Are securities held by immediate family members or domestic partners "beneficially owned" by me?** 

*Yes.* As a general rule, you are regarded as the beneficial owner of securities held in the name of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of your immediate family  **** ** OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other person IF you obtain from such securities benefits substantially similar to those of ownership. For example, if
you receive or benefit from some of the income from the securities held by your spouse, or domestic partner, you are the beneficial owner; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You hold an option or other contractual rights to obtain title to the securities now or in the future.

**2.** **Must I report accounts for which I am listed as a joint owner or have power of attorney?** 

*Yes.* As a general rule, you are regarded as an owner of any accounts for which you or your immediate family member are listed as a joint owner or have power of attorney.

**3.** **Am I deemed to beneficially own securities in accounts owned by a relative not living in my household for whom I am listed as beneficiary upon death?** 

*Probably not.* Unless you or your immediate family member have power of attorney to transact in such accounts or are listed as a joint owner, you likely do not beneficially own the account or securities contained in the account until ownership has been passed to you.

**4.** **Are securities held by a company I own an interest in also "beneficially owned" by me?** 

*Probably not.* Owning the securities of a company does not mean you "beneficially own" the securities that the company itself owns. *However,* you will be deemed to "beneficially own" the securities owned by the company if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You directly or beneficially own a controlling interest in or otherwise control the company; OR

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company is merely a medium through which you, members of your immediate family, or others in a small group invest or
trade in securities  **** ** and the company has no other substantial business.

**5.** **Are securities held in trust "beneficially owned" by me?** 

*Maybe.* You are deemed to "beneficially own" securities held in trust if you or a member of your immediate family are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a vested interest in the income or corpus of the trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A settlor or grantor of the trust and have the power to revoke the trust without obtaining the consent of all the
beneficiaries.

A blind trust exemption from the preclearance and reporting requirements of the Code may be requested if you or members or your immediate family do not have authority to advise or direct securities transactions of the trust. The accounts require reporting in ComplianceAlpha.

**6.** **Are securities in pension or retirement plans "beneficially owned" by me?** 

*Maybe.* Beneficial ownership does not include indirect interest by any person in portfolio securities held by a pension or retirement plan of a company whose employees generally are the beneficiaries of the plan.

However, your participation in a pension or retirement plan is considered beneficial ownership of the portfolio securities if you can withdraw and trade the securities without withdrawing from the plan or you can direct the trading of the securities within the plan (IRAs, 401(k)s, etc.).

**7.** **Examples of Beneficial Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Securities Held by Family Members or Domestic Partners

*Example 1:* Tom and Mary are married. Although Mary has an independent source of income from a family inheritance and segregates her funds from those of her husband, Mary contributes to the maintenance of the family home. Tom and Mary have engaged in joint estate planning and have the same financial adviser. Since Tom and Mary's resources are clearly significantly directed towards their common property, they shall be deemed to be the beneficial owners of each other's securities.

*Example 2:* Mike's adult son David lives in Mike's home. David is self-supporting and contributes to household expenses. Mike is a beneficial owner of David's securities.

*Example 3:* Joe's mother Margaret lives alone and is financially independent. Joe has power of attorney over his mother's estate, pays all her bills and manages her investment affairs. Joe borrows freely from Margaret without being required to pay back funds with interest, if at all. Joe takes out personal loans from Margaret's bank in Margaret's name, the interest from such loans being paid from Margaret's account. Joe is a beneficial owner of Margaret's estate.

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*Example 4:* Bob and Nancy are in a relationship. The house they share is still in Nancy's name only. They have separate checking accounts with an informal understanding that both individuals contribute to the mortgage payments and other common expenses. Nancy is the beneficial owner of Bob's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Securities Held by a Company

*Example 5:* ABC Company is a holding company with five shareholders owning equal shares in the company. Although ABC Company has no business of its own, it has several wholly-owned subsidiaries that invest in securities. Stan is a shareholder of ABC Company. Stan has a beneficial interest in the securities owned by ABC Company's subsidiaries.

*Example 6:* XYZ Company is a large manufacturing company with many shareholders. Stan is a shareholder of XYZ Company. As a part of its cash management function, XYZ Company invests in securities. Neither Stan nor any members of his immediate family are employed by XYZ Company. Stan does not beneficially own the securities held by XYZ Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Securities Held in Trust

*Example 7:* John is trustee of a trust created for his two minor children. When both of John's children reach 21, each shall receive an equal share of the corpus of the trust. John is a beneficial owner of any securities owned by the trust.

*Example 8:* Jane placed securities<u> </u>held by her in a trust for the benefit of her church. Jane can revoke the trust during her lifetime. Jane is a beneficial owner of any securities owned by the trust.

*Example 9:* Jim is trustee of an irrevocable trust for his 21-year-old daughter (who does not share his home). The daughter is entitled to the income of the trust until she is 25 years old and is then entitled to the corpus. If the daughter dies before reaching 25, Jim is entitled to the corpus. Jim is a beneficial owner of any securities owned by the trust.

*Example 10:* Joan's father (who does not share her home) placed securities in an irrevocable trust for Joan's minor children. Neither Joan nor any member of her immediate family is the trustee of the trust. Joan is a beneficial owner of the securities owned by the trust. She may, however, be eligible for the blind trust exemption to the preclearance and reporting of the trust securities.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 25

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**APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES** 

Because they do not pose a likelihood for abuse, code-exempt securities are exempt from the Code's preclearance requirements. However, confirmations of transactions in reportable brokerage accounts are required in all cases and some code-exempt securities must also be disclosed on your Quarterly Transactions, Initial, and Annual Holdings Reports. Certain securities have been prohibited. Portfolio, Investment and Access Persons are not allowed to trade in a Prohibited Security.

**1.** **Code-Exempt Securities Not Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investments stock and stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds that are not considered a reportable mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual funds (Access Persons only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund shares purchased through an automatic investment plan (including reinvested dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank Certificates of Deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government Treasury and Government National Mortgage Association securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements. A "high quality short-term debt
instrument" means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization.

**2.** **Code-Exempt Securities Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund shares purchased other than through an automatic investment plan (Portfolio and Investment Persons
only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Products\*, Closed-End Funds and Unit Investment Trusts

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities which are acquired through an employer-sponsored automatic payroll deduction plan (only the acquisition of the
security is exempt, NOT the sale)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities other than open-end mutual funds purchased through dividend reinvestment
programs (only the re-investment of dividends in the security is exempt, NOT the sale or other purchases)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts on the following:

– Futures on U.S. Treasuries.

Large Cap Indices including, but not limited to Standard & Poor's 500 or 100 Index, NASDAQ 100 Index, DOW 30 Industrials, FTSE All World Index, MSCI Indices (ACWI, EAFE, World), Russell 2000 and 3000, Wilshire 5000 . Futures contracts on non-Large Cap Indices and for other financial instruments are not code-exempt. Please contact Compliance to confirm that an index not listed is exempt from preclearance. <br>

Commodity futures contracts for agricultural products (corn, soybeans, wheat, etc.) only. Futures contracts on precious metals or energy resources are ***not*** Code-exempt. <br>

\*ACI STA ETF transactions require preclearance by the Portfolio Persons who have been granted portfolio manager or trade order access in the order-trade system (See Restrictions on Personal Investing Section H). [Portfolio Persons only]

**3.** **Prohibited Securities (Portfolio, Investment, Access Persons)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options Contract (Calls, Covered Calls, Puts, Naked Calls or Puts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracts for Difference (CFDs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Event futures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Binary Options

We may modify this list of securities at any time. Please contact Compliance to request the most current list.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 27

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**APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS** 

Preclearance Requests are submitted in ComplianceAlpha (<u>https://www.compliancealpha.com/auth/login</u>). To submit a request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From the ComplianceAlpha Dashboard, click on the "Submit Trade Request" link under Quick Links.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Click "Trade", the select the appropriate template:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Municipal Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Convertible Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Private Placement Preclearance Request (for private placements, private equity funds, hedge fund, private companies,
limited liability companies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. ACI STA ETF (Portfolio Persons assigned to an ACI STA ETF only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Self-Indexed ETF (members of the Index Governance Committee and certain members of Global Analytics Team who are
responsible for creating indexes only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once the preclearance process is complete, you will receive an email indicating if the request is approved or denied.

After you've entered a Preclearance Request on ComplianceAlpha, your transaction is subject to the following tests.

**Step1: Restricted Security List** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security on any Restricted Security list?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is subject to Step 2.

**Step 2: *De Minimis* Transaction Test (per security per day)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization less than $1 billion and the value of the employee's
requests in the security equal to or less than $5,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization between $1billion and $7.5 billion and the value of the
employee's requests in the security equal to or less than $10,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization greater than $7.5 billion and the value of the employee's
requests in the security equal to or less than $25,000 per day?

*If the answer to any of these questions is "NO",* then your request is subject to Step 3.

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**Step 3: Client Trades Test** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have there been any transactions in the past 72 hours or is there an open order for that security for any Client?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is Approved. You will receive an email with the approval and trading window.

**The preclearance request process can be changed at any time to ensure that the goals of this Code of Ethics are met.** 

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 29

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**Preclearance Process Flowchart** 

\*De Minimis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Is the market cap = to $1B and the per day trade value </= to $5,000 for the security and related securities?
</P

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Is the market cap between $1B and $7.5B and the per day trade value = to $10,000 for the security and related
securities; or </P

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Is the market cap >/= to $7.5B and the per day trade value = to $25,000 for the security and related securities?
</P

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 30

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**APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS** 

**Reportable brokerage accounts** 

All employees are required to link their reportable accounts in ComplianceAlpha. ACI has contracted with frequently used brokers to obtain secure electronic trade confirmations and position files for your trading activity and holdings information, listed on Schedule C Approved Electronic Brokers (AEB). Using an AEB is the preferred method for linking your accounts to ComplianceAlpha. However, if you choose to use a broker that is not an AEB, you will be required to link your accounts through ComplianceAlpha's Aggregation Feed. This process requires you to securely provide your log-in credentials so that ComplianceAlpha can obtain your trading and position information. Your log-in information will not be available to Compliance or ComplianceAlpha support staff. By linking your accounts to ComplianceAlpha, you are consenting for Compliance to obtain electronic trade confirmations and position information for your account.

Certain brokers may not be used due to their inability to consistently provide electronic transactions and holdings information. Please review Schedule C for a list of Prohibited Brokers.

Finally, account information, trading history, and position information may be provided manually. This option is not available for most brokerage accounts and is only available for special circumstances, such as a spouse's stock purchase plan, a trust account, or international brokers for which an Account Exemption must be requested (see Appendix 6: Requesting an exemption).

Follow these steps to link your accounts to ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on "Create Brokerage Account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use the **Direct Feed** tile to link Approved Electronic Brokers (listed on Schedule C of this policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your account details (Account Name, Account #s); Click "Next"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Date Opened, Account Owner Type, and Investment Discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Use the **Aggregation Feed** tile to link accounts for brokers that are not an AEB. Before using the Aggregation Feed,
ensure that your account cannot be linked through the Direct Feed (step 3). The Aggregation Feed requires that you and your family member's account log-in credentials are provided to link your account to
ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Click on your broker or click "Search Here" to find your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your broker account's Username and Password. Your information is immediately encrypted and passed along to
the broker feed provider to connect your account and pull back your holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Use the **Manual** tile for accounts that cannot be linked through the Direct Feed or Aggregation Feed. Note, you may
be required to move these accounts to a firm that can be accessed through a Direct Feed or Aggregation Feed unless you have a special circumstance to maintain the account through a manual feed. If you are required to move the account, it must be
completed within 90 days of your hire date. See "Appendix 6: Requesting an exemption" to request an Account Exemption.

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**Beneficially-owned ACI PFS Accounts (Portfolio and Investment Persons only)** 

You are required to report your beneficially-owned accounts in ACI open-end mutual funds held at ACI PFS. Use the **Aggregation Feed** tile to link ACI PFS accounts that are beneficially-owned. The Aggregation Feed requires that you and your family member's account log-in credentials are provided to link your account to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Click on your broker or click "Search Here" to find your American Century Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide your broker account's Username and Password. Your information is immediately encrypted and passed along to
the broker feed provider to connect your account and pull back your holdings and transactions. Compliance and ComplianceAlpha do not have access to the log-in credentials.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 32

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**APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only)** 

The Code of Ethics policy allows for limited exemptions. Exemption requests are submitted by emailing Compliance or in ComplianceAlpha using the following process:

**Trading Exemptions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the "Submit Trade Request" link under Quick Links or click on the Green
Action Button and click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Select "Trade" at "What type of request or disclosure would you like to set up?" Select
"Sell Exemption – Day 15 Exemption" form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Complete the required fields on the request form and submit the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Compliance will review your request. If your request is approved, Compliance will assign a one-day trading window which will be 15 days from the date the exemption was approved. You will be notified by email of the approval or denial.

**Account Exemptions:** 

A Managed Account or Blind Trust account exemption may be requested for accounts for which you or your immediate family members do not have discretionary trading authority. The accounts must be reported in ComplianceAlpha. You must provide a copy of your managed account or discretionary account agreement.

An Account Exemption Request may be requested to continue to hold an account which cannot be linked to ComplianceAlpha through the Direct Feed or Aggregation Link (i.e. Manual Accounts). A special circumstance must be in place for the Account Exemption to be approved.

Exemption requests may be emailed to Code of Ethics or submitted in ComplianceAlpha using the following process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the green action button.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Click on "Other"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select the appropriate template (Managed/Trust Account or Account Exemption) and click continue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Complete the requested information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attaching supporting documentation as required (i.e. Management Agreement or Discretionary Account Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Click Submit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Compliance will review the request and determine if the exemption can be approved. You will be notified of the completion
of the review through an email.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 34

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**SCHEDULE A: BOARD APPROVAL DATES** 

This Code of Ethics was most recently approved by the Board of Directors/Trustees of the following Companies as of the dates indicated:

---

| | |
|:---|:---|
| Investment Adviser | Most Recent Approval Date |
|  American Century Investment Management, Inc. | January 1, 2018 |
| Principal Underwriter | Most Recent Approval Date |
|  American Century Investment Services, Inc. | January 1, 2018 |
| Fund Clients | Most Recent Approval Date |
|  American Century Asset Allocation Portfolios, Inc. | December 1, 2017 |
|  American Century California Tax-Free and Municipal Funds | December 14, 2017 |
|  American Century Capital Portfolios, Inc. | December 1, 2017 |
|  American Century ETF Trust | December 20, 2017 |
|  American Century Government Income Trust | December 14, 2017 |
|  American Century Growth Funds, Inc. | December 1, 2017 |
|  American Century International Bond Funds | December 14, 2017 |
|  American Century Investment Trust | December 14, 2017 |
|  American Century Municipal Trust | December 14, 2017 |
|  American Century Mutual Funds, Inc. | December 1, 2017 |
|  American Century Quantitative Equity Funds, Inc. | December 14, 2017 |
|  American Century Strategic Asset Allocations, Inc. | December 1, 2017 |
|  American Century World Mutual Funds, Inc. | December 1, 2017 |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 35

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**Code of Ethics** 

**SCHEDULE B: SUBADVISED FUNDS** 

***(Last updated December 17, 2025)***

The following funds are subject to the Code of Ethics, as well as any other funds for which American Century Investment Management, Inc. serves as an investment adviser. This list of affiliated funds will be updated on a regular basis.

---

| |
|:---|
| &nbsp;&nbsp; 1290 Funds: 1290 Avantis U.S. Large Cap Growth Fund |
| &nbsp;&nbsp; American Beacon Funds – American Beacon International Equity Fund |
| &nbsp;&nbsp; Bridge Builder Trust – Bridge Builder Small /Mid Cap Value Fund |
| &nbsp;&nbsp; CIBC Global Equity Growth Pool |
| &nbsp;&nbsp; CIBC International Small Companies Fund |
| &nbsp;&nbsp; CIBC U.S. Equity Value Pool |
| &nbsp;&nbsp; Columbia Funds Series Trust II: Multi-Manager Value Strategies Fund |
| &nbsp;&nbsp; Columbia Funds Variable Series Trust II: CTIVP-American Century Diversified Bond Fund |
| &nbsp;&nbsp; EQ Advisors Trust: EQ/American Century Mid Cap Value Portfolio |
| &nbsp;&nbsp; EQ Advisors Trust / American Century Moderate Growth Allocation Fund |
| &nbsp;&nbsp; FP Brunel Pension Partnership - FP Brunel Smaller Companies Equities Fund |
| &nbsp;&nbsp; GuideStone Funds: Small Cap Equity Fund |
| &nbsp;&nbsp; GuideStone Funds: Value Equity Fund |
| &nbsp;&nbsp; Hana Asset Management Co., Ltd.: HANA Global Reits Master |
| &nbsp;&nbsp; Hana Asset Management Co., Ltd.: HANA Asian Reits Investment |
| &nbsp;&nbsp; IBK Asset Management Co., Ltd.: IBK Gold Mining Securities Fund – Master [Equity] |
| &nbsp;&nbsp; IG Wealth Management – iProfile U.S. Equity Private Pool |
| &nbsp;&nbsp; KB Asset Management, Co., LTD: KB Global ESG Securities Master Fund Equity |
| &nbsp;&nbsp; KB Asset Management, Co., Ltd.: KB Yellow Umbrella Global Professional Private Securities Master 36-2 (USD)(FoF) |
| &nbsp;&nbsp; Learning Quest 529 Education Savings Program |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Balanced Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Capital Appreciation Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Disciplined Core Value Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Inflation Protection Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century International Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Large Company Value Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Mid Cap Value Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Select Mid Cap Managed Volatility Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Ultra Fund |
| &nbsp;&nbsp; Lincoln Variable Insurance Products Trust – LVIP American Century Value Fund |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 36

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**Code of Ethics** 

---

| |
|:---|
| &nbsp;&nbsp; Mercer Funds: Mercer Non-U.S. Core Equity Fund |
| &nbsp;&nbsp; Mercer Global Investments Canada Limited: Mercer International Equity Fund |
| &nbsp;&nbsp; MML Series Investment Fund: MML Mid Cap Value Fund |
| &nbsp;&nbsp; MML Series Investment Fund: MML Sustainable Equity Fund |
| &nbsp;&nbsp; Nomura – ACI Advanced Medical Impact Investment Mother Fund |
| &nbsp;&nbsp; Nomura – ACI ESG Global REIT Mother Fund |
| &nbsp;&nbsp; Nomura – ACI ESG Global Small Cap Equity Mother Fund |
| &nbsp;&nbsp; Nomura – ACI Global REIT Mother Fund |
| &nbsp;&nbsp; Nomura – ACI U.S. Growth Equity Mother Fund |
| &nbsp;&nbsp; Nomura Asset Management Europe KVG mhB – A-USA-La-ACI |
| &nbsp;&nbsp; Nomura Asset Management Europe KVG mhB – Aktien USA 1 |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century Global Small Cap Equity Fund |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century Global Growth Equity Fund |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century Global Concentrated Global Growth Equity Fund |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century Emerging Market Equity Fund |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century Emerging Markets Transition Equity Fund. |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century Global Value Transition Equity Fund |
| &nbsp;&nbsp; Nomura Funds Ireland plc - American Century US Focused Innovation Equity Fund |
| &nbsp;&nbsp; Nomura Institutional Fund Select – American Century Global Growth Fund |
| &nbsp;&nbsp; Nomura U.S. Municipal General Obligation Bond Mother Fund |
| &nbsp;&nbsp; Nomura U.S. Value Strategy Mother Fund |
| &nbsp;&nbsp; Nomura Currency Fund – U.S. Growth Equity Fund |
| &nbsp;&nbsp; Northwestern Mutual Series Fund, Inc.: Inflation Protection Portfolio |
| &nbsp;&nbsp; Northwestern Mutual Series Fund, Inc.: Large Company Value Portfolio |
| &nbsp;&nbsp; Northwestern Mutual Series Fund, Inc.: Mid Cap Value Portfolio |
| &nbsp;&nbsp; NYLI VP Funds Trust: VP American Century Sustainable Equity Portfolio |
| &nbsp;&nbsp; Optimum Fund Trust: Optimum Large Cap Growth Fund |
| &nbsp;&nbsp; Pacific Select Fund: Small-Cap Value Portfolio |
| &nbsp;&nbsp; Penn Series Funds, Inc.: Mid Core Value Fund |
| &nbsp;&nbsp; PrivilEdge: American Century Emerging Markets Equity |
| &nbsp;&nbsp; Renaissance U.S. Equity Income Fund |
| &nbsp;&nbsp; Schwab Capital Trust: Schwab International Opportunities Fund |
| &nbsp;&nbsp; Trust for Professional Managers: Column Mid Cap Fund |
| &nbsp;&nbsp; Trust for Professional Managers: Column Small Cap Fund |
| &nbsp;&nbsp; VALIC Company 1 – Small Cap Growth Fund |
| &nbsp;&nbsp; VisionFund2: VF2 – ACIM US Large Cap Growth Core |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 37

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**Code of Ethics** 

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| |
|:---|
| &nbsp;&nbsp; Voya Partners, Inc.: VY American Century Small-Mid Cap Value Portfolio |
| &nbsp;&nbsp; Zurich Investments Concentrated Global Growth Scheme |
| &nbsp;&nbsp; Zurich Investments Unhedged Global Growth Share Scheme |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 38

------

**Code of Ethics** 

**SCHEDULE C: BROKERS** 

***(Last updated December 17, 2025)***

Compliance has contracted with Approved Electronic Brokers to obtain a secure electronic transfer of transactions and holdings information for the brokers listed on the Approved Electronic Broker list. Additionally, employees can link their accounts using ComplianceAlpha's aggregation feed if the broker is not listed on our Prohibited Broker list.

Due to the inability to obtain electronic trade confirmations and holdings from some brokers, maintaining a broker account is prohibited with the firms listed under Prohibited Brokers.

**PROHIBITED BROKERS** 

The use of the following brokers is prohibited due to the broker's inability to provide electronic trade confirmations and holdings.

Cash App Investing

Kalshi

Ninja Traders

Optimus Futures

Think or Swim

WeBull

**APPROVED ELECTRONIC BROKERS** 

The following brokers have entered into an agreement with ACI to provide trade confirmations electronically.

Alliance Bernstein

American Century Brokerage (through Pershing)

American Century Private Client Group (through Pershing)

Ameriprise Financial

Benjamin F. Edwards (through Pershing)

Cetera (through Pershing)

Charles Schwab - Investments

Chase – Investments

Citi Private Wealth

Citibank - Investments

Deutsche Bank

DriveWealth (Health Savings Account through WealthCare Savers)

Edward Jones

E\*TRADE at Morgan Stanley

Fidelity Investments

Fidelity International (UK)

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 39

------

**Code of Ethics** 

First Republic

Goldman Sachs Wealth Management

GW & Wade Asset Management (through National Financial Services)

Interactive Brokers

JP Morgan Private Client

Lion Street (through Pershing)

LPL Financial

MML Investors (through National Financial Services)

Merrill Lynch – MyMerrill Investments

Morgan Stanley - ClientServ

Northern Trust Securities

Northwestern Mutual

Oppenheimer & Co.

Raymond James

Robinhood

Royal Bank of Canada Wealth Management (RBC)

RBC Dominion Securities (Wealth Management) - Canada

Roundtable (through National Financial Services)

SEI Investments

Stifel Nicholas

UBS

US Trust

Vanguard Investments

Wells Fargo Advisors

Zerodha

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 40

## Ex-99.(P)(4)

![LOGO](g941623snap102a.jpg)

![LOGO](g941623g51c67.jpg)

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

**DALLAS \| HONG KONG \| LONDON \| SINGAPORE \| SYDNEY** 

Revised February 14, 2025

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![LOGO](g941623snap103.jpg)

**CODE OF ETHICS AND CONDUCT** 

**Table of Contents** 

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| | |
|:---|:---|
|  **Introduction** | **1** |
|  **Definitions** | **2** |
| **1. Policy for Possession of Material Non-Public Information** | **6** |
| **2. Duty of Confidentiality** | **9** |
| **3. Procedures for Access Persons** | **9** |
| **4. Exempted Transactions** | **13** |
| **5. Compliance Procedures** | **14** |
| **6. CCO's Authority and Duties** | **18** |
| **7. Reporting of Violations** | **18** |
| **8. Reporting to the Board of Managers** | **19** |
| **9. Sanctions** | **19** |
| **10. Retention of Records** | **20** |
|  **Exhibits** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Initial Report of Access Persons** | **A** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual Report of Access Persons** | **B** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Quarterly Transactions Report of Access Persons** | **C** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** | **D** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Personal Political Contribution Pre-Clearance Form of Access Persons** | **E** |
| &nbsp;&nbsp;&nbsp;&nbsp; **List of Reportable Funds of Access Persons** | **F** |

---

i

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![LOGO](g941623snap103.jpg)

**Introduction** 

Barrow Hanley Global Investors ("Barrow Hanley" or "the Firm") has adopted this Code of Ethics and Conduct (the "Code") in its current form in compliance with the requirements of Section 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Section 17(j) of the Investment Company Act of 1940. This Code was last amended on February 14, 2025. The Code requires the Firm's Access Persons to comply with the federal securities laws and the Firm's policies and procedures, sets standards of business conduct required of the Firm's supervised persons, and addresses conflicts that arise from personal transactions and other activity by Access Persons. The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards by the Firm and its Access Persons. As a fiduciary, the Firm and its employees: (i) have the responsibility to render professional, continuous, and unbiased investment advice, (ii) owe its clients a duty of honesty, good faith, and fair dealing, (iii) must act at all times in the best interests of clients, and (iv) must avoid or disclose conflicts of interest.

A. Barrow Hanley's Code of Ethics and Conduct is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Set standards for ethical conduct based on the fundamental principles of openness, integrity, honesty, and
trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Protect the Firm's clients by deterring misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Educate employees regarding the Firm's expectations and the laws governing their conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Remind employees that they are in a position of trust and must act with complete propriety at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Protect the reputation of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Guard against violations of the securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Establish procedures for employees to monitor the Firm's business and uphold its ethical principles,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Discourage excessive risk-taking in employees' personal investments and/or in a client's
account.

B. This Code is based upon the principle that the directors, officers, and employees of the Firm owe a
fiduciary duty to the Firm's clients to conduct their affairs, including their personal transactions, in such a manner as to avoid:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Serving their own personal interests ahead of a client's interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Taking inappropriate advantage of their position with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Actual or potential conflicts of interest, and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Abuse of their position of trust and responsibility.

C. As a fiduciary, employees should avoid conflicts of interest where possible. This Code requires disclosure
and reporting of any unavoidable conflicts of interest.

D. This Code is designed to implement controls that discourage employees from taking excessive risk in a
client's account and/or in the employee's personal investments and Reportable Account(s).

E. Barrow Hanley's fiduciary duty includes the duty of the Chief Compliance Officer ("CCO")
of the Firm to maintain, monitor, and enforce the Code, periodically review and amend the Code, and to report material violations of the Code to the Firm's Board of Managers and clients.

F. This Code contains requirements necessary to prevent Access Persons from violating the Firm's
standards and procedures designed to prevent violations of the Code. Each Access Person at the commencement of their employment must certify to their understanding of the Code's requirements and acknowledge to abide by all of the Code's
provisions and prohibitions. Each Access Person must re-certify their understanding and acknowledgement of the Code annually, and any time the Code is amended.

**Definitions** 

The following terms are used throughout this Code and are defined here to describe and explain their use and purpose for the Code's provisions and prohibitions.

A. **"Access Person"** means supervised persons of the Firm including any director, officer,
general partner, Advisory Person, Investment Personnel, Portfolio Manager, or employee of the Firm. The CCO may, in her discretion, designate other individuals (e.g., affiliates, consultants, interns and temporary employees) that have access to
client information as Access Persons of the Firm. The CCO may exempt certain Access Person(s) and/or Members of its Board of Managers from certain provisions and prohibitions of this Code who are subject to another code of ethics that has been
approved by the CCO.

B. **"Advisory Person"** means any person in a Control relationship to the Firm who obtains
information concerning recommendations made to the Firm with regard to the purchase or sale of a security by the Firm.

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C. **"Affiliate" or "Affiliated Company"** means a company which is an affiliate of
the Firm through a corporate relationship, including the Firm's parent company, Perpetual Limited ("Perpetual Group") (ASX ticker: PPT), a global financial services firm operating a multi-boutique asset management business, as well
as wealth management and trustee services businesses.

D. **"Beneficial Ownership"** means any person who, directly or indirectly, through any
contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect beneficial interest in an account or security. Such relationships may include but are not limited to an employee's spouse, children, parents,
guardians, or person for whom the employee has control or owes a duty of care.

E. **"Black-out Period"** means the time period
designated by the CCO whereby an Access Person and/or Family Members must not trade a Reportable Security, see Trading Restriction for Access Persons, Section 3.D.

F. **"Business Entertainment"** means an Access Person's participation, whether as
a guest or host, in lunches, dinners, cocktail parties, sporting activities or similar business gatherings conducted for business purposes. Business Entertainment is not a Gift.

G. **"Control"** means the power to exercise a controlling influence over the management or
policies of a company or person unless such power is solely the result of an official position with such company. Any Person or entity who owns beneficially, either directly or through one or more controlled companies or relationships, more than 25%
of the voting securities of a company shall generally be presumed to control such company. Any Person who does not own more than 25% of the voting securities of any company shall not be presumed to control such company.

H. **"Covered Associate"** means any general partner, managing member, executive officer, or
other individual with a similar status or function, any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee.

I. **"Direct Beneficial Interest"** means a Person has a direct interest as an owner of
something or receives a direct benefit from an investment in a Reportable Security. A direct benefit may derive from an indirect interest in, among other things, something owned by a Person's spouse, domestic partner, or Family Trust.

J. **"Exchange Traded Fund" or ("ETF")** means an investment fund that holds a
collection of assets, such as stocks, bonds, or commodities, and trades on stock exchanges.

K. **"Family Member"** means any person sharing the same household with an Access Person
(including spouses, domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relatives, adoptive relatives, and legal guardians), or any other person for which an Access Person has "Beneficial Ownership" of
their accounts or securities.

------

L. **"Firm"** means Barrow Hanley Global Investors, BH Credit Management, LLC, and their related
general partner entities.

M. **"Gift"** means cash or any item of value.

N. **"Government Entity"** means any state or local government agency, authority, or
instrumentality of a state or local government, any pool of assets sponsored by a state or local government (i.e., defined benefit pension plan, separate account or general fund), and any participant-directed government plan.

O. **"Indirect Beneficial Interest"** means a Person, who is not an owner, receives an indirect
benefit from an investment in a Reportable Security. An Indirect Beneficial Interest may be derived from any number of sources, as noted above.

P. **"Investment Personnel"** means: any Portfolio Manager of the Firm, Research Analysts,
Traders, Client Portfolio Managers, and other personnel who provide information and advice to the Portfolio Manager, or who help execute the Portfolio Manager's investment selection.

Q. **"Managed Fund"** means any Reportable Fund for which the Firm serves as an Investment
Adviser or Sub-Adviser.

R. **"Person"** means natural person or company.

S. **"Political Action Committee" ("PAC")** means an organization whose purpose is
to solicit and make Political Contributions.

T. **"Political Contribution"** means any Gift, subscription, loan, advance, or deposit of money
(such as gift certificates or merchandise), or anything of value given to a candidate or PAC for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The purpose of influencing any election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The payment of debt incurred in connection with any such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transition or inaugural expenses of the successful candidate for office, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinating contributions through bundling or facilitating the contributions of other persons or PACs,
including acting as a host to solicit contributions.

Examples of contributions include, (i) the cost of attending or hosting fundraising events; (ii) payments to bond ballot campaigns; (iii) expenses incurred in connection with fundraising; or (iv) expenses incurred from other volunteer activities (e.g., hosting a reception).

------

U. **"Political Fundraising Activities"** include, but are not limited to, the following
activities on behalf of a state or local candidate or official:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Coordinating contributions (generally, bundling, pooling, or otherwise facilitating the contributions made
by other persons, including hosting events),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Soliciting contributions (generally, communicating, directly or indirectly, for the purpose of obtaining or
arranging a Political Contribution), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directing fundraising efforts.

V. **"Portfolio Directional Trade"** means a trade directed by a Portfolio Manager intended to
increase or decrease a security's investment weighting in a client(s) account. This is a separate type of trade from a trade required to satisfy a client's cash-flow request.

W. **"Portfolio Manager"** means an employee of the Firm entrusted with the direct
responsibility and authority to make investment selection decisions for a client's account.

X. **"Reportable Account"** means any account maintained with a bank, broker, or other entity in
which an Access Person or Family Member owns Reportable Securities or has the ability to transact in Reportable Securities or has discretion over trading Reportable Securities on behalf of another.

Y. **"Reportable Fund"** means any Fund or Trust where the Firm or an Affiliate acts as the
investment adviser, sub-adviser or principal underwriter for the fund. A list of Reportable Funds is attached as Exhibit F, and is available on StarCompliance, or from the Compliance Department.

Z. **"Reportable Security"** means a Security that is subject to the requirements of this Code,
including any note, stock, treasury stock, corporate or municipal bond, foreign government bond, debenture, exchange-traded fund ("ETF"), evidence of indebtedness, bank loan, certificate of interest or participation in any profit-sharing
agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional
undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, future, swap, convertible, or privilege on any security, group, or index of Reportable Securities on a national securities exchange, relating to foreign
currency, or, in general, any interest or instrument commonly known as a security, or instrument for trading speculation, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant
or right to subscribe to or purchase, any of the foregoing, Reportable Fund, Managed Fund, limited offering or partnership, bank loan for the purpose of investing, private placement, or hedge fund investment. **Reportable Security does not mean** direct obligations of the Government of the United States, high quality short-term debt instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, crypto currencies and other blockchain
technologies.

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---

| | |
|:---|:---|
| AA. | **"Solicit a Government Entity for Investment Advisory Services"** means a direct or indirect communication with a state or local Government Entity for the purpose of obtaining or retaining investment advisory services business including, but not limited to, the following:  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Leading, participating in, or attending a sales/solicitation meeting with a state or local Government
Entity, such as a government pension plan or general fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Otherwise holding oneself out as part of the Barrow Hanley's representative or sales/solicitation
effort with a state or local Government Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Signing a submission to an RFP in connection with Barrow Hanley's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Making introductions between government officials and Barrow Hanley.

---

| | |
|:---|:---|
| BB. | **"State or Local Official(s)"** means any person, including any election committee for such person, who was, at the time of a Political Contribution, an official, incumbent, candidate, or successful candidate for elective office of a state or local government, including, but not limited to, any state or local agency, authority, or instrumentality, limited exceptions may apply depending on the nature of the office, as identified by the Firm's CCO.  |

---

1. **Policy for Possession of Material Non-Public Information** 

The Firm's Policy for possession of material non-public information ("MNPI") applies to every Person subject to this Code, including Access Persons and their Family Members, and extends to each individual's activities within and outside of their duties at the Firm. Any questions regarding this policy and procedures should be referred to the Firm's CCO.

A. In compliance with Section 204A of the Advisers Act, the Firm forbids any officer, director, Access
Person or Family Member, from acting on and/or trading, either personally, on behalf of clients, or others, including accounts managed by the Firm, on material non-public information, or communicating material non-public information to others in violation of the law, frequently referred to as "insider trading".

B. The term "material non-public information means information
that is material to a company, a government policy, or other regulatory entity or policy that is not known to the public and is material to the value of such company, or related industry or entity, and if made public would affect the value of such
company's shares, or impact the investment market(s), and investments of a Person, or client.

------

C. The term "insider trading" is not defined in the federal securities laws, but generally is used
to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider"), or to communicate material non-public information to others. The term "insider information" includes non-public facts about a publicly traded company that may be used to a Person's financial advantage when trading shares of the
Company and includes information about the firm's securities recommendation(s), and client holdings and transactions. While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by a Person while in possession of material non-public information MNPI, (i) whether the Person is an insider or not; (ii) whether the information was disclosed to the Person in violation of an insider's duty to keep it confidential; whether the information was misappropriated or received
inadvertently; or whether the trade was profitable or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Communicating material non-public information to others in a breach
of fiduciary duty, or for another's intent to trade on the information.

D. Information is material if or when there is a substantial likelihood that a reasonable investor would
consider it important in making their investment decisions(s), or information that is reasonably certain to have a substantial effect on the price of a company's securities (shares or bonds) whether it is determined factual or a rumor.
Information that a Person subject to this Code should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or
agreements, major litigation, debt service and liquidation problems, extraordinary management developments, write-downs or write-offs of assets, additions to reserves for bad debts, new product/services announcements, criminal, civil, and government
investigations and indictments. Material information does not have to relate to a company's business. For example, material information about the contents of any upcoming press release, media column, or blog that may affect the price of a
security, and therefore, may be considered material. Disclosure of a mutual fund client's trades or holdings, or any client's holdings that are not publicly available, may be considered material information and must be kept confidential.
All employees of Barrow Hanley are subject to this Policy and to the Duty of Confidentiality of this Code.

E. Information is non-public until it has been effectively communicated
to the marketplace. A Person must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in the media, internet, or other publications of general
circulation would be considered public. A Person should be particularly careful with information received from contacts at public companies or received through their position with Barrow Hanley. Under certain circumstances, the Firm may seek or
agree to receive non-public information (some of which is likely to be material) with respect to borrowers under bank loans ("Bank Loan Issuer") on which the Firm has actively gone private.
Generally, such nonpublic information regarding Bank Loan Issuers is made available through information services such as, but not limited to, Intralinks, Debt Domain or SyndTrak. In instances where such a Bank Loan Issuer is also an issuer of public
securities, such public securities are placed on the Firm's Restricted List to the extent the Firm has accessed material non-public information that has not been otherwise disseminated to the market. As
a general matter, the CCO shall be responsible for the determination to add or remove an issuer from the Restricted List and may consult with internal or external counsel as needed in making such determination.

------

F. Each Person must consider the following before trading for themselves or others in the Reportable Securities
of a company about which that Person has potential inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor would consider important in making their
investment decisions? Is this information that would affect the market price of the Reportable Security if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information non-public? To whom has this information been
provided? Has the information been effectively communicated to the marketplace?

G. The role of the Firm's CCO is critical to the implementation and maintenance of the Firm's
policy and procedures against insider trading. If, after consideration of the above, a Person believes that the information is material and non-public, or if a Person has questions as to whether the
information is material and non-public, that Person should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to the Firm's CCO. After the CCO has reviewed the issue, a determination
will be made as to trading or restricting the security, and the employee will be instructed to continue the prohibition against communication or will be allowed to trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the securities on behalf of him/herself or others. The Firm may determine to
restrict trading in the security for Access Persons, for the clients' portfolios or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information to anyone inside or outside the Firm, other than to the Firm's CCO
as required under this Policy.

H. The CCO may communicate potential insider information to outside counsel and compliance/legal personnel at
Perpetual, for consultative purposes. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer
files containing material non-public information should be restricted. The CCO will review and appropriately document each circumstance where the possibility of insider information has been reported. Further
actions to restrict trading in the security, to release a restriction against trading, or to limit trading, are based on the facts and circumstances of the information.

I. The Firm's clients include (i) private funds sponsored by the Firm that invest in the equity and
mezzanine tranches of collateralized loan obligations ("CLOs") and (ii) CLOs. Desktop procedures are maintained by the CLO portfolio managers and the Firm's Compliance Department, subject to oversight by the Firm's CLO
Governance Committee with respect to MNPI considerations in the trading of CLO equity or debt tranches.

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2. **Duty of Confidentiality** 

Any Person subject to this Code must keep confidential at all times any non-public information they may obtain. This information includes but is not limited to:

A. Information about a client's account, including account holdings, recent or pending securities
transactions, investment recommendations, and/or activities of the Portfolio Managers and Research Analysts for clients' accounts.

B. Information about the Firm's clients and prospective clients' investments and account
transactions.

C. Information about the Firm's personnel, including private personally identifiable information (PII),
pay, salary, bonus, equity interest, benefits, position level, performance rating, discipline history, non-business information obtained in the course of the employee's job, and other things; and

D. Information about the Firm's financial information, business activities, including new investment
strategies, services, products, technologies, business initiatives, client gains/losses, and negotiated fee details.

The Firm's personnel have the highest fiduciary obligation to keep confidential information relating to Perpetual Group to any party that does not have a clear and compelling need to know such information, and to safeguard all confidential information about the Firm and its clients. Barrow Hanley's Privacy Policy for safeguarding clients' personal information, account information, and transactions is provided in the Firm's Compliance Policies and Procedures (the "Compliance Manual"). The information for data security and systems are provided in the Firm's Employee Handbook.

Nothing in this Code precludes any Access Person from contacting, filing a complaint with, providing information to, or cooperating with an investigation conducted by the U.S. Securities and Exchange Commission or any other governmental agency.

3. **Procedures for Access Persons** 

In an effort to comply with federal securities regulations and the high standards Barrow Hanley has set to avoid potential conflicts of interest, the following procedures have been adopted:

**Who Must Comply with these Procedures?** 

All employees of Barrow Hanley and their Family Members are subject to, and must comply with, the requirements of this Code. (In general, you must report all securities-related accounts for yourself, household members, and/or any person whose investments you may direct, see Section B., Personal Trading Procedures for Access Persons and Family Members, below.) In addition to employees, under certain circumstances, other individuals who work for or with Barrow Hanley may also be required to comply with this Code (e.g., affiliates, interns, temporary workers, and consultants). A member of Barrow Hanley's Compliance team will notify such individuals when, and if, they are required to comply. 

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A. **General Procedures for Access Persons.** As defined by this Code, all employees of the Firm are
identified as Access Persons and are subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Restriction on Accepting and Giving Gifts of More than de Minimis Value.** Without pre-approval of the CCO, Access Persons are restricted from accepting or giving any Gift(s) of more than de minimis value under this Code from/to any Person or entity/organization when the Gift(s) is related to
conducting the Firm's business. Gifts must be reported monthly, or at the time a Gift is accepted or given. Reports should be made in StarCompliance or the Gift and Entertainment Form available on the Firm's shared file network at: <u>S:\BHMS_Shared\Compliance\Forms</u> 

Questions about this Gift policy should be directed to the CCO. A Gift does not include Business Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The de minimis amount for accepting a Gift(s) is USD $100 (in total) per Person and is considered to be the
annual receipt of Gift(s) from the same source valued at up to USD $100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The de minimis amount for Gift(s) giving by the Firm or its employees is USD $250 (in total) per Person, and
is considered to be the annual giving of Gift(s) to the same Person valued at up to USD $250.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ERISA and Taft Hartley regulations have specific limitations for Gifts and Entertainment and reporting
requirements when Gifts are given. To ensure proper reporting the CCO should be notified when an employee intends to give a Gift to an ERISA or Taft Hartley client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Reporting Business Entertainment.** Access Persons, whether the employee is the provider or
participant, must report Business Entertainment activity monthly, or at the time it occurs. Extravagant or excessive entertainment is prohibited. Questions about what may be considered extravagant or excessive should be directed to the CCO. Any
exceptions to this policy must be approved by the CCO. Business Entertainment should be reported in StarCompliance or on the Gift and Entertainment Form available on the Firm's shared file network at: <u>S:\BHMS_Shared\Compliance\Forms</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Prohibition on Service as a Director or Public Official.** Due to the obvious conflict of interest,
Access Persons, including Investment Personnel, are prohibited from serving on the board of directors of any publicly traded company, or for-profit company, without prior authorization of the Firm's CCO.
Any such authorization shall be based upon a determination that the board service would be consistent with and not detract from the interests of the Firm's clients. Authorization of board service shall be subject to a review of such service
and implementation of procedures to identify and isolate such a Person from making decisions about investments or trading in that company's securities, or advising about investing the company's assets, and adequate disclosure of any
conflicts of interest must be provided to the CCO and may be disclosed in the Firm's Form ADV, and/or other documentation.

B. **Personal Trading Procedures for Access Persons and Family Members.** The policies of this Code apply to
all employees of the Firm identified as Access Persons and the procedures extend to accounts of which the Access Person is the beneficial owner, or accounts in which the individual has any financial interest, or ability to exercise control or
influence over its investments or trading. The procedures <u>also</u> extend to any account belonging to immediate Family Members (including any relative by blood or marriage) living in the Access Person's household or dependent on the Access
Person for financial support. Thus, a Person subject to this Code is required to abide by the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prohibition on Initial Public Offerings ("IPO").** Persons subject to this Code are
prohibited from acquiring securities in an initial public offering or secondary offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Prohibition on Initial Coin Offerings .** Persons subject to this Code are prohibited from securities
transactions involving an initial coin offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Restriction on Private Placements.** Persons subject to this Code are restricted from acquiring
securities in a private placement without prior approval from the Firm's CCO. In the event that an Access Person receives approval to purchase securities in a private placement, the Access Person must disclose that investment if/when the
company intends to offer shares to the public in an IPO and/or if the individual plays any part in the Firm's later consideration of an investment in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Prohibition on purchasing Perpetual Group securities.** Persons subject to this Code are prohibited
from acquiring securities issued by the Firm's parent company, Perpetual Group Limited (ASX: PPT), or any publicly traded securities of other related or Affiliated Company(s) in their own account or in a client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Restriction on Options, Swaps, Futures, or Derivatives.** Persons subject to this Code are restricted
from purchasing or selling any option, swap, future, or derivative on any Security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Prohibition on Naked Options.** Persons subject to this Code are prohibited from trading Options,
Swaps, Futures or Derivatives on any Security or instrument that the Access Person does not have previously set-aside shares, Securities, or cash to fulfill the obligation of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Prohibition on Short selling.** Persons subject to this Code are prohibited from selling any Security
that the Access Person does not own, or otherwise engaging in "short selling" activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Prohibition on Short-term Trading Profits.** Persons subject to this Code are prohibited from profiting
in the purchase and sale, or sale and purchase, of the same (or related) Reportable Securities within 60 calendar days. Profits realized on such short-term trades are generally subject to disgorgement, as determined by the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Prohibition on Short-term Trading of Managed Funds.** Persons subject to this Code are prohibited from
short-term trading of any Managed Fund shares. For the purpose of this Code, short-term trading is defined as a purchase and redemption/sell of a Managed Fund's shares within 30 calendar days. This prohibition does not cover purchases and
redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) purchases effected on a regular periodic basis by automated means, such as 401(k) purchases, or Voluntary Deferral Plan "VDP" contributions
("automated means" are pre-selected investment allocations; 401(k) or VDP trades that are not automated are subject to at least a 30-day holding period).

C. **Political Contribution and Charitable Contribution Procedures for Access Persons and Family Members.** The Firm is prohibited from making political contributions. Employees of Barrow Hanley are prohibited from making Political Contributions in the name of the Firm. As defined by this Code, all employees of the Firm are identified as Access
Persons and are subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Personal Political Contributions to Candidates.** All Access Persons and their Family Members are
limited in the amount of any political contribution to any state or local office holder or candidate to the following: (i) if the Access Person or their Family Member is Eligible to Vote for such candidate, contributions are limited to the di
minimis amount of USD $350; (ii) if the Access Person or their Family Member is not entitled to vote for such candidate, contributions are limited to the di minimis amount of USD $150. Certain exceptions to this policy based on the Pay-to-Play Rule may be permitted by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Pre-Clearance of Personal Political Contributions and Fundraising Activities.** All Access Persons and their Family Members must obtain approval in advance from the CCO before: (i) making any Political Contribution to any state, or local candidate, or official running for state or local office, or candidate
for a federal office who is currently a State or Local Official, and (ii) participating in any Political Fundraising Activities. Political Contributions and Political Fundraising Activity will be approved on a case-by-case basis. Pre-clearance should be obtained prior to making a Political Contribution or participating in a Political Fundraising Activity by completing and
submitting a Personal Political Contribution Pre-Clearance Form for fundraising activity in StarCompliance or Exhibit E. The CCO will review each request to determine whether the Political Contribution or
Political Fundraising Activity is permitted under applicable law and is consistent with this policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Prohibition on Certain Political Contributions.** Access Persons may not make personal Political
Contributions for the purpose of obtaining or retaining advisory contracts with government entities, clients, or for any other business-related purpose. Access Persons also may not consider any of the Firm's current or anticipated business
relationships as a factor in soliciting or making Political Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Prohibition on Certain Charitable Contributions.** Access Persons may not consider any of the
Firm's current or anticipated business relationships as a factor in soliciting or making charitable contributions and may not make charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities
or clients. The Firm may make charitable contributions as part of its formal charitable efforts and not for the purpose of obtaining or retaining advisory contracts with government entities or clients and must be made in the name of Barrow Hanley
and payable directly to the tax-exempt charitable organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Indirect Action by an Access Person.** Access Persons are prohibited from doing anything indirectly
that, if done directly, would result in a violation of applicable law or this policy. For example, it is a violation of this policy for an Access Person to direct someone on their behalf to make a Political Contribution in excess of applicable
limits.

D. **Trading Restriction for Access Persons and Family Members on the Same Day as a Portfolio Directional Trade.** Access Persons and Family Members are restricted from purchasing or selling any Reportable Security on the same day the Firm executes a Portfolio Directional Trade in that same security for a client(s) account. Reasonable
exceptions may be granted by the CCO when the trade does not appear to affect or harm any client(s).

**4.** **Exempted Transactions** 

Certain prohibitions and restrictions for Access Persons and Family Members in Section 3, B. and D. above, do not apply to:

A. Purchases or sales of a Reportable Security made on the same day that a cash flow trade is executed in that
same security for a client account, as determined and authorized by the Firm's CCO or her representative.

B. Purchases which are part of an automatic dividend reinvestment plan, or an automatic investment plan, or
automated means of 401(k) purchases, or VDP contributions.

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C. Purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its Reportable Securities, to the extent such rights were acquired from such issuer; or sales of such rights so acquired, or sales occurring simultaneously with the
exercise of such rights.

D. Purchases and sales in shares of unaffiliated mutual funds, or ETFs, or Options on ETFs. Holdings in
unaffiliated mutual funds, ETFs, and Options on ETFs must be reported annually, and transactions must be reported quarterly; however, generally trades in unaffiliated mutual funds, ETFs, and Options on ETFs do not require pre-clearance and are exempt from the 60-day holding for realizing a profit. Exceptions to this exemption may apply when an ETF is purchased for a client's account or
for single-stock ETFs (including leveraged single-stock ETFs), the purchase and sale of which are not exempted transactions and require pre-clearance.

E. In addition to the above exemptions, the CCO may make exceptions to the restrictions imposed upon persons
subject to the Code on a case-by-case basis, as deemed appropriate by the CCO, and which appear upon inquiry and investigation to present no reasonable likelihood of
harm to any client.

**5.** **Compliance Procedures** 

All access persons are subject to the following procedures:

A. **StarCompliance Application.** Access Persons should use the StarCompliance Application for pre-clearance and reporting requirements under this Code. Certain transactions may require written pre-clearance and reporting on Reports identified as Code Exhibits A, B, C,
D, or E, and these forms are available on the Firm's shared drive at: <u>S:\BHMS_Shared\Compliance\Policies.</u> 

B. **Records of Reportable Securities Transactions**. Access Persons must notify the Firm's CCO if
they or a Family Member have opened a Reportable Account during the quarter. Access Persons must direct their brokers to report into StarCompliance via a data feed or provide the Firm's CCO with duplicate brokerage confirmations of their
Reportable Securities transactions and duplicate statements of their Reportable Account(s).

C. **Pre-Clearance of Reportable Securities Transactions.** Access
Persons and Family Members must receive prior approval from a designated member of compliance, before purchasing or selling Reportable Securities. Exclusions to this are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Managed Funds in the Firm's 401K Plan or VDP Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exchange Traded Funds (ETFs) (excluding single-stock ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases and sales over which a Person subject to the Code has no direct or indirect influence or control,
such as automatic investments in 401K or VDP accounts, Family Trust Funds, or other accounts

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases or sales pursuant to an automatic action under an automated investment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired or sales occurring simultaneously with the exercise of such rights, acquisition of securities through stock dividends, dividend
reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations, or distributions generally applicable to all holders of the same class of securities;

D. **Open-End Investment Company Shares Other Than Managed Funds.** This Code provides a limited exception on Reportable Securities from pre-clearance and short-term trading profit requirements; securities under this exception include ETFs. (Reportable Funds must be held 30
days).

E. **Pre-Clearance for Reportable Securities is Valid for That Trading Day.** Personal Reportable Securities transactions should be pre-cleared using the StarCompliance or Exhibit D, *Personal Reportable Securities Transaction(s) Pre-Clearance Form*. The CCO or another authorized member of the compliance team may approve transactions which appear upon inquiry and investigation to present no reasonable likelihood of harm to any
client. Exceptions to this requirement may include the CCO's approval of a pre-clearance request(s) for a calendar week for trades in Reportable Securities that are not held in a client's account,
do not fit the Firm's investment strategies, and are thinly traded such that a trade order will not likely be filled on the day of the pre-clearance.

F. **Pre-Clearance of Any Transaction in a Managed Fund.** All
Access Persons and Family Members must receive prior written approval from a designated member of compliance before purchasing or selling any Managed Fund. Pre-clearance for Managed Funds is valid for that
trading day. This pre-clearance requirement does not cover purchases and redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) effected on a regular periodic basis
by automated means, such as 401(k) purchases and VDP transactions, or (iii) 401(k) investment reallocation.

G. **Disclosure of Personal Holdings, and Certification of Compliance with the Code of Ethics and Conduct.** All Access Persons must disclose to the Firm's CCO all personal Reportable Securities holdings at commencement of employment, and annually thereafter as of December 31. Every Access Person must certify on Exhibit A, Initial Report of
Access Persons, or Exhibit B, Annual Report of Access Persons, or through StarCompliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The employee and their family member(s) recognize that they are subject to all provisions and prohibitions
of this Code, and has read, understands, and will follow the Code's requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The employee and family member(s) have complied with the requirements of this Code, and have reported all
personal Reportable Securities, Reportable Accounts, holdings in Managed Funds, and Personal Transactions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Initial holdings report must be made within ten days of hire.

H. **Reporting Requirements.** The CCO of the Firm will notify each Access Person that each individual is
subject to these reporting requirements, will deliver a copy of this Code to each Access Person prior to, or upon, their date of employment, and at any time the Code is amended, and will train each Access Person on appropriate compliance matters. A
member of the compliance team will train employees to use StarCompliance for personal reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reportable Securities managed by a third-party in a discretionary advisory account are subject to the annual
reporting requirements contained in this Section and are excluded from certain other provisions and prohibitions of the Code. (IPOs and private placements are not excluded.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reports, personal trades and holdings, and other information submitted pursuant to this Code shall be
reviewed periodically by the CCO, kept confidential, and when necessary, provided to the Chief Executive Officer ("CEO") of the Firm, Perpetual Group, the Firm's legal counsel, regulatory authorities, or auditors upon appropriate
request. The designated backup to the CCO is responsible for reviewing and monitoring the personal securities transactions of the CCO, and for assuming the responsibilities of the CCO in her absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Every Access Person must report to the CCO all Reportable Accounts currently open at the time of the
individual's initial employment, and any new Reportable Account (this includes any account belonging to Family Members) opened, including the name of the bank or brokerage, the account number, and date the account was opened, and must disclose
the new Reportable Account with the individual's quarterly transaction report. Information reported in StarCompliance or on Exhibit A must be current within at least 45 days of the date of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Every Access Person must report to the CCO of the Firm any/all Reportable Account(s) and any/all personal
Securities holdings (this includes any account(s) or holdings belonging to Family Members) at the time of an individual's initial employment with the Firm. A report must be made through StarCompliance or the designated form, Exhibit A, Initial
Report of Access Persons, with account statements attached containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Name and principal amount of the Reportable Security, ticker or CUSIP, share quantity, bond quantity,
interest rate, and/or maturity date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Name and account number of the Reportable Account where the Reportable Security is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Name of any broker, dealer, or bank with which the Access Person maintains an account in which any
Reportable Securities are held for the Access Person's direct or indirect benefit (account statements may be attached); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Every Access Person must report to the CCO of the Firm the information described in Paragraph 4 of this
Section with respect to transactions in any Reportable Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Quarterly transaction reports must be made no later than thirty days after the end of the calendar quarter
in which the transaction was executed. Every Access Person is required to submit a report for all periods, including those periods in which no Reportable Securities transactions were executed. A report should be made through StarCompliance, or the
designated form, Exhibit C, Quarterly Report of Access Persons, account statements may be attached to the form for reporting purposes, containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Reportable Security name, ticker and/or CUSIP, interest rate, maturity date, share quantity, bond
quantity, and the principal amount of each Reportable Security transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase or sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price at which the transaction was executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through whom the transaction was executed. Trade
confirmations of all personal transactions and copies of periodic Reportable Account statements may be attached to Exhibit C to fulfill the reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The name of the broker, dealer, or bank with whom the Access Person established a new Reportable Account
during the period and the date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The date of the transaction(s) and, if different, the date that the report is submitted by the Access
Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Every Access Person must report to the CCO all Political Contributions (this includes contributions made by
Family Members) described in Section 3.C. of this Code, Restrictions for Access Persons. made during the quarter. A report should be made using StarCompliance or Exhibit E, Political Contribution Pre-Clearance Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Every Access Person should report Gifts accepted or given, and/or Business Entertainment as a provider or
participant, using StarCompliance or the Gift & Entertainment Report. Gifts and Entertainment must be reported monthly or upon each occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A member of the compliance team or the CCO shall periodically review the reports provided by the
Firm's Access Persons. Review will include personal transactions and brokerage activity in StarCompliance, personal brokerage statements and holdings, and Political Contributions, among other things.

I. **Conflict of Interest.** Every Access Person must notify the CCO of any personal conflict of interest
relationship which may involve the Firm's clients, such as the existence of any economic relationship between their transactions and Reportable Securities held or to be acquired by any client's account. Such notification shall occur in
the pre-clearance process or immediately upon becoming aware of the conflict.

J. The CCO must implement and enforce this Code, maintain copies of the Code, keep records of Code violations,
and maintain records of Access Persons' reports as required by the Code.

K. A designated member of the firm serves as the backup to the CCO. The designated member reviews and signs-off on the CCO's personal reports required under the Code and Compliance Manual. Other compliance personnel may be designated to perform certain functions of the CCO. In the absence of the CCO, the
designated backup to the CCO may perform all duties of the CCO as defined in the Code and must report to the CCO any disclosed conflicts or violations that may have occurred in her absence.

**6.** **CCO's Authority and Duties** 

The Firm's CCO has a fiduciary duty to the Firm's clients and to Barrow Hanley and is responsible for enforcing and monitoring this Code. The CCO is authorized to grant reasonable exceptions to the provisions and prohibitions of this Code, as permitted by law, and when such exceptions do not conflict with a client's interests.

**7.** **Reporting of Violations** 

A. Any Access Person of the Firm who becomes aware of a violation of (i) this Code of Ethics and Conduct,
(ii) the Compliance Policies and Procedures, (iii) the Employee Handbook, or (iv) any other internal policies or procedures, must promptly report such violation to the Firm's CCO or the CEO. This reporting requirement includes
self-reporting when an employee discovers the individual has violated an internal policy.

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B. The Firm's CCO must report to the Firm's Board of Managers all material violations of this Code,
the Compliance Policies and Procedures, the Employee Handbook, or other internal controls. Material violations may be reported to the CCO of any Managed Fund client, as required.

C. The CCO and CEO will consider reports made to the Board and determine what sanctions, if any, should be
imposed.

**8.** **Reporting to the Board of Managers** 

Upon request, the Firm's CCO will prepare an annual report relating to this Code to the Boards of Managed Funds. Such annual report will:

A. Summarize existing procedures concerning personal investing and any changes in the procedures made during
the past year.

B. Identify any violations requiring significant remedial action during the past year; and

C. Identify any recommended changes in the existing restrictions or procedures based upon the Firm's
experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

**9.** **Sanctions** 

This Code provides disciplinary measures for violations, as follows:

A. Upon discovering a violation of this Code by an Access Person or Family Member, the CCO may impose sanctions
as deemed appropriate, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disgorgement: The Firm generally requires that profits realized on transactions made in violation of the
Code's procedures be disgorged. A charity shall be selected by the Firm to receive any disgorged or relinquished amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Extended Holding Period: Any security purchased during the black-out period may be prohibited from being sold for six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unwinding the transaction: Purchases or sales made during a blackout period may be required to be reversed
and any profit may be disgorged.

B. The Pay-to-Play Rule imposes
a two-year ban on an adviser's ability to receive compensation for advisory services if the Firm or certain of its Covered Associates makes certain Political Contributions to a State or Local Official
over the *de minimus* amount.

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C. For sanctions imposed, a memo of correction, suspension, or termination of employment will be retained
according to the Code's records retention requirement. This includes violations committed by a Family Member.

**10.** **Retention of Records** 

This Code and the Firm's *Compliance Policies and Procedures* require all books and records related to this Code to be retained, including:

A. **Code of Ethics and Conduct Records**. This Code (and prior versions in effect during the past seven
years), a copy of the reports made by each Access Person, each memorandum made by the Firm's CCO, and a record of any violation and actions taken as a result of such violation, must be maintained by the Firm for a minimum of seven years.

B. **Political Contribution Records**. A list of: (i) all Access Persons; (ii) all government
entities to which the Firm provides or has provided investment advisory services or which are or were investors in any covered investment pool to which the Firm has provided services in the past five years; (iii) all direct or indirect
Political Contributions made by any Access Person to an official of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC; and (iv) the name and business address of
each regulated Person to whom the Firm provides or agrees to provide, directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf. Records relating to Political Contributions must be listed in
chronological order and must indicate: (i) the name and title of each contributor; (ii) the name and title of each recipient; (iii) the amount and date of each Political Contribution; and (iv) whether any such Political
Contribution was the subject of the exception for returned Political Contributions.

**Exhibits** 

***Exhibit A* – Initial Report of Access Persons** 

***Exhibit B* – Annual Report of Access Persons** 

***Exhibit C* – Quarterly Transactions Report of Access Persons** 

***Exhibit D* – Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

***Exhibit E* – Personal Political Contribution Pre-Clearance Form of Access Persons** 

***Exhibit F* – List of Reportable Funds of Access Persons** 

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge receipt of the Code of Ethics and Conduct for Barrow Hanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I recognize that I am subject to Barrow Hanley's Code as an Access Person and have read, understood,
and will follow the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and Securities held or to be acquired by Barrow Hanley or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the date below I and/or a Family Member had a direct or indirect ownership in the following Reportable
Securities (brokerage or financial statements may be attached):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER OF** <br> **SHARES** | **PRINCIPAL** <br> **VALUE** | **TYPE OF**<br> **INTEREST**<br> **(DIRECT OR** <br> **INDIRECT)** |

---

**BARROW HANLEY GLOBAL INVESTORS** 

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit A

------

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Person** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I and/or a Family Member have the following Reportable Accounts open and have directed the bank or brokerage
to send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| **NAME OF FIRM** | **TYPE OF INTEREST**<br> **(DIRECT OR INDIRECT)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I and/or a Family Member have made the following Political Contributions in the previous 2 years:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **DATE OF<br>CONTRIBUTION** | **TYPE OF<br>POLITICAL<br>ACTIVITY/**<br> **CONTRIBUTION** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | <br> **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: | |
|  |  | <br> Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit A

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That I am subject to the Code as an Access Person, I have read, understood, and agree to follow the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the year ended December 31, 20___, I have complied with the reporting requirements of the Code
regarding personal transactions that I, and/or a Family Member, have executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have not disclosed confidential information of the Firm to any Persons outside, or inside, Barrow Hanley
or PPT, except where it was required for the execution of the Firm's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by Barrow Hanley or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the year I have abided by the requirements of Barrow Hanley's Code of Ethics and Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As of December 31, 20___, I and/or a Family Member had a direct or indirect Beneficial Ownership in the
following Reportable Securities:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER OF**<br> **SHARES** | **PRINCIPAL**<br> **VALUE** | **TYPE OF**<br> **INTEREST**<br> **(DIRECT OR**<br> **INDIRECT)** |

---

**BARROW HANLEY GLOBAL INVESTORS** 

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit B

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I and/or a Family Member have the following Reportable Accounts open, and I have directed the bank or
brokerage firm to send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| **NAME OF FIRM** | **TYPE OF INTEREST** <br> **(DIRECT OR INDIRECT)** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | <br> **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: | |
|  |  | <br> Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit B

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended:<u> </u>** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the quarter identified above, the following transactions were made in Reportable Securities and are
required to be reported under the Barrow Hanley *Code of Ethics and Conduct (the "Code")*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **DATE OF** <br> **TRANS-<br>ACTION** | **NUMBER <br>OF<br>SHARES** | **DOLLAR<br>AMOUNT OF<br>TRANSACTION** | **NATURE OF<br>TRANSACTION** <br> (Purchase,<br>Sale, Other) | **PRICE** | **BROKER/**<br> **DEALER OR<br>BANK NAME**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the quarter identified above, the following Reportable Accounts were opened with direct or indirect
beneficial ownership and are required to be reported under the Code.

---

| | | |
|:---|:---|:---|
| **NAME OF FIRM** | **TYPE OF INTEREST** <br> **(DIRECT OR INDIRECT)**  | **DATE ACCOUNT OPENED** |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit C

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended:<u> </u>** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the quarter identified above, the following Political Contributions were made and are required to be
reported under the Code.

---

| | | |
|:---|:---|:---|
| **NAME OF CANDIDATE** | **DATE OF**<br> **CONTRIBUTION** | **TYPE OF POLITICAL**<br> **ACTIVITY/**<br> **CONTRIBUTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by the Firm or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the quarter identified above, I have abided by the requirements of Barrow Hanley's Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the quarter identified above, all potential Conflicts of Interest were reported to Compliance.

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | <br> **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: | |
|  |  | <br> Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit C

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section C.)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER** <br> **OF**<br> **SHARES** | **DOLLAR<br>AMOUNT**<br> **OF<br>TRANSACTION**  | **NATURE** <br> **OF**<br> **TRANSACTION** <br> (Purchase, Sale,<br>Other) | **PRICE**<br> (or<br>Proposed <br>Price) | **BROKER**<br> **/DEALER**<br> **OR BANK<br>THROUGH** <br> **WHOM<br>EFFECTED**  | **AUTHORIZED**<br>**YES NO**  |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | <br> **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: | |
|  |  | <br> Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit D

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Political Contribution Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, 3. Procedures for Access Persons, Section C.2)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed Political Contribution(s):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **AMOUNT** | **STATE AND COUNTY <br>OF ELECTION** | **WHAT OFFICE IS** <br> **CANDIDATE<br>SEEKING?**  | **IS COVERED<br>PERSON<br>ELIGIBLE TO <br>VOTE FOR<br>CANDIDATE?** | **AUTHORIZED**<br>**YES NO**  |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | <br> **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: | |
|  |  | <br> Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit E

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

**U.S. Registered Funds – 25** 

American Beacon Balanced Fund

American Beacon Diversified Fund

American Beacon Large Cap Value Fund

American Beacon Small Cap Value Fund

Barrow Hanley Concentrated Emerging Markets

ESG Opportunities Fund

Barrow Hanley Credit Opportunities Fund

Barrow Hanley Emerging Markets Value Fund

Barrow Hanley Floating Rate Fund

Barrow Hanley International Value Fund

Barrow Hanley Total Return Bond Fund

Barrow Hanley US Value Opportunities Fund

Brinker - Destinations International Equity Fund

Edward D. Jones - Bridge Builder Large Value Fund

Equitable - 1290 VT Equity Income Portfolio

GuideStone Value Equity Fund

MassMutual Small Cap Value Equity Fund

Mercer Emerging Markets Equity Fund

MML Income & Growth Fund

Principal LargeCap Value III Fund

Principal Overseas Fund

Timothy Plan Defensive Strategies Fund

Timothy Plan Fixed Income Fund

Timothy Plan Growth & Income Fund

Timothy Plan High Yield Bond Fund

Touchstone Value Fund

**Non-Registered Funds – 3** 

Cayman Islands

EQ Offshore Aggressive Multimanager Fund

EQ Offshore Conservative Multimanager Fund

EQ Offshore Moderate Multimanager Fund

**Non-U.S. Registered Funds – 18** 

*Australia* 

Barrow Hanley Concentrated Global Share Fund

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

(unhedged)

Barrow Hanley Concentrated Global Share Fund

(hedged)

Barrow Hanley Emerging Markets Fund

Barrow Hanley Global Equity Trust

Colonial First State Investments Ltd -

Commonwealth Global Shares Fund 5

Commonwealth Global Shares Fund 8

Hostplus Pooled Superannuation Trust

Mercer Emerging Market Shares Fund

Perpetual Global Share Fund

Perpetual Private RI International Shares Fund

Perpetual Select International Share Fund

*Canada* 

Leith Wheeler Emerging Markets Equity Fund

Leith Wheeler International Equity Plus Fund

Leith Wheeler International Equity Plus Fund

*Ireland* 

Barrow Hanley Global ESG Value Equity Fund

Barrow Hanley Concentrated Emerging Markets

ESG Fund

Barrow Hanley US ESG Value Opportunities

Fund

MGI Emerging Markets Equity Fund

Old Mutual Value Global Equity Fund

*United Kingdom* 

F&C Investment Trust plc

*As of January 1, 2025*

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit F

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

*(Continued)* 

**Trillium Advised and Sub-Advised Registered Funds** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; Green Century Balanced Fund | Retail | GCBLX | Sub-Advisor |
| &nbsp;&nbsp; Green Century Balanced Fund | Institutional | GCBUX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | A | JHJAX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | C | JHJCX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | I<br>| JHJIX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | R6 | JHJRX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Investor | PORTX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Institutional | PORIX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Institutional | TSMDX | Sub-Advisor |

---

**TSW Advised and Sub-Advised Registered Funds** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; TSW High Yield Bond Fund | I | TSWHX | Sub-Adviser |
| &nbsp;&nbsp; TSW Large Cap Value Fund | I | TSWEX | Sub-Adviser |
| &nbsp;&nbsp; TSW Emerging Markets Fund | I | TSWMX | Sub-Adviser |
| &nbsp;&nbsp; MassMutual Mid Cap Value Fund | I | MLUZX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | I | TSWIX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | A | TRWAZ | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | C | TRWCX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Small Cap | I | TISVX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | I | MVTIX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | A | MCVAX | Sub-Adviser |

---

*As of January 1, 2025* 

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit F

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

*(Continued)* 

**JOHCM (USA) Advised Registered Funds\*** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp;&nbsp;JOHCM Emerging Markets Opportunities Fund | Institutional; Advisor; Investor | JOEMX;<br> JOEIX;<br> JOEAX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM Emerging Markets Discovery Fund | Institutional; Advisor | JOMMX;<br> JOMEX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM International Opportunities Fund | Institutional | JOPSX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM International Select Fund | Institutional; Investor | JOHIX;<br> JOHAX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM Global Select Fund | Institutional; Advisor | JOGIX;<br> JOGEX | Advisor |
| &nbsp;&nbsp;&nbsp;Regnan Global Equity Impact Solutions | Institutional | REGIX | Advisor |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust – Emerging Markets Equity Fund | Class F; Class Y | SIEMX;<br> SEQFX | Sub-Advisor |

---

*As of January 1, 2025* 

*\*Excludes funds on the Perpetual Americas Funds Trust that are advised by affiliated sub-advisers, which are included above.* 

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit F

## Ex-99.(P)(5)

Global Personal Investments Policy

October 30, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Global Personal Investments Policy |
| &nbsp;&nbsp;&nbsp; Effective Date: October 30, 2025 |

---

**1. Introduction** 

Employees are required to place the interests of our clients first and avoid transactions, activities and relationships that might interfere or appear to interfere with making decisions in the best interests of clients of BlackRock. The Global Personal Investments Policy (the "Policy") sets forth general rules that employees must adhere to with respect to personal trading and investment activities. Employees' personal trading and investment activities must not result in (i) any conflict of interest between employees and the firm's duty to its clients or otherwise appear improper; (ii) misuse of insider or confidential information; (iii) adverse impact to market integrity such that it amounts to market abuse; (iv) constitutes a breach of applicable regulatory and/or legal requirements<sup>1</sup>. Therefore, before undertaking any trading activity, employees must consider whether the potential transaction raises a conflict of interest or the appearance of conflict of interest with BlackRock, and/or its clients. In particular, prior to making a personal investment decision regarding a Private Investment, an Employee should consider whether the private investment opportunity should be reserved for a client instead, and whether the Employee has any influence over a client's subsequent consideration of the same opportunity. BlackRock encourages its Employees to undertake investments for the long term and discourages short-term speculative trading.

**Objective and Scope** 

**2. Scope** 

The Policy governs the personal trading and investment activities of all Employees of BlackRock, Inc. and its subsidiaries ("BlackRock") globally. It should be read in conjunction with BlackRock's other compliance policies.

Please refer to the Personal Investments Summary in Section 3 for a reference guide to this Policy and Annex 1 for a list of all defined terms. Japan Employees should refer to Annex 2 for additional requirements.

Any exception to this Policy must be pre-approved by the Employee Compliance team.

The Employee Compliance team will provide this Policy, and any amendment to this Policy, to each Employee. Each Employee must acknowledge receipt of the Policy (and any amendment thereto).

In the event an Employee is unsure about the meaning or application of any aspect of this Policy or other related policies and procedures, they should contact the Employee Compliance team promptly. It is the responsibility of each Employee to familiarize themselves with the requirements outlined in this Policy and, where required, seek necessary guidance from the Employee Compliance team.

1 This Policy is intended to address the requirements of Rule 204A-1 under the Investment Advisers Act of 1940, as amended, Rule 17j-1 under the Investment Company Act of 1940, as amended, FCA COBS 11.7, MIFD II 2017/565 and other applicable regulations.

Limited

------

Global Personal Investments Policy

October 30, 2025

**3. Personal Investment Requirements Summary** 

The table below summarizes the requirements under this Policy by instrument type. A check (✓) means that the noted Policy requirement applies. "Exempt from requirements" means that the Policy requirements do not apply. "Prohibited Instrument" means that employees are not allowed to trade the instrument type per the Policy.

Employees should also refer to Sections 11 and 12 below for additional restrictions that may apply to the instrument types noted below.

Please see Annex 2 for additional requirements relating to Japan. Taiwan SITE employees are required to pre-clear open-ended BlackRock mutual funds.

---

| | | | |
|:---|:---|:---|:---|
| <br> **Asset Type** | <br> **Disclosure<br>Required** | <br> **Preclearance<br>Required** | <br> **60 days holding period<br>required(subject to short term<br>trading profit requirement**)<br>|
| &nbsp;&nbsp;&nbsp; BlackRock securities during open<br> trading window<br>| ✓ | ✓ | Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Cash Investments: Cash or Cash<br>equivalents (bank deposit accounts),<br>Certificate of Deposits, Commercial<br>Papers, Banker's Acceptances<br>| Exempt from Requirements | Exempt from Requirements | Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Closed Ended Funds<br>| ✓ | ✓ | ✓ |
| &nbsp;&nbsp;&nbsp; Commodities and currency<br>instruments<br>| Exempt from Requirements | Exempt from Requirements | Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Commodities and currency futures<br>contracts unless Employees are informed<br>of a restriction or pre-clearance requirement by the Employee Compliance team.<br>| Exempt from Requirements | Exempt from Requirements | Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Contract for Difference - CFD (For EMEA<br>& Japan)<br>| Prohibited Instrument | Prohibited Instrument | Prohibited Instrument |
| &nbsp;&nbsp;&nbsp; Contract for Difference - CFD (For locations other than EMEA & Japan)<br>| ✓ | ✓ | ✓ |
| &nbsp;&nbsp;&nbsp; Corporate Actions (Rights Issue, Bonus<br>Issue, Stock Split, Stock Options<br>subscription – only purchase)<br>| ✓ | Exempt from Requirements | Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | ✓ | ✓ | ✓ |
| &nbsp;&nbsp;&nbsp; Cryptocurrency, including Bitcoin and<br>Ether, unless Employees are informed<br>of a restriction or pre-<br>| Exempt from Requirements | Exempt from Requirements | Exempt from Requirements |

---

Limited

------

Global Personal Investments Policy

October 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; clearance requirement by the<br>Employee Compliance team<br>|  |
| &nbsp;&nbsp;&nbsp; Debt-based crowdfunding<br>initiatives<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; DRIPs and DSPPs<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Equity (Not part of the indices<br>mentioned below)<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Equity (Part of S&P200, FTSE 100,<br>S&P/TSX60 or ASX 100)<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Equity and investment-based<br>crowdfunding<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) listed<br>in Annex 3 of the Global Personal<br>Investments Policy<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds (ETFs) Not listed<br>in Annex 3 of the Global Personal<br>Investments Policy.<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Foreign Exchange<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Futures–Commodities and currency<br>contracts unless Employees are informed of a restriction or pre-clearance<br>requirement by the Employee<br>Compliance team.<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Futures – Index with 100 or more<br>constituents (Permissible Futures)<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Futures – Index with less than 100<br>constituents (Permissible Futures)<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Futures – Government Bonds issued by G7 members (Permissible Futures)<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Futures – Government Bonds issues by<br>non G7 members (Permissible Futures)<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Futures (other than Permissible<br>Futures)<br>| **Prohibited Instrument** |
| &nbsp;&nbsp;&nbsp; Government Bonds issued by G7<br>(Treasuries, Gilt etc.)<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Government Bonds issued by Non-G7<br>(Treasuries, Gilt etc.)<br>| ✓ |

---

Limited

------

Global Personal Investments Policy

October 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; IPOs (other than municipal savings bank<br>IPOs for depositors only)<br>| Prohibited Instrument |
| &nbsp;&nbsp;&nbsp; Managed Account Transactions<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Municipal Bonds<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Open Ended Mutual Funds – BLK US<br>domiciled Only<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Open Ended Mutual Funds, or open-end<br>investment companies, unit trusts,<br>SICAVs (non-BlackRock or non-US<br>domiciled BLK funds)<br>| Exempt from Requirements |
| &nbsp;&nbsp;&nbsp; Options (other than Permissible<br>Options)<br>| **Prohibited Instrument** |
| &nbsp;&nbsp;&nbsp; Permissible Options in securities part of<br>(S&P200, FTSE 100, S&P/TSX60 or ASX<br>100)<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Permissible Options in Indices with 100 or<br>more constituents<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Permissible Options in<br>Indices with less than 100 constituents<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Permissible Options in ETFs listed in<br>Annex 3<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Permissible Options in ETFs <u>NOT</u> listed in<br>Annex 3<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Private Investments<br>| ✓ |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements<br>| **Prohibited Instrument** |
| &nbsp;&nbsp;&nbsp; Spread Betting on Financial<br>Instruments<br>| **Prohibited Instrument** |
| &nbsp;&nbsp;&nbsp; Taiwan BlackRock SITE funds<br>| ✓ |

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**Policy / Document Requirements and Statements** 

**4. Account Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Disclosure of Personal Investment Accounts in MCO.<sup>2</sup>** 

Employees are required to disclose all Personal Investment Accounts. Employees in Canada and Japan should check with their local Legal & Compliance team for how this requirement applies to them.

2 Note that employees who are FINRA registered representatives are also required to notify the broker or financial institution maintaining their account that they are employed with BlackRock. Please see the Broker Dealer Written Supervisory Procedures for additional detail.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Employees are required to disclose all Personal Investment Accounts as well as any Reportable Investments held within
such accounts within 10 days of joining the firm. See the Employee Disclosure Requirements under Section 5 of this Policy for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Existing Employees must promptly disclose any new Personal Investment Account. This includes disclosure of any account
which, due to account set-up changes (including scope of underlying investments) was previously deemed out-of-scope.

Note: Trading in an undisclosed account will be constituted as non-compliance of this Policy.

A Personal Investment Accounts includes any Related Person Account. It is the responsibility of the Employee to ensure they familiarize themselves with the requirements applicable to their Related Persons and take necessary steps to communicate these requirements with their Related Persons. Any transactions undertaken in a Related Persons Account that do not comply with the requirements outlined in this Policy will constitute a non-compliance of this Policy by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Managed Accounts**

If an Employee has a Personal Investment Account that is managed on a discretionary basis by a third-party (account has an investment management, trust or similar agreement) which specifically documents in writing that the Employee does not have any Direct or Indirect Influence or Control, and the Employee wishes to exempt such account from the restrictions set forth in this Policy as a Managed Account, the Employee must disclose the account on MCO. The Employee will also be required to obtain written confirmation from the investment adviser/manager, or trustee managing their account that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the account is managed on a discretionary basis and/or that the Employee (or, if applicable, their Related Person) do
not exercise investment discretion or otherwise have Direct or Indirect Influence or Control over investment decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the account will be managed in accordance with the investment restrictions outlined by BlackRock (as described below
under "Investment Restrictions").

If an Employee's Personal Investment Account is approved as a Managed Account, the Employee is required to complete an annual certification in MCO attesting that the account continues to be maintained in accordance with the restrictions outlined in the Managed Account Forms. In the event, the account no longer meets the prerequisites of a Managed Account, the Employees must promptly notify the Employee Compliance team to ensure the account classification is updated and applicable requirements are adhered to.

While Employees are required to disclose their Managed Accounts, subject to the limitations set forth below under "Investment Restrictions," Employees are not required to obtain pre-clearance approval under Section 7 of this Policy with respect to transactions in the Managed Account. Further, unless otherwise communicated by the Employee Compliance team, holdings and transactions in a Managed Account will not be subject to reporting requirements, including those applicable to Reportable Investments in Section 5 (Employee Disclosure and Certification), or the requirements and restrictions set forth in Sections 6 (Approved Broker Requirements for Personal Investment Accounts), 8 (Prohibited Transactions, other than those noted in the Investment Restrictions section below and also included in the Managed Account Exemption Form), 10 (Blackout Periods – Trading Against Clients) and 11 (Ban on Short-Term Trading Profits).

That being said, from time to time, Managed Account(s) may be subject to periodic monitoring. Employees may be required to supply a quarterly statement for Managed Accounts. When such requests are made, Employees must provide the statements to the Employee Compliance team within 30 days of the request.

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**Investment Restrictions**: The following investments are not permitted in Managed Accounts. It is the Employee's responsibility to communicate these investment restrictions to the manager, investment adviser, trustee, or other fiduciary managing your Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock closed-end funds domiciled in the US (only applicable for section 16
Employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IPOs and Private Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other restrictions outlined in any other BlackRock policy pertaining to BlackRock securities or otherwise communicated
by the Employee Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Exempt Personal Investment Accounts** 

While all Personal Investment Accounts must be disclosed pursuant to Section 4.1 above, holdings and transactions in the following Personal Investment Accounts are not subject to the requirements regarding reporting of Reportable Investments in Section 5 (Employee Disclosure and Certification), or the requirements and restrictions set forth in Sections 6 (Approved Broker Requirements for Personal Investment Accounts), 7 (Transaction Pre-Clearance Requirement), 8 (Prohibited Transactions), 10 (Blackout Periods – Trading Against Clients) and 11 (Ban on Short-Term Trading Profits):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Pension arrangements where you do not have Direct or Indirect Influence or Control and/or where you are not permitted to invest directly in any instruments that fall in the definition of Reportable Investments.

**Note**: BlackRock Sponsored Pension plans that do not meet the above requirements must be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employee Benefit Trust Accounts in Hong Kong and Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Donor Advised Fund (DAF) Accounts provided such DAF accounts do not invest or hold any Reportable Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Requesting Exemption for Certain Related Person Accounts** 

While all Personal Investment Accounts, including all Related Person Accounts, must be disclosed pursuant to Section 4.1 above, Employees can request exemption from certain of the reporting, pre-clearance and transaction restrictions and requirements with respect to a Related Person account in which the Employee has no Direct or Indirect Influence or Control and there is a clear separation in management of finances. If such a request is approved by Employee Compliance, the account will be designated as an Exempt Related Person Account

Upon receiving approval for the exemption, and unless otherwise communicated by Employee Compliance, holdings and transactions in the Exempt Related Person Account are not subject to ongoing reporting requirements, or the requirements and restrictions set forth in sections 6 (Approved Broker Requirements for Personal Investment Accounts), 7 (Transaction Pre-Clearance Requirement), 8 (Prohibited Transactions, other than those noted in the Related Person Exemption Form), 10 (Blackout Periods – Trading Against Clients) and 11 (Ban on Short-Term Trading Profits).

That being said, from time to time, an Exempt Related Person Account(s) may be subject to periodic monitoring. Employees may be required to supply a quarterly statement for such accounts. When such requests are made, Employees must provide the statements to the Employee Compliance team within 30 days of the request.

Employees should contact their regional Employee Compliance team for details regarding the approval process.

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**5. Employee Disclosure and Certification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Initial Disclosure Requirements for New Employees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Initial Reportable Investments Holdings and Personal Investment Accounts Certification**: Within ten days of joining
BlackRock, Employees must disclose all Personal Investment Accounts and Reportable Investments holdings in accordance with Section 4.1 of this Policy. Employees are required to complete this certification even if they have no Personal
Investment Accounts or any Reportable Investment holdings to disclose in MCO .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Current Information**: The information Employees provide must be current (no older than 45 calendar days, prior to an
Employee commencing employment with BlackRock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Annual Certification** 

Employees must attest to the accuracy and completeness of all information (account details, security holdings, etc.) provided to BlackRock on an annual basis.

This includes, certifying annually (or more frequently as deemed appropriate by L&C) that Employees have disclosed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Personal Investment Accounts and Reportable Investments held by them and/or by any Related Person in accordance with
requirements outlined in Section 4.1 of this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Reportable Investment details are accurate and updated and, to the extent an Employee holds Private Investments, they
must also certify there are no new perceived or actual conflicts of interest.

Employee Compliance team may conduct a periodic review of Employee Private Investments and may request additional information from employees on their Private Investments.

**6.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Approved Broker Requirements for Personal Investment Accounts** 

All Employees and their Related Persons are required to conduct their Reportable Investments through an Approved Broker3. Approved Brokers generally provide an electronic feed of Employee personal trading activity directly to BlackRock. Employees are required to authorize/provide consent (where applicable) to their Approved Brokers to share with BlackRock details of their personal transactions through an electronic feed to facilitate ongoing monitoring in accordance with applicable regulatory requirements.

It is the responsibility of Employees to rescind any consent/authorisation provided to their broker or otherwise instruct their broker to not share such Employee's or their Related Person's personal trading information with BlackRock if such Employee is no longer employed by BlackRock or if any of their Related Person's account is no longer reportable due to changes in personal circumstances i.e., no Beneficial Ownership and no Direct/Indirect Influence or Control.

Brokers that do not provide electronic feeds may pose a risk to BlackRock and, for this reason, any exception to the requirement to maintain a Personal Investment Account with an Approved Broker must be approved by the Employee Compliance team4. Managed Accounts under Section 4.2 of this Policy are not subject to the Approved Broker

3 Note that Contingent Workers are not required to move their Personal Investment Accounts to an Approved Broker.

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| | |
|:---|:---|
| 4 | Note that the Global Approved Broker List includes a limited number of brokers that do not provide electronic feeds, for example, in jurisdictions where electronic feeds generally are not available. Any employee who maintains a Personal Investment Account with a broker that does not provide BlackRock with an electronic feed, whether an Approved Broker or not, is responsible for the information delivery requirements in Sections 5 and 6.1 of this Policy.  |

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requirements. Personal Investment Accounts that can only hold Private Investments are not subject to Approved Broker requirements.

Using an Approved Broker for a Personal Investment Account does not constitute approval to undertake personal trading; as described in Section 7 below, every transaction pertaining to an In-scope Investment from a Personal Investment Account must be pre-cleared absent an exception in this Policy (e.g., for a Managed Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Disclosing your Personal Investment Account Information:** All Personal Investment Accounts must be disclosed in MCO.

Any Employee or Related Person who maintains a Personal Investment Account (other than a Managed Account or an account restricted to only hold Private Investments) with a broker that does not submit reportable transactions and holdings information to BlackRock via an electronic feed is required to close the non-approved Personal Investment Account within 60 calendar days of receiving initial notification from the Employee Compliance team unless otherwise communicated by Employee Compliance team.

**Note**: As BlackRock does not have Approved Broker for Employees based in Canada, LATAM (except Mexico) and has a limited number of Approved Brokers in EMEA (except United Kingdom). Employees in these locations (except Mexico and United Kingdom) can continue to maintain Personal Investment Accounts at non-approved brokers subject to the reporting requirements noted in Sections 6.2 and 6.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Reporting Personal Investment Account Information:** 

Employees and their Related Persons are required to provide the following information in connection with their Personal Investment Account when not held with an Approved Broker and/or where electronic feeds has not been set-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trade confirmations for transactions in In-Scope Investments must be submitted to
BlackRock within five (5) calendar days of trade execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject to the exceptions noted below, quarterly statements including transactions in Reportable Investments must be
submitted to BlackRock within thirty (30) calendar days of the quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Annual statements must be provided for the following type of Personal Investment Accounts: Child Trust Funds (UK),
Postanska Stedionica Banka AD (Serbia), and share registry accounts (global).

**Note:** The above requirements to provide trade confirmations and quarterly statements are applicable to all Employees holding Personal Investment Accounts with non-approved brokers.

If an Employee transacts directly with the issuer in a direct stock purchase plan or Dividend Reinvestment Plan ("DRIP"), the Employee must disclose the Personal Investment Account information and the name of the transfer agent or bank that executes such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Reporting Private Investment Transactions:** 

In the case of Private Investments, Employees are required to provide documentation to evidence the amount invested at the time of investment and upon request from the Employee Compliance team.

Employees are required to notify the Employee Compliance team as soon as reasonably possible if they are aware of a perceived or actual conflict of interest with their private transaction.

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Repeated failure to **provide transaction confirmation and/or quarterly statements in a timely** manner constitutes non-compliance. Sanctions may include, but are not limited to, rescinding any **exemption** granted **to the employee to maintain account** with a non-approved broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Transaction Pre-Clearance Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Pre-clearing In-Scope Investments other than Private Investment Transactions** 

Employees must submit a pre-clearance request in MCO and receive an approval before undertaking any transaction pertaining to any In-scope Investment (other than a Private Investment Transaction) in any Personal Investment Account (or with respect to which the Employee or their Related Person has any Beneficial Ownership), including transactions to purchase, sell, transfer (where there is a change in ownership), stock options exercises, and gifts/donations.

*Approval validity* 

Pre-clearance approvals, whether for market orders<sup>5</sup> or limit orders<sup>6</sup>, are valid only on the day the approval is received. Employee trade order must be executed on the same day by the time the market on which the security is traded closes. It is Employee's responsibility to ensure that limit orders are always set as "Good for Day". Pre-clearance obtained on weekends (unless the market is open on the day) or during public holidays or after-market hours is not valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Preclearing Private Investment Transactions** 

Employees m<u>ust ob</u>tain pre-clearance before any Private Investment Transaction with respect to which the Employee or his/her Related Person has or would have any Beneficial Ownership by submitting the Private Investment Pre-clearance Form via the MyComplianceOffice ('MCO') system for review by their line manager and the Employee Compliance team.

Employees are required to attach supporting documents (including a pitch document, if available) that provides an overview of the company/investment/transaction as part of the pre-clearance request in MCO.

*Business approval* 

Employees are required to obtain approval from their line manager (at least Managing Director level) by submitting the Private Investment Pre-clearance Form, via MCO.

The line manager should consider any potential or perceived conflicts of interest in relation to the Employee's Private Investment Transaction. The following factors, amongst others, should be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has the Employee discussed the same private company or fund with any BlackRock clients?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has the Employee ever provided any services (e.g., investment advice or research) relating to the same private company or
fund (e.g. research on the private fund performance or provision of services to the private company)?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Employee has authority to make investment decisions on behalf of a client or provides investment advice or
information (e.g. research) to such clients, is the private investment opportunity outside of the specific sector area/thematic research coverage as the client portfolios they oversee?

5 Buy or sell transactions placed at current market price.

6 Buy or sell transactions placed at a pre-determined price (detailed within the pre-clearance request).

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If there is a potential or perceived conflict identified with the request, the business approver should discuss with the Employee and escalate to Legal & Compliance as appropriate.

*Compliance approval*

Employees may only proceed with their Private Investment Transaction following receipt of approval in MCO and email confirmation from the Employee Compliance team.

A Private Investment Transaction request by Employees within the Private Markets team requires enhanced review to ensure there are no potential or perceived conflicts associated with investments.

Employees who have the authority to make investment decisions on behalf of clients, or provide investment advice or information (e.g., research) to such clients, are generally prohibited from making a Private Investment in the same specific sector area/thematic research coverage area as the client portfolios to which they provide these services. In limited circumstances, exemptions may be permitted subject to discussion and explicit pre-approval by the employee's Business Head or COO. If a conflict of interest is identified relating to a Private Investment Transaction, Employees are required to comply with any Legal & Compliance requirements to manage and mitigate the conflict, including, but not limited to, a lock-up period, existing the existing the personal investment and/or recusal from the client decision potentially impacted by the conflict.

*Approval Validity* 

Private Investment Transaction request approval is only valid for 30 calendar days from the approval date, unless the investment is made in tranches and does not exceed the original approved aggregate amount (which should be made clear in the disclosure form).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Transactions not subject to Pre-clearance** 

Employees are not required to obtain pre-clearance approval to transact in those items noted in section 3, or for the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of common stock under an Employee Stock Purchase Plan/vested Restricted Shares Units (however, sales of the same
must be pre-cleared <u>).</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodities (including futures on commodities) unless Employees are informed of a restriction or pre-clearance requirement by the Employee Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign exchange (including currency futures) unless Employees are informed of a restriction or pre-clearance requirement by the Employee Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Stock Purchase Plans, and any securities purchased pursuant to a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities acquired by an exercise of rights to the holders of a class of securities (however, sales of the same must be pre-cleared).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock dividend, stock split, or similar corporate distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise of employee stock options (however, sales of the same must be pre-cleared).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investments into cryptocurrency, including Bitcoin and Ether, unless Employees are informed of a restriction or pre-clearance requirement by Employee Compliance.

**Note**: Cryptocurrency ETFs are subject to pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer of securities with no change in Beneficial Ownership e.g. (transfer from one account in your name to another
account in your name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital calls for an existing committed capital/investment for which private investment approval has been obtained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Transactions subject to one time Pre-clearance** 

Subject to the below mentioned conditions being met, Employees may only be required to seek one time pre-clearance for Monthly Investment Plan (MIP)/Systematic Investment Plan (SIP) so long as the original transaction instructions (as captured in the initial preclearance) remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in any In-scope Investments via Monthly Investment Plan
(MIP)/Systematic Investment Plan (SIP) require an initial one-time pre-clearance before an Employee enrolls into the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The subsequent periodic investments in the same In-scope Investment as initially pre-cleared will not require pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to the terms of such Monthly Investment Plan (MIP)/Systematic Investment Plan (SIP) including, but not limited
to, the underlying security, amount or quantity that is traded or frequency, must be notified to Employee Compliance and pre-cleared.

**Note:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note, sales of investments accumulated as part of Monthly Investment Plan (MIP)/Systematic Investment Plan (SIP)
will require pre-clearance. Employees may only be permitted to sell a portion of their holdings that they have held for more than 60days. Please consult Employee Compliance for additional guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While submitting the pre-clearance, Employees must mention in the comments that
the preclearance request pertains to investment via MIP/SIP plan along with details of the MIP/SIP plan, such as the quantity/amount to be invested, frequency, and day of trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Prohibited Transactions** 

Employees and their Related Persons are prohibited from engaging in Prohibited Transactions mentioned below for any account in which they or the Related Person has any Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Public Offerings ("IPOs") except for investments in mutual saving bank IPOs by depositors or certain
offerings directed or sponsored by BlackRock (as may be permitted by Legal & Compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IPOs associated with Special Purpose Acquisition Companies (SPACs) and other transactions in the private SPAC cycle
including its related de-SPACing vehicle, usually a PIPE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spread betting on financial markets and instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracts For Difference ("CFD") (only prohibited in EMEA and Japan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options other than Permissible Options (as defined in this Section 3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures other than Permissible Futures (as defined in this Section 3); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees who have the authority to make investment decisions on behalf of clients, or provide investment advice or
information (e.g., research) to such clients, are generally prohibited from making a Private Investment in the same specific sector area/thematic research coverage area as the client portfolios to which they provide these services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Permissible Options and Futures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Options:** Subject to pre-clearance for any options that are In-Scope Investments, Employees and their Related Persons are permitted to engage in transactions in Permissible Options. Any transaction in options other than Permissible Options for any account in which an Employee or Related Person has any Beneficial Ownership is prohibited pursuant to Section 8 of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Futures: Subject to pre-clearance for any futures that are In-Scope Investments,** Employees and their Related Persons are permitted to trade in Permissible Futures. Any transaction in future other than Permissible Futures for any account in which an Employee or Related Person has any Beneficial Ownership is prohibited pursuant to Section 8 of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Blackout Periods – Trading Against Clients** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Specific Knowledge Blackout Period:** Employees and their Related Persons may not trade in a security, option or futures contract at a time when they know of another's intention to trade that same security, options or futures contract on behalf of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Portfolio Employee Blackout Periods:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **7 Day Blackout Period:** Portfolio Employees and their Related Persons may not trade in
a security, option or futures contract within 7 cal <u>endar days before or after the trade date of a</u> transaction in that security, option or futures contract with respect to a client/fund account over which the Portfolio Employee's team
has authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **15 Day Blackout Period:** Portfolio Employees and their Related Persons may not trade in a security, option or
futures contract that the Portfolio Employee is considering, or has considered and rejected for purchase or sale, for a client within the 15 calendar days preceding th <u>e proposed trade unless pre-approval is obtained by Legal & Compl</u> iance in consultation with the Employee's supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Blackout Period Exemptions** 

Blackout period restrictions do not a<u>pply</u> to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions not subject to pre-clearance as identified in Section 7.3 of
this Policy; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of a company included in the S&P 200, FTSE 100, S&P/TSX 60 or ASX 100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Ban on Short-Term Trading Profits** 

Employees and their Related Persons may not profit from the purchase **then** sale, or the sale **then** purchase, of the same security, option or futures contract within a 60-calendar day period and are only permitted to trade on the 61st day. The profit is calculated from the price differential between the trades, regardless in which account(s) the transactions took place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If selling, you are considered to profit from the sell if the sell price is higher than the price(s) at which it was
bought within the last 60 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If buying, you are considered to profit from the buy if the purchase price is lower than the price(s) at which it was sold
within the last 60 calendar days.

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This restriction does not <u>apply</u> to the following list of transactions, which list may be updated periodically at the discretion of Legal & Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions not subject to pre-clearance as identified in Section 7.3 of
this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of a company included in the S&P 200, FTSE 100, S&P/TSX 60, or ASX 100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permissible Options on securities of a company included in the S&P 200, FTSE 100, S&P/TSX 60, or ASX 100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs listed on Annex 3, as updated from time to time by the Employee Compliance team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on ETFs listed on Annex 3, as updated from time to time by Legal & Compliance (excludes Japan employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on Indices consisting of 100 or more components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in BlackRock, Inc. (BLK) and BlackRock TCP Capital Corp (TCPC) during open window periods and with prior pre-clearance approval. (Note, day trading is not permitted in BLK TCPC); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions executed at a loss.

**Note:** The short-term trading profit requirement identifies a profit based on price per share from the purchase and sale, or sale and purchase, of the same security traded within 60 calendar days, regardless of which account(s) the security was traded in. The Policy does not consider the loss made on the accumulated position, even if the entire position is sold then subsequently, shares are bought back within 60 calendar days.

Accordingly, it is possible that there is a short-term trading profit for purposes of this Policy, and therefore subject to the restrictions set forth in this Section 11, even when there was an overall loss on the aggregate position. Additionally, commission and other fees are not considered when determining profit/loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Insider Trading** 

Employees must comply with BlackRock's Global Insider Trading Policy at all times, as well as applicable laws, including but not limited to the U.S. federal securities laws, when undertaking any personal investment activities.

In addition, Employees must notify Legal & Compliance immediately if they receive, or expect to receive, material non-public information. Legal & Compliance will determine the restrictions, if any, that will apply to such Employee's communications and business activities while in possession of that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Personal Trading Policy Violations** 

BlackRock expects all Employees to comply with the spirit of this Policy as well as the specific rules contained in this Policy. Employee personal trading is subject to monitoring by BlackRock. Any violations of this Policy must be reported promptly to the Employee Compliance team. BlackRock will determine on a case-by-case basis what remedial action should be taken in response to any violation. This may include disgorgement of profits and/or limiting an Employee's personal trading for some period. Violations of this Policy, including but not limited to violations relating to trading activity and the obligation to provide information to BlackRock, may result in disciplinary action, up to and including termination.

**Policy Owner** 

For any questions or clarification of the policy, please reach out to your regional Employee Compliance Team, Parul Sharma (Policy Owner) or refer to the FAQs by clicking here.

Limited

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Global Personal Investments Policy

October 30, 2025

**Contact Details** 

**Email**: personaltrading@blackrock.com

**Hotline**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• APAC 34-3000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EMEA 23-3332

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AMRS 10-3700

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Global Personal Investments Policy

October 30, 2025

Limited

## Ex-99.(P)(6)

**CREDIT PARTNERS POLICY** 

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| &nbsp;&nbsp;&nbsp;Policy Name | **Code of Ethics and Professional Conduct – Credit Partners Policy** |

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**Executive Summary** 

The Code of Ethics and Professional Conduct (the "Code") set standards for appropriate workplace conduct and summarizes certain compliance, human resources and other policies of Brown Brothers Harriman Credit Partners, LLC (the "Adviser"), a subsidiary of Brown Brothers Harriman & Co ("BBH"). It does not cover every issue that may arise, but it sets out basic principles to guide officers, supervised persons and employees of the Adviser ("Personnel"). All Personnel must conduct themselves accordingly and avoid even the appearance of unethical or improper behavior.

BBH Personnel that provide support to the Adviser are subject to the <u>Code of Ethics and Professional Conduct - Policy</u> which has requirements substantially similar to this Policy.

**Policy Statement** 

**I. Introduction**

The foundation of the Adviser (together with its affiliates and subsidiaries) to act with integrity, accountability and respect is key to maintaining its reputation and ultimately its success. While we care about the results we achieve, we care just as much about how we achieve them.

The Code of Ethics and Professional Conduct (the "Code") is our guide to appropriate workplace conduct and regulatory requirements to which the Adviser is subject. Together with our policies, this Code of Ethics is designed to assist us in meeting our standards and to ensure that we do the right thing. This Code summarizes certain compliance, human resources and other policies. It does not cover every issue that may arise, but it sets out basic principles to guide Personnel. All Personnel must conduct themselves accordingly and avoid even the appearance of unethical or improper behavior. Personnel are responsible for understanding the principles of the Code, upholding the highest ethical and professional standards and adhering to the Code to ensure they abide by all applicable regulatory requirements.

The Code does not supplant the rules and regulations of governmental and regulatory bodies. If a law conflicts with this Code, you must comply with the law. If you have any questions about an apparent conflict or the Code in general, you should speak with your manager or contact the Compliance Department. Personnel are responsible for understanding the legal and policy requirements that apply to their jobs and reporting any suspected violations of law, this Code or Firm policy. Violations of the Code will result in disciplinary action, up to and including termination and, where appropriate, referral to relevant regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Scope**

The Code applies to all Personnel. In addition to the Code, Personnel are subject to the <u>BBH Trust Code of Ethics,</u> adopted by the BBH Trust pursuant to Rule 17j-1(c)(1) of the Investment Act of 1940, as amended (the "1940 Act"). Personnel located outside of the United States may be subject to requirements or guidance in addition to those set forth in the Code.

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**CREDIT PARTNERS POLICY** 

The Code addresses a broad spectrum of business activities and practices and sets out basic principles that are intended to guide Personnel in their day-to-day conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Guideline Overview** 

Personnel must conduct themselves in accordance with this Code and avoid even the appearance of improper, unethical, or unprofessional behavior. Personnel are responsible for helping to ensure prompt and consistent action against violations of this Code. Below are practical guidelines to help you assess whether a violation of the Code may have occurred and escalate issues when they arise:

<u>Make sure you have all relevant facts</u>. In order to reach the right solutions, it helps to be as fully informed as possible.

<u>Ask yourself: "What specifically am I being asked to do? Does it seem unethical or improper?"</u> Focus on the specific question that you face, and the alternatives available to you. Use your judgment and common sense. If something seems unethical or improper, seek guidance before acting.

<u>Clarify your responsibility and role</u>. In many situations, the responsibility for action is shared. Are your colleagues informed? It may help to get others involved and discuss the situation.

<u>Discuss the issue with your manager</u>. This is the basic rule of thumb for most situations. In many cases, your manager may be more knowledgeable about the relevant facts, history or potential conflicts, and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

<u>Seek help.</u> In the rare case where it may not be appropriate to discuss an issue with your manager or where you do not feel comfortable approaching your manager with your question, you can discuss it with your Human Resources manager, or a member of the Compliance Department. See Section II below for further detail.

<u>You may report ethical violations anonymously.</u> You also may anonymously report an ethical violation. The Adviser will take seriously and investigate all allegations of conduct that appear to violate the Code through <u>Integrity Line</u> or through management, although anonymous reporting may be more difficult to investigate than those filed by individuals who reveal their identities.

<u>The Adviser prohibits retaliation</u>. The Adviser prohibits and will not tolerate any retaliation or threatened retaliatory action against Personnel for making a good faith report of an apparent or possible violation of the Code or any other policy. Similarly, Personnel who discourage or prevent another person either from making such a report, or from seeking the help or assistance the person needs to report the matter to the individuals designated below, are subject to disciplinary action. No adverse employment action (including for example, termination, counseling, or other discipline) may be taken solely for reporting such matters.

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**CREDIT PARTNERS POLICY** 

<u>Always ask first, act later</u>. If you are unsure of what to do in any situation, seek guidance before you act.

II. **Reporting Violations of the Code**

The business of the Adviser must always be in compliance with the spirit, as well as the letter, of applicable laws and regulations.

Knowledge of events by Personnel related to questionable, inappropriate or fraudulent business conduct, accounting practices or regulatory, internal accounting, or auditing matters should be immediately reported. Such matters will be handled in a confidential and protected manner, to the extent possible, and will not be shared except to the extent necessary to conduct a complete and fair investigation or to take appropriate corrective action. Failure to report such matters constitutes a violation of this Code and/or other applicable policy.

Matters related to any questionable or improper business practices or fraud must be immediately reported. As set forth in the Whistleblower Policy, Personnel must report such matters to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BBH's Office of the General Counsel (OGC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BBH's Enterprise Risk Management (ERM) Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BBH's Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BBH's Human Resources (HR) Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The General Auditor (e.g., Internal Audit); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Through BBH's independent reporting system, <u>Integrity Line</u> (described
below).

Nothing in this policy is intended to prevent Personnel from reporting concerns in good faith to relevant government or regulatory authorities, nor to limit or restrict any rights provided under any Whistleblower or other applicable law.

It is the responsibility of the individual to whom a matter has been reported to also promptly report the potential Code violation to the Adviser's Chief Compliance Officer ("CCO") (if the CCO has already not been contacted). Matters related to questionable or improper workplace conduct, including as set forth in the Professional Conduct section of this Code, also should be immediately reported. In addition to the resources listed above, Personnel may report matters related to improper workplace conduct to their Human Resource Business Partner or Employee Relations.

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**CREDIT PARTNERS POLICY** 

All matters will be handled confidentially, to the extent possible. To facilitate reviews of matters, it is preferable for Personnel to identify themselves when making the claim. However, matters may also be submitted on an anonymous basis to either management (see above) or to <u>Integrity Line</u>. <u>Integrity Line</u> is an independent reporting system and hotline which reinforces the value the Adviser places on employee communication. Matters can be submitted anonymously and confidentially either via the web at <u>Integrity Line</u> or by calling a toll-free number listed on the website.

Reported matters will be promptly reviewed and investigated and, where necessary, appropriate action will be taken upon completion of the review.

III. **Cooperating with an Investigation**

Personnel are required to cooperate with any investigation into alleged violations of our Code of Ethics and Professional Conduct, laws, regulations, policies or procedures, and are expected to be truthful and forthcoming during any investigation. This includes situations where Personnel are an involved party, a witness, or are asked to provide information as part of an investigation. Any attempt to withhold information, sabotage or otherwise interfere with an investigation may be subject to disciplinary action up to and including dismissal.

Investigations are confidential matters. To protect the integrity of the investigation, you are not allowed to discuss any aspect of an investigation, even the fact that an investigation is being conducted, with other employees or the public.

At the same time, this requirement for confidentiality does not prohibit you from reporting legal violations to any governmental or regulatory body or official(s) or self-regulatory organization and you may do so either during or after your employment without notice to the Adviser. Furthermore, no policy is meant to prohibit you from doing so, or from participating in any benefits involved in such reporting. The only restriction in this regard is that you are not authorized to disclose information covered by attorney-client privilege.

Additionally, upon receipt of any Regulatory Contact, including, but not limited to receipt of a subpoena, summons or a formal request for information. Personnel must promptly notify the Compliance Department. The recipient should provide all written materials received from the Regulator, as outlined in the Regulatory Contact Policy.

IV. **Compliance with Laws and Regulations**

The Adviser's business is subject to extensive regulation both within and outside the U.S. For instance, The U.S. Securities & Exchange Commission.

The Adviser is registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As a registered investment adviser, the business activities of the Adviser are primarily governed by the rules and regulations of the Advisers Act. Rule 204a-1 promulgated under the Advisers Act requires registered investment advisers to adopt codes of ethics in conformity with the requirements set forth herein and within associated policies.

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**Credit Partners Policy** 

To assist the Adviser in complying with all laws and regulations applicable to its business activities, guidance has been to Personnel in the form of policies and procedures. Personnel are expected to cooperate with any regulatory requests, inquiries or examinations to help ensure the Adviser meets its obligations. Please refer to the <u>Regulatory Contact Policy</u> for additional information.

V. **Statement of Principles**

Personnel are required to comply with all laws and regulations applicable to the Adviser's business activities and are subject to the following Statement of Principles intended to provide guidance for handling a broad spectrum of matters. Personnel shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place the interest of clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct all of their personal securities transactions in a manner consistent with this Code and associated
policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid inappropriate conflicts of interest or any abuse of a position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain from taking inappropriate advantage of their position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that client information is kept confidential, including the identity of clients' security holdings and
financial circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that they maintain independence in the investment decision-making process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act professionally while on the Adviser's premises or conducting business. Any questions regarding the application
of this Statement of Principles to particular matters should be directed to the Compliance Department.

VI. **Private and Confidential Information**

As described in the <u>Privacy and Confidentiality Policy</u>, Personnel may become aware of confidential information not generally available to the public concerning the business of the Adviser, its clients or individuals associated with the Adviser ("Confidential Information"). <u>The Privacy and</u> <u>Confidentiality Policy</u> also helps to ensure the safekeeping of information relating to an identified or identifiable individual, client or Personnel, referred to as "Personally Identifiable."

Personnel are required to safeguard Confidential and Personally Identifiable Information and ensure that such information is not used improperly or in a manner inconsistent with the specific purpose for which it was created or obtained. For instance, Personnel may use information regarding clients only for purposes of meeting the Adviser's obligations to its clients. Personnel may work with, review, examine, inspect, have access to, or obtain such information only for the purpose of fulfilling their responsibilities to clients and the Adviser, and should hold such information in strict confidence.

Confidential Information or Personally Identifiable Information obtained as a result of an affiliation with the Adviser is not to be used for the purpose of furthering any private interest or as a means of obtaining any personal gain. Personnel may not disclose Confidential Information or Personal Information to any third party without proper prior authorization. Personnel must comply with this obligation during and after the termination of their employment.

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**CREDIT PARTNERS POLICY** 

Personnel should note that Personally Identifiable Information receives extra protection under many laws across the various locations in which the Adviser operates. As such, Personnel may not retain Personally Identifiable Information in locations (e.g., shared drives, personal files) other than their department's official storage medium for such data.

The Adviser has developed certain investment management strategies, methods and resources. In many cases, these assets give the Adviser a competitive advantage and, as a result, the Adviser prohibits the dissemination of such ideas, strategies, methods and contacts to outsiders. Personnel must not disclose to outsiders of the Adviser's buy and sell decisions or securities under consideration for future investment prior to the Adviser effecting such decisions or considerations, or the portfolio holdings of clients of the Adviser (other than to third parties who require such information to conduct the Adviser's business or to service clients of the Adviser; e.g., brokers, consultants, outside legal counsel, accountants or custodians or pursuant to the Adviser's internal policies) without the authorization of the Adviser's management.

VII. **Inside Information/Material Non-Public Information**

Personnel may have access to material, non-public information ("MNPI"), also known as Inside Information, about our clients and other companies that conduct business with us, MNPI is information that is not known by the public, but if it were, would likely affect the market price of the securities issued by a company or be considered important to a reasonable investor in deciding to buy or sell those securities. The determination of whether non-public information is MNPI is fact dependent and, in certain circumstances, may be complex. The best practice is to consider all non-public information about publicly traded securities, activities or financial condition of a company and its employees as MNPI and consult with the Compliance Department prior to sharing any such information.

You must never, under any circumstances, trade, encourage others to trade, or recommend securities or related financial instruments while in the possession of MNPI related to those securities or instruments. The Adviser has established the Information Barrier and Insider Information Policy which is designed to prevent the misuse of MNPI and to avoid conflicts of interest.

VIII. **Protection and Proper Use of the Adviser's Assets**

Personnel should strive to protect the Adviser's assets and ensure their efficient use. Theft, carelessness, and waste have a direct impact on the Firm's profitability. Personnel should report suspected incidents of theft to their supervisor for investigation and must report suspected fraud as set forth above. The Adviser's technology, equipment or other resources may not be used for non-Adviser related business, though reasonable and incidental personal use may be permitted. When Personnel leave the Adviser, all of the Adviser's property must be returned.

Personnel have an obligation to protect the Adviser's assets, including proprietary information.

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**CREDIT PARTNERS POLICY** 

Proprietary information is a type of Confidential Information and it should be treated as such. For example, proprietary information includes intellectual property, such as trade secrets, patents, trademarks and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, designs, databases, records, salary information and any unpublished financial data and reports. The unauthorized use or distribution of proprietary information violates policy, and could also be illegal and result in civil or criminal penalties under applicable laws.

IX. **Use of Social Media**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Business Use

Personnel are prohibited from using Social Media for Business Communications without prior approval and training. Personnel seeking to use LinkedIn for Business Communications must obtain appropriate approvals and complete the required training and certifications prior to joining the BBH LinkedIn Business User program. Select Personnel may also be allowed to use Twitter for Business Communications, which requires additional approval and training. For further information, please see the Social Media Compliance Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Personal Use

As outlined in the BBH Social Media Human Resources Policy, Personnel should only express their personal opinions and never represent themselves as a spokesperson for the Firm. Employees may not engage in any Firm-related business activity on social media, unless approved to do so in accordance with the BBH Social Media Compliance Policy. If an Employee makes a reference to theAdviser in a personal social media account or posting, the Employee must make it clear that their views do not represent those of the Firm, its employees or anyone working with or on behalf of the Firm.

X. **Conflicts of Interest** 

The Adviser has a fiduciary duty to its clients and, as such, has a duty to act in the best interests of those clients and to make full and fair disclosure of potential conflicts of interest to them. Inappropriate conflicts of interest should be avoided and identified conflicts should be appropriately managed. Specifically, conflicts of interest may arise when Personnel, or members of their family, receive improper personal benefits as a result of their position with the Adviser. Potential conflicts of interest may also arise when Personnel work in some manner for a competitor, client or vendor, receive compensation or benefits from them or hold investments in them or their affiliates. Thus, Personnel are not permitted to work for a competitor as a consultant or serve as a board member, whether profit or non-profit, unless approved in writing by the Adviser. Please refer to the <u>Outside Business Activities and Directorships Policy</u> for further guidance.

Conflicts of interest should be identified and appropriately addressed prior to accepting any new clients or executing transactions. A potential conflict may exist whenever the Adviser's interests are not aligned with a client's interests. Any Personnel who become aware of a conflict or potential conflict should bring it to the attention of a manager or the Compliance Department. The Adviser shall record all such material conflicts of interest and the corresponding mitigating controls on an inventory that is reviewed and approved annually by the applicable oversight committee.

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**CREDIT PARTNERS POLICY** 

*Securities Transactions and Conflicts of Interest* 

Personnel should exercise particular care in making purchases and sales of securities to avoid a conflict of interest with clients. The following requirements also apply to family members in certain circumstances. It is the individual responsibility of Personnel to refrain from market activity if a conflict with the interest of a client might result. This includes, among other things, trading in anticipation of or immediately after a change in the estimate of the intrinsic value of a security by the Adviser's research area.

Conflicts considerations are most important among Personnel who participate in making recommendations or have any pre-publication knowledge of a research report or knowledge of planned investments. Personnel should refrain from any action in contemplation of a proprietary research report, such as effecting a transaction for their own account, or for accounts in which they have an interest or discretion, or passing on advance information concerning the research report to clients or other persons outside of the Adviser.

Front-running the Adviser's research recommendations and trading on inside information are not the only concerns when Personnel contemplate personal securities transactions. Any strategy that may infringe on a client's interest, whether done at the Adviser or at another financial institution, or use of information about client securities positions or any other relevant non-public information received as a result of employment or relationship with the Adviser to make investment decisions, is a violation of this Code and may also constitute an illegal practice.

Further, it is unlawful for any affiliated person of a "Fund," , or any affiliated person of the Adviser, in connection with the purchase or sale, directly or indirectly, by the person of a "Covered Security" **"**Held or to be Acquired by a Fund: (i) to employ any device, scheme or artifice to defraud a Fund; (ii) to make any untrue statement of material fact to a Fund or omit to state a material fact necessary in order to make the statements made to a Fund, in light of the circumstances under which they are made, not misleading; (iii) to engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Fund; or (iv) to engage in any manipulative practice with respect to a Fund.

In order to facilitate monitoring for personal trading conflicts, all personal securities accounts maintained by Personnel and their immediate family members must be reported to Compliance via MCO. U.S. personnel who maintain investment discretion in a personal securities account are required to maintain the accounts at designated brokerage firms, who are required to provide account statements to the Adviser, on behalf of the Adviser, on at least a quarterly basis (no later than thirty (30) days after quarter-end). All Personnel are also required to pre-approve their private securities transactions and Initial Public Offerings.

Please refer to the <u>*Personal Trading Policy*</u> and <u>*the Conflicts*</u> *<u>of Interest Policy</u>* for further guidance.

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**CREDIT PARTNERS POLICY** 

*Reporting Requirements of Access Persons* ***[5]***

Access Persons are responsible for adhering to certain requirements described in the*<u>Personal Trading Policy</u>* which include, among other things, initial and annual Access Person Certifications (including holdings reports) and pre-approval of personal securities transactions (including those of their covered family members).

XI. **Supplier Relationships**

The Adviser works to create mutually beneficial supplier relationships that contribute to the Firm's value by delivering products and services in a manner consistent with the Adviser's values. We set high standards of performance for the Adviser's products and services, and we expect the same from our suppliers. To make the best use of the Adviser's resources and supplier relationships. Personnel must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Select goods and services on the basis of price, quality, availability, terms, and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain proper approvals, including from the BBH Supplier Management Committee, before engaging a supplier to deliver
goods and/or services, in accordance with applicable BBH Supplier Risk Management Policy and Purchasing Best Practices and all other policies governing outsourcing and the management of supplier relationships, and follow these requirements
throughout all phases of the supplier management lifecycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter into contracts for the provision of goods and/or services only as approved in accordance with the BBH's
Supplier Risk Management Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain arm's-length market terms and comply with applicable law when the
Adviser transacts with other of its businesses or clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Follow all applicable laws including those related to transactions involving affiliates.

XII. **Competing Business Ventures**

Personnel are prohibited from taking for themselves personal opportunities that are discovered through the use of corporate property, information or their position with the Adviser without the consent of their manager and the Compliance Department. Personnel may not use corporate property, information, or their position with the Adviser for improper personal gain, and Personnel may not compete with the Adviser or the Adviser directly or indirectly. Personnel owe a duty to the Adviser to advance the Firm's legitimate interests when the opportunity to do so arises.

The Adviser seeks to outperform our competition fairly and honestly. Misappropriating proprietary information, possessing trade secret information that was obtained without the owner's consent, or inducing such disclosures by past or present employees of other companies is prohibited. The Adviser's Personnel must not engage in the abuse of privileged information, the unlawful misrepresentation of material facts, or any other intentional unfair-dealing practice.

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**CREDIT PARTNERS POLICY** 

XIII. **Gifts, Entertainment and Personal Remuneration**

Giving and receiving Gifts and Entertainment is normal and customary in the financial industry. However, certain laws, rules and regulations prohibit the use of Gifts and Entertainment to inappropriately influence a recipient's business judgement or create a feeling of indebtedness.

Our clients, suppliers and vendors are vital to the Adviser's success. That is why it is imperative that these relationships remain objective, fair, transparent and free from conflicts. While business gifts and entertainment can be important to building goodwill, they can also affect the relationship if one's ability to exercise sound business judgement becomes compromised. To prevent misunderstandings, the Adviser maintains a <u>Gifts, Entertainment and Other Non-Cash Compensation Policy</u> regarding reporting and approval requirements, as well as restrictions on giving and receiving certain types of gifts, entertainment and personal remuneration. Personnel are required to adhere to this policy.

XIV. **Interactions with Government Personnel, Political Activities and Lobbying Requirements**

Various anti-corruption statutes, including the U.S. Foreign Corrupt Practices Act and the UK Bribery Act, among others, prohibit making improper payments to others in order to obtain or retain business. Such prohibitions apply to Personnel as well as agents and consultants acting on behalf of the Adviser, and cover payments to government officials as well as non-government officials such as clients or prospects. See the <u>Anti-Corruption Policy</u> and the <u>Gifts, Entertainment and Other Non-Cash Compensation Policy</u> for more information.

In addition, many U.S. jurisdictions have "pay-to-play" laws limiting contributions made by government contractors to political candidates and parties. Personnel who wish to make political contributions to, or host events for or on behalf of, U.S. state or local candidates or parties must seek pre-approval pursuant to <u>the Political Contributions Policy</u> .

Certain states and municipalities have enacted laws that require individuals and companies soliciting business, directly or indirectly through a consultant or other intermediary, from state and local pension funds to register as a lobbyist. Certain states and municipalities (e.g., New York City and the State of California) have enacted rules requiring solicitors to register as lobbyists. Other states may adopt similar requirements in the future and some also have laws on servicing government-related businesses. For this reason, the Firm requires pre-clearance of products and services to certain pension funds by employees and consultants representing the Adviser as detailed in the <u>Lobbying Policy</u>.

XV. **Charitable Contributions**

While Personnel are encouraged to become involved with charitable organizations, your participation may not interfere with your job at the Adviser. Remember that soliciting customers, vendors and other employees for contributions or other participation is generally prohibited or restricted, and many of our locations have specific policies governing these activities. You must comply with each of the requirements of the Charitable Contributions policy in connection with your business-related charitable giving.

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**CREDIT PARTNERS POLICY** 

XVI. **Anti-Money Laundering**

Money laundering is the criminal practice of disguising illegally obtained funds so that they appear to be proceeds from legal activity. Facilitation of money laundering by financial institutions or their employees is also considered money laundering. Where an employee is willfully blind to "red flags" indicative of suspicious activity, fails to inquire in the face of information suggesting illegal activity, or knew or should have known that the activity at issue is suspicious, criminal liability may be imposed on the firm and the employee.

BBH's Global Anti-Money Laundering Policy and related procedures are designed to comply with all applicable laws and regulations related to money laundering, terrorist financing and economic sanctions. You're expected to comply fully with all anti-money laundering laws and only conduct business with reputable clients involved in legitimate business activities that use funds derived from lawful purposes. In addition to our global policies, individual lines of business have detailed policies and procedures that address unique requirements and circumstances. You're expected to know those procedures and follow them. Ask your manager for guidance. Knowing Your Customer means following established customer indemnification protocols for your business line, validating that the individual or entity, and the source of their funds, is legitimate, and completing a profile in BBH's KYC View system

Failing to detect suspicious transactions or doing business with any person or entity involved in criminal or terrorist activities puts the company and you at serious risk. Accordingly, the company will not tolerate any circumstance where an individual or business unit circumvents anti-money laundering policies or procedures or fails to report suspicious activity. If you suspect or detect any suspicious activity, you must contact AML Compliance, or a senior manager, immediately.

XVII. **Sanctions**

The purpose of U.S. Sanctions is to prevent economic and other support of certain targets, such as foreign governments, regimes and other transnational organizations, as a means of implementing U.S. foreign policy and protecting national security interests. These sanctions are affected through blocked assets controls, trade embargoes, travel bans, and other commercial and financial restrictions.

In the U.S., sanctions programs are administered by the Secretary of the Treasury in consultation with the Secretary of State. Within the Treasury Department, OFAC is responsible for the administration and enforcement of sanctions. In addition, U.S. bank regulatory agencies include sanctions program assessments in their regulatory examinations and may cooperate or coordinate with OFAC's investigations, to ensure regulatory compliance by financial institutions and their regulated affiliates.

All Personnel are responsible for understanding and complying with the BBH Global Sanctions Policy. Personnel must remain vigilant to sanctions-related risks at all times and escalate any potential sanctions violations to the Sanctions team within AML Compliance.

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XVIII. **Manipulative and Deceptive Devices**

Personnel must not, in connection with any business activity or transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use or employ, or attempt to use or employ, any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make, or attempt to make, any untrue or misleading statement of material fact or omit to state a material fact necessary
in order to make the statements made not untrue or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage, or attempt to engage, in any act, practice or course of business which operates or would operate as a fraud or
deceit upon others; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manipulate or attempt to manipulate the price of any security or financial instrument.

XIX. **Document Integrity, Recordkeeping and Document Destruction** 

The Adviser requires true and accurate recording and reporting of information in order to conduct its business and to make responsible business decisions. In addition, since the Adviser is engaged in a variety of financial services activities, it is subject to extensive regulations regarding the manner in which it maintains and retains its books and records. The Adviser strives to maintain the highest standards in preparing accounting and financial information. The integrity of our books and records is essential for regulatory, legal, business and client confidence purposes. All Personnel responsible for preparing or maintaining any books, records and accounts for the Adviser are required to record all entries based upon proper supporting documentation so that the records of the Adviser conform to applicable legal and regulatory requirements, as well as the Adviser's system of internal controls.

Business records and communications often become public, and Personnel should avoid exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This principle applies equally to electronic communications, internal memos, and formal or informal communications. Records should be retained or destroyed strictly in accordance with the Adviser's Records Management Policy. In order to be able to meet our data destruction obligations, it is critical that Personnel maintain data only in those locations identified on their records retention schedules, and not in personal drives or files. Finally, in the event of litigation or governmental investigations, please consult the Compliance Department regarding any specific recordkeeping requirements or obligations.

XX. **Professional Conduct** 

The Adviser's s reputation depends, to a large extent, on the confidence that its clients, employees and other stakeholders have in the Firm. As Personnel, your conduct reflects not only on you personally but also on the Adviser. Personnel who work together collaboratively impact each other's performance, productivity and personal satisfaction in their jobs. Consequently, the Adviser expects you to act in a responsible and professional manner whenever you are on Adviser or BBH property, conducting business or representing the Adviser at business or social functions. Any behavior, whether on-premises or off- premises, that negatively impacts the work environment or tarnishes the reputation of the Adviser will not be tolerated. Such inappropriate behavior includes but is not limited to: harassing or illegal acts; rude, insubordinate, threatening, offensive or vulgar language and behavior; violence or threats of violence; or other behavior inconsistent with the professional and ethical standards of the Adviser. Employees who violate the Adviser's professional conduct policies and standards will be subject to disciplinary action, up to and including termination, in accordance with applicable laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **General Standards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Discrimination, Harassment and Bullying</u> 

The Adviser strives to create and maintain a workplace where Personnel are treated with dignity and respect. The combined and consistent effort, standards and values of those employed throughout BBH contribute significantly to a positive workplace environment which in turn allows the business to grow and employees to develop. To this end, the Adviser is committed to providing a workplace (i) in which all employees have an equal opportunity to all of the terms and conditions of employment based on job-related qualifications and performance; and (ii) that is free of bullying or harassment, in compliance with the laws in each work locale.

As part of this commitment, the Adviser effectively addresses any complaints of discriminatory, harassing or bullying conduct and fosters policies and practices that promote diversity and employment equality.

Under this policy, the following terms have the meanings set forth below:

*Bullying*

The term "bullying" means repeated inappropriate behavior, direct or indirect, whether verbal, written, physical or otherwise, conducted by one or more persons against another or others, at the place of work, outside of the office against a work colleague or in the course of employment, which could reasonably be regarded as undermining the individual's right to dignity at work or ability to perform his/her job. While an isolated incident of the behavior described in this definition may be an affront to dignity at work, it generally is not considered to be bullying.

*Discrimination and Harassment*

The term "harassment" or "discrimination" means verbal, written or physical conduct that denigrates or shows hostility or dislike toward an individual because of a characteristic protected by the law in the work locale and that: (i) has the purpose or effect of creating an intimidating, hostile or offensive work environment; (ii) has the purpose or effect of unreasonably interfering with an individual's work performance; or (iii) otherwise adversely affects an individual's employment opportunities, such as hiring, compensation and benefits, promotion, training and transfer. Discriminatory or harassing conduct includes, but is not limited to: epithets, slurs or negative stereotyping; threatening, intimidating or hostile acts; denigrating jokes; and written or graphic material that denigrates or shows hostility or dislike toward an individual or group that is placed on walls, in electronic communications or elsewhere on Adviser or BBH premises or circulated in the workplace, on Firm time or using Firm equipment.

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**CREDIT PARTNERS POLICY** 

The Adviser will not tolerate bullying, discrimination or harassment (as defined in the Code) by BBH partners, supervised persons managers, co-workers or non-employees in the workplace (including off-premise, work-related events). It is the responsibility of all Personnel to prevent bullying, discrimination and harassment where possible and to report any instances to which they are party or witness. Managers have a particular responsibility to take action to stop any incident of bullying, discrimination or harassment that they witness, and to report the incident, as well as any incident that is brought to their attention. Managers are required to act if they suspect any form of bullying, discrimination or harassment, even if no complaint has been made.

For more information on The Adviser's policies prohibiting bullying, discrimination and harassment in the workplace, consult your local Employee Handbook or Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Workplace Civility</u> 

When Personnel work together to achieve a common, mutually beneficial goal, it sometimes is the case that impatience may arise and result in Personnel saying things that they might not otherwise say. It is at these times when it is important to exercise discretion and be mindful of maintaining respectful and civil work relationships. Personnel should remember that being civil *gives us the means to disagree without being disagreeable and that just because someone disagrees, does not mean that they are being unprofessional, uncivil or acting inappropriately.* To ensure that the Adviser has a work environment where Personnel can express their different opinion in a mutually collaborative environment, the Adviser expects Personnel to adhere to the below standards of acceptable and unacceptable workplace behaviors.

*Acceptable and Healthy Workplace Behaviors*

Acceptable and healthy workplace behaviors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using respectful, supportive and encouraging language in all interactions, no matter the subject or format (e.g., in
person or through electronic communication) of the conversation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being aware of the noise level and subject matter of your conversations in open air environments (including your work
stations), and when it comes to your work area keeping it clean and refraining from posting things that could offend others or contradict what most people consider good taste or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Questioning a peer's position on an issue politely and with an open mind, rather than asserting your position is
the right one;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giving peers direct, non-personal feedback, as opposed to criticism;

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**CREDIT PARTNERS POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expressing appreciation when a peer does something correctly and in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approaching conflict with maturity and true desire for resolution, rather than as a fight or opportunity to belittle a co-worker; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining a positive attitude when you are having a bad day.

*Inappropriate Workplace Behaviors*

Inappropriate workplace behaviors are defined as negative or aggressive acts aimed at one or more individuals that cause or could cause them to feel hurt, embarrassed, disrespected, anxious or depressed. Such behaviors will not be tolerated by the Firm. Examples include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting in violation of the Firm's Professional Conduct, Anti-Harassment, Anti-Discrimination, Anti-Bullying,
Anti-Retaliation, Systems Acceptable Use, HR Electronic Communications Policy and/or other applicable Firm policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excessive yelling, repeated emotional outbursts, berating others or using a harsh tone of voice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criticizing, talking down to others or using degrading remarks or a condescending tone in front of someone else;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treating someone less favorably than others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gossiping or spreading rumors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Undermining another's ability to complete his/her work accurately or timely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making threats; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any malicious behavior a reasonable person would find unprofessional, disturbing and harmful to their psychological
health.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Workplace Violence</u> 

The Adviser strives to maintain a safe and secure workplace that is conducive to good job performance and is free from all types of workplace violence. The Adviser will not tolerate on The Advisor's time or property, or at sponsored events: violence; threats; threatening; abusive or malicious behavior; intimidation; or any form of workplace violence from any source. Examples of prohibited behavior include, but are not limited to, physical violence, verbal threats and threatening or intimidating voice mails and emails. Unless local law expressly permits possession of a weapon in a locked personal vehicle on company property, you may not possess or use any weapon or any component of a weapon (i.e., ammunition) on the Adviser's or BBH's property.

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**CREDIT PARTNERS POLICY** 

You must report any instance of workplace violence (including possession of weapons on property) security, your manager or BBH Human Resources immediately. In cases of imminent danger, you should contact local emergency law enforcement officials first, and then contact security.

Domestic violence also can adversely affect workplace safety. If you are the victim of such violence, you should notify local law enforcement and Security of any person who may affect your safety or the safety of your fellow employees. You can also contact the <u>Employee Assistance Program</u> for further assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Drug and Alcohol Abuse</u> 

-

Use of illegal drugs, alcohol abuse and misuse of legal drugs creates serious health, safety and other risks in the workplace. The possession, sale or use of drugs that are unlawful under the laws of the country, state and/or city in which you are employed or being under the influence of such drugs, on the Adviser's time or time or property, or at sponsored events, is prohibited. Similarly, you may not possess, serve, use or be under the influence of, alcohol or marijuana while on the Adviser's or BBH's property or while conducting the Adviser's business. The only exceptions are for Adviser functions where alcohol may be served with the prior approval of a management of the Adviser Partner or Department Head, as applicable. Although alcohol may be served at such events, consumption is completely voluntary, should always be in moderation, and never in a manner that would embarrass or harm the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Manager's Responsibility** 

Managers have a particular responsibility to ensure that healthy and appropriate behaviors are being exhibited at all times by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Setting a good example by treating all with courtesy and respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring the workplace for signs of inappropriate behavior and taking action to resolve the behavior before it
escalates by speaking to applicable employees directly and/or raising issues to Human Resources, where applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promoting awareness of this and other related policies and the applicable complaint procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Employee's Responsibility** 

Employees play a significant role in ensuring a work environment that does not tolerate discriminatory, harassing, bullying, inappropriate or negative behavior. As employees often are in a better position than management to know what is happening with peers and co-workers, employees should report any unacceptable behavior they see in the workplace.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Complaint Procedure** 

If you believe you are being subjected to conduct in violation of this Policy, a good first step is to speak directly with the other employee to try to resolve the issue. If you are uncomfortable doing so or have done so yet the behavior continues, you should report such concerns using the procedures set forth in Section II of this Code.

XXI. **Administration of the Code and Annual Acknowledgement**

Personnel are required annually to acknowledge receipt of the Code and certify that they agree to abide by the terms of this Code.

**<u>End Notes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **"Fund"** means an investment company registered under the Investment Company Act of 1940, as amended, including but not limited to the registered BBH proprietary mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **"Covered Security,"** as described in the Trading Policies, includes all securities with the following exceptions: securities issued or guaranteed by the U.S. Government or by an entity controlled or supervised by the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper and such other money market instruments, and shares of registered open-end investment companies (including non-U.S. unit trusts) other than a fund managed by the Adviser. Further, transactions effected pursuant to an automatic investment plan are not included. The definition also includes securities held by a trust in which Personnel are a settler, trustee or beneficiary, securities held by a partnership in which Personnel are a general partner and securities in which any contract, arrangement, understanding or relationship gives Personnel direct or indirect economic interest. Covered Securities include both unit-investment trust exchange traded funds ("ETFs") and open-end ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"Covered Security Held or to be Acquired by a Fund"** means any Covered Security which, within the most recent 15 days: (a) is or has been held by a Fund; or (b) is being or has been considered by a Fund or the Adviser for purchase by a Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **"Access Persons"** means any Personnel who are exposed regularly, as a party of their functions, to information about the proprietary mutual funds' securities transactions or holdings. Examples include having access to trading systems, portfolio accounting systems or research databases. Additionally, Access Persons include Personnel who make any recommendation, participate in the determination of which recommendation will be made, or who, in connection with their duties, regularly obtain information concerning recommendations on Covered Securities being made by the investment adviser to a Fund or other client. Support personnel within BBH may be deemed Access Persons if their functions or duties give them access to such non-public information.

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| &nbsp;&nbsp;&nbsp;**Attachments** | |
| &nbsp;&nbsp;&nbsp;**Related Policies** | <u>Code of Ethics and Professional Conduct - Policy</u> |
| &nbsp;&nbsp;&nbsp;**Related Procedures** | |

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## Ex-99.(P)(7)

**Driehaus Capital Management LLC** 

**Driehaus Mutual Funds** 

**Driehaus Capital Management (USVI) LLC** 

**<u>CODE OF ETHICS AND BUSINESS CONDUCT</u>** 

**<u>Statement of General Policy and Business Principles</u>**

This Code of Ethics and Business Conduct ("Code") has been adopted under Rule 17j-1 of the Investment Company Act of 1940 ("Rule 17j-1") and Rule 204A-1 of the Investment Advisers Act of 1940 ("Rule 204A-1"). Rule 17j-1 is applicable because Driehaus Capital Management LLC (the "Adviser") is the investment adviser to the Driehaus Mutual Funds (each a "Fund" and collectively the "Funds"), a registered investment company. The Code also applies to any registered investment company for which the Adviser may serve as an investment adviser or sub-adviser. The Code covers all Employees of the Adviser and Driehaus Capital Management (USVI) LLC (collectively the "Firm," "we" or "us"); the Funds' Disinterested Trustees and Advisory Board Members; and others as may be designated from time to time by the Firm (each such individual an "Access Person" and collectively "Access Persons").<sup>1</sup> Our Employees are also subject to the Firm's policies and procedures, including the compliance manuals and employee handbooks that are readily accessible on our Firm's intranet, which may impose additional restrictions on their conduct, including personal securities transactions.

The Code is specifically and reasonably designed for how we conduct our activities and addresses the particular types of conflicts of interest that we may encounter. A long-standing core business principle of our Firm is our commitment to maintaining the highest legal and ethical standards in the conduct of our business consistent with our fiduciary duty to place the interest of our Clients first at all times. We have built our reputation for excellence on Client trust and confidence in our professional abilities and integrity. The Code seeks to prevent Employee misuse of material non-public information regarding current and prospective investments we make for our Clients, investment research we perform for our Clients and actual and proposed trading on behalf of our Clients. Together with this Code, we have adopted and implemented various internal policies and procedures to detect and prevent the misuse of material non-public information. Compliance with this Code as well as additional policies and procedures is monitored and enforced by our legal and compliance professionals, who are supported by our strong "culture of compliance." Failure to comply with this Code of Ethics may result in disciplinary action, including termination of employment.

<sup>1</sup> Capitalized terms used in the Code are defined when first used or in Section 1 of the Code.

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Integral to our investment management process is "real time" internal sharing of information by the Adviser's portfolio managers and research analysts ("Investment Personnel"). Investment Personnel are required to systematically enter research information about long-only equity securities held by or under consideration for purchase or sale for a Client, in our Internal Research Notes database ("IRN") before placing any orders in our Order Management System ("OMS") for execution. The data in the IRN is accessible to, among others, Employees and Investment Personnel responsible for the Firm's investment and trading activities on behalf of our Clients. Investment Personnel are not required to use the IRN for other types of securities, such as bonds, options and swaps, as they cannot be entered into this system. However, information sharing occurs on a regular and continuous basis among the portfolio management teams. The Adviser believes that no strategy is disadvantaged despite this limitation because of the marked differences between the portfolio holdings of the equity-only strategies and those that utilize other types of securities, such as bonds, options and swaps. Transactions are monitored by the Legal and Compliance Department for potential conflicts of interest with our Clients and the results of such monitoring are reported to the Ethics Committee.

We believe that these information sharing and trading procedures, along with comprehensive Employee education and training, personal securities transaction reporting, compliance monitoring and the imposition of sanctions, where appropriate, work collectively to ensure that, as fiduciaries, we and all Access Persons do not place our interests above our Clients' interests and comply with the applicable Federal securities laws, rules and regulations.

Any questions regarding the Code's operation should be directed to the Firm's Chief Compliance Officer ("CCO"). Throughout the Code, there are also specific references to the assistance that the CCO can provide to Access Persons. The CCO shall act in accordance with the Firm's policies and procedures, the Code, guidance from the Ethics Committee and in consultation with counsel.

**1.**  **<u>DEFINITIONS OF TERMS USED</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access Person" means (i) any Fund trustee, Fund officer, Advisory Board Member or Employee of the
Fund or the Firm; and (ii) any natural person who is employed by an entity which controls, is controlled by or is under common control with the Fund or the Firm who obtains or has access to information concerning the Firm's purchase or
sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase or sale, or current holdings of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Acknowledgment" means the initial and annual written certification by each Access Person of receipt and
compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Adviser" means Driehaus Capital Management LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Advisory Board Member" means any individual serving as a member of an Advisory Board appointed by the
Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Beneficial Interest" shall be interpreted in the same manner as it would be in determining whether a
person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act") and rules thereunder, which includes any interest in which a person, directly or indirectly, has or shares a direct or
indirect pecuniary interest. A pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from any transaction. Each Access Person will be assumed to have a pecuniary interest, and therefore, beneficial
interest or ownership, in all securities held by the Access Person, the Access Person's spouse or domestic partner, all minor children, all dependent adult children and adults sharing the same household with the Access Person (other than mere
roommates) and in all accounts subject to their direct or indirect influence or control and/or through which they obtain the substantial equivalent of ownership, such as trusts in which they are a trustee or beneficiary, partnerships in which they
are the general partner, except where the amount invested by the general partner is limited to an amount reasonably necessary in order to maintain the status as a general partner, corporations in which they are a controlling shareholder, except any
investment company, mutual fund trust or similar entity registered under applicable U.S. or foreign law, or any other similar arrangement. Any questions an Access Person may have about whether an interest in a security or an account constitutes
beneficial interest or ownership should be directed to the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Client" means an advisory client of the Adviser, including the Fund and any Sub-Advised Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Covered Security" shall have the meaning set forth in Section 2(a)(36) of the Investment Company Act
of 1940 (the "Company Act") and Section 202(a)(18) of the Investment Advisers Act of 1940 (the "Advisers Act"), including stocks, warrants, units and other stock rights, options, equity-based futures contracts, all
digital assets (cryptocurrencies and cryptoassets), corporate bonds, convertible bonds, corporate preferred stock and other corporate debt instruments, and includes any right to acquire such security, such as puts, calls, other options or rights in
such securities, and securities-based futures contracts, except that it shall not include shares issued by registered open-end investment companies, direct obligations of the U.S. Government, bankers'
acceptances, bank certificates of deposit or commercial paper and high quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Disinterested Trustee" means any trustee of a Fund who is not an interested person of the Firm, is not an
officer of the Fund and is not otherwise an "interested person" of the Fund as defined in the Company Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Driehaus Mutual Funds" means any investment company for which Driehaus Capital Management acts and
investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Employee" means any person employed by the Firm, whether on a full or part-time basis, all officers,
shareholders and directors of the Firm and any natural person who is employed by an entity which controls, is controlled by or is under common control with the Fund or the Firm who obtains or has access to information concerning the Firm's
purchase or sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase or sale, or current holdings of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The "Ethics Committee" shall consist of at least three but no more than five members who shall be
Employees. One of the members shall be the Adviser's General Counsel. The Ethics Committee shall be comprised of Employees with sufficient experience and knowledge of the legal obligations and regulatory responsibilities of the Fund and the
Firm. The Ethics Committee shall promptly advise the Fund's Board of Trustees of any appointment or resignation by a member of the Ethics Committee. The Ethics Committee as a whole and each member shall act in accordance with Section 11
below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Federal Securities Laws" has the same meaning as that term is defined in Rule 204A-1(e)(4) under the Advisers Act, and includes the Securities Act of 1933 ("Securities Act"), the Exchange Act, the Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules
adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of
the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Fund" means Driehaus Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "IRN" is the Adviser's Internal Research Notes database, a proprietary software application that
Employees of the Adviser's Investment Management and Research Department are required to use to enter, update, make available and maintain research information about long-only equity securities held by or under consideration for purchase or
sale for a Client. The IRN data is available to Employees, including those with responsibility for investment management and research, trading, and legal and regulatory compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Limited Offering" includes private placements and means an offering that is exempt from registration
under Section 4(2) or Section 4(6) under the Securities Act or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Managed Account" means an account where full discretion for all investment decisions has been given to a
financial advisor not affiliated with the Adviser, the Access Person does not have direct or indirect influence or control over investment decisions made for the account, including the ability to suggest purchases or sales, or consult as to the
particular allocation of investments to be made in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Initial Public Offering" means an offering of securities registered under the Securities Act, the issuer
of which, immediately before the registration, was not required to file reports under Sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Permitted Investments" includes open-end and closed-end funds, non-single stock ETFs, ETNs and ETCs, municipal bonds, foreign currency, U.S. Government and government agency securities, as well as index, commodity and
currency based futures contracts, bankers' acceptances, bank certificates of deposit or commercial paper, high quality short-term debt instruments including repurchase agreements, all digital assets (cryptocurrency and cryptoassets),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Personal Benefit" includes any intended benefit for oneself or any other individual, company, group or
organization of any kind whatsoever except a benefit for a Client or any entity that adopts this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "ACA ComplianceAlpha" ("ComplianceAlpha") is the Firm's vended web-based compliance and personal trading system, which is primarily used for tracking Employees' holdings, securities transactions, gifts and political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Sub-Advised Fund" means a Client fund sub-advised by the Adviser that is an investment company registered under the Company Act.

**2.**  **<u>STANDARDS OF BUSINESS CONDUCT AND COMPLIANCE WITH LAWS</u>** 

Access Persons are required at all times to comply with the Federal Securities Laws as applicable in conducting the business of the Firm or the Fund. Accordingly, a violation of the Federal Securities Laws will be a violation of this Code and may subject an Access Person to sanctions or other appropriate remedial action under the Code.

In addition, as a SEC registered investment adviser subject to the Advisers Act, the Adviser has fiduciary obligations to its Clients. Further, the Code requires that the conduct of Access Persons comply with the fundamental principles of integrity, honesty and trust.

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The Code is designed to ensure that Access Persons understand and comply with their fiduciary obligations and to protect Clients by deterring misconduct. The Code also educates Access Persons about the expectations of the Firm and the Fund regarding their behavior and the Federal Securities Laws that govern their conduct, as applicable.

The Code and related policies and procedures contain provisions reasonably necessary to prevent Access Persons from engaging in acts in violation of the Code. Access Persons are required to report any violations of the Code to the CCO. The CCO is primarily responsible for monitoring compliance with the Code and reporting material violations of the Code to the Ethics Committee to ensure the Code's enforcement.

**3.**  **<u>TRANSACTIONS WITH A FUND</u>** 

No Access Person shall sell to, or purchase from, a Fund any security or other property (except merchandise in the ordinary course of business), in which such Access Person has or would acquire a Beneficial Interest, unless such purchase or sale involves shares of that Fund.

**4.**  **<u>DISCLOSURE OF INFORMATION</u>** 

No Access Person shall discuss with or otherwise inform others of any security held or to be acquired by a Client except in the performance of employment duties or in an official capacity and then only for the benefit of the Client, and in no event for Personal Benefit or for the benefit of others.

No Access Person shall release information to dealers or brokers or others (except to those concerned with the execution and settlement of a transaction) as to any changes in a Client's investments, proposed or in process, except (i) upon the completion of such changes, or (ii) when the disclosure results from the publication of a prospectus or pursuant to the Funds' or any Sub-Advised Funds' Selective Disclosure of Fund Holdings Policy or (iii) in conjunction with a regular report to shareholders or to any governmental authority resulting in such information becoming public knowledge, or (iv) in connection with any report to which shareholders are entitled by reason of provisions of the declaration of trust, by-laws, rules and regulations, contracts or similar documents governing the operations of the Client.

**5.**  **<u>PREFERENTIAL TREATMENT, GIFTS AND BUSINESS ENTERTAINMENT</u>** 

As fiduciaries to the Firm's Clients, Employees must always place the Firm's Clients' interests first and Employees are prohibited from allowing gifts or entertainment opportunities to influence the actions they take on behalf of the Firm's Clients. Employees are prohibited from soliciting, seeking, or accepting favors, preferential treatment, gifts, entertainment opportunities, charitable or political contributions for themselves, on behalf of Clients, prospects, or others, or from receiving any other Personal Benefit arising from their association with the Firm or a Client.

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*Gifts and Business Entertainment from Broker-Dealers*. Employees are prohibited from accepting from any source, including broker-dealers, any compensation, including gifts or entertainment, for the purchase or sale of any property, including securities and other portfolio holdings, to or for a Client. This includes compensation, including gifts or entertainment, from companies in which Clients may invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This includes, but is not limited to, receipt of all gifts from broker-dealers (not including branded promotional items
of de minimis value, i.e., less than $25), attendance at dinners hosted by broker-dealers that do not serve a valid and direct business purpose or benefit to a Client, and <u>all</u> concerts, sporting events, cocktail parties, golf outings and
other similar events or performances hosted by broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This prohibition does <u>not</u> include on- or off-site meetings and conferences that serve a valid and direct business purpose or benefit to a Client (e.g., road shows, meetings with investment strategists, economists, company management, etc.) that may
also include incidental meals hosted by a broker-dealer as such incidental meals are not provided by the broker-dealer as compensation for the purchase or sale of any property to or for a Client.

*Gifts from all other non-broker-dealer vendors*. Employees may only accept gifts from current or prospective vendors that are not engaged in the business of purchasing or selling property to or for Clients, (i.e., vendors that are not broker-dealers). Employees may only accept gifts when the value involved clearly will not place the Employee under any real or perceived obligation to the gift-giver or raise any question of impropriety. Please refer to the section titled Driehaus Capital Management LLC Compliance Manual Preferential Treatment, Gifts and Entertainment for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under no circumstances may an Employee accept a gift of cash, including a cash equivalent such as a gift certificate or
a security, regardless of the amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Employee receives a gift that violates the Code, they must return the gift or consult with the CCO to determine
appropriate action under the circumstances, which can include donating such gift to charity.

*Business entertainment from all other non-broker-dealer vendors*. In addition to the receipt of gifts, attendance at dinners, cocktail parties, golf outings, sporting events, theater and other similar events or performances also may create or appear to create a conflict of interest between the Firm and its Clients. Attendance at such events where the person offered the invitation and the person extending the invitation are both in attendance and discuss business benefitting a Client (e.g., the purpose of the outing is relationship building or is otherwise business-related) is considered "business entertainment."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Employee shall seek or accept any business entertainment from any person or entity that does business with the Firm
or a Client or that is seeking to do business with the Firm or a Client other than usual and customary business entertainment that is not excessive in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Employee is unsure as to whether something might be considered excessive in value, he or she must check with the
CCO or another member of the Firm's Legal and Compliance Department prior to accepting the usual and customary business entertainment.

*Reporting*. Employees are required to promptly report all gifts and business entertainment to the CCO no later than thirty days after the calendar quarter during which the business entertainment took place. Such reporting should be made through ComplianceAlpha. The CCO shall report any exceptions to the gifts and business entertainment policy to the Ethics Committee for appropriate action consistent with enforcement of the Code.

**6.**  **<u>CONFLICTS OF INTEREST</u>** 

The Adviser, as a fiduciary, has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its Clients. This duty includes fully disclosing all material facts concerning any conflicts that arise with respect to any Client. If any Access Person is aware of a personal interest that is, or might be, in conflict with the interest of a Client, that Access Person should disclose the situation or transaction and the nature of the conflict to the CCO for appropriate consideration by the Ethics Committee. The Ethics Committee may consult with counsel with respect to any appropriate action that should be taken. Employees should refer to the Adviser's Conflicts of Interest Policy.

**7.**  **<u>SERVICE AS A DIRECTOR</u>** 

Employees are prohibited from serving on the boards of directors of unaffiliated for-profit or not-for-profit corporations, business trusts or similar business entities, whether or not their securities are publicly traded, absent prior written approval by the Ethics Committee, based upon a determination that the board service would not be inconsistent with the interests of the Firm and its Clients. Copies of all written approvals obtained under this paragraph must be provided to and maintained by the CCO.

**8.**  **<u>MATERIAL NON-PUBLIC INFORMATION</u>** 

Securities laws and regulations prohibit the misuse of material non-public information when trading or recommending securities.

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Material non-public information obtained by any Access Person from any source must be kept strictly confidential. All material non-public information should be kept secure, and access to files and computer files containing such information should be restricted. Access Persons shall not act upon or disclose material non-public information except as may be necessary for legitimate business purposes on behalf of a Client or the Firm as appropriate. Questions and requests for assistance regarding material non-public information should be promptly directed to the CCO.

Material non-public information may include, but is not limited to, knowledge of pending orders or research recommendations, corporate finance activity, mergers or acquisitions, and other material non-public information that could reasonably be expected to affect the price of a security.

Client account information and Fund shareholder account information are also confidential and must not be discussed with any individual whose responsibilities do not require knowledge of such information.

**9.**  **<u>RESTRICTIONS ON PERSONAL SECURITY TRANSACTIONS</u>** 

No Access Person shall knowingly take unlawful advantage of his or her position with the Firm or with its Clients, for Personal Benefit, or take action inconsistent with such Access Person's obligations to the Firm, or any Client. All personal securities transactions must be consistent with this Code and must be conducted in a manner designed to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility. Any transaction effected with the purpose of profiting as a result of one or more transactions effected or anticipated for a Client ("scalping" or "frontrunning") is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>All Employees</u>:** 

Employees are prohibited in transacting in Covered Securities absent an exception. Employees are not required to close out existing individual equity securities positions held at the commencement of their employment. However, any Employee wishing to sell a Covered Security, other than Permitted Investments, owned prior to employment must first request and receive preclearance through the ComplianceAlpha system. Transactions receiving approval must be executed the same day preclearance is granted. No Employee shall sell a Covered Security within seven calendar days before or after a Client trade in that Covered Security. The fifteen day blackout restriction shall not apply to the following unless the Ethics Committee determines that the conduct is inconsistent with the Code or the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Permitted Investments" Transactions may be effected in U.S. Government and government agency securities, municipal bonds, foreign currency, index, commodity and currency based futures contracts, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments including repurchase agreements and shares of U.S. registered open-end investment companies, closed-end funds, non-single stock ETFs, ETNs and ETCs, all digital assets (cryptocurrency and cryptoassets).

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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. "Investment Companies" Transactions may be effected in U.S. registered closed-end investment companies and foreign registered open-end and closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Managed Accounts" Transactions may be effected in a Managed Account as long as the account is managed on a discretionary basis and/or that you (or, if applicable, your spouse or domestic partner) do not exercise investment discretion or otherwise have direct or indirect influence or control over investment decisions. Managed Accounts must receive pre-approval from and be reported to the Legal and Compliance Department along with written confirmation from the manager, investment adviser or trustee managing the account, who may not be affiliated with the Firm or the Fund, that it is managed on a discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Limited Offerings and Initial Public Offerings</u>:** No Employee shall directly or indirectly acquire
a Beneficial Interest in Limited Offering securities or securities in an Initial Public Offering without the prior consent of the Ethics Committee. Consideration will be given to whether the opportunity should be reserved for a Client. The Ethics
Committee will review these proposed investments on a case-by-case basis except for those circumstances in which advance general approval may be appropriate because it
is clear that conflicts are very unlikely to arise due to the nature of the opportunity for investing in the Initial Public Offering or Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Related Instruments</u>:** When anything in this section 9 prohibits the purchase or sale of a
security, it also prohibits the purchase or sale of any related securities, such as puts, calls, other options or rights in such securities and securities-based futures contracts and any securities convertible into or exchangeable for such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Spousal and Domestic Partner Accounts:</u>** An Employee's spouse or domestic partner is not prohibited
from buying or selling Covered Securities for his or her own account. However, the Employee may **not** participate in the investment decisions of his/her spouse or domestic partner, either directly or indirectly.  **<u>The Employee's spouse or domestic partner must provide the Adviser with trade confirmations and quarterly account statements.</u>** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Disinterested Trustees and Advisory Board Members</u>:** No Disinterested Trustee or Advisory Board
Member of a Fund shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership or interest when the Disinterested Trustee or
Advisory Board Member knows that securities of the same class are being purchased or sold or are being considered for purchase or sale by the Fund, until such time as the Fund's transactions have been completed or consideration of such
transaction is abandoned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  **<u>Sanction Guidelines</u>:** Unless an exception exists, if an Access Person trades in violation of this
section 9, the Ethics Committee will determine the appropriate sanction consistent with the Sanction Guidelines of the Code, which may include disgorgement of profits to a charity selected by the Ethics Committee. A copy of the Sanction Guidelines
will be provided to the Fund's Board of Trustees annually.

**10.**  **<u>PRECLEARANCE AND REPORTING PROCEDURES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Preclearance Requirement. All Employees must receive prior approval for all purchases and sales of shares of Driehaus Mutual Funds and Sub-Advised Funds, initial purchases of all Limited Offerings other than Firm-affiliated limited partnerships, and the sale of all Covered Securities held prior to employment with the Firm that are not Permitted Investments. All preclearance approvals shall be valid for the same day preclearance is granted.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Reports - All Access Persons</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Brokerage confirmations and statements</u>: Each Access Person must provide to the Firm's CCO identifying
information for  **<u>all securities or commodities brokerage accounts in which that Access Person has a Beneficial Interest (including Spousal and Domestic Partner accounts) including in any Managed Accounts. This includes accounts that hold shares of the Fund or a Sub-Advised Fund, other than holding of such funds in the Driehaus 401(k) and Profit Sharing Plan.</u>** Before opening any brokerage account, including a Managed Account, each Access Person
shall enter the account information into the ComplianceAlpha system or otherwise provide the information required to the CCO of the Firm. The CCO will arrange to receive trade confirmations and monthly/quarterly account statements from the Access
Person's broker-dealer, bank and/or financial institution directly through ComplianceAlpha. If a direct feed is not available in ComplianceAlpha, Access Persons are required to upload paper statements into the ComplianceAlpha system.

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To the extent that a security transaction in which an Access Person has any Beneficial Interest or ownership is not reported on brokerage confirmations and statements either in hard copy or through ComplianceAlpha such transaction must be reported to the Firm's CCO as part of the quarterly transactions report set forth in section 10(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Initial and Annual Holdings Reports and Quarterly Transactions Reports</u>: Each Access Person must provide a
holdings report for Covered Securities and shares of the Fund and Sub-Advised Funds within 10 days after becoming an Access Person (an "Initial Holdings Report") and annually thereafter (an
"Annual Holdings Report"). The Annual Holdings Report must be current within 45 days of the date of the report, and should be made through ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard
copy, if necessary. This requirement includes Spousal and Domestic Partner Accounts, Managed Accounts and any account in which an Access Person has a Beneficial Interest, other than the Driehaus 401(k) and Profit Sharing Plan.

Each Access Person must also provide a quarterly transaction report within 30 days after the close of a quarter for each transaction during the quarter in a Covered Security and shares of the Fund and Sub-Advised Funds other than transactions in the Driehaus 401(k) and Profit Sharing Plan, in which the Access Person had any Beneficial Interest, including Spousal and Domestic Partner Accounts and Managed Accounts, and provide information for any account established by the Access Person, Spouse or Domestic Partner during the quarter that holds Covered Securities or shares of the Fund or Sub-Advised Funds other than accounts established in the Driehaus 401(k) and Profit Sharing Plan. The quarterly transaction reports and new account disclosure should be made through ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard copy, if necessary.

Each report must state the title, number of shares and principal amount of each Covered Security in which the Access Person had any Beneficial Interest, the broker/dealer, bank and/or financial institution maintaining the account for the Access Person in which any securities were held for the benefit of the Access Person, and the date that the report is submitted by the Access Person. In addition, the quarterly transaction report must state the date of the transaction, the interest rate and maturity date of the Covered Security (if applicable), the nature of the transaction (i.e., purchase, sale or other), the purchase or sale price, and the date the account was established if established in the current reporting quarter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Exceptions to Reporting</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Persons need not file a quarterly transaction report if the information would duplicate information that the
CCO received in a broker's confirmation or account statement or that is contained in the records of the Firm, including within ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An Access Person need not make a quarterly transaction report hereunder with respect to transactions effected pursuant
to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Access Persons are not required to provide initial or annual holdings reports, or quarterly brokerage confirmations
and statements on digital assets (cryptocurrency and cryptoassets).

Access Persons are not required to provide initial or annual holdings reports or quarterly confirmations and statements for the Driehaus Companies 401(k) and Profit Sharing Plan, or for Driehaus Mutual Funds held directly at Northern Trust, the Fund's Transfer Agent.

Disinterested Trustee or Advisory Board Member who would be required to make a report referenced in Section 10(b) solely by virtue of being a Trustee or Advisory Board Member is not required to make a report unless Section 10(d)(1) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Access Person who is not an Employee of the Firm may provide required reports to the CCO in hard copy in lieu of
using ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Reports - Disinterested Trustees and Advisory Board Members</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A Disinterested Trustee or Advisory Board Member must provide a quarterly report to the Ethics Committee of any
purchase or sale of any Covered Security in which such person has, or by virtue of such transaction acquires, any Beneficial Interest if at the time of the transaction the Disinterested Trustee or Advisory Board Member knew, or in the ordinary
course of fulfilling his or her official duties as a Trustee or Advisory Board Member of a Fund should have known that, on the date of the transaction or within 15 days before or after the transaction, purchase or sale of that class of security was
made or considered for the Fund. The form of the report must conform to the provisions of subsection (b)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This subsection (d) shall not apply to non-volitional purchases and
sales, such as dividend reinvestment programs or "calls" or redemptions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Review of Reports</u>:** 

The CCO of the Firm or a designee of the CCO will review reports submitted by Access Persons, except no person shall be permitted to review his or her own reports. Any report required to be filed shall not be construed as an admission by the person making such report that he/she has any direct or indirect Beneficial Interest in the security to which the report relates.

**11.**  **<u>ETHICS COMMITTEE</u>** 

The Ethics Committee will take whatever action it deems necessary and appropriate, consistent with its Sanction Guidelines, with respect to any Access Person of the Firm or the Fund other than as noted below who violates any provision of this Code, and will inform the Fund's Board of Trustees as to the nature of such violation and the action taken by the Committee. However, any information received by the Ethics Committee relating to questionable practices or transactions by a Disinterested Trustee or an Advisory Board Member of a Fund shall immediately be forwarded to the Audit Committee of the Fund for that committee's consideration and such action as it, in its sole judgment, shall deem warranted.

At least once a year, each Fund, the Adviser must provide a written report prepared by the Ethics Committee to the Fund's Board of Trustees that describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations. The report will also certify to the Board of Trustees that each Fund and the Firm each have adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Report should also address any significant conflicts of interest that arose involving the Fund and Firm's personal investment policies, even if the conflicts have not resulted in a violation of the Code.

**12.**  **<u>WAIVERS</u>** 

The Ethics Committee may, in its discretion, waive compliance with any provision of the Code after considering whether the waiver (i) is necessary or appropriate to alleviate undue hardship, or in view of unforeseen circumstances, (ii) will not be inconsistent with the purposes and policies of the Code; (iii) will not adversely affect the interests of any Client or the interests of the Firm and/or (iv) will not result in a transaction or conduct that would violate provisions of applicable laws or rules. Normally, all waiver applications must be made in advance and in writing. A written record shall be kept of all waivers granted by the Ethics Committee, including a brief summary of the reasons for the waiver.

**13.**  **<u>CODE REVISIONS</u>** 

Any material changes to this Code will be approved by the Fund's Board of Trustees prior to the effective date of such changes.

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**14.**  **<u>RECORD KEEPING REQUIREMENTS</u>** 

The Firm shall maintain records, at its principal place of business, of the following: a copy of each Code in effect during the past five years; a record of any violation of the Code and any action taken as a result of the violation for at least five years after the end of the fiscal year in which the violation occurs; a copy of each report made by Access Persons as required in this Code, including any information provided in place of the reports during the past five years after the end of the fiscal year in which the report is made or the information is provided; a copy of each Fund trustee report made during the past five years; a copy of each Acknowledgment of the Code made by Access Persons during the past five years; a record of all Access Persons required to make reports currently and during the past five years; a record of all who are or were responsible for reviewing these reports during the past five years; and, for at least five years after approval, a record of any decision and the reasons supporting that decision, to approve an Access Person's purchase of a New Issue or a Limited Offering.

**15.**  **<u>CONDITION OF EMPLOYMENT OR SERVICE</u>** 

All Access Persons shall conduct themselves at all times in the best interests of Clients. Compliance with the Code is a condition of employment or continued affiliation with a Fund or the Firm. Conduct not in accordance with the Code is grounds for sanctions which may include, but are not limited to, a reprimand, a restriction on activities, disgorgement, termination of employment or removal from office. All Access Persons shall certify initially upon employment and annually thereafter to the Ethics Committee that they have read and agree to comply in all respects with this Code and that they have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported by this Code.

Effective: November 14, 2025

## Ex-99.(P)(9)

**Sponsor** 

Head of GI Compliance

**Owner** 

Chief Compliance Officers of Guggenheim Investments Entities

**Contact** 

Chief Compliance Officers of Guggenheim Investments Entities

**Effective Date** 

December 16, 2025

**Terms and Conditions for Receipt, Reading and Review of this Policy** 

By receiving, reading or reviewing this Code of Ethics Policy (the "Policy") in whole or in part, you agree to the following terms and conditions:

The Policy and all of its contents are the proprietary and confidential property of Guggenheim Partners Investment Management, LLC and its affiliated entities ("Guggenheim"), and may not be used by any other person, firm or individual and may not be redistributed except with the express written permission of Guggenheim.

It is being provided to you in connection with the conduct of due diligence and for no other purpose or use.

IT MAY NOT BE REPRODUCED OR REDISTRIBUTED; IS NOT INTENDED AS A DISCLOSURE OF ANY SORT; IT MAY BE CHANGED AT ANY TIME IN ANY MANNER WITHOUT THE CONSENT OF ANY PERSON AND WITHOUT NOTICE, IN THE SOLE DISCRETION OF GUGGENHEIM; THERE IS NO COMMITMENT TO FOLLOW ANY PROCESS OR PROVISIONS DESCRIBED IN THIS PROCESS SUMMARY OTHER THAN THOSE SPECIFICALLY REQUIRED BY APPLICABLE LAW, RULES OR REGULATIONS; GUGGENHEIM MAY, IN ITS DISCRETION, DEVIATE FROM THE PROCESSES AND PROVISIONS DESCRIBED IN THIS POLICY AT ANY TIME, INCLUDING WITHOUT LIMITATION, WHERE GUGGENHEIM DETERMINES THAT SUCH A DEVIATION IS PERMISSIBLE, NECESSARY, APPROPRIATE AND/OR DESIRABLE.

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**CODE OF ETHICS** 

BUSINESS UNIT RESPONSIBLE: GI COMPLIANCE DEPARTMENT ("COMPLIANCE")

**PROCEDURE:** 

Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund and Guggenheim Active Allocation Fund (each a "Fund" and jointly the "Funds" or Guggenheim Funds), and Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC<sup>1</sup>, Guggenheim Investor Services, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, and Guggenheim Investments Loan Advisors, LLC (each a "Company," jointly the "Companies," and together with the Funds, "Guggenheim Investments" or "GI") are confident that their officers, trustees, directors and employees act with integrity and good faith. GI recognizes, however, that personal interests may conflict with a Fund's or Company's interests where trustees, directors, officers or employees:

◾ Know about present or future portfolio transactions or

◾ Have the power to influence portfolio transactions; and

◾ Engage in personal transactions in securities.

In an effort to prevent these conflicts from arising and in accordance with Rule 17j-1(c)(1) under the Investment Company Act of 1940 (the "1940 Act") and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), GI has adopted this Code of Ethics and all amendments thereto (together, the "Code") to prohibit transactions that create, may create, or appear to create conflicts of interest, and to establish reporting requirements and enforcement procedures. Additionally, Guggenheim Investor Services, LLC has adopted this Code of Ethics to effectuate the purposes and objectives of FINRA Rule 3210 and in accordance with industry best practices. This Combined Code of Ethics adopted under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act covers the Companies listed in Appendix A. Each trustee, director, officer and employee of GI should carefully read and review this Code.

1**.** **About GI** 

**1.1.** The Funds are separately registered open-end and closed-end management investment companies. Each Fund may consist of multiple investment portfolios (each a "Fund" and together, the "Funds").

**1.2.** Guggenheim Funds Investment Advisors, LLC, Security Investors, LLC, Guggenheim Corporate
Funding, LLC, Guggenheim Investment Advisors, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, and Guggenheim Investments Loan Advisors, LLC (each an
"Adviser" and together, the "Advisers") are registered investment advisers. Guggenheim Funds Investment Advisors, LLC, Security Investors, LLC, and/or Guggenheim Partners Investment Management, LLC are the investment adviser
or sub-adviser to certain of the Funds. Security Investors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC,
Guggenheim Wealth Solutions, LLC, and Guggenheim Investments Loan Advisors, LLC offer investment advisory services to client accounts that are not the Funds.

*<sup>1</sup> For purposes of this Code of Ethics, Guggenheim Investment Advisers, LLC is considered part of Guggenheim Investments, whereas Guggenheim Investment Advisers, LLC may be excluded from the definition of Guggenheim Investments in other business and compliance policies.* 

Confidential 4

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![LOGO](g941623g0220163215638.jpg)

**1.3.** Guggenheim Funds Distributors, LLC, a registered broker-dealer, (the
"Distributor") serves as distributor to certain Funds and depositor of certain unit investment trusts. Guggenheim Investor Services, LLC, a broker-dealer registered with the SEC and FINRA, is approved to engage in private placement
activities by structuring and privately placing new issue unregistered securities or loans.

2. **About this Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.1. Transaction-Related and Reporting Provisions** 

As a condition of employment, all individual employees, officers, principals, partners and directors of Guggenheim Investments (generally referred to as "Employees") are required to comply with the Code. The following categories of persons are considered to be Adviser Access Persons and are required to comply with the Code together with Employees. "<u>Adviser Access Person</u>" includes any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director, officer, manager, principal and partner of the Adviser or Distributor (or other
persons occupying a similar status or performing similar functions), or other person who provides advice on behalf of the Adviser or is subject to the Adviser's supervision and control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

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| ◾ | Has access to nonpublic information regarding any of the Adviser's client's purchases or sales of securities, or nonpublic information regarding the portfolio holdings of any client account the Adviser or their affiliates manage, or any fund which is advised or sub-advised by the Adviser (or certain affiliates, where applicable);  |

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◾ Makes recommendations or investment decisions on behalf of the Adviser;

◾ Has the power to exercise a controlling influence over the management and policies of the Adviser, or over investment decisions, who obtains information concerning recommendations made to a client with regard to the purchase or sale of a security;

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| ◾ | The Compliance Officer shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Adviser Access Person. Such determination shall be made based upon an application of the criteria provided above, whether an appropriate confidentiality agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary employees may only be subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements such as not having to hold their reportable accounts at the permitted broker-dealers;  |

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◾ Any person deemed to be an Adviser Access Person by the Compliance Officer; or

◾ All Trustees of the Funds, both <u>Interested</u> and <u>Independent</u>.

In addition to <u>Adviser Access Persons</u>, persons qualifying as <u>Natural Control Persons, which</u> include natural persons in a <u>control</u> relationship with a Company who obtain information concerning recommendations made to a Fund or client about the <u>purchase or sale</u> of a <u>security</u> *and who are not specifically covered by any other section of the Code*, are required to comply with the Code*.*

**In addition to the general principles and limitations set forth below, for the prohibitions and reporting requirements that specifically apply to you, please refer to Parts A-C, as indicated below. (Definitions of underlined terms are included in Appendix B.)** 

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| ◾ | **Independent Trustees of the Funds - Part A**  |

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| ◾ | **<u>Adviser Access Persons</u> (Other than Independent Trustees of the Funds) - Part B**  |

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| ◾ | **<u>Natural Control Persons</u> - Part C**  |

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&nbsp;&nbsp;&nbsp;&nbsp;**2.2. Other Provisions** 

The remainder of this Code sets forth general principles and limitations, required course of conduct, reporting obligations, and GI's review, enforcement and recordkeeping responsibilities as well as other related information.

3. **Statement of General Principles** 

In recognition of the trust and confidence placed in GI by its clients and shareholders of the Funds, and because GI believes that its operations should benefit clients and shareholders, GI has adopted the following universally applicable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Shareholders' and clients' interests are paramount. You must place shareholder and
client interests before your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You must accomplish all personal <u>securities</u> transactions in a manner that avoids an actual
conflict or even the appearance of a conflict of your personal interests with those of a Company's clients, including a Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must avoid actions or activities that allow (or appear to allow) you or your <u>immediate family<sup>2</sup></u> to profit or benefit from your position with GI, or that bring into question your independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You must comply with all applicable federal and state securities laws, including the prohibitions
against the misuse of material nonpublic information, in conducting yourself and the operations of GI.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield investment personnel from liability for personal trading or other conduct that violates a fiduciary duty to a Company's clients or a Fund's shareholders.

4. **Required Course of Conduct and General Limits** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Prohibition Against Fraud, Deceit and Manipulation** 

You may not, in connection with the <u>purchase or sale</u>, directly or indirectly, of a <u>security held or to be acquired</u> by any Fund or client account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. employ any device, scheme or artifice to defraud a Fund or client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make any untrue statement of a material fact to a Fund or client or omit to state a material fact
necessary in order to make the statements made to a Fund or client, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any act, practice or course of business which would operate as a fraud or deceit upon a
Fund or client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. engage in any manipulative practice with respect to a Fund or client account.

**4.2** **Prohibition on Front Running** 

Front-running, trading opposite a Fund or Adviser's client account(s), or engaging in conduct that may be construed as front-running, is strictly prohibited under the Code. For example, front-running would include an Access Person purchasing a <u>security</u> any time within seven days ahead of when the Fund or Adviser's client account(s) purchases the same <u>security</u>, or the sale of a <u>security</u> any time within seven days ahead of when the Fund or Adviser's client account(s) sells the same <u>security</u>. An example of trading opposite the Fund or Adviser's client account(s) would include the sale of a <u>security</u> any time within seven days after the Fund or Adviser's client account(s) purchases the same <u>security</u> or the purchase of a <u>security</u> any time within seven days after the Fund or Adviser's client account(s) sells the same <u>security</u>. Proprietary, Access Persons', and discretionary accounts will be monitored for front-running.

<sup>2</sup> <u>Immediate Family</u> includes, but is not limited to, a spouse, child, grandchild, stepchild, parent, grandparent, sibling, mother or father-in-law, son or daughter-in-law, or brother or sister-in-law, and adoptive relationships, living in the same household. Please refer to Appendix B – Definitions for more information. 

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**4.3. Outside Business Activities** 

The Advisers and Distributor have separate policies with respect to employees' outside business activities. Employees are prohibited from taking part in any outside employment without prior approval from their Supervisor and Compliance. Employees should refer to the applicable outside business activities policy.

Employee participation in outside activities related to <u>cryptocurrency</u> (*e.g*., blockchain entities, cryptocurrency mining, etc.) requires pre-approval under the Advisers' and Distributor's outside business activities policy.

**4.4.** **Excessive Trading** 

<u>Adviser Access Persons</u> shall not engage in excessive trading or market timing of the Funds; provided, however, that this prohibition does not apply to the <u>Tradable Funds</u>. Market timing may take many forms, including arbitrage activity involving the frequent buying and selling of a fund's shares in order to take advantage of the fact that there may be a lag between a change in the value of a fund's portfolio securities and the reflection of that change in the fund's share price. Such activity is inconsistent with the fiduciary principles of this Code, which require that <u>Adviser Access Persons</u> place the interests of clients above their own interests.

<u>Adviser Access Persons</u> shall not make more than 60 <u>securities</u> trades in any calendar quarter. Transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B or securities that do not require pre-clearance are not included in the 60 securities trades permitted during any calendar quarter.

**4.5. Section 16 Reporting on Closed-End Fund Shares** 

For all Closed End Fund ("CEF") Trustees and Officers, please be reminded that Section 16 of the Securities Exchange Act of 1934 ("1934 Act") imposes reporting requirements with respect to your ownership of the CEFs. Section 16(a) requires each Trustee and Officer to file (i) an initial report with the U.S. Securities and Exchange Commission ("SEC") on Form 3 disclosing his or her status as a reporting person under Section 16(a), and his or her beneficial ownership of all equity securities of the Closed-End Funds at the time of attaining such status; (ii) changes in such beneficial ownership on Form 4; and (iii) an annual statement of changes in beneficial ownership on Form 5 (if such changes were not previously reported on Forms 3 or 4). The Trustees and Officers should review the Closed-End Funds' Section 16 policies and procedures for more information relating to their reporting requirements under those policies and procedures as well as Section 16 of the 1934 Act.

**4.6** **Use of Compliance Platform** 

GI utilizes an electronic Compliance Platform to manage certain reporting and certification obligations required of Adviser Access Persons. Adviser Access Persons are required to use the Compliance Platform specified by Compliance to complete reporting specified by the Code of Ethics.

At the time of designation as an Adviser Access Person, Adviser Access Persons will be provided with login information and instructions for using the Compliance Platform.

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5. **Confidentiality** 

All personal <u>securities</u> transactions reports and any other information filed with GI under this Code will be treated as confidential, provided, however, that such reports and related information may be produced to the SEC and other regulatory agencies or as otherwise required by law.

6. **Interpretation of Provisions and Interrelationship with Other Codes of Ethics** 

The Boards of Trustees of the Funds may from time to time adopt such interpretations of this Code as they deem appropriate.

To the extent that any of the Advisers delegate certain of their advisory responsibilities to an investment sub-adviser, such sub-adviser must:

◾ establish, maintain and enforce a code of ethics that meets the minimum requirements set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act, and submit such code of ethics to the Fund's Board of Trustees;

◾ on a quarterly basis provide the appropriate Fund(s) or the Adviser of such Fund a written attestation that the sub-adviser is in compliance with its code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act;

◾ promptly report, in writing, to the appropriate Fund(s) any material amendments to such code(s) of ethics;

◾ promptly furnish to such Fund or the Adviser to such Fund, upon request, copies of any reports made pursuant to such code of ethics by any person who is a <u>Sub-Adviser Access Person</u>;

◾ immediately furnish to such Fund or the Adviser to such Fund, upon request, all material information regarding any violation of such code of ethics by any person who is a Sub-Adviser Access Person; and

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| ◾ | at least once a year, provide such Fund or the Adviser of such Fund a *written* report that describes any issue(s) that arose during the previous year under its code of ethics, including any material code violations and any resulting sanction(s), and a certification that it has adopted measures reasonably necessary to prevent its personnel from violating its code of ethics.  |

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The sub-adviser should also establish a policy or adopt in its code of ethics that <u>Sub-Adviser Access Persons</u> shall not engage in excessive trading. Such activity is inconsistent with the fiduciary principles of this Code, which require that <u>Sub-Adviser Access Persons</u> place the interests of clients above their own interests.

7. **Acknowledgment of Receipt and Annual Certification** 

Each director, officer, employee and member of the Companies will receive a copy of the Code and any subsequent material amendments to the Code, and each such person must acknowledge receipt of the Code in writing on an annual basis. Each such person is required to certify annually that he/she (i) has read and understands the Code, (ii) is aware that he/she is subject to the provisions of this Code, (iii) has complied with the Code at all times during the previous calendar year, and (iv) has, during the previous calendar year, reported all holdings and transactions that he/she is required to report pursuant to the Code. The acknowledgement of receipt and certification may be made electronically through a manner specified by Compliance.

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**EXCEPTION HANDLING:** 

A <u>Compliance Officer</u>, in his or her discretion, may exempt any person from any specific provision of the Code, if the <u>Compliance Officer</u> determines that: (a) granting the exemption does not detrimentally affect any client or the shareholders of the Funds, (b) the failure to grant the exemption will result in an undue burden on the person or limit the person's ability to render services to GI and (c) the exception is consistent with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. In order to request an exemption from a provision of the Code, an Adviser Access Person must submit a written request for the exemption to <u>Compliance</u>.

**REPORTING REQUIREMENTS:** 

1. **Individual Reporting Obligations - See Parts A, B, or C as appropriate, for your specific reporting obligations.** 

**1.1.** Obligation to Report Violations of the Code - In addition to the individual reporting requirements referenced above, any violation of the Code must be promptly reported to <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. As has been GI's ongoing policy, nothing in this Code, any agreement between GI and its employees, or any GI policy or program, prohibits or restricts any person in any way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating, assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available on OneGuggenheim.

**1.2.** Reports of individual securities transactions are required only if you *knew* at the time of the transaction or, in the ordinary course of fulfilling your official duties as a Trustee, *should have known*, that during the 15-calendar day period immediately preceding or following the date of your transaction, the same security was purchased or sold, or was being considered for purchase or sale, by a Fund. Note: The "*should have known*" standard does not:

◾ Imply a duty of inquiry;

◾ Presume you should have deduced or extrapolated from discussions or memoranda dealing with the Fund's investment strategies; or

◾ Impute knowledge from your prior knowledge of the Fund's portfolio holdings, market considerations, or investment policies, objectives and restrictions.

**2. Annual Written Report to the Boards of Trustees of the Funds -** At least once a year or more frequently as deemed necessary by a <u>Compliance Officer</u>, a <u>Compliance Officer</u>, on behalf of the Companies that provide services to the Funds, including the Advisers, will provide the Board of Trustees of each Fund a *written* report ("Annual Written Report") that includes:

**2.1.** Issues Arising Under the Code - The Annual Written Report will describe any
issue(s) that arose during the previous year under the Code, including any material Code violations, and any resulting sanctions.

**2.2.** Certification - The Annual Written Report will certify to the Boards of Trustees
that each Company has adopted measures reasonably necessary to prevent its personnel from violating the Code currently and in the future.

**3. Periodic Review and Reporting -** A <u>Compliance Officer</u> (or his or her designee) will report to the Boards of Trustees at least annually as to the operation of this Code and will address in any such report the need (if any) for further changes or modifications to this Code.

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**TESTING AND REVIEW:** 

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Duties of <u>Compliance</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** <u>Compliance</u> will review electronic reports generated by the Compliance Platform that compares all reported personal <u>securities</u> transactions with the Funds' portfolios and client accounts, as applicable, transactions completed by the Advisers, and the restricted securities list, maintained by Compliance, to determine whether a Code violation may have occurred. A <u>Compliance Officer</u> or their designee may request additional information or take any other appropriate measures that the <u>Compliance Officer</u> or their designee decides is necessary to aid in this determination. Before determining that a person has violated the Code, <u>Compliance</u> must give the person an opportunity to supply explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** No person is required to participate in a determination of whether he or she has committed a Code violation or of the imposition of any sanction against himself or herself. If a securities transaction of a <u>Compliance Officer</u> is under consideration, a separate <u>Compliance Officer</u> other than the individual under consideration will act as the <u>Compliance Officer</u> for purposes of this Section.

**1.3** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanctions

This Code is designed to facilitate compliance with applicable laws and to reinforce the Companies' reputation for integrity in the conduct of their businesses. For violations of this Code, sanctions may be imposed as deemed appropriate by Compliance and as applicable in coordination with senior management. Escalation will depend on the severity and frequency of the infraction considering the facts and circumstances such as potential or actual harm or reputational risk to clients, prospects, Fund shareholders or the Companies. A pattern of violations that individually do not violate the law, but which taken together demonstrate a pattern of lack of respect for the Code, may result in disciplinary action, including termination of employment.

Specifically, the Adviser Access Person shall be subject to remedial actions which may include, but are not limited to, any one or more of the following: (1) verbal warning and/or letter of instruction; (2) written memo or letter of caution (including requirement for additional training) or other measures; (3) enhanced supervision or management plan; (4) decrease in compensation, performance measure or other penalty; (5) personal securities trading restriction; (6) termination of employment; or (7) referral to civil or governmental authorities for possible civil or criminal prosecution. If the Adviser Access Person is normally eligible for a discretionary bonus, violations of the Code may also reduce or eliminate the discretionary portion of his/her bonus.

**RECORDKEEPING:** 

The Companies will maintain records as set forth below. These records will be maintained in accordance with Rule 31a-2 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act and will be available for examination by representatives of the SEC.

◾ A copy of this Code and any other code which is, or at any time within the past five years has been, in effect will be preserved in an easily accessible place;

◾ A list of all persons who are, or within the past five years have been, required to submit reports under this Code will be maintained in an easily accessible place;

◾ A copy of each report made by a person under this Code will be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

◾ A copy of each duplicate brokerage confirmation and each periodic statement provided under this Code will be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place.

◾ A record of any Code violation and of any sanctions taken will be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurred;

◾ A copy of each Annual Written Report to the Boards of Trustees will be maintained for at least five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

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◾ A copy of all Acknowledgements of Receipt and Annual Certifications as required by this Code for each person who is currently, or within the past five years was required to provide such Acknowledgement of Receipt or Annual Certification; and

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| ◾ | The Companies will maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition of <u>securities</u> in a <u>private investment</u>, for at least five years after the end of the fiscal year in which the approval is granted.  |

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**DISCLOSURE:** 

The Code of Ethics will be disclosed in accordance with the requirements of applicable federal law and all rules and regulations thereunder with the applicable disclosure documents.

**REVISIONS:** 

These procedures shall remain in effect until amended, modified or terminated. The Boards of Trustees must approve any material amendments to the Code within six months of the amendment.

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| **PART A** | **PROCEDURES FOR INDEPENDENT TRUSTEES** |

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**GENERAL OBLIGATIONS.** 

1. **Limitations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** You are subject to Sections 4.1 and 4.5 of the "Procedure" section of the Code.

2. **Required Transaction Reports** 

**2.1.** On a quarterly basis you must report any <u>securities</u> transactions, unless such
transaction is excepted from reporting as described in 2.2 below. If reporting is required, you must submit your report of securities transactions and information about the relevant securities account to <u>Compliance</u> no later than 30 calendar
days after the end of the calendar quarter in which the transaction to which the report relates was effected. Reports must include information consistent with regulatory requirements.

**2.2.** Reports of individual <u>securities</u> transactions are required only if you *knew* at
the time of the transaction or, in the ordinary course of fulfilling your official duties as a Trustee, *should have known*, that during the 15-calendar day period immediately preceding or following the
date of your transaction, the same <u>security</u> was <u>purchased or sold</u>, or was b <u>eing considered for purchase or sale</u>, by a Fund.

<u>Note</u>: The "*should have known*" standard does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imply a duty of inquiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• presume you should have deduced or extrapolated from discussions or memoranda dealing with the
Fund's investment strategies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impute knowledge from your prior knowledge of the Fund's portfolio holdings, market
considerations, or investment policies, objectives and restrictions.

**2.3.** If you had no reportable transactions during the quarter, you are not required to submit a
report.

3. **What Securities Are Covered Under Your Quarterly Reporting Obligation?** 

If the transaction is reportable because it came within Section (2), above, you must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must also contain any <u>investment account</u> you established in which any <u>securities</u> were held during the quarter. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

4. **Other Recommended Practices** 

Although not strictly prohibited, it is recommended that Independent Trustees refrain from trading in shares of the Funds they oversee for a period of seven calendar days before and after meetings of the Board of Trustees of such Funds.

In lieu of the sanctions contemplated under Section 2 of the "Testing and Review" section of the Code, Independent Trustees shall be subject to sanctions as determined by the Board of Trustees of the relevant Fund.

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| **PART B** | **ADVISER ACCESS PERSONS (OTHER THAN INDEPENDENT TRUSTEES OF THE FUNDS)** |

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**GENERAL OBLIGATIONS** 

1. **Providing a List of Securities – Initial and Annual Holdings Reports** 

**1.1.** Initial Holdings Reports. You must submit the initial listing within 10 calendar days of the
date you first become an <u>Adviser Access Person</u>. The initial listing should be a complete listing of all <u>investment accounts</u> and <u>securities</u>, including <u>private investments</u>, you beneficially own as of a date no more than 45
days prior to the date you become an Adviser Access Person. Reports must include information consistent with regulatory requirements.

**1.2.** Annual Holdings Reports. In addition to the Initial Holdings Report, each following year,
you must submit a revised list showing the investment <u>accounts</u> and <u>securities</u> you <u>beneficially own</u> as of December 31. You must submit each annual update listing no later than 30 calendar days after December 31. Adviser Access
Persons must also certify annually that they have complied with the requirements and have disclosed all holdings required to be disclosed pursuant to the requirements of this Code. In addition, Adviser Access Persons will respond to personal
disciplinary history questions. Reports must include information consistent with regulatory requirements.

The Initial Holdings Report and Annual Holdings Reports, as applicable, will be submitted electronically, through the Compliance Platform. You will receive notification via email when the applicable report is due, including instructions on how to access the information and complete the report.

2. **Brokerage Accounts** 

All <u>investment accounts</u> of new Adviser Access Persons and any <u>investment accounts</u> of current Adviser Access Persons must be maintained with brokerage firms designated and approved by Compliance. Compliance may grant specific exceptions in writing in limited circumstances however, in general, trading in such accounts will be prohibited.

Existing <u>investment accounts</u> of new Adviser Access Persons which are not held at the permitted broker-dealers must be transferred within 90 calendar days from the date the Adviser Access Person is so designated; the failure to transfer within this time will be considered a violation of this Code. Any request to extend the 90-day transfer deadline must be accompanied by a written explanation by the current broker-dealer as to the reason for delay. Compliance may grant specific exceptions in writing.

Prior to opening a new reportable <u>investment account,</u> you are required to submit the Personal Account Pre-Clearance Form through the Compliance Platform to obtain written consent from Compliance. You are also required to notify in writing the broker-dealer or financial institution with which you are seeking to open such reportable investment account of your association with Guggenheim Investments.

Upon opening a reportable <u>investment account</u> or obtaining an interest in an investment account that requires reporting, the account number must be reported within 5 calendar days of funding the <u>investment account</u> via the Compliance Platform or as otherwise permitted by Compliance.

**3.** **Duplicate Brokerage Confirmations and Statements** 

If your brokerage firm provides automatic feeds for your investment accounts to the Compliance Platform, the Adviser will obtain account information electronically, after the Adviser Access Person has completed the appropriate authorizations as required by the brokerage firm. Further, you are required to provide duplicate statements upon request from Compliance.

If the brokerage firm does not provide automatic feeds to the Compliance Platform, you are responsible for providing duplicate statements for such investment accounts to Compliance within 20 days after each Quarter End. The Compliance Officer or his designee may provide exceptions to this policy on a limited basis.

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4. **Independently Managed/Third-Party Discretionary Account Reporting:** 

• Adviser Access Persons must disclose independently managed/third-party discretionary accounts, i.e.,
where the person has "no direct or indirect influence or control".

• Adviser Access Persons are required to obtain a signed copy of the Managed Account Letter (template
letter provided by GI Employee Activities) from their third-party investment adviser confirming that the adviser has authority to effect transactions on behalf of the independently managed/third-party discretionary account without obtaining prior
consent of the Adviser Access Person and that the Adviser Access Person does not direct trades in the independently managed/third-party discretionary account. Adviser Access Persons are required to maintain an updated Managed Account Letter on file
confirming third-party discretion.

• Adviser Access Persons should immediately notify GI Employee Activities if there are any changes in
control over the independently managed/third-party discretionary account or if there are any changes to the relationship between the trustee or third-party investment adviser and the Adviser Access Person (i.e., independent professional or friend or
relative, unaffiliated versus affiliated firm). Please note that an <u>immediate family</u> member with discretion over an independently managed/third-party discretionary account is not considered a third-party adviser.

• Trades in independently managed/third-party discretionary accounts are not subject to the pre-clearance requirements and trading restrictions of the Code.

• Certain Adviser Access Persons (as determined by Compliance) are required to maintain independently
managed/third-party discretionary accounts with brokerage firms designated and approved by Compliance. Compliance will advise impacted Adviser Access Persons.

5. **Required Transaction Reports – Quarterly Personal Securities Transaction Reports** 

On a quarterly basis you must report transactions in <u>securities</u>, as well as any <u>investment accounts</u> ("<u>Quarterly Personal Securities Transaction Reports</u>"). You must submit your report no later than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected or the investment account was opened. The Quarterly Personal Securities Transaction Reports are required in addition to delivery of duplicate brokerage confirmations and statements (via automatic feed or hard copy). Adviser Access Persons must submit Quarterly Personal Securities Transaction Reports electronically, through the Compliance Platform. You will receive notification via email when the Quarterly Personal Securities Transaction Report is due, including instructions on how to access the information and complete the report. Reports must include information consistent with regulatory requirements.

If you had no reportable transactions or did not open any <u>investment accounts</u> during the quarter, you are still required to report that you did not have any reportable transactions or open any investment accounts.

6. **What Securities Are Covered Under Your Quarterly Reporting Obligation?** 

You must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must contain any investment account you established during the quarter if the account has not already been reported. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

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7. **Pre-Clearance Requirement** 

You must submit a report detailing every proposed <u>securities</u> transaction in which you will acquire a <u>beneficial ownership</u> interest through the Compliance Platform and obtain pre-clearance for each securities transaction prior to engaging in the transaction. The report shall include the name of the security, date of the proposed transaction, quantity, price, and broker-dealer through which the transaction is to be effected.

**Pre-cleared transactions are valid for the day on which such transaction was approved as noted on the pre-clearance request form, unless otherwise specified by Compliance.** If the transaction, or any portion thereof, is not executed within the specified time, the Adviser Access Person must obtain written approval for the transaction again. The Companies reserve the right to rescind previously pre-approved trades if an actual conflict arises or in certain other limited circumstances, and Adviser Access Persons may be obliged to sell previously pre-cleared positions. The Companies will not be responsible for any losses as a result of such rescission of approval and all profits received by the Adviser Access Person from such sale will be disgorged and donated to a charity approved by <u>Compliance</u>.

8. **Securities and Transactions Subject to the Pre-Clearance Requirement:** 

**Securities:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Type:** | **Pre-Clearance Required:** | **Include on Quarterly**<br> **Transaction & Annual**<br> **Holdings Reports:** |
| &nbsp;&nbsp;&nbsp;Equities/Stocks | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Corporate, U.S. (Government) Agency and Municipal Bonds and Notes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;U.S. Government Obligations and Debt | No | No |
| &nbsp;&nbsp;&nbsp;High Quality Short-term Bonds (maturity at issuance of less than 366 days) | Yes | Yes |
| &nbsp;&nbsp;&nbsp;All Exchange Traded Funds (ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Options and Futures on any Covered Security, ETF or on any group or (broad-based) index of securities | Yes – See Supplement 1 | Yes – See Supplement 1 |
| &nbsp;&nbsp;&nbsp;Futures on U.S. Government Obligations | No | Yes |
| &nbsp;&nbsp;&nbsp;Certain Futures on Currencies and Commodities | Yes, if not prohibited<br> (see Section 11) | Yes, if not prohibited (see Section 11) |
| &nbsp;&nbsp;&nbsp;<u>Private Investments</u>, including certain Loans | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Unit Investment Trusts (UITs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Unit Investment Trusts (UITs) investing exclusively in open-end mutual funds. | No | No |
| &nbsp;&nbsp;&nbsp;Foreign Unit Trusts (i.e. UCITS) or Foreign Mutual Fund | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Closed-end Mutual Funds (regardless of whether advised or sub-advised by the Advisers or an affiliate) | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Open-end Mutual Funds | No | No |
| &nbsp;&nbsp;&nbsp;Open-end Mutual Funds advised or sub-advised by the Advisers or an affiliate | No | Yes |
| &nbsp;&nbsp;&nbsp;Money Market Funds | No | No |
| &nbsp;&nbsp;&nbsp;Indirect investments in Cryptocurrencies\* | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Direct investments in Cryptocurrencies | No | No |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Miscellaneous: Treasury Stock; Debenture; Evidence of Indebtedness; Investment Contract; Voting Trust Certificate; Certificate of Deposit for a Security; Limited Partnerships; Certificate of Interest or Participation in any Profit-Sharing Agreement; Collateral-RIC Certificate; Fractional Undivided interest in Oil, Gas or other Mineral Right; Pre-Organizational Certificate or Subscription; Transferable Shares | Yes | Yes |
| &nbsp;&nbsp;&nbsp;-Bank Loans; Bankers Acceptances; Bank Certificates of Deposit; Commercial Paper; Repurchase Agreements | No | No |

---

**Special Transaction Types:** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Special Transaction Type\*\*:** | **Pre-Clearance Required:** | **Include on Quarterly Transaction & Annual Holdings Reports:** |
| &nbsp;&nbsp;&nbsp;IPOs (issued directly from the underwriting syndicate) | Prohibited | Prohibited |
| &nbsp;&nbsp;&nbsp;Initial Coin Offerings ("ICOs") | Prohibited | Prohibited |
| &nbsp;&nbsp;&nbsp;Participation in Investment Clubs | Prohibited | Prohibited |
| &nbsp;&nbsp;&nbsp;Automatic Dividend Reinvestments | No\*\*\* | Yes |
| &nbsp;&nbsp;&nbsp;Non-Automatic Dividend Reinvestments | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Automatic Investment Plan | No\*\*\* | No\*\*\* |
| &nbsp;&nbsp;&nbsp;Tender offer transactions\*\* | No | Yes |
| &nbsp;&nbsp;&nbsp;Acquisition of securities by gift or inheritance | No | Yes |
| &nbsp;&nbsp;&nbsp;Sale of securities acquired by gift or inheritance\*\*\*\* | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Guggenheim Capital LLC membership interests | No | No |
| &nbsp;&nbsp;&nbsp;Guggenheim 401K\*\*\*\* | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Purchases arising from the exercise of rights issued by an issuer *pro rata* to all holders of a class of its <u>securities</u>, as long as you acquired these rights from the issuer, and sales of such rights so acquired. | No | Yes |
| &nbsp;&nbsp;&nbsp;Transactions which are non-volitional on your part, including sales from a margin account due to a *bona fide* margin call. | No | Yes |
| &nbsp;&nbsp;&nbsp;Transactions effected for any account over which you have no direct or indirect influence or <u>control</u>. | No | No |
| &nbsp;&nbsp;&nbsp;Acquisition through corporate actions or actions applicable to all holders of the same class of securities. | No | Yes |

---

\* Cryptocurrency-related entities deriving a substantial amount of revenue therefrom, or private investments, ETFs and investment trusts investing directly and primarily in cryptocurrencies.

\*\*You will be required to provide additional supporting documentation to the extent the information is not available on your brokerage statements.

\*\*\*Any transaction that overrides the pre-set schedule of the automatic investments plan must be pre-cleared and reported. Annual Holdings report must represent updated holdings resulting from any automatic investment plans.

\*\*\*\*Pre-clearance is required to the extent that it is for a security type listed above under 'Pre-Clearance required'.

The above investments and transactions that are not subject to pre-clearance are also **NOT** subject to the 30-day prohibition on selling/buying securities (discussed in section 12 below), the seven-day blackout period on personal securities transactions (discussed in section 13 below), or the excessive trading limitation (discussed in section 14 below).

9. **Private Investments** 

You must obtain approval from <u>Compliance</u> before acquiring <u>beneficial ownership</u> of any <u>securities</u> offered in connection with a <u>private investment</u>. Adviser Access Persons should contact Compliance with any questions regarding investments in loans that would need to be pre-cleared. In determining whether to grant pre-approval, <u>Compliance</u> will consider, among other factors, whether the investment opportunity could be offered to a client**.** 

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New Adviser Access Persons must disclose all of their existing <u>private investments</u>, as well as those of their <u>immediate family</u> members, within 10 days of becoming an Adviser Access Person. Compliance will send an email to all new Adviser Access Persons with the **Private Investments Disclosure Form,** which they must complete. Existing Adviser Access Persons are required to disclose existing private investments that were entered into prior to policy changes and seek prior written approval to invest in any new <u>private investments</u> on their own behalf, and on behalf of their <u>immediate family</u> members, and must complete the **Private Investment and Loan Pre-Clearance Form** (template available through OneGuggenheim), and provide information about the investment to assist Compliance with the review of the request.

10. **Prohibition of Participation in IPOs and Investment Clubs** 

You shall not acquire <u>beneficial ownership</u> of any <u>securities</u> offered in connection with an <u>IPO</u> or Investment Club. For the avoidance of doubt, the prohibition on IPOs also extends to initial issuances of securities issued as digital assets (sometimes referred to as "Initial Coin Offerings" or "ICOs"). You should contact Compliance if you are not certain whether a particular digital asset is a security. You shall not participate in any <u>Investment Clubs</u>. If you have any questions regarding whether an arrangement is an Investment Club, please contact Compliance.

11. **Prohibition on Trading in Commodity Interests and Related Futures** 

Trading in Commodity Interests and related Futures as well as futures and options on cryptocurrency are generally prohibited, except for the following types of futures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing broad-based securities indices: for example, S&P 500, NASDAQ 100, and Russell
2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing major currencies: for example, Euro, Yen, Australian dollar, and British pound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing the following physical commodities: Silver, Gold, Oil, and Natural Gas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing U.S. Government debt obligations: for example, 30 year Treasury bond, 10/5 year
Treasury notes and long-term Treasury bonds.

Adviser Access Persons should consult with Compliance with regard to whether a particular instrument is a commodity interest. Senior management, together with the Compliance Officer, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Thirty-Day Prohibition on Selling/Buying Securities** 

Adviser Access Persons are prohibited from purchasing and then selling, or selling and then purchasing the same <u>security</u> ***within 30 calendar days of the most recent opposite-way transaction***.

In situations where multiple transactions have occurred in the same security, the holding period will calculate from the date of the most recent opposite-way transaction of the relevant security across all accounts, regardless of the holding period of prior transactions in the same security. This prohibition does not apply to independently managed/third-party discretionary accounts, transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B, or to securities and transactions that are not subject to the pre-clearance requirement (discussed in section 8 above).

13. **Seven-Day Blackout Period on Personal Securities Transactions** 

You cannot <u>purchase or sell</u>, directly or indirectly, any <u>security</u> in which you had (or by reason of such transaction acquire) any <u>beneficial ownership</u>, at any time within seven calendar days before or after the time that the same (or a related): (i) <u>security is being purchased or sold</u> by any Fund or client account; (ii) security is being purchased for initial deposit in a Fund that is a unit investment trust or (iii) security is in a unit investment trust being terminated and is being sold prior to termination date.

This prohibition does not apply to independently managed/third-party discretionary accounts, transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B, or to securities and transactions that are not subject to the pre-clearance requirement (discussed in section 8 above).

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13.**1. Exception to Blackout Period** 

The seven-day blackout period does not apply to trading in a <u>security</u> meeting all of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market value of the proposed transaction is less than $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 30-day rolling average trading volume is over
1 million shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Investments' trade activity is less than 5% of the 7-day rolling average trade volume for the security.

The exception to the seven-day blackout period does not apply to the purchase or sale of options, transactions in a <u>security</u> listed on the Guggenheim Investments Restricted List, and any derivatives and futures.

14. **Excessive Trading** 

You shall not make more than 60 <u>securities</u> trades in any calendar quarter. Transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B or that do not require pre-clearance are not included in the 60 securities trades permitted during any calendar quarter. For the purposes of this restriction, transactions executed in the same security, in the same direction on the same day are considered to be one transaction (i.e., an approved transaction executed in lots throughout the day is considered one transaction).

The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the excessive trading limit.

15. **Cryptocurrencies Trading** 

<u>Cryptocurrency</u> (sometimes referred to as "virtual currency") is one type of digital asset and herein refers to any virtual or digital representation of value, token or other asset where (i) encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets and (ii) the digital asset has been interpreted under relevant law not to be (A) a <u>security</u> or (B) otherwise characterized as a "security" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH). You should contact Compliance if you are not certain whether a particular digital asset is a security.

Purchases and sales of direct investments in <u>cryptocurrency</u> are not required to be pre-cleared or reported. Indirect investments in Cryptocurrencies through cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are permitted but must be pre-cleared prior to investment and reported in the Initial Holdings Report, Quarterly Personal Securities Transactions Report, and Annual Holdings Report.

Adviser Access persons should consult with Compliance with regard to whether a particular interest is a cryptocurrency for purposes of this Code. A Compliance Officer, in consultation with senior management and the Legal Department as necessary, may grant exceptions to this prohibition on a case-by-case basis and such exceptions may be conditioned on compliance with certain requirements.

The standards above are subject to change depending on emerging regulatory requirements and firm and client activities, and certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

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| | |
|:---|:---|
| **PART C** | **NATURAL CONTROL PERSONS** |

---

**GENERAL OBLIGATIONS.** 

1. **Providing a List of Securities – Initial and Annual Holdings Reports** 

**1.1.** Initial Holdings Reports. You must submit the initial listing within 10 calendar days of the
date you first become a <u>Natural Control Person</u>. The initial listing should be a complete listing of all <u>investment accounts and securities</u>, including <u>private investments</u>, you <u>beneficially own</u> as of a date no more than 45
days prior to the date you become a <u>Natural Control Person</u>. Reports must include information consistent with regulatory requirements.

**1.2.** Annual Holdings Reports. In addition to the Initial Holdings Report, each following year,
you must submit a revised list showing the investment <u>accounts</u> and <u>securities</u> you <u>beneficially own</u> as of December 31. You must submit each annual update listing no later than 30 calendar days after December 31. Natural Control
Persons must also certify annually that they have complied with the requirements and have disclosed all holdings required to be disclosed pursuant to the requirements of this Code. In addition, Natural Control Persons will respond to personal
disciplinary history questions. Reports must include information consistent with regulatory requirements.

The Initial Holdings Report and Annual Holdings Reports, as applicable, will be submitted electronically, through the Compliance Platform (or as specified by Compliance). You will receive notification via email when the applicable report is due, including instructions on how to access the information and complete the report.

2. **Brokerage Accounts** 

All <u>investment accounts</u> of new Natural Control Persons and any <u>investment accounts</u> of current Natural Control Persons must be maintained with brokerage firms designated and approved by Compliance. Compliance may grant specific exceptions in writing in limited circumstances however, in general, trading in such accounts will be prohibited.

Existing <u>investment accounts</u> of new Natural Control Persons which are not held at the permitted broker-dealers must be transferred within 90 calendar days from the date the Natural Control Person is so designated; the failure to transfer within this time will be considered a violation of this Code. Any request to extend the 90-day transfer deadline must be accompanied by a written explanation by the current broker-dealer as to the reason for delay. Compliance may grant specific exceptions in writing.

Prior to opening a new reportable <u>investment account,</u> you are required to submit the Personal Account Pre-Clearance Form through the Compliance Platform to obtain written consent from Compliance. You are also required to notify in writing the broker-dealer or financial institution with which you are seeking to open such reportable investment account of your association with Guggenheim Investments.

Upon opening a reportable <u>investment account</u> or obtaining an interest in an investment account that requires reporting, the account number must be reported within 5 calendar days of funding the <u>investment account</u> via the Compliance Platform or as otherwise permitted by Compliance.

3. **Duplicate Brokerage Confirmations and Statements** 

If your brokerage firm provides automatic feeds for your investment accounts to the Compliance Platform, the Adviser will obtain account information electronically, after the Natural Control Person has completed the appropriate authorizations as required by the brokerage firm. Further, you are required to provide duplicate statements upon request from Compliance.

If the brokerage firm does not provide automatic feeds to the Compliance Platform, you are responsible for providing duplicate statements for such investment accounts to Compliance within 20 days after each Quarter End. The Compliance Officer or his designee may provide exceptions to this policy on a limited basis.

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4. **Independently Managed/Third-Party Discretionary Account Reporting:** 

• Natural Control Persons must disclose independently managed/third-party discretionary accounts, i.e.,
where the person has "no direct or indirect influence or control".

• Natural Control Persons are required to obtain a signed copy of the Managed Account Letter (template
letter provided by Compliance) from their third-party investment adviser confirming that the adviser has authority to effect transactions on behalf of the independently managed/third-party discretionary account without obtaining prior consent of the
Natural Control Person and that the Natural Control Person does not direct trades in the independently managed/third-party discretionary account. Natural Control Persons are required to maintain an updated Managed Account Letter on file confirming
third-party discretion.

• Natural Control Persons should immediately notify Compliance in writing if there are any changes in
control over the independently managed/third-party discretionary account or if there are any changes to the relationship between the trustee or third-party investment adviser and the Natural Control Person (i.e., independent professional or friend
or relative, unaffiliated versus affiliated firm). Please note that an <u>immediate family</u> member with discretion over an independently managed/third-party discretionary account is not considered a third-party adviser.

• Trades in independently managed/third-party discretionary accounts are not subject to the pre-clearance requirements and trading restrictions of the Code.

• Certain Natural Control Persons (as determined by Compliance) are required to maintain independently
managed/third-party discretionary accounts with brokerage firms designated and approved by Compliance. Compliance will advise impacted Natural Control Persons.

5. **Required Transaction Reports – Quarterly Personal Securities Transaction Reports** 

On a quarterly basis you must report any <u>securities</u> transactions, as well as any <u>investment accounts</u>. You must submit your report no later than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected or the investment account was opened. The Quarterly Personal Securities Transaction Reports are required in addition to delivery of duplicate brokerage confirmations and statements (via automatic feed or hard copy). Natural Control Persons must submit Quarterly Personal Securities Transactions Reports electronically, through the Compliance Platform (or as specified by Compliance). You will receive notification via email when the Quarterly Personal Securities Transaction Report is due, including instructions on how to access the information and complete the report. Reports must include information consistent with regulatory requirements.

If you had no reportable transactions or did not open any <u>investment accounts</u> during the quarter, you are still required to report that you did not have any reportable transactions or open any investment accounts.

6. **Securities Are Covered Under Your Quarterly Reporting Obligation?** 

You must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must contain any <u>investment account</u> you established during the quarter if the account has not already been reported. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

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7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Private Investments** 

You must obtain approval from <u>Compliance</u> before acquiring <u>beneficial ownership</u> of any <u>securities</u> offered in connection with a <u>private investment</u>. Natural Control Persons should contact Compliance with any questions regarding investments in loans that would need to be pre-cleared. In determining whether to grant pre-approval, <u>Compliance</u> will consider, among other factors, whether the investment opportunity could be offered to a client**.** 

New Natural Control Persons must disclose all of their existing <u>private investments</u>, as well as those of their <u>immediate family</u> members, within 10 days of becoming a Natural Control Person. Compliance will send an email to all new Natural Control Persons with the **Private Investments Disclosure Form,** which they must complete. Existing Natural Control Persons are required to disclose existing <u>private investments</u> that were entered into prior to policy changes and seek prior written approval to invest in any new private investments on their own behalf, and on behalf of their <u>immediate family</u> members, and must complete the **Private Investment and Loan Pre-Clearance Form** (template form provided by Compliance), and provide information about the investment to assist Compliance with the review of the request.

8. **Prohibition of Participation in IPOs and Investment Clubs** 

You shall not acquire <u>beneficial ownership</u> of any <u>securities</u> offered in connection with an <u>IPO</u> or Investment Club. For the avoidance of doubt, the prohibition on IPOs also extends to initial issuances of securities issued as digital assets (sometimes referred to as "Initial Coin Offerings" or "ICOs"). You should contact Compliance if you are not certain whether a particular digital asset is a security. You shall not participate in any Investment Clubs. If you have any questions regarding whether an arrangement is an <u>Investment Club</u>, please contact Compliance.

9. **Prohibition on Trading in Commodity Interests and Related Futures** 

Trading in Commodity Interests and related Futures as well as futures and options on cryptocurrency are generally prohibited, except for the following types of futures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing broad-based securities indices: for example, S&P 500, NASDAQ 100, and Russell
2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing major currencies: for example, Euro, Yen, Australian dollar, and British pound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing the following physical commodities: Silver, Gold, Oil, and Natural Gas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing U.S. Government debt obligations: for example, 30-year Treasury bond, 10/5 year Treasury notes and long-term Treasury bonds.

Natural Control Persons should consult with Compliance with regard to whether a particular instrument is a commodity interest. Senior management, together with Compliance, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

10. **Cryptocurrencies Trading** 

<u>Cryptocurrency</u> (sometimes referred to as "virtual currency") is one type of digital asset and herein refers to any virtual or digital representation of value, token or other asset where (i) encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets and (ii) the digital asset has been interpreted under relevant law not to be (A) a security or (B) otherwise characterized as a "<u>security</u>" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH). You should contact Compliance if you are not certain whether a particular digital asset is a security.

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![LOGO](g941623g0220163215638.jpg)

Purchases and sales of direct investments in <u>cryptocurrency</u> are not required to be pre-cleared or reported. Indirect investments in cryptocurrencies through cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are permitted but must be pre-cleared prior to investment and reported in the Initial Holdings Report, Quarterly Personal Securities Transactions Report, and Annual Holdings Report.

Natural Control Persons should consult with Compliance with regard to whether a particular interest is a cryptocurrency for purposes of this Code. A Compliance Officer in consultation with senior management and the Legal Department as necessary, may grant exceptions to this prohibition on a case-by-case basis and such exceptions may be conditioned on compliance with certain requirements.

The standards above are subject to change depending on emerging regulatory requirements and firm and client activities, and certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

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 **Appendix A**<br>**Guggenheim Entities & Revisions**<br>**COVERED ENTITIES:**<br>This Combined Code of Ethics adopted under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act covers the following companies:<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Funds** | **Advisers** | **Other** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Rydex Dynamic Funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Security Investors, LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Funds Distributors, LLC\*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Rydex Series Funds<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Funds Investment Advisors, LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Investor Services, LLC<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Rydex Variable Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Funds Distributors, LLC\*<br>| |
| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Funds Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Partners Investment Management, LLC<br>| |
| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Variable Funds Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Investment Advisors, LLC<br>| |
| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Strategy Funds Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Wealth Solutions, LLC<br>| |
| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Active Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; • GS Gamma Advisors, LLC<br>| |
| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Corporate Funding, LLC<br>| |
| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Strategic Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Private Investments, LLC<br>| |
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Guggenheim Investments Loan Advisors, LLC<br>| |
| &nbsp;&nbsp;&nbsp; \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | &nbsp;&nbsp;&nbsp; \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | &nbsp;&nbsp;&nbsp; \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. |

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**PROCEDURE CREATION AND REVISIONS:** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Procedure Creation Date:** | Adopted April 23, 2014 (by the Security Investors, LLC and Guggenheim Funds Investment Advisers, LLC); Adopted January 1, 2024 (by Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC, Guggenheim Investor Services, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Advisors, LLC, and Guggenheim Partners Investment Management, LLC); Adopted August 7, 2024 (by Guggenheim Wealth Solutions, LLC); Adopted October 28, 2024 (by Guggenheim Private Investments, LLC); Adopted December 16, 2025 (by Guggenheim Investments Loan Advisors, LLC) |
| &nbsp;&nbsp;&nbsp; **Procedure Revised As Of:** | October 1, 2014; March 20, 2015; May 9, 2016; November 2016; April 2017; February 2018; August 2018; October 2018; August 2019; July 2020; September 2020 April 2021; July 2021; August 2021; September 2021, April 2022; Nov 2022; June 2023; November 2023 (effective Jan 2024); January 2024; August 2024; October 2024 (effective November 2024); June 2025; December 2025 |

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|:---|:---|
|  **Appendix B** | **Definitions** |

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<u>Adviser Access Person</u> includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director, officer, manager, principal and partner of the Adviser or Distributor (or other persons occupying a similar status or performing similar functions), or other person who provides advice on behalf of the Adviser or is subject to the Adviser's supervision and control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

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| | |
|:---|:---|
| ◾ | Has access to nonpublic information regarding any of the Adviser's client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any client account the Adviser or their affiliates manage, or any fund which is advised or sub-advised by the Adviser (or certain affiliates, where applicable);  |

---

◾ Makes recommendations or investment decisions on behalf of the Adviser;

◾ Has the power to exercise a controlling influence over the management and policies of the Adviser, or over investment decisions, who obtains information concerning recommendations made to a client with regard to the purchase or sale of a security;

---

| | |
|:---|:---|
| ◾ | The Compliance Officer shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Adviser Access Person. Such determination shall be made based upon an application of the criteria provided above, whether an appropriate confidentiality agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary employees may only be subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements such as not having to hold their reportable accounts at the permitted broker-dealers;  |

---

◾ Any person deemed to be an Adviser Access Person by the Compliance Officer; or

◾ All Trustees of the Funds, both <u>Interested</u> and <u>Independent</u>.

<u>Broad-based Exchange Traded Funds ("ETFs")</u>:

Broad-based ETFs that meet the following parameters: more than 250 holdings and less than 35% of assets concentrated in the top 10 holdings are exempt from any holding period requirement or other personal trading requirement as noted within this Code of Ethics.

<u>Sub-Adviser Access Person</u> includes any trustee, director, officer or employee of any sub-adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains access to non-public information regarding recommendations of, the purchase or sale of a Security by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

<u>Automatic Investment Plan</u> means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

<u>Beneficial ownership</u> means the same as under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should generally consider yourself the beneficial owner of any security in which you have a direct or indirect pecuniary interest, which is the opportunity to profit directly or indirectly or share in any profit derived from a transaction in securities. In addition, you should consider yourself the beneficial owner of securities held by your spouse, your minor children, a relative who shares your home, or other persons by reason of any contract, arrangement, understanding or relationship that provides you with sole or shared voting or investment power.

<u>Compliance Officer</u> means, as applicable, the chief compliance officer of Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, and Guggenheim Active Allocation Fund pursuant to Rule 38a-1 under the 1940 Act, or the chief compliance officer of Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC, Guggenheim Investor Services, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC, and Guggenheim Wealth Solutions, LLC pursuant to Rule 206(4)-7 under the Advisers Act, or any person designated by such chief compliance officer to act in the chief compliance officer's absence.

Confidential 24

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![LOGO](g941623g0220163215638.jpg)

<u>Control</u> means the same as that under Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting <u>securities</u> is presumed to give the holder of such <u>securities</u> control over the company. This presumption may be countered by the facts and circumstances of a given situation.

<u>Cryptocurrency</u> sometimes referred to as "virtual currency") is one type of digital asset and herein refers to any virtual or digital representation of value, token or other asset where (i) encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets and (ii) the digital asset has been interpreted under relevant law not to be (A) a <u>security</u> or (B) otherwise characterized as a "security" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH).

<u>Immediate family</u> means any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships.

<u>Investment Account</u> generally means any account over which the Adviser Access Persons has <u>Beneficial</u> <u>Ownership</u> which can, even if the account does not currently, hold <u>Securities</u>. It includes the following accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any investment account with a broker-dealer or bank over which the Adviser Access Person has
investment decision-making authority (including accounts that the Adviser Access Person is named on, such as being a guardian, executor or trustee, as well as accounts that Adviser Access Person is not named on such as an account owned by another
person but for which the Adviser Access Person has been granted trading authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any investment account with a broker-dealer or bank established by partnership, corporation, or other
entity in which the Adviser Access Person has a direct or indirect interest through any formal or informal understanding or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any college savings account in which the Adviser Access Person has investment discretion issued under
Section 529 of the Internal Revenue Code, which can hold <u>Securities</u>, and in which the Adviser Access Person has a direct or indirect interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other account that the Compliance Officer deems appropriate in light of the Adviser Access
Person's interest or involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account in which the Adviser Access Person's <u>immediate family</u> is the owner. Adviser
Access Persons are presumed to have investment decision-making authority for, and therefore should report, any investment account of a member of their immediate family if they live in the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any 401(k) accounts from a previous employer which can or offer the ability to hold <u>Securities</u>.

<u>Independent Trustee</u> means a trustee or director of a Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

<u>Initial public offering</u> ("IPO") means an offering of <u>securities</u> registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

<u>Interested Trustee</u> means a trustee or director of a Fund who is an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

<u>Investment Club</u> means a group of people who pool their money to make investments. Usually investment clubs are organized as partnerships and after the members study different investments, the group decides to buy or sell based on a majority vote of the members.

Confidential 25

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![LOGO](g941623g0220163215638.jpg)

<u>Natural Control Persons</u> are natural persons in a <u>control</u> relationship with a Company who obtain information concerning recommendations made to a Fund or client about the <u>purchase or sale</u> of a <u>security</u> *and are not specifically covered by any other section of the Code.*

<u>Private Investments</u> include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles (including Investment Trusts that invest directly and primarily in cryptocurrencies), privately-held companies, and private placement offerings of cryptocurrencies or other digital assets (e.g., agreements for future cryptocurrencies or other digital assets). Private Investments also include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not <u>immediate</u> <u>family</u> of the Adviser Access Person; and (iii) loans to or from individuals who are <u>immediate family</u> of the Adviser Access Person for the purpose of engaging in business activity. Loans to or from immediate <u>family</u> of the Adviser Access Person that are entirely of a personal nature and loans that are covered within one of the following exceptions are not included in the definition of private investments:

• An Employee or <u>immediate family</u> member obtaining a loan, such as a standard home mortgage loan
or home equity loan, from a bank, broker-dealer, or other financial institution, if (i) the loan is made in the ordinary course of the lender's business using standard form loan documentation (ii) the loan is made on terms generally
comparable to those provided to similarly situated members of the public; and (iii) the Employee or <u>immediate family</u> member obtains the loan through the normal-course lending division (i.e. as opposed to obtaining the loan through an
Adviser's (or Adviser's affiliate's) client representative or contact);

• Employee or <u>immediate family</u> member purchases of publicly offered debt securities that are
listed on a securities exchange;

• Loans to or from an entity in which an Employee or <u>immediate family</u> member owns a beneficial
interest, where such persons have no knowledge of, no involvement in and no control over any loan to or from the entity; or

• An Employee or <u>immediate family</u> member obtaining a loan from an insurance company pursuant to
the loan or cash value provision of any life insurance policy or other insurance policy issued by that insurance company.

<u>Purchase or sale of a security</u> includes, among other things, the writing of an option to purchase or sell a security.

<u>Reportable fund</u> means any fund, except money market funds, for which an Adviser serves as investment adviser, any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Advisers, or any closed-end fund regardless of affiliation. For purposes of this Code definition, control has the same meaning as it does above.

<u>Security</u> means the same as that set forth in Section 2(a)(36) of the 1940 Act, except that it does not include direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper, shares of registered open-end mutual funds other than <u>reportable funds</u>, and high quality short-term debt instruments, including repurchase agreements. A high quality short-term debt instrument is an instrument that has a maturity **at issuance** of less than 366 days and that is rated in one of the two highest rating categories by a NRSRO. For purposes of this Code, a <u>security</u> includes shares issued by exchange-traded funds, futures, index futures, commodities futures, commodities, options on futures, and other types of derivatives. A <u>security</u> also includes options on securities and single stock futures. A <u>security</u> also does not include shares issued by UITs that are invested exclusively in one or more unaffiliated open-end funds, none of which are <u>reportable funds</u>.

A <u>security held or to be acquired</u> by any Fund or any client account means any <u>security</u> which, within the most recent 15 days, (i) is or has been held by any Fund or any client account or (ii) is being or has been considered by an Adviser or sub-adviser for purchase by a Fund or client account, and any option to purchase or sell, and any security convertible into or exchangeable for any <u>security</u>.

Confidential 26

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![LOGO](g941623g0220163215638.jpg)

A <u>security</u> is being <u>purchased or sold</u> by a Fund or a client account from the time a <u>purchase or sale</u> program has been communicated to the person who places buy and sell orders for the Fund or client account until the program has been fully completed or terminated.

<u>Tradable Funds</u> are those Funds that are designed for active trading and do not impose limits on shareholder transactions.

Confidential 27

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![LOGO](g941623g0220163215638.jpg)

Code of Ethics Certification of Compliance

---

| |
|:---|
| This is to certify that I have reviewed the Code of Ethics ("Code") and that I understand its terms and requirements. I hereby certify that: |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have complied with the Code during the course of my association with the entities covered by the Code; |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I will continue to comply with the Code in the future; |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I will promptly report to a Compliance Officer any violation or possible violation of the Code of which I become aware; and |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I understand that a violation of the Code may be grounds for disciplinary action or termination of my employment and may also be a violation of federal and/or state securities laws. |

---

---

| | |
|:---|:---|
| **Name: ________________** |  |
| **Signature: ________________** | **Date: ________________** |

---

Confidential 28

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![LOGO](g941623g0220163215638.jpg)

Supplement 1 - Options

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Buying a Call Option** | **Pre-Clearance Required** |
| &nbsp;&nbsp;&nbsp; **Entering into Transaction** | |
| &nbsp;&nbsp;&nbsp; Buy to Open | YES |
| &nbsp;&nbsp;&nbsp; **Closing Transaction** |  |
| &nbsp;&nbsp;&nbsp; Sell to Close | YES |
| &nbsp;&nbsp;&nbsp; Let it Expire | NO |
| &nbsp;&nbsp;&nbsp; Exercise (i.e., buy underlying) and Hold | YES |
| &nbsp;&nbsp;&nbsp; Exercise (i.e., buy underlying) and Immediately Sell | YES for each trade (prohibited because of 30-day holding period) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Writing/Selling a Call Option** | **Pre-Clearance Required** |
| &nbsp;&nbsp;&nbsp; **Entering into Transaction** | |
| &nbsp;&nbsp;&nbsp; Write/Sell Option | YES |
| &nbsp;&nbsp;&nbsp; **Closing Transaction** | |
| &nbsp;&nbsp;&nbsp; Expires | NO |
| &nbsp;&nbsp;&nbsp; Exercised (if own underlying) | NO |
| &nbsp;&nbsp;&nbsp; Exercised (if naked/do not own underlying – i.e., buy security to deliver) | YES |
| &nbsp;&nbsp;&nbsp; Buy same Call Option | YES |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Buying a Put Option** | **Pre-Clearance Required** |
| &nbsp;&nbsp;&nbsp; **Entering into Transaction** | |
| &nbsp;&nbsp;&nbsp; Buy to Open | YES |
| &nbsp;&nbsp;&nbsp; **Closing Transaction** |  |
| &nbsp;&nbsp;&nbsp; Sell to Close | YES |
| &nbsp;&nbsp;&nbsp; Let it Expire | NO |
| &nbsp;&nbsp;&nbsp; Exercise (if own underlying - i.e., sell underlying) | YES |
| &nbsp;&nbsp;&nbsp; Exercise (if do not own underlying – i.e., buy underlying first) | YES for each trade (prohibited because of 30-day holding period) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Writing/Selling a Put Option** | **Pre-Clearance Required** |
| &nbsp;&nbsp;&nbsp; **Entering into Transaction** | |
| &nbsp;&nbsp;&nbsp; Write/Sell Option | YES |

---

Confidential 29

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![LOGO](g941623g0220163215638.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Closing Transaction** | |
| &nbsp;&nbsp;&nbsp; Expires | NO |
| &nbsp;&nbsp;&nbsp; Exercised (i.e., buy underlying) | NO |

---

Confidential 30

## Ex-99.(P)(10)

## CODE OF ETHICS AND BUSINESS CONDUCT
**GUIDESTONE CAPITAL MANAGEMENT, LLC** 

**GUIDESTONE FUNDS** 

------

**TABLE OF CONTENTS** 

<u>Code of Ethics and Business Conduct Overview</u>

<u>Personal Investment and Trading</u>

<u>Confidential and Material Non-Public Information</u>

<u>Donations</u>

<u>Gifts and Entertainment</u>

<u>Outside Business Activities</u>

Appendices:

<u>Appendix A – Definitions</u>

<u>Appendix B – Personal Investment & Trading Reporting Requirements Summary</u>

<u>Appendix C – Pre-Clearance & Reporting Guidelines by Investment Type Summary</u>

<u>Appendix D – Gifts & Entertainment and Outside Business Activities Summary</u>

------

**CODE OF ETHICS AND BUSINESS CONDUCT OVERVIEW** 

**CHRISTIAN ETHICS OF GUIDESTONE FINANCIAL RESOURCES** 

Founded in 1918 by William Lunsford, Guidestone Financial Resources ("GSFR") is an entity of the Southern Baptist Convention. The purpose of GuideStone is to assist churches, denominational entities and other evangelical ministry organizations by making retirement plan services, life and health coverage, risk management programs, and personal and institutional investment programs available.

GSFR recognizes the realities and challenges Christians face in our society today, and each day it seems we face new obstacles attempting to undermine God's design. We proudly share both faith-based values and a Kingdom perspective with the churches, ministries, institutions and individuals we serve – and incorporate our beliefs into the decisions we make. In the GuideStone Fund's and GuideStone Capital Management's ('GSF") business and investments, a stand for life, family, stewardship, health, safety, and advocacy is taken, which is why all of our investing and advocacy is based on our Christian faith.

We depend on the transforming power of the Holy Spirit, the Word of God, and prayer to make us more like Jesus Christ. When we do what is good, we will receive the approval of the governing authorities to whom we are subject, for they are God's servants for our good (Romans 13:3-4). We do not resist the authorities that God has appointed as His ministers, and we pay them the respect and honor that they are owed (Romans 13:1-2, 6-7). Therefore, it is right for us to adopt, implement and adhere to these policies and procedures, working heartily, as for the Lord and not for men, knowing that from the Lord we will receive the inheritance as our reward; we are serving the Lord Christ (Colossians 3:23-24).

**REGULATORY BACKGROUND** 

Rule 204A-1 under the Investment Advisers Act of 1940 ("Adviser Act") requires registered investment advisers, to establish, maintain, and enforce a written code of ethics that, at a minimum, includes the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A standard(s) of business conduct that the adviser requires of its supervised persons reflecting the adviser's
fiduciary obligations and those of its supervised persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provisions requiring the adviser's Supervised Persons to comply with the Advisers Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provisions requiring all the adviser's access persons to report, and the adviser to review, their personal
securities transactions and holdings periodically.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provisions requiring access persons to obtain the adviser's prior approval (i.e., "pre-clear") personal securities transactions in any "Initial Public Offering" or "Limited Offering".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provisions requiring supervised persons to report any violations of the adviser's code of ethics promptly to the
adviser's chief compliance officer ("CCO") or to other persons the adviser designates in its code of ethics, provided such CCO also receives reports of all violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provisions requiring the adviser to provide each of its supervised persons with a copy of the adviser's code of
ethics and any amendments and requiring supervised persons to provide the adviser with a written acknowledgement of their receipt of the code and any amendments.

Rule 17j-1 under the Investment Company Act of 1940 requires every registered investment company (other than a money market fund) (a "Fund") and each investment adviser of the Fund to adopt a written code of ethics containing provisions reasonably necessary to prevent its access persons from engaging in any of the following unlawful actions in connection with the purchase or sale, directly or indirectly, by the access person of a security held to be acquired by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employing any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. making any untrue statement of a material fact to the Fund or omitting to state a material fact necessary in order to
make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engaging in any act, practice or course of business that operates or would operate as fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engaging in any manipulative practice with respect to the fund.

**POLICY** 

GSCM is an investment adviser that owes a fiduciary obligation to its clients. This means that GSCM is required to act in the "best interest" of its clients at all times. This is an overarching principle that encompasses both the duty of care and the duty of loyalty. The duty of care requires GSCM to provide investment advice in the best interests of its clients, based on the clients' objectives. Under the duty of loyalty, GSCM must eliminate or make full and fair disclosure of all conflicts of interest which might incline GSCM—consciously or unconsciously—to render advice which is not disinterested such that a client can provide informed consent to the conflict.

------

This Code of Ethics and Business Conduct (the "Code") provides a set of rules and principles designed to ensure GSCM and its Supervised Persons meets our fiduciary obligation when we engage in personal securities transactions, are in possession of material non-public information, receive or give gifts or entertainment, or engage in outside activities.

While the Code sets out a number of requirements, prohibitions and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. Where the application of the Code is unclear, you should evaluate your proposed course of conduct against the following values and/or consult with compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We place the interests of our clients ahead of our own interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are honest and forthright in words and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We avoid, mitigate and/or disclose relevant conflicts of interest to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We comply with applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We hold each other accountable by reporting any violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We safeguard both client and GuideStone information by upholding strict confidentiality standards and ensuring that
internal data is not disclosed to unauthorized third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We protect GuideStone's reputation by upholding the highest standards of ethical conduct, professionalism, and
integrity in all we do.

**PROCEDURES** 

Access Persons will attest to their receipt of the Code no later than 10 days after becoming an Access Person, on an annual basis, and anytime material amendments to the Code are made. When attesting to the Code, Access Persons agree to their understanding of the Code and agree to comply with the requirements of the Code.

Compliance administers and monitors adherence to the Code by reviewing disclosures, providing training, and identifying and addressing exceptions and violations. Compliance also maintains and oversees the preservation of certain records in accordance with the applicable Recordkeeping policies and procedures.

Compliance reviews the Code no less than annually and when there are material changes to the business or to applicable law.

As required by Rule 17j-1, the GuideStone Fund's Board of Directors ("GSF Board") must approve any material changes to the Code no later than six months after adoption of the material change.

------

**Violations** 

The failure by an Access Person to adhere to any requirements of the Code or report violations results in a violation of the Code. Any reported or observed apparent violation of the Code will be investigated by compliance. If the CCO determines based on the evidence and facts available that a violation of the Code has occurred, the matter will be reported to the President of GSCM and the Funds, and the Access Person will be subject to appropriate penalties, including but not limited to one or more of the following: a written warning, profit surrender, personal trading ban, and termination of employment or referral to civil or criminal authorities.

Any material violation of the Code will be reported to the GSF Board.

Adopted: October 1, 2025

------

**PERSONAL INVESTMENT AND TRADING** 

**OVERVIEW** 

GuideStone Capital Management, LLC ("GSCM") has a fiduciary duty to its clients. This policy is designed to ensure that securities transactions by Access Persons are conducted in a manner that avoids actual or potential conflicts of interest, complies with applicable laws and regulations and upholds the fiduciary duty owed to our clients.

**POLICY** 

It is the Policy of GSCM and GuideStone Funds ("GSF") (collectively, "GuideStone") to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevent conflicts of interest by ensuring that Access Persons' personal trading activities do not compromise our
fiduciary duties to our clients and our goal to consistently place clients' interest at the forefront of our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit insider trading and the misuse of material non-public information,
regardless of the source.

**PROCEDURES** 

**Reportable Accounts** 

Any securities account with respect to which an Access Person has Beneficial Ownership of the Covered Securities held in that account is presumed to be an account over which the Access Person has direct or indirect influence or control ("Personal Account") and, therefore, must be reported to compliance.

**Approved Brokers** 

Prior to opening a new Personal Account, the Access Person must confirm whether the financial institution provides an electronic feed to the Ethics and Compliance Reporting System. The List of Brokers with an electronic feed is available on the Ethics and Compliance Reporting System (and compliance can provide this List to an Access Person upon request).

If the financial institution is not listed, the Access Person must consult with compliance to determine if an electronic feed can be established prior to opening the account.<sup>1</sup> If the Ethics and Compliance Reporting System is unable to establish an electronic feed, then the Access Person may not open the account.<sup>2</sup>

<sup>1</sup> Please note that it may require a matter of days for Compliance to reach that determination with the financial institution.

<sup>2</sup> Accounts that were properly reported in SchwabCT (the prior compliance reporting system) prior to January 1, 2021 and for which the financial institution is not able or willing to provide an electronic feed to GuideStone are exempt. Individuals who become Access Persons on or after January 1, 2021 will be required to initiate movement of their existing accounts to one or more Brokers with Electronic Feed within 90 calendar days of being notified of their status as an Access Person.

------

For any compliance allowed exempt accounts<sup>2</sup>, Access Persons are required to attach a copy of the account statements to the annual holdings and quarterly transactions reporting.

**Initial Reporting of Accounts** 

No later than 10 days after the person becomes an Access Person, Personal Accounts must be reported in the Ethics and Compliance Reporting System.

**New Account Additions** 

In the event that an Access Person opens any new Personal Account or moves any Personal Account to a different broker or custodian, he/she must promptly notify compliance, via the Ethics and Compliance Reporting System, no later than 10 days after the account is opened.

**Discretionary Accounts** 

If an Access Person has an account where neither the Access Person nor an immediate family member exercises investment discretion or has any notice of specific transactions prior to execution ("Discretionary Account"), the Access Person is required to attach documentation, from the broker, certifying the Access Person does not have direct or indirect influence or control over the account when setting up the new account in the Ethics and Compliance Reporting System.

Access Persons are required to notify compliance should a Discretionary Account change its status to non-discretionary (i.e., the Access Person or an immediate family member starts to exercise discretion over the account and/or starts receiving notice of transactions prior to execution). Notifications can made by emailing <u>gscmcompliance@guidestone.org</u> and should be submitted no later than 10 calendar days after change in status.

**Reporting Requirements** 

Unless expressly excepted under "*Exceptions from Reporting Requirements*" below, every Access Person must report to compliance the following.

------

**Notification of Reporting Obligations** 

Compliance will identify all Access Persons who are required to make these reports and will inform those Access Persons of their reporting obligations.

**Holdings Reports** 

I<u>nitial Holdings Reports and Personal Accounts Reports</u>

No later than 10 days after the person becomes an Access Person, initial holdings report(s) must be submitted to compliance disclosing all Covered Securities in which he/she has Beneficial Ownership and any Personal Account(s). Each such report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of Covered Security, and as applicable the exchange ticker symbol or CUSIP number, number of units held,
and principal amount of each Covered Security in which the Supervised Person has any direct to indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker-dealer or bank in which the Supervised Person maintains a personal account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Supervised Person submits the report

The report containing holdings must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

<u>Annual Holdings Reports</u> 

Within 30 calendar days, as of the end of each calendar year existing Access Persons are required to report to compliance all applicable Covered Securities and Personal Accounts on an annual basis and via the Ethics and Compliance Reporting System.

Each such report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of Covered Security, and as applicable the exchange ticker symbol or CUSIP number, number of units held,
and principal amount of each Covered Security in which the Supervised Person has any direct to indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker-dealer or bank in which the Supervised Person maintains a personal account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Supervised Person submits the report

The annual report should be current as of December 31<sup>st</sup> of the immediately preceding calendar year.

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**Transactions Reports** 

<u>Quarterly Transaction Reporting</u> 

No later than 30 days after the end of each calendar quarter, an Access Person must disclose all Covered Securities transactions in which he/she has Beneficial Ownership. Each such report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

Personal Accounts established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person, the reports shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with whom the Access Person established the account and the account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

**Exceptions to Reporting Requirements** 

An Access Person is not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a transaction report with respect to transactions effected pursuant to an Automatic Investment Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a transaction report if the report would duplicate information contained in broker trade confirmations or account
statements that GuideStone receives automatically no later than 30 days after the end of the applicable calendar quarter.

An independent Director of the GSF who would be required to make a report solely by reason of being a GSF director, need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Initial Holdings Report and an Annual Holdings Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Quarterly Transaction Report, unless the director knew or, in the ordinary course of fulfilling his or her official
duties as a GSF director, should have known that during the 15-day period immediately before or after the director's transaction in a Covered Security, the GSF purchased or sold the Covered Security, or
the GSF or GSCM considered purchasing or selling the Covered Security.

Refer to **<u>Appendix B</u>** for a summary of reporting requirements.

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**Rule 17j-1 Annual Certification** 

Annually, the GSF and GSCM furnish to the GSF Board of Directors ("GSF Board"), and the GSF Board considers, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes any issues arising under the Code of Ethics since the last report to the GSF Board, including, but not limited
to, information about material violations of the Code of Ethics and Business Conduct or the Procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that GSF and GSCM have adopted procedures reasonably necessary to prevent Access Persons from violating the Code
of Ethics and Business Conduct.

**<u>All Access Persons</u>-Guidelines on Personal Investing** 

Refer to **<u>Appendix C</u>** for a summary of the below personal trading guidelines for all Access Persons.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u> 

All Access Persons must obtain approval from the chief compliance officer ("CCO") or designee before directly or indirectly acquiring any security in an Initial Public Offering or in a Limited Offering. Examples of Limited Offerings include, but are not limited to, investments in private companies and in private funds. Approval must be obtained through the Ethics and Compliance Reporting System.

<u>Knowledge of GSF Transactions</u> 

No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he/she has or would acquire Beneficial Ownership if he/she possesses actual knowledge at the time of such transaction that the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being considered for purchase or sale by the GSF; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being purchased or sold by the GSF.

(These prohibitions apply whether the transactions by the Access Person and for the GSF are in the same direction (*e.g.*, an Access Person and the Funds are both purchasing a Covered Security) or the opposite direction (*e.g.*, an Access Person is purchasing, and the GSF are selling the same Covered Security). These prohibitions apply until the day after the day on which GuideStone (or sub-adviser, as applicable) determines not to enter into or completes the purchase or sale.)

<u>Short Term Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of Covered Securities (other than GSF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No Access Person shall sell any Covered Security that was purchased, or purchase a Covered Security that was sold, within
the prior <u>60 calendar days (measured on a last-in first-out (LIFO) basis)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the GSF.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Each Access Person shall be limited by the GSF's frequent purchases and redemptions policies and procedures as
disclosed in the current prospectus. This prohibition includes Access Person-directed exchanges executed in GuideStone Financial Resources' 403(b) plan but excludes trades pursuant to an Automatic Investment Plan and trades in the Money Market
Fund<sup>3</sup>.

<u>Fund Blackout</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons may not purchase or sell shares of any GSF when there is a reasonable possibility that they are aware of
potentially Material Nonpublic Information about the GSF<sup>4</sup>.<sup></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During a Blackout period, Access Persons may not reallocate among GSF in their accounts <u>if that reallocation would result in a purchase or sale of a Fund that is subject to the Blackout</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During a Blackout period, Access Persons may not change future allocations (*e.g.*, of contributions to a retirement
plan) among GSF in their accounts <u>if that change in future allocations could result in a future purchase or future sale of a GSF that is subject to the Blackout</u>.

<u>Exceptions</u> 

The prohibitions of the above shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of Covered Securities effected for, or held in, Discretionary Accounts that have been approved by
compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of Covered Securities pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of Covered Securities effected upon the exercise of rights issued by an issuer proportionately to all holders of
a class of its Covered Securities to the extent such rights were acquired from that issuer, as well as sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of shares of the GSF pursuant to an automatic reallocation that was scheduled prior to the date a
Blackout period commenced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions made within a retirement or employee benefit plan, such as payroll or employer contributions based on
allocations among GSF, that were set prior to the date a Blackout period commenced.

<sup>3</sup> Exchanges in/out of the GuideStone Money Market Fund to/from another GSF are subject to this policy. This exception only applies when not exchanging to/from another GSF.

<sup>4</sup> For example, when changes to a Fund will be proposed to the GSF Board that, if approved, would result in significant portfolio turnover in a Fund or material changes to the securities recommended to the Fund (*e.g.*, the hiring of a new sub-adviser or the termination and liquidation of a Fund), the CCO or designee may declare a "Blackout" prohibiting Access Persons' transacting in that GSF's shares for a period of time. In general, a Blackout will commence on the date on which the proposed material Fund change is approved by the GSCM Investment Committee and will remain in effect until that change is made public, usually by the filing with the SEC of a supplement to the Fund's prospectus.

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<u>No Undue Influence</u> 

No Access Person who owns a particular Covered Security shall attempt to cause the GSF to purchase, sell or hold the same Covered Security in a manner calculated to create a personal benefit to the Access Person. An Access Person who participates in an investment decision on behalf of the GSF concerning a particular Covered Security that could result in a material benefit to the Access Person should disclose the nature of his or her interest in that Covered Security to the chief investment officer and the CCO.

<u>Restricted Securities</u> 

From time to time, GSCM and its Supervised Persons may have access to (or otherwise be in possession of or deemed to be in possession of) Material Non-public Information about issuers of securities. GuideStone maintains a Restricted Trading List identifying the issuers of securities in which no Access Person may effect transactions.

**<u>Investment Personnel</u> - Guidelines on Personal Investing** 

Access Persons that are also considered to be Investment Personnel will be identified, and notified of their classification as Investment Personnel, by the CCO or designee.

*In addition to the personal trading guidelines for All Access Persons, employees designated as Investment Persons have a few additional personal trading guidelines to adhere to.* 

Refer to **<u>Appendix C</u>** for a summary of the below personal trading guidelines for Investment Personnel.

<u>Trade Pre-Clearance</u> 

Investment Personnel must obtain express approval (i.e. pre-clearance) through the Ethics and Compliance Reporting System prior to entering into a Covered Security transaction.

Once the prospective Covered Security transaction has been pre-cleared, the Investment Personnel shall execute the transaction by the end of the business day following the date of approval. If the Investment Personnel is not able to execute the transaction by the end of the next business day, he or she must submit a new request for pre-clearance.

Example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is submitted and approved on Monday

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution must occur by the end of the trade day on Tuesday

If the Ethics and Compliance Reporting System rejects a pre-clearance request for a Covered Security, the Investment Personnel is prohibited from entering into the transaction.

<u>14-Day Blackout</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Personnel may not purchase or sell a Covered Security (or a derivative thereon) within seven calendar days of
GSCM's purchase or sale of the same (or equivalent) Covered Security on behalf of the GSF's. A personal trade which occurs within the 14-day blackout period is reviewed for violation determination
and any personal trading trends.

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<u>Exceptions to Trade Pre-Clearance</u> 

The following are exceptions to the pre-clearance requirement for Investment Personnel, with discretionary accounts, in transactions of Covered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of Covered Securities pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involuntary corporate actions on a Covered Security (*e.g.*, stock split, spinoff)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• voluntary corporate actions on a Covered Security (*e.g.*, tender offer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grants of rights / options on any Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions of Covered Securities through the exercise of rights issued by an issuer proportionately to all holders of a
class of its Covered Securities if such rights were acquired from the issuer, as well as sales of such rights so acquired (does not apply to secondary market trading of rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in a Fund, whether conducted directly with the GSF, in a brokerage account, or in a 403(b) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gifts of Covered Securities (whether given or received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in exchange-traded funds<sup>5</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering or exiting futures contracts on currency or virtual currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of Covered Securities held in Discretionary Accounts.

**Compliance Training** 

Within the first 10 days of employment, new Access Persons are required to complete the applicable online or in-person training. A notice to complete this requirement will be e-mailed with instructions.

All Access Persons are required to complete training at least annually. Training will be facilitated periodically throughout the calendar year either online or in-person. Notice to complete this requirement will be e-mailed with instructions.

**Compliance Violations and Sanctions** 

Upon determining that there has been a violation of this Policy, the chief investment officer, in consultation with the CCO, may determine such sanctions as deemed appropriate including, among others, a letter of censure, or suspension or termination of the employment.

If an Access Person realizes a profit from a transaction deemed to violate the Code, the GSF or GSCM may require disgorgement, which will be accomplished by the profit being donated to Mission:Dignity.

<sup>5</sup> Please note that certain exchange-traded instruments may appear to be funds, but they are not. For example, exchange-traded notes are not funds and are thus required to be pre-cleared.

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Adopted: May 21, 2019

Amended: November 7, 2019

Amended: May 18, 2020

Amended: January 1, 2021

Amended: November 11, 2021

Amended: November 10, 2022

Amended: May 21, 2024

Amended: February 28, 2025

Amended: October 1, 2025

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**CONFIDENTIAL AND MATERIAL NON-PUBLIC INFORMATION** 

**INTRODUCTION** 

Material non-public information ("MNPI") is information about a company that is not generally known to the public and which may impact a reasonable investor's decision to buy, sell or hold a security.

Under Rule 10b5-1 of the Securities Exchange Act of 1934, it is unlawful to trade a security "on the basis of" material non-public information in breach of a duty of trust or confidence.

This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading while aware of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• communicating MNPI to others who may trade on it (commonly known as "tipping"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using MNPI obtained through misappropriation or breach of fiduciary duty.

**POLICY** 

GuideStone Capital Management and GuideStone Funds (collectively, "GuideStone") forbids any Access Person from trading, either personally, or on behalf of others, including clients, or other investment portfolios managed by GuideStone, on the basis of material non-public information, regardless of the source. GuideStone further prohibits Access Persons from disseminating MNPI and causing others, directly or indirectly, to trade based on MNPI.

This Policy applies to trading in all types of financial instruments, including but not limited to, equity, debt, government-issued securities, limited offerings, mutual funds, and derivatives.

**PROCEDURES** 

**Handling MNPI** 

Supervised Persons, are required to immediately notify the chief compliance officer ("CCO") if they receive, disseminate or believe themselves to be in possession of MNPI. Supervised Persons should not disseminate the information to anyone inside or outside of GuideStone unless authorized by the CCO.

The CCO, in consultation with Legal, will evaluate the information and make a determination whether the information should be considered MNPI and what actions to take, if any.

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**Confidential Information** 

Supervised Persons also have a duty to protect confidential information to which they have access in connection with their employment with GuideStone. That includes information related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GuideStone Funds, including holdings and investment strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GSCM's clients, including but not limited to names, addresses, account numbers, account values, investments and
reports and materials that have been created for or addressed to specific clients (non-public materials); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GSCM's policies, procedures and any internal document that has been marked as "For Internal Use Only".

Supervised Persons are prohibited from providing access to or disseminating nonpublic information without the CCO's prior approval.

**Penalties** 

Penalties for trading on or otherwise communicating MNPI are severe, both for individuals and their employers. Penalties include both civil and criminal penalties, in addition to such sanctions as deemed appropriate by the CCO, including among others, suspension or termination of employment.

Adopted: October 1, 2025

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**DONATIONS** 

**OVERVIEW** 

GuideStone Capital Management, LLC ("GSCM") and GuideStone Funds ("GSF") are committed to upholding the highest ethical standards in the conduct of their business and ministry. In fulfilling this commitment, we seek to avoid any conflicts of interest that could incentivize GSCM, GSF, or any of their officers or employees to select or maintain a third-party vendor for reasons other than the cost and quality of the goods or services provided by that vendor to GSCM and/or GSF.

**POLICY** 

It is therefore the policy of GSCM and GSF not to solicit charitable donations to Mission:Dignity from any of its current or prospective third-party vendors.

**PROCEDURES** 

**Reporting and Recordkeeping** 

If any officer or employee of GSCM or GSF becomes aware that a third-party vendor of GSCM or GSF has made an unsolicited donation to Mission:Dignity, he or she should promptly report the name of the vendor, and the approximate amount and date of the donation (if known), to the chief compliance officer ("CCO"). The CCO will determine whether the amount of the unsolicited donation from the vendor raises any question of propriety and, if so, will request that Mission:Dignity return the donation. In general, unsolicited donations amounting to more than 10% of the annual fees paid by GSCM and/or GSF to the vendor will be returned to the vendor.

The CCO will keep separate records of reports received of Mission:Dignity donations by third-party vendors of GuideStone. These records will contain the name of the vendor, the approximate amount and date of the donation, and whether or not Mission:Dignity accepted or returned the unsolicited donation.

**Violations** 

If any officer or employee of GSCM or GSF becomes aware that a third-party vendor has been solicited to make a donation to Mission:Dignity, he or she must promptly report that solicitation to the CCO.

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Any person who violates this Policy by soliciting donations to Mission:Dignity from a current or prospective third-party vendor of GSCM or GSF may be subject to disciplinary action up to and including termination.

Adopted: May 19, 2006

Amended: July 1, 2009

Amended: November 7, 2019

Amended: February 24, 2023

Amended: October 1, 2025

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**GIFTS AND ENTERTAINMENT** 

**OVERVIEW** 

Supervised Persons are prohibited from directly or indirectly accepting or giving anything of value, including gifts of any kind, from or to vendors or clients or their agents or employees in a manner that crates an actual or apparent conflict of interest or in a way that compromises or appears to compromise one's independence and/or objectivity in making business decisions that are in the best interest of GuideStone Capital Management ("GSCM") and its clients.

All gifts and entertainment received or provided to Supervised Persons must always comply with applicable laws and regulations and GSCM's policies.

**POLICY** 

Avoid potential conflicts of interest that might (or appear to) compromise one's independence and/or objectivity in making business decisions that are in the best interest of GSCM and its clients. Supervised Persons must follow the guidelines on receiving and giving gifts and entertainment.

**PROCEDURES** 

**General Guidelines** 

Refer to **<u>Appendix D</u>** for a summary of the below gifts and entertainment guidelines for Supervised Persons.

**Gifts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts given or received that exceed $25 in value must be reported in the Ethics and Compliance System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promotional items that display a firm's logo but are also valued between $25 and $100 must be reported in the Ethics
and Compliance System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts given or received are subject to an annual limit of $100 per person per vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalent gifts are strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts must be reported no later than 30 days the gift was given or received.

**Exceptions to Gifts Reporting and Value Limit Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts of de minimis or nominal value: these include items such as pens, notepads, or modest desk ornaments and promotional
items that display the firm's logo and are valued at $25 or less.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Solely decorative business commemorative items: customary Lucite tombstones, plaques, or other similar solely decorative
items commemorating a business transaction, regardless of the cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal gifts: bereavement gifts and gifts given for infrequent life events (e.g., a wedding gift or congratulatory gift
for the birth of a child), provided the gifts are customary and reasonable, personal in nature, and not in relation to the business of the employer of the recipient. Generally, gifts that have been paid by or reimbursed by a vendor, client, or
GuideStone are not considered to be a Personal Gift and, therefore, are subject to reporting and value limits established in this policy.

**Business Entertainment** 

Business entertainment refers to meals, sporting events, musical events, or other activities that are social in nature with the primary purpose of fostering and/or maintaining a legitimate business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Supervised Person may provide business entertainment to a client, potential client, or vendor to the extent that the
Supervised Person is present for the duration of the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Supervised Person may participate in a business event sponsored by a third party (e.g., client, third party manager,
vendor, etc.) to the extent that a representative from the third party is present at the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events that are valued at $50 or above must be reported in the Ethics and Compliance Reporting System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Friends, spouses, and other family members are not allowed at business events sponsored by third parties unless
specifically authorized by chief investment officer and the chief compliance officer ("CCO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business entertainment given is not subject to a set value limit, to the extent that it adheres to the requirements of this
policy.

**Exceptions to Business Entertainment** 

High-value or exclusive entertainment events, such as the Super Bowl, World Cup, major championship games, premium concert experiences (e.g., VIP experiences) or other similar events that involve high-priced or scarce-access tickets are not allowed under this policy.

**Payment or Reimbursement in Connection with Training, Education or LPAC/Due Diligence Meetings** 

Payment or reimbursement in connection with training, education, Limited Partnership Advisory Committee (LPAC") or due diligence meetings are subject to the following requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons must obtain prior approval from the CCO to attend the meeting. Approval must be sought through the
Ethics and Compliance Reporting System.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The location is appropriate for the purpose of the meeting, which means an office of GuideStone, the vendor, the fund
manager, or the client (as applicable), or a facility located in the vicinity of that office, or a regional location with respect to regional meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Friends, spouses, and other family members are not allowed at business events sponsored by third parties unless
specifically authorized by chief investment officer and the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The payment or reimbursement must apply only to the training, education or due diligence meeting and cover related meals,
lodging, and transportation for Supervised Persons (or the Vendor, Client, or employees), as applicable, for the duration of the meeting or event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The meeting must first and foremost be intended to provide training, education or to conduct required due diligence and the
meeting must occupy substantially all of the workday(s).

**DETERMINING VALUE OF GIFTS AND ENTERTAINMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, gifts and entertainment should be valued at the higher of cost (i.e., paid by the giver) or market value,
exclusive of tax and delivery charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GuideStone will aggregate all gifts given by a Supervised Person to a particular recipient (or received by a Supervised
Person from a particular giver) over the course of a calendar year when measuring compliance with the $100 limit. This limit is a cumulative limit (i.e., one $100 gift or two $50 gifts would both reach the limit for a calendar year). The $100 limit
is per individual recipient per calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If gifts are given to multiple recipients, the Supervised Person must record the names of each recipient and calculate and
record the value of the gift on a pro rata per recipient basis, for purposes of ensuring compliance with the $100 limit. For example, a gift basket worth $500 delivered to an office of five individuals for the benefit of each individual would be
permissible under this Policy.

**PENALTIES FOR VIOLATION** 

If a Supervised Person violates this Policy, he or she may be subject to disciplinary action up to and including termination.

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Adopted: November 10, 2022

Amended: May 21, 2024

Amended: October 8, 2024

Amended: October 1, 2025

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**OUTSIDE BUSINESS ACTIVITIES** 

**OVERVIEW** 

GuideStone Capital Management ("GSCM") has established this Outside Business Activities policy to ensure that all Supervised Persons disclose and manage their outside business activities in a manner that avoids actual or perceived conflicts of interest between the Supervised Person and GSCM and its affiliates and GSCM's clients.

An Outside Business Activity ("OBA") refers to any business activity (whether paid or unpaid), employment, position or affiliation outside of GSCM or any of its affiliates. In general, an OBA involves participating in any activity that involves regular time commitments or could reasonably be perceived as conflicting with the interests of GSCM or its clients. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving as an employee, consultant, officer, director, independent contractor, trustee, partner, or board member for any
organization outside of GSCM or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating or owning any part of a business (partnership, corporation, sole proprietorship); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any entrepreneurial, professional, or freelance work, such as freelance writing, sales, or product promotion.

**POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Supervised Persons are required to pre-approve OBAs prior to engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons are required to keep all information related to their OBA up to date in the Ethics and Compliance
Reporting System. Material changes or updates to existing OBAs must be re-approved by GSCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons are to comply with any conditions, limitations placed on the OBA, or denial.

**PROCEDURES** 

New Supervised Persons will initially report all OBAs within 10 business days of becoming a Supervised Person. All disclosures and pre-approvals must be made or obtained through the Ethics and Compliance Reporting System. The disclosure shall include a description of the proposed OBA and if any compensation will be received and/or is reasonably expected to be received.

Quarterly, Supervised Persons will be required to attest to either their previously approved OBAs or to no longer participating in an OBA.

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When considering an OBA, first discuss the potential activity with immediate management. If management is okay with the potential activity, complete the OBA pre-approval form in the Ethics and Compliance Reporting System.

The chief compliance officer ("CCO") or designee will review and approve all OBA pre-approvals and/or disclosures. If the CCO does not approve the proposed activity or places conditions or limitations on the OBA, the Supervised Person shall either not participate in the OBA or shall comply with the conditions or limitations.

New Supervised Persons disclosing an existing OBA might be asked to cease the OBA if the CCO determines that is violates the principles of the is policy.

**Prohibited Activities** 

Supervised Persons are strictly prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any OBA that may create confusion or misrepresentation regarding whether the individual is acting on behalf of
themselves or on behalf of GSCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing investment-related services or promoting the sales of investment products outside of GSCM's supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using GSCM's or GuideStone Funds name, logo, or other branding and GSCM's resources, in general (computers,
technology, office space, and supplies) in connection with an OBA and represent or imply that GSCM is affiliated with or endorses the OBA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting OBAs during work hours or in a way that, in general, interferes with the Supervised Person's obligations
to GSCM and its clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• soliciting, marketing to, or otherwise engaging with any clients or prospective clients of GSCM in connection with any OBA.

**Penalties for Violation** 

If a Supervised Person violates these policies and procedures (*e.g.*, by failing to report an OBA or by engaging in an OBA after permission has been denied by violating any of the requirements of this policy), he or she may be subject to disciplinary action up to and including termination.

Adopted: November 10, 2022

Amended: October 8, 2024

Amended: October 1, 2025

------

**APPENDIX A - DEFINITIONS** 

**Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A director or officer of the GuideStone Funds ("GSF") or GuideStone Capital Management ("GSCM");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee of GuideStone Financial Resources who, in connection with his or her regular functions or duties, makes,
participates in, or obtains information regarding the purchase or sale of Covered Securities by the GSF, or whose functions relate to the making of any recommendations with respect to such purchases or sales; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Supervised Person of GuideStone:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Who has access to nonpublic information regarding the GuideStone GSF's purchase or sale of securities, or portfolio
holdings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Who is involved in making securities recommendations to the GSF, or who has access to such recommendations that are
nonpublic.

**Automatic Investment Plan** 

A program, including a dividend reinvestment plan, in which periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

**Beneficial Ownership** 

The term "beneficial ownership is interpreted in the same manner as it would be under rule 16a-1(a)(2) under the Securities Exchange Act of 1934 ("Exchange Act") in determining whether a person has beneficial ownership of a security for purposes of section 16 of the Exchange Act and the rules and regulations thereunder. In general, this means that "Beneficial Ownership" exists when a person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares the opportunity to profit or share in any profit derived from a transaction in the subject securities. Beneficial Ownership also exists with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of a person's immediate family<sup>6</sup>
sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's interest in securities held by a trust, estate, or other account, if the person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A trustee, executor, or attorney-in-fact that has or shares the opportunity to profit or share in any profit derived from a transaction in securities held by the trust, estate, or other account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A beneficiary of the trust, estate, or other account that has investment control, or shares investment control, with
respect to trust, estate, or other account transactions, as applicable; or

<sup>6</sup> Any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A settlor that reserves the right to revoke the trust without the consent of another person, unless the settlor does not
exercise or share investment control over the securities held by the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's right to acquire securities through the exercise or conversion of any derivative, whether or not presently
exercisable.

**Client:** 

Any current or prospective advisory client of GSCM, including the GSF.

**Covered Security** 

Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

The term Covered Security does not include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit commercial paper and high-quality short-term debt instruments,
including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Market instruments (e.g., bankers' acceptances, bank certificates of deposit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-ended investment companies (i.e., mutual funds and exchange traded funds), unless GSCM acts as the
investment adviser or principal underwriter for the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in oner or more open-end funds, none of which are Covered Securities.

For the avoidance of doubt, "Covered Security" also includes the right to acquire a security, an interest in a collective investment vehicle (such as a limited partnership or limited liability company), closed-end mutual funds and exchange traded funds registered as unit investment trusts.

Refer to **<u>Appendix C</u>** for a general summary of Covered Securities and the requirements pertaining to each.

------

**Ethics and Compliance Reporting System or MCO:** 

MCO stands for MyComplianceOffice. MCO serves as the application where personal trading, gifts and entertainment, and outside activities are reported and monitored.

**Initial Public Offering** 

An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d)

**Investment Personnel** 

Any employee of GuideStone Financial Resources who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the GuideStone Funds.

**Limited Offering** 

An offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) or pursuant to rule 504, or rule 506 under the Securities Act of 1933.

**Material Non-public Information ("MNPI")** 

Information about a company that is not generally known to the public and which may impact a reasonable investor's decision to buy, sell or hold a security.

**Personal Account** 

An account at a financial institution that allows the employee to buy and sell various securities.

**Security Held or to be Acquired by a Fund** 

Any Covered Security, option to purchase or sell a Covered Security, or any convertible or exchangeable Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is or has been held by a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is being or has been considered for purchase by the Fund.

**Supervised Person:** 

Any officer (or other person occupying a similar status or performing similar functions) or employee of GSCM or other person who provides investment advice on behalf of GSCM and is subject to the supervision and control of GSCM.

**Vendor** 

Any current or prospective service provider, consultant, company, or other person or entity that does business with, or on behalf of GuideStone.

------

**APPENDIX B – PERSONAL INVESTING & TRADING REPORTING REQUIREMENTS SUMMARY** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account Type <sup>(a)</sup>** | **Reporting Required <sup>(b)</sup>** | **Reporting Deadline**<br> **(Calendar Days)** |
| &nbsp;&nbsp;&nbsp;Brokerage Account | Yes | Within 30 days of establishment |
| &nbsp;&nbsp;&nbsp;DRIP - Dividend Reinvestment Program | No | N/A |
| &nbsp;&nbsp;&nbsp;ESOP – Employee Stock Ownership Program | No | N/A |
| &nbsp;&nbsp;&nbsp;ESPP – Employee Stock Purchase Plan | Yes | Within 30 days of establishment |
| &nbsp;&nbsp;&nbsp;401(k) (only if includes the ability to trade individual stocks) | Yes | Within 30 days of establishment |
| &nbsp;&nbsp;&nbsp;GuideStone 403(b) | Yes | Within 10 days of becoming subject to the Personal Investment Policy |
| &nbsp;&nbsp;&nbsp;Physically Certificated Investments | Yes | Within 30 days of establishment |
| &nbsp;&nbsp;&nbsp; Discretionary (Managed) Accounts<br> (requires prior approval for transaction/holding exemption) | Yes | • New Employee: Within 10 days of becoming subject to the Personal Policy<br> • Existing Employee: Pre-approval required prior to establishment |
| &nbsp;&nbsp;&nbsp;Investments in Qualified Tuition Programs (ex: 529 plan) | No | N/A |
| &nbsp;&nbsp;&nbsp;Variable Annuity Account | No | N/A |
| &nbsp;&nbsp;&nbsp;Automatic Trading Programs | No | N/A |
| &nbsp;&nbsp;&nbsp;Peer-to-Peer Lending (including Crowd Funding) | No | N/A |

---

(a) Upon initially being subject to the Code of Ethics, individuals also must complete and/or report the noted items within
10 calendar days.

(b) If "Yes" then reporting is required for your accounts, your spouse's accounts, your dependent
children's accounts, and any other person's accounts where you may have beneficial ownership.

------

**APPENDIX C – PRE-CLEARANCE AND REPORTING GUIDELINES BY INVESTMENT TYPE SUMMARY** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Type** | **Pre-Clearance** | **Pre-Clearance** | **Pre-Clearance** | **Reporting** |
| &nbsp;&nbsp;&nbsp;**Security Type** | **Access Person** | **GSF Access Person** | **Investment Personnel** | **All Access**<br> **Persons** |
| &nbsp;&nbsp;&nbsp;IPO | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Limited Offering (e.g., investment in private company or private equity) | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Open-End Investment Companies **<u>Not Advised</u>** by GuideStone<br> (i.e., Mutual Funds and ETFs) | No | No | No | No |
| &nbsp;&nbsp;&nbsp; Open-End Investment Companies **<u>Advised</u>** by GuideStone<br> (i.e., GuideStone Funds) | No | No | No | Yes |
| &nbsp;&nbsp;&nbsp;Closed-End Investment Companies (i.e., Mutual Funds and ETFs) | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Exchange Traded Notes | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Equity Securities (e.g., Common, Preferred, and Convertible) | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Warrants | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Rights | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Municipal Bond, Corporate Bond, High-Yield Securities | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities and Other Obligations **<u>Backed</u>** by the Full Faith and Credit of the U.S. Government (GNMA) | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Debt Obligations that are **<u>Not Backed</u>** by the Full Faith and Credit of the U.S. Government (FNMA and FHLMC) | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Foreign government-issued securities | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Money Market Instruments | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Security Futures | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Commodity Options, Forwards, and Futures | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Options on Securities and Securities Indices | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Futures on Securities Indices | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Interests in Variable Annuity Products | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Depository Receipts: American (ADR), Global (GDR), and European (EDR) | No | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Bankers Acceptances, Certificates of Deposit, Commercial Paper | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Currency | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Cryptocurrency | No | No | Yes – If a Security | Yes – If a Security |

---

------

**APPENDIX D – GIFTS & ENTERTAINMENT AND OUTSIDE BUSINESS ACTIVITIES SUMMARY** 

**Gifts & Entertainment** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type <sup>(a)</sup>** | **Annual Limit <sup>(b)</sup>** | **Reporting** |
| &nbsp;&nbsp;&nbsp;Gifts Received & Given | $100/person/vendor | • Report in MCO if value > $25 |
| &nbsp;&nbsp;&nbsp;Entertainment Received | N/A | • Report in MCO if value > $50 |
| &nbsp;&nbsp;&nbsp;Entertainment Given | $100/person/vendor | • Report in MCO if value > $50 |
| &nbsp;&nbsp;&nbsp;LPAC - Payment or reimbursement in connection with training, education or due diligence meetings | Refer to the "Gifts and Entertainment" procedures for guidance | • Pre-approval in MCO is required to attend meeting |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the giving representative is present at a gifted event (e.g., tickets to a sports event) then it is considered
entertainment; if the giving representative is not present at the gifted event, it Is considered a gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exceptions include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An occasional meal, a ticket to a sporting event or theater or comparable entertainment that is neither so frequent nor so
extensive as to raise any question of propriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents are strictly prohibited.

**Outside Business Activities** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Activity** | **Reporting Requirement** |
| &nbsp;&nbsp;&nbsp; New Employees | Report within first 10 days of employment in MCO |
| &nbsp;&nbsp;&nbsp; Existing Employees with New Opportunity | Before accepting opportunity:<br> (1) Discuss with Manager & Obtain Approval<br> (2) Pre-clear in MCO<br> If approved, may proceed with Outside Activity |
| &nbsp;&nbsp;&nbsp;Existing Employees with Material Change to Current Opportunity | • Provide update and pre-clear in MCO<br> • If approved, may proceed with Outside Activity |

---

## Ex-99.(P)(11)

## HEITMAN LLC Code of Ethics
Applicable to Heitman LLC and Affiliated Entities

![LOGO](g941623g99x20.jpg)

*Revised September 15, 2025* 

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | PAGE |
|  Code of Ethics |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. General Principles | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Standards of Business Conduct | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Policy and Procedure Concerning Insider Trading | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Scope of the Securities Trading and Securities Related Conduct by Access Persons | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Gifts and Entertainment | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Political Contributions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Reporting and Certifications | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Administration and Enforcement of the Code | 19 |
|  Appendix 1<br> Glossary | 22 |
|  Appendix 2<br> Hong Kong Personal Dealing Policy | 27 |
|  Exhibit A<br> Reportable vs. Non-Reportable Securities - Examples | 31 |

---

------

**I.** **INTRODUCTION** 

*Heitman LLC and Affiliated Entities* ("we", "the firm", "the firms" or "the Advisers") have adopted the Code of Ethics ("Code") in accordance with Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 of the Investment Company Act of 1940 (the "Company Act"). The firm developed the Code to promote the highest levels of ethical conduct among its officers, managers and employees ("Employees" or "you"). Among the purposes of the Code are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. educate Employees regarding the firms' expectations and the laws governing Employees' conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. remind Employees that they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. protect the reputation of the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. guard against violation of securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. protect our clients by avoiding and deterring misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. establish procedures for Employees to follow so that the firm can assess whether Employees are complying
with the firm's ethical principles.

This Code addresses principles of ethical conduct including personal trading and other securities-related activities of Employees (and in some cases their Immediate Family Members (defined in Appendix 1)) and is an integral aspect of our compliance program. **It is important to understand and be aware that this Code, which is primarily intended to comply with applicable U.S. securities laws, is in addition to other policies and procedures that may apply given your location.**

**II.** **GENERAL PRINCIPLES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fiduciary Relationship

We have a fiduciary relationship with our clients. For that reason, the firm owes its clients the utmost duty of loyalty, good faith and fair dealing. You are obligated to uphold these important duties and conduct yourself accordingly. We embrace the following general principles with respect to your conduct when acting on the firm's behalf or in any capacity that affects the interests of the firm's clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The duty at all times to place the interests of our clients first and not take inappropriate advantage of
your position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The requirement that you conduct personal securities transactions consistent with the Code and in such a
manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The fiduciary principle that information concerning the security holdings and financial circumstances of
clients is confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The principle that the firm and Employees will exercise independent, unbiased judgment in the investment
decision-making process; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The importance of acting with honesty, integrity and professionalism in all aspects of our business.

These general principles and applicable securities laws of the various jurisdictions in which the firm operates govern all conduct, whether or not the conduct also is covered by more specific provisions. We expect all of our Employees to abide by the Code both in word and in actions. Failure to comply with the Code is a serious matter that may result in disciplinary action, up to and including termination of employment. If you have any questions or need clarification regarding what the Code does and does not permit, please do not hesitate to contact the firm's Chief Compliance Officer ("CCO"), including any delegate, or a member of the compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Intolerance for Fraud and Dishonest Conduct

Heitman does not tolerate fraudulent activity. Heitman requires all Employees to act honestly and with integrity at all times, and to safeguard the resources, tangible and intangible assets for which they are responsible. Should Heitman become aware that any Employee is involved in, or is assisting in the commission of fraud, Heitman will take appropriate action against such person and parties involved in

such acts. Employees who are approached, either directly or indirectly, to engage in fraud or engage in suspicious behavior or behavior detrimental or disadvantageous to Heitman or its clients' interests, or who are offered a bribe or personal inducement, should report such incidents to their Supervisor, a compliance representative, the CCO, or the firm's General Counsel. As set forth throughout our manuals and Codes, no retaliation will be taken against you for having done so. The CCO will report back to you about the results of any internal investigation of the reported event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Disciplinary Event Reporting

Heitman and Heitman Affiliates are subject to reporting obligations with the SEC as regulated entities. In that respect, certain disciplinary events impacting any Employee must be disclosed. To meet that requirement, you must complete a Disciplinary History Disclosure Questionnaire and Certification via either hard copy or in the firm's online compliance system for purposes of reporting applicable criminal, civil and regulatory actions. This certification must be completed once becoming an Employee, annually (confirming that there has been no change in the information previously furnished) and promptly if you become aware of any changes or inaccuracies in the information previously furnished. If there is any doubt as to whether a Disciplinary Event requires reporting, you must promptly discuss the matter and all relevant facts with the CCO.

**III.** **STANDARDS OF BUSINESS CONDUCT** 

You are required to comply with certain standards of business conduct in accordance with the firm's fiduciary obligations to clients. Heitman Employees must avoid situations that represent or give the appearance of a conflict of interest or impropriety. The following is a non-exhaustive list of some examples of Conflicts of Interest. You should consider your own individual situation and whether there are any circumstances for you to disclose and/or discuss with the CCO or member of the Compliance team.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Examples of Conflicts of Interest

Noted below are examples of Employee conduct that would or could create a conflict of interest and are prohibited by Heitman:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Real Estate and/or Securities transactions between clients, Heitman, Heitman Affiliates, on the one hand and
Heitman Employees on the other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any circumstance that gives the appearance that Heitman or its Employees favor the interests of one client
over another client without disclosure to the clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any Heitman Employee using knowledge about pending or current client transactions to profit personally,
directly or indirectly, as a result of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Heitman Employee negotiating or making decisions regarding Heitman's business with a vendor or
supplier without disclosing the existence of the Employee's personal investment or other relationship with the vendor or supplier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any Heitman Employee engaged in outside business interests or employment that conflicts with the proper
performance of their duties as an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance with Laws and Regulations

You must comply with all applicable securities laws. You are not permitted, in connection with the purchase or sale (directly or indirectly) of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To defraud a client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To mislead a client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit
upon a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To engage in any manipulative practice with respect to securities, including price manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To make any statement or circulate and disseminate any information concerning any security which you know or
have reasonable grounds for believing is false or misleading or would improperly influence the market price of such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Excessive or Inappropriate Trading

The firm understands that Employees participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that creates no potential conflicts with the interests of any Heitman-Advised Mutual Fund or client portfolio. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades or other measure as deemed appropriate by the CCO or other compliance representative), may compromise the best interests of any Heitman-Advised Mutual Funds or Portfolios if such excessive trading is conducted during worktime. Accordingly, if the CCO or other compliance representative believes at any time that any Employee's personal trading is either excessive or otherwise inappropriate, the CCO or compliance representative may advise such Employee to curtail trading and may raise concerns to the Employee's senior manager and/or the firm's senior management.

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**IV.** **POLICY AND PROCEDURE CONCERNING INSIDER TRADING** 

*General Policy* 

You are prohibited from any trading, either personally or on behalf of others, while in possession of material nonpublic information. You are also prohibited from communicating nonpublic information to others except in the ordinary course of your job duties. In addition, care should always be taken so that any such information is secure. For example, files containing material nonpublic information should be sealed; access to computer files containing material nonpublic information should be password-protected or otherwise restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Definition of Material Information

"Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider such information important in making an investment decision, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that Employees should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information is nonpublic until it has been effectively communicated to the market place, such as by publication of the information in the Wall Street Journal, Dow Jones or other publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Concept of "Insider"

The concept of "insider" is broad. It includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, the firm may become a temporary insider of a company it advises or for which it performs other services. For that to occur the company must expect Heitman to keep the disclosed nonpublic information confidential and the relationship must at least imply such a duty before the firm will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Possession of Material Nonpublic Information

All Employees who come into possession of material nonpublic information are required to advise a compliance representative or the CCO immediately. All Employees are subject to the firm's prohibitions on insider trading and any potential sanctions. Penalties for violating the firm's insider trading policies and procedures may include civil injunctions, permanent bars from employment in the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines, and jail sentences.

------

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider, while in possession of material nonpublic information, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider, while in possession of material nonpublic
information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material nonpublic information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Safeguards and Controls Established

The firm has established the following procedures to safeguard against insider trading:

*Restricted Stock List* 

The applicable compliance representatives maintain "Restricted Stock Lists" ("List") for each of the Heitman business lines, if necessary, which contain the names of privately held and publicly traded securities which the compliance representative believes Employees may have access to inside information by virtue of their employment. Securities on the List may not be purchased or sold without prior written approval by the CCO. Each respective List is updated and distributed at least quarterly or more frequently as necessary. Disclosure of this List or its contents outside of Heitman or to any Heitman Employee in a different business unit is prohibited (*i.e.*, recipients of the Heitman Private Equity List may not discuss it with any Heitman Public Securities Employee).

*Training* 

The law on Insider Trading is fluid and can change typically as a result of judicial decisions. The firm will provide, on a regular basis, an educational program to familiarize all Employees with the firm's Insider Trading Policy and Procedure. Attendance is required.

*Other Restrictions* 

Service on a Board of Directors—Given the high potential for conflicts of interest and insider trading issues; you are generally prohibited from serving on the board of directors of a publicly traded company. On a case by case basis, Heitman's CEO, in consultation with the CCO, may provide prior written waiver allowing an individual to serve as a director of a publicly traded company.

*Outside Business Activities* 

You must disclose to a compliance representative or the CCO any personal interests that may present a conflict of interest or harm the reputation of the firm. Additionally, you must obtain prior written approval by the CEO for other outside activities that may create a potential conflict of interest for you or the firm, including outside business or investment activities (such as directorships, consulting engagements, outside business affiliations, or other positions with publicly traded companies) and acting as an executor or trustee (except in personal matters). You will complete an annual certification via the firm's compliance reporting software that you have complied with this policy. Generally, the firm will not require pre-approval to serve as a director (or in a similar capacity) of a charitable, religious or educational organization provided that the proposed role does not involve providing investment or real-estate related recommendations to the organization, including any foundation associated with the organization.

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Under no circumstances may a Supervised Person represent or suggest that his or her association with any outside business activity in any way reflects the sponsorship or endorsement by Heitman of that organization, such organization's securities, its manner of doing business or any person connected with such organization or its activities.

*Communications Restrictions / Screening Violations* 

Because Employees may, in the course of their employment, have access to non-public information about or otherwise affecting Publicly Traded REITS or REOCs or other securities or because an Employee may have a business relationship with respect to a publicly traded security, the firm has adopted a broad screening policy whereby all Employees are prohibited from communicating non-public information to any other Employee except in the performance of their job responsibilities. In no event should non-public information regarding Heitman Private Investments Business be communicated to any Heitman Public Securities Employee and vice versa. However, client introductions and discussions between private equity and public securities employees and/or their respective clients regarding general market conditions, operating trends and matters relating to the commercial real estate industry that involve publicly available information are permitted. Please contact a member of the compliance group if you have any questions.

Any breach of the above restriction that any Employee becomes aware must be reported as soon as possible to a compliance representative or the CCO.

**V.** **PERSONAL TRADING AND SECURITIES-RELATED CONDUCT BY ACCESS PERSONS** 

*Overview* 

Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Company Act require the firm to impose certain restrictions on the personal securities trading of Access Persons and an Access Person's Immediate Family Members living in the same household. These restrictions include obtaining pre-approval for proposed transactions in certain securities and private transactions in certain securities and reporting certain trading activities and securities holdings. This Personal Trading Policy is designed to prevent potential legal, business or ethical conflicts, to minimize the risk of unlawful trading in any Personal Securities Account and to guard against the misuse of confidential information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Securities Accounts

Access Persons, defined in the Glossary at Appendix 1, must report all Reportable Securities held in, and transactions within, Personal Securities Accounts. These requirements also apply with respect to Reportable Securities held or Beneficially Owned by the Access Person's Immediate Family Members living in the same household.

Access Persons located in and affiliated with Heitman's Hong Kong office are subject to additional rules on personal trading. Access Persons who are subject to the Hong Kong Personal Account Dealing Policy are either located in Hong Kong, licensed with the Securities and Futures Commission of Hong Kong, a member of Heitman International HK Ltd.'s ("HI HK") Board of Directors, or other persons conducting regulated activities for HI HK. Please see Appendix 2 for the Hong Kong Personal Account Dealing Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reporting

Access Persons must submit holdings and transaction reports through the firm's compliance system in order to provide the firm with information to enable it to determine with reasonable confidence the absence of any indications of, or the appearance of, a conflict of interest with regard to the investment activities of Clients.

The personal trading compliance platform receives electronic feeds of personal investment transactions and holdings from broker-dealers that have arrangements or agreements with the system. All Access Persons are required to use broker-dealers approved by the compliance department. Those broker-dealers facilitate reporting through the personal trading compliance system through electronic feed. All Access Persons are required to promptly complete any authorizations required by their broker-dealer to establish the electronic feed. Subject to prior approval by the CCO, alternative methods of reporting may be accommodated on a case-by-case basis.

For trades that do not occur through a broker-dealer (*e.g.*, private placements and other limited offerings), the Access Person must manually enter the equivalent data into the compliance platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Holdings Reports

Access Persons will be required to file an initial report of all Securities holdings no later than ten (10) calendar days after the commencement of their designation as an Access Person. The initial holdings report must be current as of a date not more than forty-five (45) calendar days prior to the date when first becoming an Access Person.

Access Persons are also required to provide a complete list of Securities holdings, no later than February 15th of each calendar year (which information must be current as of December 31st of the preceding year). Such information is to be submitted through the personal trading compliance platform.

Each holdings report (both the initial and annual) will be completed through the compliance platform and must contain, at a minimum:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the title and type of security and, as applicable, the exchange ticker symbol or CUSIP number, number of
shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the name of any broker, dealer or bank with which the Access Person maintains a Personal Securities Account
in which any Security is held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quarterly Transactions Reports

Access Persons are required to report all transactions in Reportable Securities no later than thirty (30) days after calendar quarter-end and certify that the quarterly transaction report accurately represents a complete record of the Access Person's transactions that occurred during the relevant reporting quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For feed eligible accounts, Access Persons must verify that all transactions appear in the personal trading
compliance platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions occurring at broker-dealers that do not provide an automated feed and for trades do not occur
through a broker-dealer (*i.e.*, direct rather than through a broker, for example, the purchase of a private placement interest), the Access Person must manually enter the equivalent data into the compliance system.

Quarterly transaction reports must contain at least the following information for each transaction in a Reportable Security in which the Access Person had, or as a result of the transaction acquired or disposed of, any direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the
interest rate and maturity date (if applicable), the number of shares and the principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the date that the report is submitted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. New Accounts

Each Access Person must promptly disclose any new Personal Securities Account with a broker or custodian via the personal trading compliance reporting platform. This disclosure is also required when the Access Person moves an existing Personal Securities Account to a different broker or custodian. **The list of approved brokers can be found in the Library of the personal trading compliance reporting platform or by contacting a representative from the compliance department.** Use of broker-dealers that are not on the approved broker list requires prior approval by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exceptions to Reporting Requirements

In addition to Non-Reportable Securities, defined in Appendix 1, Access Persons need not submit Personal Securities Account transaction reports under the following limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected pursuant to an Automatic Investment Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions executed by a third-party manager or adviser in a Non-Controlled Account (defined in the Glossary as an account in which the Access Person or Immediate Family Member has given trading discretion to another individual and does not influence or participate in
the decision-making process of any transactions with respect to Reportable Securities). To qualify for this reporting exemption, each Access Person must submit a New Managed Account Request and provide a signed copy of the investment advisory
agreement with the third-party manager or similar proof of third-party discretionary management. The CCO may require additional periodic certifications confirming that the Access Person has no direct or indirect influence or control of such
accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Preclearance of IPOs, REITs, REOCs and Private Placements

Access Persons must complete and submit an Access Person Trade Approval Request through the online compliance system and obtain compliance department prior approval before acquiring or selling shares or interests in an IPO, REIT, REOC or a Limited Offering. For guidance purposes, the personal trading compliance reporting platform includes a list of Real Estate Securities that require pre-approval. Additionally, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REIT and REOC securities. Following reasonable due diligence, should it continue to be unclear whether a security is a REIT or REOC for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination of whether a specific security requires pre-approval.

When submitting requests, Access Persons are required to certify that they do not possess MNPI or have any other reason preventing them from engaging in the requested transaction. It is the responsibility of the Access Person requesting pre-clearance to provide all relevant and necessary information relating to the proposed transaction, including the applicable offering documents or private placement memorandum.

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The CCO or a compliance representative will review and approve or deny the proposed transaction via the personal trading online compliance system. A notice of the decision will be issued to the Access Person. Pre-clearance approvals of purchase transactions shall remain effective for two trading days following approval and applies to the original amount requested or a lesser amount but additional pre-clearance approval would be necessary for amounts in excess of the initial amount included in a pre-clearance request. In the case of a limited offering/privately-placed transaction, approval will remain until the purchase or sale is accepted by the issuer. Access Persons must submit a new pre-clearance request for follow-on investments in any limited offerings.

The firm shall retain in the personal trading compliance system all pre-clearance forms indicating whether Access Persons' requests for pre-clearance have been approved or denied. All notifications of approval or denial of pre-clearance to enter into a personal securities transaction issued by the CCO or a compliance representative shall be treated confidentially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Holding Periods

Heitman-Advised Mutual Fund in a Controlled Account may not be sold for at least 30 days after acquisition **AND** may not be sold for a profit for at least 90 days after acquisition. Heitman-Advised Mutual Funds means any mutual fund for which any direct or indirect subsidiary of Heitman LLC, including the Advisers, acts as a manager, adviser or subadviser. A list of the Heitman-Advised Mutual Funds can be found on the personal trading compliance system.

Access Persons subject to the Hong Kong Personal Account Dealing Policy have a minimum thirty (30) day holding period for and securities that are subject to pre-clearance, *i.e.*, IPOs, REITs, REOCs, and Private Placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Restricted List

The CCO or a compliance representative maintains a list of issuers for which the firm has obtained Non-Public Information (the "Restricted List"). The Restricted List is an internal list which is designed to prevent the misuse of Material Non-Public Information. This list is for internal use only and may not be disclosed to any entity or person outside of Heitman, unless such disclosure is approved by the CCO. Securities will remain on the Restricted List until such time as the CCO deems their removal appropriate.

Access Persons are prohibited from personally, or on behalf of a client, purchasing or selling securities that appear on the Restricted List. It is the responsibility of each Access Person to check the Restricted List, a current version of which will be available electronically, prior to making a trade. The firm maintains separate Restricted Lists for the Private Equity and Public Securities businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Review

On at least a quarterly basis, or at any other time as may be advisable, the CCO shall review the personal trading activity of all Access Persons through the automated compliance platform. The CCO will closely monitor the investment activity of Access Persons to detect any abuses. The CCO may, at his or her discretion, appoint a designee to assist with the review of the personal trading activity of Access Persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confidentiality of Reporting

The CCO and any other designated compliance personnel receiving reports of Access Person holdings and transactions under this Code will keep such reports confidential, except to the extent that the CCO and such compliance personnel are required to disclose the contents of such reports to regulators. The section of the Code addresses the personal trading and other securities-related conduct of Employees and is an integral aspect of our compliance program. Relevant terms are defined in the Glossary, attached as Appendix 1.

**VI.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GIFTS AND ENTERTAINMENT** 

You may not receive any gift, service or other thing of more than $100 USD from any person or entity that does business with or on behalf of the firm. You may not give or offer any gift of more than $100 USD to existing clients, prospective clients or any entity that does business with or on behalf of the firm without prior approval of the CCO. You may not give or accept cash gifts or cash equivalents to or from a client, prospective client, or any entity that does business with or on behalf of the firm. You may not provide or accept extravagant or excessive entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of the firm. You may provide or participate in business related entertainment of reasonable value, such as dinner or a sporting event where the purpose of the event is to conduct business. Reasonable expenditures associated with business entertainment are not considered a gift. You should seek the prior approval of the CCO when you are unsure about the value of proposed entertainment.

You may not directly or indirectly accept inappropriate gifts, favors, business entertainment, special accommodations or other things of material value that could influence your decision-making or suggest that you are beholden to any particular person or firm, including clients. Similarly, you may not offer gifts, favors, business entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to you or the firm.

*Conferences & Events* 

The cost-per-individual at an industry educational or networking event (*e.g.,* industry conference, vendor user conference, investor relations event, etc.) is not considered entertainment and, as such, is not counted towards the above-referenced $100 USD limit, provided that the conference has a reasonable relationship to the duties you perform for the firm and the expenses for such attendance are reasonable in light of the benefits afforded to the firm.

However, you should keep in mind that if there are separate excursions or other entertainment connected with such large-scale events (*e.g.*, golf outings, boating trips, etc.) that the above limit <u>will</u> apply to these separate events (if in doubt, you should consult the CCO) unless you obtain pre-approval from the CCO. You are viewed as firm ambassadors at all entertainment events and are kindly asked to act accordingly.

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*Prohibited Conduct* 

No Gift or Entertainment should ever be accepted with the expectation of any *quid pro quo* relationship (*i.e.*, you get something in exchange for sending business) from Heitman (or any Affiliate) or any Employee. You are prohibited from receiving, and must tactfully refuse, any gift of cash, gift certificates or cash equivalents.

You should avoid the frequent acceptance of gifts and/or entertainment from the same business relationship (and associated business enterprise) that, although individually below the limitation thresholds, when viewed in the aggregate, could create the appearance of impropriety or undue influence.

*Employees in Japan or Korea* 

Employees in Japan are subject to additional reporting requirements relating to the giving or receipt of gifts or entertainment.

Employees in either Japan or Korea are allowed to give cash gifts, subject to monetary limitations, for certain life events.

Please refer to the applicable Compliance Manual for more details.

**VII.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **POLITICAL CONTRIBUTIONS** 

Rule 206(4)-5 under the Advisers Act (the "Play-to Pay Rule") addresses certain pay-to-play practices such as making or soliciting campaign contributions or payments to certain candidates for offices of Government Entities to influence the awarding of investment advisory services for the management of public pension plan assets and other state governmental investments. The Pay-to-Play Rule broadly defines "contributions" to include gifts, loans, the payment of debts, and the provision of any other thing of value. Heitman defines "Covered Associates" as Access Persons.

To comply with the Pay-to-Play Rule, the firm and its Covered Associates are subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Two-Year "Time Out" for Contributions

Heitman is prohibited from receiving compensation for providing investment advisory services to a Government Entity for a two-year period after the firm or any of its Covered Associates makes a political contribution to an Official (which include candidates for such office) who is or will be in a position to influence the award of advisory business of a Government Entity. Investment advisory services covered under this provision include directly managed assets of a Government Entity, such as a separate account, or those managed indirectly, such as through a pooled investment vehicle (***e.g.***, private fund) or mutual fund that is an investment option of a plan or program of a Government Entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Restrictions on Soliciting and Coordinating Contributions and Payments (Bundling)

The Play-to-Play Rule also prohibits the firm and its Covered Associates from circumventing its provisions by, for instance, making payments to political parties or coordinating a large number of small employee contributions to influence an election in order to affect the investment adviser selection process. Accordingly, the firm and its Covered Associates are prohibited from soliciting or coordinating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any contribution to a U.S. Political Official to which the firm is providing (or seeking to provide)
investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any payment to a political party of a state or locality where the firm is providing (or seeking to provide)
investment advisory services to a Government Entity.

Similarly, the Pay-to-Play Rule also includes provisions that prohibit the firm and its Covered Associates from channeling contributions to U.S. Political Officials through third-parties such as spouses, attorneys or companies affiliated with the firm. Basically, it is unlawful for the firm or any of its Covered Associates to do anything indirectly which, if done directly, would result in a violation of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Prohibition on Using Third-Parties to Solicit Government Business

The firm and its Covered Associates are prohibited from paying a third-party, such as a solicitor, pension consultant or placement agent, to solicit a Government Entity on behalf of the Firm. However, there are exceptions to this prohibition, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Solicitations on behalf of the firm by any of its employees, general partners, managing members or executive
officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Solicitations made by "regulated persons" (such as broker-dealers, investment advisers or
municipal advisors, as defined by the Pay-to-Play Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Firm Political Activities

No Covered Associate may make political contributions of firm assets, directly or indirectly, to any public official, political candidate or political party, or to any other organization that might use the contribution to support or influence a public official, political candidate or political party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Personal Political Activities of Covered Associates

Covered Associates may not make personal political contributions for the purpose of obtaining or retaining advisory services with Government Entities. Any personal political contributions of more than $150 USD will need to be pre-approved by the CCO through the Political Contribution Pre-Approval Form. The CCO is likely to approve of a contribution of $350 USD in the aggregate for one official per election if the requester is entitled to vote for that candidate and $150 USD in the aggregate for one official per election if they are not entitled to vote. Contributions in excess of those amounts are not likely to be approved unless it is a contribution intended for a candidate running for federal office and the candidate is not currently a state or local official of an office that can select or influence the selection of advisers to state and local pension plans. Those seeking pre-approval will certify that the contribution is not made for the purpose of obtaining or retaining the firm's engagement as an investment adviser by the Government Entity. Annual reporting is required for all political contributions. Current laws and rules in various jurisdictions may also prohibit or limit gifts or entertainment extended to Officials. These laws and rules must be followed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. De Minimis Contributions

Covered Associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 USD per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 USD per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, and not by the firm.

The CCO, or other designated officer, will implement the following procedures to ensure compliance with the Pay-to-Play rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain records including the names, titles, and business and residence addresses of all Covered
Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Obtain appropriate information from new employees (or employees promoted or otherwise transferred into
positions) deemed to be Covered Associates, regarding any political contributions made within the preceding two years (from the date they become a Covered Associate) if such person will be soliciting municipal businesses or Government Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Monitor and maintain records identifying all Government Entities to which the firm provides advisory
services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Monitor and maintain records detailing political contributions made Covered Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Such records will be maintained and will detail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The name and title of the contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The name and title (including any city/county/state or other political subdivision) of each recipient of a
contribution or payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The amount and date of each contribution or payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Whether any such contribution was the subject of the exception for certain returned contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Maintain appropriate records following the departure of a Covered Associate who made a political
contribution triggering the two-year 'time out' period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintains records reflecting approval of political contributions over $150 USD by its Covered Associates;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The CCO, or other designated officer, maintains records of each regulated person to whom the firm provides
or agrees to provide (either directly or indirectly) payment to solicit a government entity for advisory services on its behalf.

**VIII.** **REPORTING AND CERTIFICATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;A. Reporting Requirements for Supervised Persons who are not Access Persons

Within 10 days of commencement of employment or within 10 days of Compliance's determination that designation as a Supervised Person is warranted, all Supervised Persons must submit an Initial Acknowledgement to the applicable compliance representative or other officer designated by the CCO, indicating that such Supervised Person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. received a copy of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. read and understand the provisions of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. agreed to comply with the provisions of the amended Code; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. agreed to promptly report to the CCO or applicable compliance representative any known or apparent violation
of the amended Code of which such Supervised Person becomes aware.

Within 30 days after year-end, each Supervised Person must also submit to the applicable compliance representative or other officer designated by the CCO an Annual Acknowledgment indicating that such Supervised Person has complied with the requirements of the amended Code.

&nbsp;&nbsp;&nbsp;&nbsp;B. Reporting Requirements for Access Persons

Access Persons are responsible for entering and maintaining up-to-date information in the firm's personal trading compliance system of both themself and their Immediate Family Members. Access Persons verify that all transactions appear in the personal trading compliance platform. Heitman has established an electronic feed with many investment management and brokerage firms, which may hold an Access Person's or their Immediate Family Member's account. Access Persons or their Immediate Family Members are expected to provide authorization to include this/these accounts on said feed. For transactions occurring at broker-dealers that do not provide an automated feed and for trades that do not occur through a broker-dealer, the Access Person must manually enter the equivalent data into the compliance system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Holdings Transaction Reports.* 

Within 10 days of commencement of employment or within 10 days of Compliance's determination that designation as an Access Person is warranted, all Access Persons must submit an Initial Holdings Report to the applicable compliance representative or other officer designated by the CCO indicating that such Access Person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. received a copy of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. read and understand the provisions of the amended Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. agreed to comply with the provisions of the amended Code and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. agreed to promptly report to the CCO or applicable compliance representative any known or apparent violation
of the amended Code of which such Access Person becomes aware.

This report also requires disclosure of information regarding all Controlled Accounts and all holdings in Reportable Securities in Controlled Accounts which such Access Person or his/her Immediate Family Members have a Beneficial Ownership (including Private Placements and Limited Offerings).

Information contained in the Initial Holdings Report should be current as of a date not more than 45 days before being designated an Access Person.

Access Persons are also required to submit an Annual Holdings Report at least once every twelve-month period on a date selected by the firm and the information must be current as of the date no more than 45 days prior to the date the report was submitted. If the custodian or Access Person provides duplicate statements or the Access Person provides electronic feed authorization for all Controlled Accounts where Reportable Securities are traded, then the only additional disclosure required annually are investments in Private Placements/Limited Offerings and Reportable Securities that are <u>not</u> held at an investment management or brokerage firm (such as stock certificates that are maintained by the Access Person or Immediate Family Member).

**Exception: Disclosure of Heitman-sponsored investment vehicles is not required on the Annual Holdings Report because such records are maintained by other departments in the firm.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Quarterly Transaction Reports*.

As an Access Person, you are required to submit to the applicable compliance representative, quarterly transaction reports indicating you have complied with the requirements of the amended Code and report all transactions in Reportable Securities in Controlled Accounts in which you or your Immediate Family Members have a beneficial interest. You must also disclose any account opened with any bank, broker or other entity during the quarter in which you or an Immediate Family Member maintains Beneficial Ownership in any security residing in such account or the ability to transact in any Reportable Security in such account. This means that even if you intend to only trade Non-Reportable Securities in the account, if the bank, broker, or other entity would allow Reportable Securities to be traded in the account, you must report its establishment. This report must be submitted no later than 30 days after the end of each calendar quarter. Certain types of transactions, listed in subsection B.3. below, are not required to be included in these reports.

**Exception: Disclosure of Heitman-sponsored investment vehicles is not required on the Quarterly Transaction Report because such records are held elsewhere at the firm.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Reporting Exemptions.* 

You do not need to include any of the following in your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. securities held in Non-Controlled Accounts over which you and/or
your Immediate Family Members have no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. transactions effected pursuant to an automatic investment plan (including a dividend reinvestment plan) or
systematic withdrawal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. duplicate information contained in broker trade confirmations or account statements or provided via an
electronic feed so long as the firm receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;C. Confidentiality of Reports

All transactions, holdings and other reports made by you that are reported pursuant to the foregoing requirements under the Code will be kept confidential, except to the extent necessary to implement and enforce the provisions of the Code or to comply with requests for information from government authorities.

&nbsp;&nbsp;&nbsp;&nbsp;D. Acknowledgement of Amendments

To the extent material changes are made to the Code such amendments will be provided to all Supervised and Access Persons and you will be required to supply a written acknowledgement that you have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. received a copy of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. read and understand the provisions of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. agreed to comply with the amended Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. agreed to promptly report to the CCO or applicable compliance representative and known or apparent
violations of the amended Code of which you become aware.

This document further acknowledges that any violation of the amended Code may be grounds for disciplinary action or dismissal and may be a violation of the securities laws in the various jurisdictions in which the firm operates.

&nbsp;&nbsp;&nbsp;&nbsp;F. Monitoring of Personal Securities Transactions

The applicable compliance representative is responsible for periodically reviewing personal securities transactions and holdings reports or ensuring that such information has been provided electronically or manually input into the personal trading compliance system.

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**VI.** **RECORDKEEPING** 

The firm maintains the following records related to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of the Code and any action taken as a result of such violation for five years from
the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of written acknowledgments for each person who is currently, or within the past five years was, a
Supervised Person or Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Holdings and transactions reports made pursuant to the applicable Code(s), including any brokerage
confirmation and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A list of persons who are currently, or within the past five years were Supervised Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A list of persons who are currently, or within the past five years were Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A list of persons who are currently, or within the past five years were Chief Compliance Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A record of any decision and supporting reasons for approving the acquisition of securities by Access
Persons in a private placement or limited offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A record of any pre-clearance requests and the decisions regarding
such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. A record of any decision and supporting reasons for granting any Employee a waiver from or exception to the
Code.

**VII.** **ADMINISTRATION AND ENFORCEMENT OF THE CODE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Training and Education

The CCO shall be responsible for training and educating Employees regarding the Code. Such training shall be mandatory for all Employees and shall generally occur on an annual basis and as determined necessary by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reports to Investment Companies

The CCO shall report to investment company clients as requested and as required by Rule 17j-1 under the Company Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Report to Senior Management

The CCO shall disclose to the CEO any material violations that are identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Reporting Violations

You are required to report actual or suspected violations of the firm's Code promptly to the CCO or the applicable compliance representative, or in the case of a violation by the CCO, to Special Counsel or other senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Confidentiality* 

We will treat any report satisfying these requirements confidentially and will investigate it as promptly as required under the particular circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Types of Reporting* 

You are obligated to report any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. noncompliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. fraud or illegal acts involving any aspect of the firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. material misstatements in regulatory filings, internal books and records, clients' records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. activity that is harmful to clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. material deviations from required controls and procedures that safeguard clients and the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Guidance* 

We encourage you to seek guidance from the applicable compliance representative or CCO or other senior management with respect to any action or transaction that may violate the Code and to refrain from any action or transaction that might lead to the appearance of a violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Sanctions

A violation of the Code may result in any disciplinary action that the CCO or senior management deems appropriate, including but not limited to a warning, fines, disgorgement, suspension, demotion or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities when appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Further Information Regarding the Code

You should contact the CCO to obtain any additional information about compliance and ethics issues.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Exceptions

The CCO is empowered to make reasonable exceptions to the requirements and prohibitions contained in the Code.

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**Appendix 1 – Glossary** 

"**Access Person**" An Access Person is a Supervised Person who has access to nonpublic information regarding a Client's purchase or sale of securities, is involved in making securities recommendations to Clients or who has access to such recommendations that are nonpublic. A Supervised Person who has access to nonpublic information regarding the portfolio holdings of affiliated registered funds (*i.e.*, an open-end or closed-end investment company that is registered under the Investment Company Act of 1940) is also an Access Person.

The CCO is responsible for determining whether a Heitman Supervised Person is an Access Person.

"**Advisers Act**" refers to the Investment Advisers Act of 1940, as amended.

"**Affiliate**" or "**Affiliated Entity(ies)**" means with respect to Heitman, any of its directors, officers or employees as well as any person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, Heitman. This would include, but is not limited to, Heitman Capital Management LLC, Heitman International LLC, Heitman International HK Limited (collectively known as "Heitman Private Equity Investment Advisers"), Heitman Real Estate Securities LLC, Heitman International Real Estate Securities HK Limited, Heitman International Real Estate Securities Pty Limited (collectively known as "Heitman Public Securities Investment Advisers").

"**Applicable Law**" means, as applicable, Federal Securities Laws as well as relevant blue-sky securities, state data privacy, and state and federal real estate mortgage laws.

"**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation (*e.g.*, qualified retirement plans that allow eligible employees to save and invest for their own retirement whether or not on a tax deferred basis). An Automatic Investment Plan includes a dividend reinvestment plan.

"**Beneficial Ownership**" (or words of similar import) means the direct or indirect pecuniary interest in Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. An Access Person is presumed to be a Beneficial Owner of Securities that are held by Immediate Family members living in the same household.

Additional examples of beneficial interest may include, but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A general partner's proportionate interest in the portfolio investments held by a general or limited
partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A right to dividends that is separate or separable from the underlying investments. Otherwise, a right to
dividends alone does not constitute a financial interest in the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An interest in investments held by a trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A right to acquire an investment within 60 days through the exercise or conversion of any derivative instrument,
whether or not presently exercisable.

If you are not sure if you have a beneficial interest in a particular account or security, please consult with the CCO or authorized designee.

"**Chief Compliance Officer**" or "**CCO**" is the individual designated as Heitman's Chief Compliance Officer in Form ADV Part 1A. References to the CCO are also intended to refer to the Heitman Compliance Department as relevant.

"**Company Act**" means the Investment Company Act of 1940, as amended.

"**Client**" means any natural person or entity who is a party to an investment advisory agreement with Heitman.

"**Code**" means the Heitman LLC Code of Ethics, as amended.

"**Compliance Manual**" means Heitman's Compliance Manual, as amended.

"**Contribution**" means: (i) a gift, subscription, loan, advance, deposit of money or anything of value made for the purpose of influencing an election for a U.S. federal, state or local office, including any payments for debts incurred in such an election; and (ii) inaugural expenses incurred by a successful candidate for state or local office. The SEC does not consider a donation of time by a Covered Associate to be a Contribution, provided that the adviser has not solicited the Covered Associate's efforts and the adviser's resources, such as office space and telephones, are not used. Charitable Contributions made by an investment adviser to an organization that qualifies for an exemption from U.S. federal taxation under the Internal Revenue Code are not considered to be a Contribution.

"**Controlled Account**" means an account over which an Employee (including an Access Person) or an Immediate Family Member controls, actively influences or makes the trading decisions concerning Reportable Securities.

"**Covered Associate**" means: (i) any general partner, managing member or Executive Officer or other individual with a similar status or function; (ii) any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee; and (iii) any U.S. political action committee controlled by the investment adviser or by any of its Covered Associates. Access Persons are deemed to be Covered Associates.

"**Disciplinary Event**" means any circumstance that must be disclosed on Form ADV Part 1A, Item 11, and any basis to be a "Bad Actor" under Regulation D, Rule 506, under the Securities Act of 1933, including applicable criminal, civil and regulatory actions involving Heitman or any of Heitman's Supervised Persons.

**"Domestic Partner"** means an individual, at least 18 years of age, with whom an employee: (i) resides with as if married and intends to do so indefinitely; (ii) lives with as a domestic partner for 12 consecutive months; (iii) shares financial responsibilities and expenses; and (iv) is not related any closer than would make the marriage illegal.

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"**Entertainment**" refers to meals, sporting events, hunting expeditions or other entertainment events only when the giver participates in or attends the event with the recipient (*e.g.*, accompanies the recipient of baseball tickets to the game). If the host/giver is not present, the activity is considered a gift. This term does not include food and refreshments served at conferences, business events, investor meetings or business solicitation activities with Clients, potential clients, gatekeepers and consultants (other than elected officials or lobbying activities).

"**Executive Officer**" means (i) Heitman's President; any managing director, assistant vice president (or equivalent) in charge of a principal business unit, division or function (such as sales, administration or finance); any other officer of Heitman who performs a policy-making function; or any other person who performs similar policy-making functions for Heitman.

"**Federal Securities Laws**" include the Securities Act of 1933, the Securities Exchange Act of 1934, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules and official interpretations adopted or promulgated by the SEC (including Commission staff) under these statutes, the Bank Secrecy Act as it applies to investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury or the Department of Justice.

"**Firm**" or "**Heitman**" means Heitman LLC and affiliated entities described under "Affiliate."

"**Government Entity**" means any state or political subdivision of a state, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any agency, authority, or instrumentality of the state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A pool of assets sponsored or established by the state or political subdivision or any agency, authority or
instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A plan or program of a Government Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Officers, agents, or employees of the state or political subdivision or any agency, authority or
instrumentality thereof, acting in their official capacity.

"**Gift**" means any object or thing provided for the recipient's personal use or enjoyment.

"**Immediate Family Member**" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. It also includes Domestic Partners and any other persons who have financial interdependence with the Access Person.

"**Initial Public Offering**" or "**IPO**" means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

"**Limited Offering**" means an offering of Securities that is exempt from registration under the Securities Act, pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rules 504 or 506 of Regulation D, and is sometimes referred to herein as "private placements."

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"**Material Non-Public Information**" or "**MNPI**" means any information that is both material and nonpublic. Material information is generally defined as information that a reasonable investor would likely consider important in making his or her investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information is nonpublic unless it has been effectively communicated to the marketplace. MNPI is more fully discussed in Heitman's Insider Trading Policy.

"**Personal Securities Account**" means a personal investment or trading account holding Reportable Securities owned (whether directly, indirectly or Beneficially Owned) by Access Persons and any and all members of the Access Person's Immediate Family living in the same household. Personal Securities Accounts include: (i) trusts for which an Access Person acts as trustee, executor, custodian or discretionary manager; (ii) accounts for the benefit of the Access Person's spouse or minor child; (iii) accounts for the benefit of a relative living with the Access Person; (iv) accounts for the benefit of any person to whom the Access Person provides primary financial support; and (v) an investment or trading account over which an Access Person exercises control or provides investment advice or a proprietary investment or trading account maintained for the Firm or its Access Persons.

"**REIT**" means a real estate investment trust, whether privately or publicly held or traded. For guidance purposes, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REIT securities. If you are unclear and following reasonable due diligence, should it continue to be unclear whether a security is a REIT, for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination f whether a specific security requires pre-approval.

"**REOC**" means a real estate operating company, whether privately or publicly held or traded. For guidance purposes, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REOC securities. Following reasonable due diligence, should it continue to be unclear whether a security is a REOC for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination of whether a specific security requires pre-approval.

"**Reportable Securities**" means all Securities as well as those Securities issued or sponsored by Heitman and Affiliates but excludes Non-Reportable Securities.

"**Non-Reportable Securities**" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. shares issued by open-end investment companies registered under the
Company Act (mutual funds). To be clear, shares of closed-end registered funds, registered exchange traded funds and any registered funds for which Heitman or an Affiliate acts as the investment adviser or
principal underwriter for the fund, are all Reportable Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are advised or underwritten by the Firm or an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. derivatives (options, futures, etc.) to the extent that the underlying Securities are also Non-Reportable; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. futures or options on broad-based indices are also considered to be Non-Reportable Securities, unless the underlying index is issued, sponsored, or advised by Heitman or its Affiliates.

"**Restricted List**" shall have the meaning as provided in Heitman's Insider Trading Policy.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Security**" or "**Securities**" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Interests in a REIT or REOC are securities for purposes of this Code.

"**Securities Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Supervised Person**" means any of Heitman's officers, partners, directors (or other persons occupying a similar status or performing similar functions), or employees, or any other person who provides investment advice on Heitman's behalf and is subject to Heitman's supervision or control.

"**Third-Party Managed Account**" means an account for which an Access Person (including accounts of Immediate Family living in the same household) has designated investment discretion entirely to an unaffiliated investment adviser. In such account, the Access Person cannot exercise any investment discretion in the purchase or sale of Securities. The CCO has authority under this Code to determine at any time whether a particular account qualifies or continues to qualify as a Third-Party Managed Account, whether additional information should be provided or whether additional steps must be taken in order to maintain Third-Party Managed Account status.

"**U.S. Political Official**" means political candidates, successful candidates and officials of any U.S. state or U.S. locality. This includes U.S. federal officials running for U.S. state or U.S. local office and U.S. state and U.S. local officials running for U.S. federal office. U.S. federal officials running for U.S. federal office are not considered to be U.S. Political Officials.

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**Appendix 2 – Hong Kong Personal Account Dealing Policy** 

In connection with the discharge of their job responsibilities with Heitman International HK Ltd. ("HI HK" or the "Firm"), employees are reminded that they must place client interests ahead of their personal interests, at that they must be mindful of their obligations regarding actual or potential conflicts of interest between their own personal interest and their duties to HI HK and its clients.

Employees must not derive any personal advantage from information which is not generally and publicly available or which is obtained in the course of, or by reason of, employment with HI HK. Acting on this information may be a serious offence under the insider trading provisions of the Securities and Futures Ordinance and Heitman's policies on insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;**A. Relevant Persons** 

The Firm's personal account dealing rules apply to all directors, officers, employees, any Heitman employee associated with HI HK who is authorized to conduct regulated activities, and also any temporary employees, summer interns and contractors of HI HK who are either located in Hong Kong or are conducting regulated activities in furtherance of HI HK's business.

The rules on personal account trading also apply to Controlled Accounts of Immediate Family Members who live in the same household of these employees. A Controlled Account means an account over which the employee or Immediate Family Member living in the same household controls, actively influences or makes the trading decisions.

These rules **do not apply** to accounts in which the employee or Immediate Family Member does not exercise investment discretion or actively directs trading in Reportable Securities. As a reminder, open-end mutual funds registered in the US are not considered Reportable Securities, unless the fund is advised by a Heitman entity.

For purposes of the Firm's personal account dealing rules, all the above parties are collectively referred to as "**Relevant Persons**".

&nbsp;&nbsp;&nbsp;&nbsp;**B. Eligible instruments for Personal Account Dealing** 

With reference to the Firm's business scope, Relevant Persons are generally permitted to conduct personal trading in securities and derivatives, but are obligated to comply with the Firm's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**C. Pre-clearance** 

Relevant Persons must complete and submit an Access Person Trade Approval Request through the online compliance system and obtain compliance department prior approval before acquiring or selling shares or interests in an **IPO, REIT, REOC or a Limited Offering** in a **Controlled Account**. For guidance purposes, the personal trading compliance reporting platform includes a list of Real Estate Securities that require pre-approval. Additionally, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REIT and REOC securities. Following reasonable due diligence, should it continue to be unclear whether a security is a REIT or REOC for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination of whether a specific security requires pre-approval.

Relevant Persons must not place an order before the approval has been obtained.

If permission to trade is received, the trade must be executed within two (2) business days after receipt of approval.

The approval correspondence will be kept as part of the HI HK's books and records.

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Note that approval may not be given, and will not be given where the Relevant Person requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To buy or sell an investment on a day in which the Firm has a pending "buy" or
"sell" order on behalf of a client in the same investment until that order is executed or withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To buy or sell an investment for their personal account if it is held by any client account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To buy or sell an investment for their personal account within five trading days before or after trading in
that investment on behalf of a client. If such a security is being sold on behalf of clients, the five trading days will begin after the security has been disposed of for all clients.

Cross trades between Relevant Persons and clients are not permitted.

Short selling of any securities recommended by the firm for purchase is not permitted.

Relevant Persons are not permitted to participate in initial public offerings that are or could be available to client accounts managed by the firm and Relevant Persons should not use their positions to gain access to initial public offerings for themselves or any other person.

Relevant Persons are not permitted to delay settlement of personal transactions beyond the normal settlement time for the relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;**D. Post-trade** 

For each Trade Approval Request, confirmation is required within two (2) business days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As a trade confirmation from the through and electronic feed from the broker-dealer through the personal
trading compliance platform, or by uploading a copy of the contract note or other confirmation into the personal trading compliance platform; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That no trade took place.

&nbsp;&nbsp;&nbsp;&nbsp;**E. Holding periods** 

All personal investments by Relevant Persons in securities that require pre-clearance must be held for a minimum of thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;**F. Initial disclosures** 

Upon commencing employment at the Firm, Relevant Persons shall disclose in the personal trading compliance platform, within ten (10) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Details of all current personal brokerage accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Details of all securities holdings currently held.

&nbsp;&nbsp;&nbsp;&nbsp;**G. Continuous disclosure obligation** 

Relevant Persons must report all transactions on a quarterly basis to the compliance department within thirty (30) days of the end of each calendar quarter through the personal trading compliance platform. If the broker-dealer cannot prove an electronic feed, it is the responsibility of the Relevant Person to upload copies of records or statements of personal securities transactions, in accordance with the firm's Code of Ethics.

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Relevant Persons seeking to open new brokerage accounts during employment should obtain pre-approval in writing from Compliance. Accounts may only be opened at brokerage firms that allow for electronic reporting of trades and positions. **The list of approved brokers can be found in the Library of the personal trading compliance reporting platform or by contacting a representative from the compliance department.** Use of broker-dealers that are not on the approved broker list requires prior approval by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;**H. No pre-clearance required** 

Given the nature of the firm's business and investment activities, the firm has determined that the following types of transactions can be excluded from the restriction to purchase, pre-clearance and minimum holding period rules. Notwithstanding this, the firm may request Relevant Persons disclose statements and/or holdings of such transactions (including securities transactions where applicable), whenever deemed necessary.

Firm employees must contact their manager, or his/her designated individual, and the Compliance Officer should they be unclear as to whether a transaction is exempted.

Exempted transactions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the Hong Kong government; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Banker's acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments.

Personal account transactions executed by a third-party discretionary account manager are not subject to the pre-clearance, minimum holding period, or transaction reporting rules.

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**EXHIBIT A** 

Examples of Preclearance Requirements, Reportable Transactions and Holdings for **Access Persons**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ACCOUNT TYPE | WHAT CAN BE HELD<br>IN THE ACCOUNT | Do I need to<br>disclose the<br>account?<sup>1</sup> | What kind of<br>trades need to be<br>pre-cleared? | Which trades do I need<br>to report? | Which holdings or<br>positions do I need<br>to report? |
| &nbsp;&nbsp;&nbsp;1 | Checking/Savings Account | Cash | No |  |  |  |
| &nbsp;&nbsp;&nbsp;2 | Certificate of Deposit Account | Certificate of Deposit | No |  |  |  |
| &nbsp;&nbsp;&nbsp;3 | Money Market Account | Cash or Money Market<br>Funds | No |  |  |  |
| &nbsp;&nbsp;&nbsp;4  | Account held at a **Bank or Trust Company** in which may not be in my name but I have decision making authority, for example, a Trust or Gift To Minors account | Cash, Securities, ETFs<br>or Mutual Funds | Yes | REITs, REOCs<br>and Limited<br>Offerings<sup>2</sup><br>require<br>Pre-Clearance | Trades in Securities or<br>ETFs and acquisition<br>or disposition of a<br>Limited Offering | Securities, ETFs,<br>Limited Offerings<br>and Reportable<br>Funds<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;4  | Account held at a **Bank or Trust Company** in which may not be in my name but I have decision making authority, for example, a Trust or Gift To Minors account | Non-US Mutual Funds<br>or Non-US ETFs | Yes |  | Trades in Non-US<br>Mutual Fund and/or<br>Non-US ETF | Positions in<br>Non-US Mutual<br>Funds and/or<br>Non-US ETFs |
| &nbsp;&nbsp;&nbsp;5  | Account held at a **Brokerage Firm** , for example, Individual, IRA, Custodial, Joint, Trust and including those that have a linked checking or bank account | Cash, Money Market<br>Funds, Securities, ETFs,<br>UITs or Mutual Funds | Yes | REITs, REOCs<br>and Limited<br>Offering<br>transactions<br>require<br>Pre-Clearance | Trades in Securities or<br>ETFs and acquisition<br>or disposition of a<br>Limited Offering | Securities, ETFs,<br>Limited Offerings<br>and Reportable<br>Funds<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;5  | Account held at a **Brokerage Firm** , for example, Individual, IRA, Custodial, Joint, Trust and including those that have a linked checking or bank account | Non-US Mutual Funds<br>or Non-US ETFs | Yes |  | Trades in Non-US<br>Mutual Fund and/or<br>Non-US ETF | Positions in<br>Non-US Mutual<br>Funds and/or<br>Non-US ETFs |

---

<sup>1</sup> If the table indicates a "Yes," then the Account still needs to be reported, even if the Account does not hold any Securities, ETFs, UITs, Limited Offerings or Reportable Funds.

<sup>2</sup> **Limited Offerings** are offers to purchase any Security or interest, whether stock, debt securities, or partnership interests, from any entity, in which the Security is exempt from registration or otherwise not registered with the SEC under the Securities Act of 1933. For example, if you were to invest in a partnership that was going to establish a restaurant and you would have an ownership interest due to your investment, that partnership is a limited offering because it is not offered or traded on an established listed exchange.

<sup>3</sup> **Reporting Mutual Funds** are those advised or subadvised by Heitman's Public Securities group. A list of Reportable Mutual Funds can be found in the online compliance system.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **WHAT CAN BE HELD<br>IN THE ACCOUNT** | **Do I need to<br>tell Compliance<br>about the<br>account?** | **What kind of<br>trades need to be<br>pre-cleared with<br>Compliance?** | **Which trades do I need<br>to tell Compliance<br>about?** | **Which holdings or<br>positions do I need<br>to tell Compliance<br>about?** |
| &nbsp;&nbsp;&nbsp;6  | US-Issued Mutual Funds<br> Excluding Reportable<br>Funds<sup>2</sup> | Yes |  |  |  |
| &nbsp;&nbsp;&nbsp;6  | UITs | Yes |  | Purchases or<br> Redemptions <br> Automatic Purchases do<br>not need to be reported | UIT positions |
| &nbsp;&nbsp;&nbsp;6  | Non-US Mutual Funds or<br>Non-US ETFs | Yes |  | Trades in Non-US<br>Mutual Fund and/or<br>Non-US ETF | Positions in<br>Non-US Mutual<br>Funds and/or<br>Non-US ETFs |
| &nbsp;&nbsp;&nbsp;7  **Third-Party Managed Account<sup>4</sup>** | Cash, Money Market<br>Funds, Securities, ETFs,<br> UITs or Mutual Funds <br> Non-US Mutual Funds or<br>Non-US ETFs | Yes |  |  |  |
| &nbsp;&nbsp;&nbsp;8 **Reportable Fund**<sup>3</sup> Account | Reportable Fund | Yes |  | Yes | Reportable Fund |
| &nbsp;&nbsp;&nbsp;9  | Money Market Fund,<br>Mutual Funds | No |  |  |  |
| &nbsp;&nbsp;&nbsp;9  | Securities, ETFs or<br>Limited Offerings | Yes | <u>REITs, REOCs</u><br>and Limited<br>Offerings require<br>Pre-Clearance | Trades in Securities or<br>ETFs and acquisition or<br>disposition of a Limited<br>Offering | Securities, ETFs,<br>Limited Offerings<br>and Reportable<br>Funds<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;9  | Non-US Mutual Funds or<br>Non-US ETFs | Yes |  | Trades in Non-US<br>Mutual Fund and/or<br>Non-US ETF | Positions in<br>Non-US Mutual<br>Funds and/or<br>Non-US ETFs |

---

<sup>4</sup> Account for which investment discretion has entirely been given to an unaffiliated investment adviser and proof of such arrangement or copy of the agreement has been provided to Compliance.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ACCOUNT TYPE**<br>| **WHAT CAN BE HELD<br>IN THE ACCOUNT** | **Do I need to<br>tell Compliance<br>about the<br>account?** | **What kind of<br>trades need to be<br>pre-cleared with<br>Compliance?** | **Which trades do I need<br>to tell Compliance<br>about?** | **Which holdings or<br>positions do I need<br>to tell Compliance<br>about?** |
| &nbsp;&nbsp;&nbsp;10 | Automatic Stock Investment/ Dividend Reinvestment (Systematic Withdrawal) Plans, Employee Stock Purchase Plans, Employer Granted Options | Options, Securities | Yes |  | Employee directed<br>transactions, Option<br>exercises and sales are<br> reportableAutomated transactions<br>do not need to be<br>reported | Positions in<br>Options and/or<br>Securities |
| &nbsp;&nbsp;&nbsp;11 | 529 Plans (automatic and non-automatic contributions) | Underlying Mutual<br>Funds | No |  |  |  |
| &nbsp;&nbsp;&nbsp;12 | Individual/Group/Variable Life Insurance Contract | Cash or shares of<br>variable contract<br>(invested in underlying<br>mutual funds) | No |  |  |  |
| &nbsp;&nbsp;&nbsp;13 | Variable Annuity | Shares of Variable<br>Annuity (invested in<br>underlying mutual funds) | Yes |  | Variable Annuity<br>investments or<br>redemptions require<br>reporting; however,<br>automated transactions<br>do not need to be<br>reported | Variable Annuity<br>Holding |
| &nbsp;&nbsp;&nbsp;14 | Futures Account (including foreign currency futures) | Commodities or Futures | No |  |  |  |
| &nbsp;&nbsp;&nbsp;15 | Tokens, Cryptocurrency, Digital Currency, Coin Offerings | Cash/Currency | No |  |  |  |
| &nbsp;&nbsp;&nbsp;16 | Private Equity, Venture Capital, Hedge Fund Account and Investment-Related LPs/LLCs | Limited Offerings | Yes | Limited Offering | Initial acquisition or if<br>investor decides to<br>redeem, the transaction<br> needs to be reported <br> Cash calls and return of<br>capital does not need to<br>be reported | Acquisition amount<br>or approximate<br>value at year - end |
| &nbsp;&nbsp;&nbsp;17 | Investments in all Heitman- sponsored<sup>5</sup> real estate funds | Limited Offerings | No |  |  |  |

---

<sup>5</sup> Records for employees' interests in **Heitman-sponsored real estate funds** are held in different departments within the firm and, thus, do not require re-reporting to Compliance.

## Ex-99.(P)(13)

![LOGO](g941623g04t36.jpg)

## Code of Ethics for JPMAM
**Last Revision Date: April 26, 2023** 

**Last Review Date: August 29, 2025** 

**Effective Date: August 29, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>

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**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| 1. | Summary | 3 |
| 2. | Amendments to Previous Version Distributed April 26, 2023 | 4 |
| 3. | Scope | 4 |
| 4. | Reporting Requirements | 4 |
|  | 4.1. Holdings Reports | 4 |
|  | 4.2. Transaction Reports | 5 |
|  | 4.3 Exceptions from Transaction Reporting Requirements | 5 |
| 5. | Personal Trading Requirements | 6 |
|  | 5.1 Approved Broker Requirement | 6 |
|  | 5.2 Blackout Provisions | 6 |
|  | 5.3 Minimum Investment Holding Period and Market Timing Prohibition | 6 |
|  | 5.4 Trade Reversals and Disciplinary Action | 7 |
| 6. | Books and Records to be maintained by Investment Advisers | 7 |
| 7. | Privacy | 7 |
| 8. | Anti-Corruption | 8 |
| 9. | Conflicts of Interest | 8 |
|  | 9.1 Trading in Securities of Clients | 8 |
|  | 9.2 Trading in Securities of Suppliers | 8 |
|  | 9.3 Gifts & Entertainment | 8 |
|  | 9.4 Political Contributions and Activities | 10 |
|  | 9.5 Charitable Contributions | 10 |
|  | 9.6 Outside Interests | 10 |
| 10. | Training | 11 |
| 11. | Escalation Guidelines | 11 |
|  | 11.1 Violation Prior to Material Violation | 11 |
|  | 11.2 Material Violations | 12 |
| 12. | Defined Terms | 12 |

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

**1.** **Summary** 

This Code of Ethics for JPMorgan Asset Management ("JPMAM") (the "Code") has been adopted by the registered investment advisers of JPMAM in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). Rule 204A-1 requires an investment adviser registered under Section 203 of the Advisers Act to establish, maintain and enforce a written Code of Ethics.

This Code establishes our standards for ethical conduct which are premised on fundamental principles of openness, integrity, honesty and trust. In addition to the Code, J.P. Morgan Chase & Co. ("JPMC") has a firmwide Code of Conduct that applies to all employees globally, including all JPMAM employees. In the event that a difference exists between any of the standards identified in the JPMC Code of Conduct and the Code, the more restrictive provision shall apply.

JPMAM hereby adopts the message from Jamie Dimon that was included in the JPMC Code of Conduct as it embodies JPMAM's ethical standards:

*JPMorgan Chase is deeply committed to being straightforward, accountable and honest in all of our business dealings at all times.*

*The Code of Conduct represents our shared obligation to operate with the highest level of integrity and ethical conduct. We do the right thing — even when it's not easy. We have zero tolerance for unethical behavior, and we abide by the letter and spirit of the laws and regulations everywhere we do business. Personal accountability and ownership are priorities at our firm.*

*Our Code of Conduct and firm policies are designed to encourage honest business relationships, enabling us to continually build on our proud heritage. That is why it's important to speak up when you see something that doesn't seem right.*

*We all must do our part to preserve the values that have made JPMorgan Chase the respected company it is today. If you see or suspect illegal or unethical conduct, <u>report</u> it immediately.*

*Remember, your actions matter.*

Additionally, it is the duty of all Supervised Persons to act in the best interests of their clients, place the interests of JPMAM Clients before their own personal interests at all times and to avoid any actual or potential conflicts of interest. Supervised Persons are the officers, directors (or other persons occupying a similar status or performing similar functions or employees of JPMAM) or any other person who provides investment advice on JPMAM's behalf and is subject to JPMAM's supervision or control.

Supervised Persons must comply with applicable Federal Securities Laws1 and promptly report any known or suspected violations of the Code promptly to the Compliance Department or Code of Conduct Reporting Hotline, which shall report any such violation promptly to the Chief Compliance Officer ("CCO") of the applicable legal entity, or through the various reporting channels as provided in the "How to Report a Violation" page of the Code of Conduct Intranet site. Your reporting obligations do not prevent you from reporting to the government or regulators conduct that you believe to be in violation of law and it does not require you to notify JPMAM prior to reporting to the government or regulators. JPMAM strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of the Code or any law or regulation.

<sup>1</sup> And/or any other applicable non-US securities laws governing their jurisdiction.

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Compliance with the Code, and other applicable policies and procedures, is a condition of employment. The rules, procedures, reporting and recordkeeping requirements set forth in the Code are hereby adopted and certified as reasonably necessary to prevent Supervised Persons from violating the provisions of the Code and applicable Federal Securities Laws.

The Compliance Department provides a link to this Code and any amendments to all Supervised Persons in their Access Persons Report and requires their attestation of compliance with this Code at least annually. These records are maintained by the Compliance Department as part of its Books and Records as required by the Advisers Act.

Annually, the CCO of each registered investment adviser must review that the Code adequately reflects the adviser's fiduciary obligations and those of its Supervised Persons.

**2.** **Amendments to Previous Version Distributed June 5, 2024** 

No material updates made.

**3.** **Scope** 

This Code applies to all Supervised Persons of JPMAM.

**4.** **Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Holdings Reports** 

Access Persons must submit holdings reports to the Compliance Department documenting current securities holdings:

a) <u>Content of Holdings Reports</u> 

Each holdings report must contain, at a minimum:

1) Account Details

The name of any broker, dealer or bank with which the Access Person maintains a Covered Account in which any Reportable Securities are held for the Access Person's direct or indirect benefit as well as all pertinent Covered Account details (e.g., account title, account number.).

2) Account Statements

The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

3) Submission Date

The date the Access Person submits the report to the Compliance Department.

b) <u>Submission of Holdings Reports</u> 

Access Persons must submit both an Initial and Annual holdings report:

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1) Initial Report

Must be submitted no later than 10 days after the person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

2) Annual Report

Must be submitted at least once each 12-month period. Thereafter on or before January 30, and the information must be current as of a date no more than 45 days prior to the date the report was submitted, unless notified by Compliance that this is no longer required due to electronic position reporting received from Approved Brokers.

**4.2.** **Transaction Reports** 

Access Persons must submit to the Compliance Department securities transactions reports on a quarterly basis, in the form designated by the Compliance Department. Securities transaction reports must meet the following requirements:

a) <u>Content of Transaction Reports</u> 

Each transaction report must contain, at a minimum, the following information about each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

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 Reportable Security involved; 

2) The nature of the transaction (i.e., purchase, 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, dealer or bank with or through which the transaction was effected; and

5) The date the Access Person submits the report to the Compliance Department.

b) <u>Timing of Transaction Reports</u> 

Each Access Person must submit a transaction report no later than 30 days after the end of each calendar quarter, which must cover, at a minimum, all transactions during the quarter.

**4.3** **Exceptions from Transaction Reporting Requirements** 

An Access Person need not submit:

a) Any report with respect to securities held in accounts over which the Access Person had no direct or indirect influence
or control;

b) A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;

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

c) Transaction Reports are not required for accounts maintained at Approved or Preferred Brokers or for accounts which are
approved for statement tracking

d) Any report with respect to transactions in Reportable Funds.

**5.** **Personal Trading Requirements** 

Supervised Persons must obtain approval from the Compliance Department before directly or indirectly acquiring *Beneficial Ownership* in any Reportable Security, including initial public offerings and limited offerings. Given the potential access to Proprietary and Client information that Supervised Persons may have, JPMAM and its Supervised Persons must avoid even the appearance of impropriety with respect to personal trading, which must be oriented toward investment rather than short-term or speculative trading. JPMAM's policies are designed to help prevent and detect violations of securities laws and industry conduct standards and to minimize actual or perceived conflicts of interest that could arise due to personal investing activities.

JPMC Transactions: Preclearance is no longer required for JPMC Securities (common stock, bonds, restricted stock units and employee stock options), except for Window List personnel, who are employees that are in possession, or have the potential to come into possession through the nature of their job duties, with material non-public information (MNPI) on JPMC.

**5.1** **Approved Broker Requirement** 

All self-directed Associated Accounts must be maintained with a JPMC Approved Broker.

**5.2** **Blackout Provisions** 

The personal trading and investment activities of Supervised Persons are subject to particular scrutiny due to the fiduciary nature of the business. Specifically, JPMAM must avoid even the appearance that its Supervised Persons conduct personal transactions in a manner that conflicts with the firm's investment activities on behalf of Clients*.* Accordingly, certain Supervised Persons are restricted from conducting personal investment transactions during certain periods (called "Blackout Periods"), and may be instructed to reverse previously completed personal investment transactions. Additionally, the Compliance Department may restrict the personal trading activity of any Supervised Person if it is determined that such activity has the appearance of a conflict of interest.

These Blackout Periods apply varying levels of restrictions appropriate for different categories of Supervised Persons based upon their level of access to non-public Client or Proprietary information.

**5.3** **Minimum Investment Holding Period and Market Timing Prohibition** 

Supervised Persons are subject to a minimum holding period, generally 60 days, for all transactions in Reportable Securities*.* For Reportable Funds*,* only named Portfolio Managers of such funds are subject to a minimum holding period.

Supervised Persons are not permitted to conduct transactions for the purpose of market timing in any Reportable Security or Reportable Fund. Market timing is defined as an investment strategy using frequent purchases, redemptions, and/or exchanges in an attempt to profit from short-term market movements.

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

**5.4** **Trade Reversals and Disciplinary Action** 

Transactions by Supervised Persons are subject to reversal due to a conflict (or appearance of a conflict) with the firm's fiduciary responsibility or a violation of the firm policy. Such a reversal may be required even for a pre-cleared transaction that results in an inadvertent conflict or a breach of blackout period requirements.

Disciplinary actions resulting from a violation of the Code will be administered in accordance with related JPMAM guidelines governing disciplinary action and escalation. All violations and disciplinary actions will be reported promptly by the Compliance Department to the employee's group head and senior management. Violations will be reported quarterly to the affected Fund's Board of Directors.

Violations by Supervised Persons of the Code, the JPMC Code of Conduct or any laws or regulations that relate to JPMAM's operation of its business or any failure to cooperate with an internal investigation may result in disciplinary action, up to and including immediate dismissal, including termination of regulatory licensing where applicable.

**6.** **Books and Records to be maintained by Investment Advisers** 

The Compliance Department is responsible for maintaining books and records, including:

a) A copy of this Code and any other code of ethics adopted by JPMAM pursuant to Rule 204A-1 that is in effect or has been in effect at any time within the past five years;

b) A record of any violation of the Code, and any Compliance action taken as a result of that violation;

c) A record of all written acknowledgments of the violation for each person who is currently, or was within the past five
years a Supervised Person of JPMAM;

d) A record of each report made by Access Persons required under the Reporting Requirements;

e) A record of the names of persons who are currently, or were within the past five years Access Persons;

f) A record of any decision, and the reasons supporting the decision, to approve the acquisition or sale of securities by
Supervised Persons under section 5. Pre- approval records of certain investments will be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

g) Any other such record as may be required under the Code.

**7.** **Privacy** 

Supervised Persons have a responsibility to protect the confidentiality of information related to Clients. This responsibility may be imposed by law, may arise out of agreements with Clients, or may be based on policies or practices adopted by the firm. Certain jurisdictions have regulations relating specifically to the privacy of individuals and/or business and institutional customers. Various business units and geographic areas within JPMC have internal policies regarding customer privacy.

The restriction on disclosing confidential information is not intended to prevent Supervised Persons from reporting to the government or a regulator any conduct Supervised Persons believe to be in violation of the law, or from responding truthfully to questions or requests from the government, a regulator or in a court of law.

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

**8.** **Anti-Corruption** 

It is the policy of JPMC to comply with the anti-corruption laws that apply to the firm's operations (and investments where the firm is deemed to have control), which laws include the United States Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act of 2010 ("UKBA"), as well as anti-corruption laws and regulations of other countries in which the firm conducts business. We must never compromise our reputation by engaging in, or appearing to engage in, bribery or any form of corruption. Bribery and corruption are crimes with potentially severe penalties to JPMC and its employees and directors. The firm has zero tolerance for such activity.

**9.** **Conflicts of Interest** 

The following is a summary of commonly identified employee conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Trading in Securities of Clients** 

Supervised Persons shall not transact in any securities of a Client with which the Supervised Person has or recently had significant dealings or responsibility on behalf of JPMAM if such investment could be perceived as effected based on confidential information, including MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Trading in Securities of Suppliers** 

Supervised Persons in possession of information regarding, or directly involved in negotiating, a contract material to a supplier of JPMAM may not invest in the securities of such supplier. If you own the securities of a company with which we are dealing and you are asked to represent JPMorgan Chase in such dealings you must:

a) Disclose this fact to your department head and the Compliance Department; and

b) Obtain prior approval from the Compliance Department before selling such securities.

&nbsp;&nbsp;&nbsp;&nbsp;**9.3 Gifts & Business Hospitality** 

Supervised Persons must avoid circumstances that may cause, or create the appearance of, a conflict of interest between JPMAM and its clients or other business/commercial contacts. Supervised Persons may not give or receive anything of value, directly or indirectly, to influence improper action or obtain an improper advantage. Furthermore, the giving and receiving of gifts, including business hospitality, to or from persons who do or seek to do business with JPMAM have the potential to create actual conflicts or the appearance of conflicts, and may negatively impact JPMAM.

Gifts and business hospitality can take many forms, including but not limited to: goods or services for which employees are not required to pay the retail or usual and customary cost; meals or refreshments; tickets to entertainment or sporting events; the use of a residence, vacation home or other accommodation; travel expenses; or charitable contributions or organization sponsorships. In addition to gifts and business hospitality, JPMAM Supervised Persons may not make, direct or solicit any other person to make, any political contribution or provide anything else of value to anyone for the purpose of influencing or inducing the awarding or retention of investment advisory services business.

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Anything of Value "AOV" provided to U.S. (federal, state and local) and non-U.S.) government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

**<u>Gifts</u>** 

Supervised Persons are only permitted to give gifts valued up to 100 USD, in the individual and the aggregate, to a client or business counterparty on occasions when gifts are customary, such as life events and major holidays. AM employees must pre-clear giving any gifts to a client or business counterparty that exceeds 100 USD. In addition, All gifts provided to U.S. federal, state and local government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

When giving gifts to clients or business counterparties, AM employees are strongly encouraged to give items with a JPMorgan Chase logo or books from the JPMorgan Chase Reading list whenever appropriate. Gifting books from the JPMorgan Chase Reading List are limited to one book per campaign. Repetitive gifting to a client or business counterparty of Firm logo items in a calendar year is prohibited.

**<u>Business Hospitality</u>** 

Business hospitality includes business-related activities at which a host and guest are both present (e.g., meals, refreshments, golf games, sporting events, or other leisure and entertainment). Business hospitality is considered a prohibited gift unless both the employee and business contact are present and the employee's participation is related to his or her position and duties within JPMAM. Spouses, family members and personal acquaintances should not participate in business hospitality activities unless such participation is customary under the circumstances.

Supervised Persons may act as a host for business hospitality to clients and prospects if such hospitality is: (1) business related; (2) is not prohibited by law; and (3) in an amount that is reasonable and customary. Frequent and/or lavish business hospitality is prohibited.

Supervised Persons are limited to accepting 250 USD in meals and business hospitality from a client or counterparty per calendar year, with limited exceptions. Once the 250 USD limit is reached, employees are required to pay for their own expenses. In addition, Supervised Persons are prohibited from accepting invitations to ticketed events; limited exceptions may be granted with pre-approval from senior management and LOB Compliance.

Supervised Persons must receive written pre-clearance from Compliance before providing any other type of Business Hospitality to an ERISA Fiduciary or Union Official. aside from meals that conform to the AWM Expense Procedure (e.g., golf, sporting events, cultural or social events, concerts, leisure activities, etc.)

Supervised Persons are required to log all business hospitality subject to reporting into Reliance's Gift and Entertainment Module for approval or iComply in the case of Government Officials. Violations are subject to the Global Anti-Corruption Compliance Violation Framework or Market Conduct Violation Framework, as required.

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Supervised Persons' travel and lodging expenses must be paid by JPMAM. Exceptions may be provided in very limited circumstances and require written pre- clearance from both an AMOC / AMCOC member and LOB Compliance.

**Sponsorships and Events** 

Both the sponsorship of distributor events and JPMAM hosting educational events for financial advisors who sell our funds are subject to internal policy. Sponsorships and events may require review by LOB Compliance and regional governance committees or designees.

Sponsorships and events at (i) the request of or (ii) for the benefit of a federal, state and local government officials require pre-clearance from Global Anti-Corruption Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**9.4 Political Contributions and Activities** 

In accordance with Advisers Act Rule 206(4)-5, AM-Affiliated Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

To ensure compliance with this federal pay-to-play rule and various state and local laws, AM-Affiliated Persons must receive pre-clearance before they or any members of their household make or solicit political contributions or engage in political activities in connection with any election in the United States or the Republic of Colombia.

Contributions to JPMC Political Action Committees are excluded from pre-clearance and reporting requirements. New hires and internal transfers must also disclose their history of making and soliciting political contributions.

An employee cannot be reimbursed or otherwise compensated by JPMC for any political contribution. JPMC policies prohibit contributions of corporate funds to candidates, political party committees and political action committees. Supervised Persons are strictly prohibited from using JPMC resources to conduct personal political activities.

Violations of these requirements are subject to the Global Anti-Corruption Violation Framework.

&nbsp;&nbsp;&nbsp;&nbsp;**9.5 Charitable Contributions** 

Charitable contributions made on behalf of JPMC must adhere to the requirements of the Charitable Donations Standard – Firmwide and the AWM Expense Procedures and be precleared with Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**9.6 Outside Interests** 

A Supervised Person's outside interests must not reflect adversely on the firm or give rise to a real or apparent conflict of interest with the Supervised Person's duties to the firm or its Clients. Supervised Persons must be aware of potential conflicts of interest and be aware that they may be asked to discontinue any outside interest if a potential conflict arises*.* Supervised Persons may not, directly or indirectly:

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

a) Accept a business opportunity from someone doing business or seeking to do business with JPMAM that is made available to
the Supervised Person because of the individual's position with the firm;

b) Take for oneself a business opportunity belonging to the firm;

c) Engage in a business opportunity that competes with any of the firm's businesses.

More specific guidelines are set forth under the JPMC Code of Conduct, Outside Interest Policy – Firmwide, and Procedures for preclearance of Outside Interests are available on the Firmwide Policy & Standard Portal. Employees are reminded of their responsibility to obtain preclearance of their Outside Interests. If any material change in relevant circumstances occurs, Supervised Persons must seek clearance for a previously approved activity. A material change may arise from a change in your job or association with JPMAM or in your role with respect to that activity or organization. JPMAM employees are required to be continually alert to any real or apparent conflicts of interest with respect to investment management activities and promptly disclose any such conflicts to their manager and Compliance. Employees must also notify Compliance when any approved outside interest terminates.

Regardless of whether an activity is specifically addressed under JPMAM policies or the JPMC Code of Conduct, Supervised Persons should disclose any personal interest or personal relationship that might present a conflict of interest or harm the reputation of the firm. Personal conflicts of interest can be disclosed through the access persons reporting process.

**10.** **Training** 

Compliance provides in-person and/or online training to Supervised Persons on an ongoing basis. Compliance determines the training topics that will be covered during training sessions based on the work responsibilities of Supervised Persons, applicable regulatory requirements and risk assessments. Compliance may, from time to time, distribute Compliance Bulletins reinforcing or clarifying prior guidance, communicating new regulatory developments or the adoption or amendment of policies, procedures or controls.

**11.** **Escalation Guidelines** 

JPMC's Compliance Violation Framework is an internal Compliance document and is used to notify Group Heads, Managers and/or Human Resources (HR) of employee violations of Compliance Policies along with the assigned severity of the applicable violations.

**11.1 Personal Account Dealing and Access Persons Violations** 

**Violation Prior to Material Violation** 

While the Group Head is notified of all violations, he/she is required to have a meeting with the employee when the Supervised Persons' next violation would be considered material, in order to stress the importance of the requirement and inform the employee about the ramifications for not following the policy. The employee is also required to acknowledge, in writing (form to be provided by Compliance) that he/she is aware of the ramifications for noncompliance and that he/she will be compliant going forward. The written acknowledgement is signed by both the employee and Group Head, and returned to Compliance for record keeping.

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

**11.2** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Material Violations** 

All material violations require the Group Head (MD level) and Compliance to have a meeting with the employee and document in writing that the employee acknowledges the material nature of the violation and that he/she will be compliant going forward. The written acknowledgement, signed by the employee and Group Head, will be stored in Compliance's Violations records. Additionally, HR is notified of all material violations and follows their established guidelines for disciplining the employee and recording such events in the employee's personnel file.

There will be a mandated suspension of personal trading privileges for six months for all material violations of the personal trading or Access Persons requirements. Compliance and the Group Head may allow transactions for hardship reasons, but require documentation for pre-clearance.

An employee's receipt of a material violation is considered when determining the employee's annual compensation and eligibility for promotion.

**12.** **Defined Terms** 

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| Access Persons | Access Persons of JPMAM include:<br>1) Employees of any of the Registered Investment Advisers within JPMAM.<br>2) Certain persons of other affiliated entities that have access to *Proprietary* information of AM and persons that have been identified by Compliance as having access to AM Proprietary information;<br>3) All persons of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of the JPMAM Registered Investment Advisers, sometimes referred to as "dual-hatted" employees; or<br>4) Certain consultants, agents, and temporary workers who are involved in the investment management process or have access to Proprietary information regarding Client recommendations or transactions on a pre-trade or same-day basis.<br>|
| AM-Affiliated ****Persons | 1) All employees of AM and members of the AM Operating Committee;<br>2) All employees aligned with or that support the AM business (i.e., AM Audit, AM<br>3) Legal, AM Compliance, AM Risk, AM Finance and AM Technology Operations);<br>4) All directors and officers of the U.S. registered investment advisors of JPMAM; and<br>5) The spouse, domestic partner or dependent child of AM-Affiliated Persons. |
| Connected Person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individuals who, based on their relationship with a Supervised Person, are subject to provisions of this Policy including, but not limited to:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Supervised Persons' spouse, domestic partner or minor children (even if financially independent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone to whom the Supervised Person provides significant financial support or for which the Supervised Person, or anyone listed above, has or shares the power, directly or indirectly, to make investment decisions<br>|
| Covered Account | Is an account in the name of or for the direct or indirect benefit of a Supervised Person or a Supervised Person's spouse, domestic partner, minor children and any other person for whom the Supervised Person provides significant financial support, as well as to any other account over which the Supervised Person or any of these other persons exercise investment discretion, regardless of beneficial interest. Excluded from Associated Accounts are any 401(k) and deferred compensation plan accounts for which the Supervised Person has no investment discretion.<br>|

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| Automatic **** <br> Investment Plan  | Is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| Beneficial **** <br> ownership  | Is interpreted to mean any interest held directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, or any pecuniary interest in equity securities held or shared directly or indirectly, subject to the terms and conditions set forth under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. A Supervised Person who has questions regarding the definition of this term should consult the Compliance Department. Please note: Any report required under *section 5. Reporting Requirements* may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates. |
| Client | Is any entity (e.g. person, corporation or Fund) for which JPMAM provides a service or has a fiduciary responsibility. |
| Federal Securities ****<br> Laws  | Are the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes- Oxley Act of 2002, the Investment Company Act of 1940 ("1940 Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act (1999), any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury. |
| Fund | Is an investment company registered under the Investment Company Act of 1940. |
| Initial Public <br> Offering  | Is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934. |
| JPMAM | &nbsp;&nbsp;&nbsp;&nbsp; Is the abbreviation for JPMorgan Asset Management, a marketing name for the Asset Management subsidiaries of JPMorgan Chase & Co. Within the context of this document, JPMAM refers to the following U.S. registered investment advisers of JPMorgan Asset Management:<br>• J.P. Morgan Alternative Asset Management, Inc.<br>• JPMorgan Asset Management (UK) Ltd.<br>• J.P. Morgan Investment Management Inc.<br>• Security Capital Research & Management Inc.<br>• Bear Stearns Asset Management Inc.<br>• JPMorgan Funds Limited<br>• JPMorgan Asset Management (Asia Pacific) Ltd.<br>• Highbridge Capital Management, LLC<br>• 55I, LLC (55ip)<br>• JPMorgan Alternatives Adviser, Inc.<br>JPMAM also includes the following foreign registered, but not SEC registered, adviser: |

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

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|  | &nbsp;&nbsp;&nbsp;&nbsp; • JPMorgan Asset Management (Canada) Inc.<br>|
| Limited Offering | Is an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 there under. |
| LOB Compliance | Line of Business Compliance |
| Proprietary | Within the context of this Code of Ethics is:<br> 1) any research conducted by AM or its affiliates<br> 2) any non-public information pertaining to AM or its affiliates<br> 3) all JPM managed and sub-advised mutual funds |
| Reportable Fund | Is any JPMorgan Proprietary Fund, including sub-advised funds |
| Reportable Security | Is a security as defined under section 202(a)(18) of the Advisers Act held for the direct or indirect benefit of an Access Person, including any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are:<br>1) Direct obligations of the Government of the United States;<br>2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br>3) Shares issued by money market funds; and<br>4) Shares issued by open-end funds other than Reportable Funds |
| Supervised Persons | 1) Any partner, officer, director or employees of JPMAM (or other person occupying a similar status or performing similar functions).<br>2) All employees of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of a legal entity within JPMAM, sometimes referred to as "dual hatted" employees;<br>3) Certain consultants, as well as any other persons who provide advice on behalf of JPMAM and are subject to JPMAM's supervision and control;<br>4) All Access Persons |

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## Ex-99.(P)(14)

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**December 2025** 

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|:---|:---|
| I. Introduction | 2 |
| II. Who is Covered by this Code | 3 |
| III. General Definitions | 3 |
| IV. Statement of General Principles | 5 |
| V. Gifts, Entertainment and Charitable Donations | 6 |
| VI. Pay-to-Play Policy | 7 |
| VII. Outside Business Activities | 8 |
| VIII. Procedures for and Restrictions on Personal Account Investing | 9 |
| IX. Code Certifications | 12 |
| X. Reporting Code Violations | 13 |
| XI. Monitoring Procedures | 13 |
| XII. Duties of the CCO and the Compliance Team | 13 |
| XIII. Client Opportunities | 13 |
| XIV. Insider Trading | 14 |
| XV. Sanctions | 16 |
| XVI. Miscellaneous | 16 |

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| **L&G – Asset Management, America** | 71 South Wacker Drive, Suite 800 \| Chicago, IL 60606 \| am.landg.us.com |

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L&G – Asset Management, America Code of Ethics 2

**I.** **Introduction** 

Legal & General Investment Management America, Inc., d/b/a L&G – Asset Management, America ("LGIMA") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") under the U.S. Investment Advisers Act of 1940, as amended ("Advisers Act"). LGIMA is also a Commodity Trading Advisor and Commodity Pool Operator subject to regulation by the U.S. Commodity Futures Trading Commission ("CFTC") under the U.S. Commodity Exchange Act of 1936, as amended ("CEA"), and a member of the National Futures Association ("NFA") and subject to its rules and bylaws. LGIMA is also a provincially registered Portfolio Manager in the Canadian Provinces of Ontario and Quebec. As such, we owe our clients fiduciary duties, including the highest duty of trust and fair dealing, and must place clients' interests ahead of our own. Therefore, investment adviser personnel, when making their own investment and other personal decisions, may not place their personal interests ahead of or in conflict with those of our clients.

LGIMA has adopted this Code of Ethics ("Code") to satisfy such fiduciary obligations and comply with Applicable Law, particularly Advisers Act Rule 204A-1.

Rule 204A-1 requires SEC registered investment advisers to adopt, maintain and enforce a written code of ethics that sets forth standards of conduct and require compliance with the Advisers Act and the other federal securities laws. Our Code has five core requirements:

1. establish standards of conduct for us and Covered Persons (as defined below);

2. require Covered Persons to comply with Applicable Law (as defined below);

3. impose certain requirements on Covered Persons and their personal investment activities, and on our Chief Compliance
Officer ("CCO") to review such activities;

4. ensure that Covered Persons receive this Code, acknowledge receipt, understand it and comply fully with it; and

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 3

5. require Covered Persons to report Code violations.

Our Code is reasonably designed to help ensure compliance with Applicable Law. Our Code is not meant to inhibit responsible personal investments and other personal activities by employees but rather imposes reasonable restrictions designed to address conflicts of interests and to prevent potential violations of Applicable Law. However, this Code does not encompass all possible areas of potential liability that employees may experience under Applicable Law, which all of us are required to observe. For instance, the federal securities laws preclude investors from trading on the basis of inside information or communicating this information in breach of a fiduciary duty. Although this Code includes requirements designed to protect and prevent the misuse of material non-public information (i.e., "inside information," or "MNPI"), it does not cover all personal liability scenarios that could apply to Covered Persons. Therefore, Covered Persons are advised to obtain advice before engaging in any transactions or activities other than the regular performance of their normal business duties if the transaction or activity directly or indirectly involves or could affect any LGIMA client or holdings of LGIMA clients.

Questions about this Code should be addressed to the LGIMA CCO, or his/her designee.

**When in doubt, ask.** 

**II.** **Who is Covered by this Code** 

Under SEC Rule 204A-1, the Code applies to a registered investment adviser's supervised persons,<sup>1</sup> and the personal investment activities provisions of such code apply to the registered investment adviser's access persons.<sup>2</sup> To ensure consistency in our Compliance program, the LGIMA Board of Directors has decided to apply the regulatory definitions and requirements of supervised persons and access persons equally to all involved with LGIMA, with the exception of our non-executive directors.<sup>3</sup> This means that every LGIMA officer, executive director, employee as well as any other person who provides investment advice on LGIMA's behalf and is subject to LGIMA's supervision and control, will be subject to all requirements set forth in this Code. The CCO will determine whether any third parties engaged by LGIMA (including interns or consultants (whether full or part-time)) should be subject, in whole or in part, to this Code. For ease of reference, this Code refers to all such persons subject to the requirements of this Code as "Covered Persons".

LGIMA has entered into, and may from time to time enter into, participating affiliate arrangements with one or more of its affiliates (each, a "Participating Affiliate Arrangement") pursuant to which certain affiliate personnel provide services to, or act for or on behalf of, LGIMA under a written participating affiliate agreement (each, a "Participating Affiliate Agreement"). Any natural person who, pursuant to a Participating Affiliate Agreement, (i) provides investment advisory services to LGIMA clients, (ii) supports or participates in LGIMA's advisory activities, or (iii) otherwise acts for or on behalf of LGIMA (including any seconded personnel, shared-services personnel, dual employees, or other individuals performing functions for LGIMA under such Participating Affiliate Agreement) will be deemed a "Covered Person". The CCO or his/her designee will maintain a list of individuals operating pursuant to a Participating Affiliate Arrangement.

**III.** **General Definitions** 

"*Automatic Investment Plan*" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>1</sup> The Advisers Act defines a "supervised person" as any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. 

<sup>2</sup> The SEC defines an "access person" as a supervised person who (a) has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or (b) is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. If providing investment advice is the investment advisers primary business, all of the advisers directors, officers and partners are presumed to be access persons. 

<sup>3</sup> In accordance with procedures in the SEC release adopting Advisers Act Rule 204A-1, LGIMA opted to exclude its nonexecutive directors from the Code's personal investment requirements.

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 4

*"Applicable Law*" means the Advisers Act, the Investment Company Act of 1940, as amended (the "Company Act"), the U.S. Securities Act of 1933, as amended ("Securities Act"), the U.S. Securities Exchange Act of 1934, as amended ("Exchange Act"), and the rules and regulations adopted by the SEC under any of these; the CEA and the rules and regulations adopted by the CFTC under the CEA; the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of the Treasury; the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any rules and regulations adopted thereunder by the U.S. Department of Labor ("DOL"); and any applicable laws in Canada.

*"Beneficial ownership*" is interpreted in accordance with Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended ("Exchange Act").Beneficial ownership exists if a person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has a direct or indirect pecuniary interest in the securities (i.e., an opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities). Under this definition, beneficial ownership by a person includes securities held by members of a person's immediate family sharing the same household, securities held in certain trusts, and a general partner's proportionate interest in the portfolio securities held by a general or limited partnership. A person will not be deemed to be the beneficial owner of securities held in the portfolio of a registered investment company solely by reason of his or her ownership of shares or units of such registered investment company.

*"Connected Person"* means a spouse, live-with partner, minor child, step-child, relative or others who reside with or are dependent on a Covered Person; a company, trust or partnership in which a Covered Person or a Connected Person is directly or indirectly the owner of 25% or more of the equity, or controls more than 25% of the voting power of the organization; a trustee of any trust in which a Covered Person or Connected Person has a beneficial interest (excluding trustees of pension plans); an executor or administrator of any estate in which a Covered Person or Connected Person has a beneficial interest; or any person that, in the opinion of the CCO, should be deemed to be a Connected Person.

"*Control*" means the power, directly or indirectly, to direct the management or policies of a person, whether through ownership of securities, by contract, or otherwise. A firm's officers, partners, or directors exercising executive responsibility (or persons having similar status or functions) are presumed to control the firm. A person is presumed to control a corporation if the person: (i) directly or indirectly has the right to vote 25% or more of a class of the corporation's voting securities; or (ii) has the power to sell or direct the sale of 25% or more of a class of the corporation's voting securities. A person is presumed to control a partnership if the person has the right to receive upon dissolution, or has contributed, 25% or more of the capital of the partnership. A person is presumed to control a limited liability company ("LLC") if the person: (i) directly or indirectly has the right to vote 25% or more of a class of the interests of the LLC; (ii) has the right to receive upon dissolution, or has contributed, 25% or more of the capital of the LLC; or (iii) is an elected manager of the LLC. A person is presumed to control a trust if the person is a trustee or managing agent of the trust.

"*IPO*" means an offering of securities registered under the Securities Act where, before the IPO, the issuer of the securities did not have Exchange Act reporting requirements.

"*Private Placement*" means an offering that is exempt from Securities Act registration.

*"Provider*" means any person or entity that does, or may desire to do, business with LGIMA or its clients.

*"Reportable Fund*" is any fund of pooled assets advised by a Legal & General Group plc ("L&G Group") entity or is any investment company registered under the Company Act for which LGIMA is the investment adviser or sub-adviser or whose investment adviser or principal underwriter controls LGIMA, is controlled by LGIMA or is under common control with LGIMA

*"Reportable Security*" means a Security (as defined in Section 202(a)(18) of the Advisers Act<sup>4</sup>) but excludes (a) direct obligations of the U.S. Government; (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term

<sup>4</sup> Section 202(a)(18) of the Advisers Act defines a "security" as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. 

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 5

debt instruments, including repurchase agreements; (c) shares issued by money market funds; (d) shares issued by open-end funds other than Reportable Funds; (e) shares issued by unit investment trusts invested exclusively in one or more open-end funds, and (f) 529 Plans,<sup>5</sup> none of which are Reportable Funds. The CCO may designate a security as a "Reportable Security" that would otherwise fall within one of these six exceptions. LGIMA deems all exchange-traded funds ("ETFs") to be Reportable Securities.

*"Self-Directed"* is the ability of a person to effect a transaction in a Reportable Security. A person has discretion where they give an order to buy or sell a Reportable Security. A person does not have discretion over the securities underlying a mutual fund; if a person holds shares of a mutual fund, they have discretion over the shares of the fund that they actually hold but not the securities in the portfolio of the mutual fund because the actual fund manager of the mutual fund has discretion over those underlying assets.

"*Transaction in a Reportable Security*" includes any activity, whether discretionary or not, that affects the holding of a Reportable Security (e.g., buy, sell, exchange, tender, stock dividend and so on).

**IV.** **Statement of General Principles** 

A. The Code is based on the principle that SEC registered advisers owe the following fiduciary duties to their clients:
honesty; good faith; avoidance or the proper handling of conflicts of interest; and fair dealing. No Covered Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. defraud any client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. mislead any client, including by making a statement that is materially incorrect or that omits a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of conduct that operates or would operate as fraud, manipulation or deceit upon
any client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to securities, including price manipulation.

B. Covered Persons must conduct their personal securities transactions in a way that does not violate Applicable Law,
interfere with client transactions, cause conflicts of interest or take unfair advantage of client relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Covered Person shall enter into or engage in a transaction, business activity, or other relationship that may result
in any financial or other conflict of interest between such person and any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal investment activities must adhere to these general principles, as well as this Code's specific
provisions. Technical compliance will not automatically insulate trades from scrutiny that show a pattern of abuse of the individual's fiduciary duties to the clients or from liability for personal trading or other conduct that violates
Applicable Law or a fiduciary duty to clients that conflicts with the duty to place the interests of clients above and before any personal interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Covered Persons shall conduct personal investment activities consistent with the requirements in this Code and in such
a manner as to avoid any conflict of interest or any abuse of a position of trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No Covered Person shall directly or indirectly take advantage of his or her position with a client. This includes, but
is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. he or she shall not profit, directly or indirectly, due to his or her position with respect to such client. A Covered
Person who learns about any corporate opportunity due to his or her position may not take advantage of and profit from such corporate opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. no one shall accept any special favors, benefits or preferential treatment due to the fiduciary relationship with any
client, save for the usual and ordinary benefits directly provided by LGIMA; and

<sup>5</sup> SEC No Action Letter issued to WilmerHale, LLP, dated July 28, 2010, excludes 529 Plans that are prepaid college tuition or college savings plans from the definition of Reportable Security.

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. no one shall release any information regarding contemplated or actual securities transactions or holdings by a client
or any actual or proposed client holding changes, save in the performance of employment duties or in connection with any official report or disclosure which makes such information public knowledge.

C. Covered Persons must appropriately address conflicts, including a prompt report to the Compliance Team, and seek
clarification when warranted.

**V.** **Gifts, Entertainment and Charitable Donations** 

1. Prohibitions:

Covered Persons may not offer or accept any gifts, favors, gratuities, meal, entertainment or other items of value (collectively, "Gifts and Entertainment") that could be viewed as influencing decision-making, creating the intention of being beholden to a client/vendor/counterparty, or otherwise could be considered as creating a conflict of interest on the part of the recipient. Only Gifts and Entertainment provided as a courtesy may be accepted. <br>

– All solicitation of Gifts and Entertainment is unprofessional and is strictly prohibited.

Covered Persons are prohibited from receiving any compensation, including Gifts and Entertainment, with respect to the registered investment companies (i.e., the mutual funds) for which LGIMA serves as subadviser ("Mutual Fund G&E") outside of the compensation set forth in the relevant Investment Management Agreement. <br>

– Charitable donations by LGIMA or employees to charities with the intention of influencing such charities to become clients are prohibited.

2. Requirements:

Gifts and Entertainment Valued at $150 or More: Covered Persons must submit a pre-clearance request through StarCompliance for any Gift or Entertainment (other than Mutual Fund G&E) with a value of one hundred fifty dollars ($150) or more per person prior to receiving from, or giving to, a Provider or a client. If pre-clearance is not practicable, after-the-fact notification must be submitted through StarCompliance as soon as practicable upon receipt or giving. <br>

Gifts and Entertainment Valued Less Than $150: Covered Persons must report within StarCompliance any Gift or Entertainment (other than Mutual Fund G&E) received from, or given to, a Provider or a client with a value of less than one hundred fifty dollars ($150) no later than 5 business days after the Gift or Entertainment was given or received. For the avoidance of doubt, these types of Gifts and Entertainment do not require pre-clearance through StarCompliance but must still be reported. <br>

Charitable Donations: Covered Persons may not, directly or indirectly, use any funds or other assets of LGIMA for charitable contributions of any kind, even if lawful, unless made in compliance with this Code. All donations made by LGIMA must be submitted to Compliance for approval. Donations by LGIMA or employees to charity with the intention of influencing such charties to become clients are prohibited. Employees must notify Compliance if they perceive an actual or apparent conflict of interest in connection with any charitable contribution. <br>

Special Requirement for State and Municipal Officers: Covered Persons must be mindful that myriad state and municipal regulations exist around the exchange of Gifts and Entertainment with such officials. In addition, certain Gifts, Entertainment or charitable donations may also fall under LGIMA's Pay-to-Play requierments set forth below in Section VI. Accordingly, Covered Persons and employees covered under a Participating Affiliate Agreement must pre-clear via StarCompliance all Gifts, Entertainment or charitable donations to state or municipal officials of any value to ensure that any such action is in compliance with local regulations. <br>

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Special Requirements for ERISA Clients: As an asset manager for ERISA plan assets, LGIMA is subject to the rules promulgated by the DOL, which includes ERISA §406(b)(3). Under such rule, the receipt by a fiduciary of a plan (including the fiduciary's relatives) of the following items or services from any one individual or entity (including any employee, affiliate, or other related party) managing assets for the plan (i.e., LGIMA) is permissible as long as the aggregate annual value of such item or service is less than $250 and the receipt of which does not violate any plan policy or provision: (a) gifts, gratuities, meals, entertainment, or other consideration (other than cash or cash equivalents) and (b) reimbursement of expenses associated with educational conferences. To ensure that LGIMA complies with this requirement, Covered Persons must pre-clear via StarCompliance all Gifts or Entertainment to employees or other fiduciaries of any pension plan or other ERISA client for whom LGIMA manages or anticipates managing money. The Compliance Team will reject any request that would cause the $250 aggregate annual value threshold to be excluded. Notwithstanding the check completed by the Compliance Team, Covered Persons should be aware that it is the personal responsibility of any Covered Person who provides Gifts and Entertainment to an employee of an ERISA client to fully understand and comply with this ERISA requirement, including doing their own review of what other Gifts or Entertainment have been provided throughout the calendar year to each employee of the plan. Providing items that exceed the $250 limit violates this policy and may violate the ERISA rules. <br>

3. Exceptions and Compliance:

Branded Gifts. Covered Persons are not required to pre-clear or report the receipt or provision of nominal-value branded promotional items (e.g., mugs, pens, notebooks, calendars, umbrellas, tote bags) that are widely distributed in the ordinary course of business, provided the items bear the logo or other prominent branding of the giver or recipient and are not designed or selected to confer anything more than de minimis goodwill. This carve-out applies only where the reasonable value is nominal (for example, not more than $25 per item). Cash and cash equivalents (including gift cards, stored-value cards, or virtual currency) are not covered by this carve-out. Compliance may require reporting of any promotional item that, based on the facts and circumstances, presents a heightened risk of undue influence or conflicts of interest. <br>

Personal relationship gifts tied to life events. Covered Persons are not required to pre-clear or report gifts that are given or received primarily due to a personal relationship (rather than the business relationship) and that are associated with a bona fide life event (for example, a marriage, birth or adoption of a child, serious illness, death in the family, or milestone birthday), provided the gift is consistent with customary personal gifting patterns for that relationship and is reasonable in light of local or customary practice for the life event. This carve-out applies only where the gift is not solicited and is not intended, explicitly or implicitly, to influence any business decision involving LGIMA, its clients, or any vendor or service-provider relationship, and it does not involve cash or cash equivalents. Gifts are not covered by this carve-out if they are given to or received from a party in an RFP or selection process with LGIMA, a party subject to LGIMA's oversight or evaluation, or any other party that presents a heightened conflicts risk as determined by Compliance. Even where this carve-out otherwise applies, Covered Persons must promptly consult Compliance (and report the gift if directed) if the gift appears unusual or excessive under the circumstances or could reasonably be perceived as creating a conflict of interest or obligation. <br>

Questions about compliance. If a Covered Person is unsure if Gifts and Entertainment or charitable donations might violate sub-paragraphs 1 or 2 above, he or she may submit, in advance, a request to the Compliance Team. The request shall contain: (a) a description of the circumstances under which an exemption is requested; (b) a reasonable estimate of the value of any Gifts and Entertainment or charitable donation to be received or given, as applicable (supporting documentation may be required); and (c) any other information relevant to the request or requested by the Compliance Team. In considering a request, the Compliance Team may take into account customary business practices, value of the Gifts and Entertainment or charitable donation(s), lack of a conflict of interest or existence of a conflict mitigation, and other relevant circumstances. The approval or denial of any such request shall be in writing and retained for file and audit purposes. <br>

Notwithstanding anything herein to the contrary, the CCO or his/her designee has the discretion to determine that no further Gifts and Entertainment or charitable donations may be provided to or received from a specific Covered Person, Provider or client for a period of time should the cumulative amount be determined to be excessive or for other reasons in the CCO's or such designee's discretion.

In accordance with Section XV of this Code, violations shall be referred to Compliance for the appropriate sanction.

**VI.** **Pay-to-Play Policy** 

The SEC's "Pay-To-Play" Rule 206(4)-5 "Political Contributions by Certain Investment Advisers" ("Pay-to-Play Rule") seeks to eliminate payments designed to secure business for investment advisers. LGIMA has implemented policies and procedures to mitigate the risk of pay-to-play violations. Covered Persons are required to pre-clear all State and Local political contributions as set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Pay-to-Play Rule. The Pay-to-Play Rule has three important components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Restrictions on the Receipt of Advisory Fees. The Pay-to-Play Rule prohibits the receipt of compensation by an investment adviser from a government entity for the adviser providing investment advisory services for two
years following a contribution to any official of that government entity. This prohibition also applies to any contribution made by a "Covered Associate" (as defined below), subject to a de minimis exception (namely, contributions from
natural persons of $150 per election, or $350 per election if the contributor is eligible to vote in the election). These limitations apply to candidates running for state and local elected positions or to a candidate for a national election if they
are currently a state or local elected official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Restrictions on Payments for the Solicitation of Clients or Investors. The Pay-to-Play Rule prohibits an investment adviser and any Covered Associate from providing or agreeing to provide, directly or indirectly, payment to any person to solicit a government entity for investment
advisory services on behalf of the adviser unless such person is a regulated person or is an executive officer (or a person with a similar status or function) or employee of the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restrictions on the Coordination or Solicitation of Contributions. The Pay-to-Play Rule prohibits an investment adviser and any Covered Associate from coordinating or soliciting any person or political action committee to make, any: (1) contribution to an official of a
government entity to which the adviser is providing or seeking to provide investment advisory services; or (2) payment to a political party of a state or locally where the adviser is providing or seeking to provide investment advisory services
to a government entity.

A "Covered Associate" of an investment adviser generally means any general partner, managing member, or executive officer (also a defined term), or other individual with a similar status or function; any employee who solicits a government entity for the investment adviser; and any political action committee controlled by the investment adviser. LGIMA has designated all employees as Covered Associates as they relate to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Political Contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Political contributions by LGIMA or LGIMA employees to politically connected individuals or entities of candidates are
prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You cannot encourage someone to make a contribution that you cannot otherwise make yourself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You are prohibited from making an in-kind contribution that would violate the
actual contribution limits set forth in the "Pay-to-Play Rule" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an employee or Connected Person is considering making a political contribution to any state or local government
entity, official, candidate, political party, pension board member, or political action committee, the potential contributor must seek pre-clearance from Compliance via StarCompliance. Please note that certain
state and local plans for which LGIMA manages assets may prohibit any political contribution to an elected official in their state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All individuals who are expected to become "Covered Associates" must disclose to Compliance any past
political contributions within the prior 2 years, upon commencement of employment.

**VII.** **Outside Business Activities** 

1. Pre-Clearance Requirements:

Covered Persons must pre-clear outside business activities. Outside Business Activities ("OBAs") are defined as any activity outside of your employment with LGIMA that involves:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) regular and continuous dedication and time commitment with the reasonable expectation of compensation and/or income
(whether as an employee, independent contractor, sole proprietor, officer or director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the active management of assets that are not securities (such as real estate) to generate compensation and/or income
(this does not include passive investments which are not deemed to be an OBA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the ownership of a for-profit company, trust or partnership, including an
affiliate of the same, in which a Covered Person or his/her Connected Person(s) is or are, directly or indirectly, the owner of 25% or more of the equity, or control more than 25% of the voting power of the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) board service unaffiliated with L&G Group, whether for compensation or no compensation, (of any type, including
advisory boards and committee) of: (a) a publicly traded entity; (b) an entity that issues debt or equity securities; (c) an entity that engages in investment related business; or (d) any entity that might create a conflict of
interest to the Covered Person's position at or the business of LGIMA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) service on the Investment Committee for any unaffiliated company, non-profit, trust or endowment, whether for compensation or no compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) service on the Finance Committee for any company, trust, or endowment that is or could be an LGIMA client, that LGIMA
might reasonably invest in on behalf of clients, or with whom LGIMA might do business, whether for compensation or no compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any activity which poses a conflict or potential conflict to LGIMA.

All the foregoing pre-clearances must be submitted for approval through StarCompliance. Covered Persons must wait for approval prior to accepting a position. The CCO or his/her designee shall determine whether the OBA raises conflicts of interest or is inconsistent with the interests of our clients. The CCO or his/her designee, at a minimum, shall establish appropriate information barriers or, if required, other procedures to isolate the person participating in an OBA from those within LGIMA making investment decisions as to the securities of any such company. The CCO or his/her designee may determine that no procedures can adequately eliminate the conflicts and may require the Covered Person to resign from or not participate in an OBA.

Once an OBA is approved, Covered Persons are responsible for keeping their status updated in StarCompliance. Any change to the status of an OBA (including resignations and terminations) must be updated in StarCompliance within 10 days of the change. In addition, Covered Persons will be required to confirm any OBAs on an annual basis. Approval for any OBA may not necessarily be granted and may be revoked at any time.

2. Special Requirements for Control Positions:

For OBAs of either the Covered Person or his/her Connected Person(s) that involve 25% ownership of a for-profit company as outlined in (3) above, the Covered Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) submit a Connected Person disclosure in StarCompliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) comply with the personal account investing procedures set forth in Section VIII below.

3. Public Office

Employees are required to obtain written pre-approval from Compliance prior to running for any public office. Employees are not allowed to hold a public office if it presents any actual or apparent conflict of interest with LGIMA's business activities. Failure to comply with this restriction will put LGIMA at risk from managing future state or local pension plans or from collecting fees from existing plans.

**VIII.** **Procedures for and Restrictions on Personal Account Investing** 

Conflicts of interest arise when certain investment adviser personnel (e.g., those with knowledge of client positions or impending client transactions) buy and sell securities for their own accounts or those of their Connected Persons ("personal investment activities," "personal account transactions," or "PA dealing"). Currently, LGIMA treats all personnel as subject to this potential conflict of interest and therefore as Covered Persons to which personal account investing restrictions apply. For the avoidance of doubt, these procedures apply to Connected Persons and references to Covered Persons in this Section VIII also include Connected Persons. Violations constitute a breach of this Code and will be dealt with pursuant to Section XV of the Code.

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A. Personal account trading in corporate bonds and U.S. dollar denominated Reportable Securities, except for non-restricted equities and non-restricted shares of Reportable Funds, tax-exempt municipal bonds, foreign currency, crypto-currencies,
options and futures, is prohibited unless otherwise approved by Compliance after submission of a pre-approval trade request ("trade request") via StarCompliance. Exceptions to this prohibition will
only be made in cases where a Covered Person wishes to sell positions that are already held in a personal account. These sales require written trade requests as per the trade request procedures described herein. In addition to any corrective action
or sanction that may be deemed appropriate, any profits realized on prohibited trades may be disgorged, per Section XV of this Code.

B. Personal account trading in spread bet or short positions in L&G Group shares are prohibited.

C. No one shall knowingly buy or sell, directly or indirectly, a security (i) in which he or she has, or by reason of
such transaction acquires, any beneficial ownership at a time when LGIMA is engaging in a transaction in the same or equivalent security for a client and/or (ii) when he or she knows or should have known at the time they acquired the Reportable
Security that the same or equivalent security is being considered for purchase or sale by a client or is the subject of a recommendation or an order being worked. A security is "being considered for purchase or sale by a client" when a
recommendation to purchase or sell a security has been made and/or communicated by LGIMA to a client. Equities and bonds issued by the same issuer are not considered equivalent securities, but securities that are convertible or exchangeable into
these securities within a 60-calendar day window are equivalent securities. Subject to compliance with Applicable Law, LGIMA reserves the right to impose restrictions or conditions on the ability to buy or
sell the securities of an issuer that any analyst covers. For example, if an analyst covers fixed income securities, he or she may be restricted from buying the equity securities of such companies, but would not be so restricted in the equity
securities of a company not covered by him or her. In addition to any corrective action or sanction that may be deemed appropriate, any profits realized on trades within the prescribed periods will be disgorged.

D. No one shall acquire, directly or indirectly, beneficial ownership in securities distributed in an IPO, Initial Coin
Offering ("ICO"), Private Placement, or other private investments in a private company or investments made through a crowdfunding scheme, unless pre-approved by Compliance via StarCompliance. In
determining whether approval should be granted, Compliance will consider all of the pertinent facts and circumstances including:

– Whether the investment opportunity should be reserved for clients; and

– Whether the opportunity is being offered to the employee by virtue of their position with LGIMA or LGIMA's relationship with a client, affiliate, or other third-party.

E. Holdings in assets that are issued and transferred using distributed ledger or blockchain technology, including, but
not limited to, virtual currencies, crypto-currencies, non-fungible tokens ("NFTs"), digital "coins" or "tokens" ("Digital Assets"), should be reported via
StarCompliance, but are not required to be pre-cleared except with respect to ICOs as noted above.

F. No one shall buy or sell, directly or indirectly, any security subject to restriction on trading issued by the CCO or
his or her designee, whether under LGIMA's insider trading policies and procedures set forth in this Code, by operation of the Restricted List, or the security is subject to a blackout period.

G. Unless otherwise prohibited by this Code, short selling of allowable Reportable Securities is permissible but all such
transactions must be pre-cleared by Compliance via StarCompliance.

H. Short-term trading in securities of issuers in which any person is an officer, director or owner of 10% or more of a
class of equity securities is prohibited by Applicable Law. LGIMA strongly discourages short-term and speculative trading by all Covered Persons. Accordingly, all securities must be held for not less than 30 calendar days. The holding period of 30
calendar days is calculated on a last in, first out basis, therefore holding periods are calculated using the date following the last transaction in a particular security. In the case of short sells, positions can only be covered after the 30-calendar day holding period has elapsed from when the short sell was executed. There are at present no restrictions on re-purchasing securities within 30 calendar days
after they have been sold, but any such transactions must be pre-cleared by and subject to review by Compliance. In circumstances where a Covered Person can document compelling personal reasons for engaging in
a transaction that would otherwise violate the 30 calendar day holding period, the CCO may consider an exemption. Every request for an exemption must be submitted via StarCompliance by creating a Trade Request. Such an exemption is wholly within the
discretion of the CCO, and any request for such exemption will be evaluated on the basis of the facts of the particular situation.

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**(i)** **Trade Request for Personal Account Trading** 

Every individual proposing to trade a Reportable Security, including Reportable Funds, per Section VIII.A., must obtain prior written clearance from Compliance. Every request must be submitted via StarCompliance by creating a new trade request. A list of Reportable Mutual Funds can be found on StarCompliance under Document Library. Questions on how to navigate the system should be directed to Compliance. Compliance also ensures all Covered Persons receive proper training on StarCompliance.

L&G Group shares received as part of an employee's compensation package are subject to trade reqyest requirements if the employee elects to take ownership of the shares and sell at a later date. As there are blackout periods for L&G Group throughout the year, employee sales of L&G stock may be restricted and must be approved by Compliance prior to the sale.

Covered Persons who have a private, non-public encounter with an issuer in his or her capacity as a Covered Person are restricted from trading the Reportable Security within thirty (30) business days of the encounter with the issuer.

Compliance shall review the trade request as soon as practicable, but no later than one full business day after its receipt, to determine whether to approve or reject said request. Every request is reviewed and considered by the CCO or his/her designee; however, if the CCO submits a pre-trade clearance request, the CEO or CFO will be responsible for reviewing the request. A clearance to trade is valid for the same trading day starting from the time the clearance approval was given. A pre-trade clearance that is approved after the 3:00 PM market close is valid for the next trading day. In determining whether to give a clearance, the CCO (or their designee) shall consider, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. current client trading activity and other relevant information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. whether the investment opportunity should be reserved for clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the information currently available and whether it impacts or would impact the proposed transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. whether the opportunity is being offered to an individual by virtue of his/her position with LGIMA or LGIMA's
relationship with a client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. such other information as the CCO or his/her designee may require.

Compliance reviews the trading activity of all Covered Persons on a periodic basis to ensure required trade requests were obtained and executed in the manner specified above. Records shall be maintained of all clearances and non-clearances.

**(ii)** **Reporting Requirements** 

1. *Initial Reports*. Within 10 calendar days of an individual becoming a Covered Person, he or she must submit to
Compliance via StarCompliance a properly completed Initial Holdings Report which information must be current as of a date not more than 45 days prior to the date the person becomes a Covered Person.

2. *Opening and Closing Accounts, Confirmations and Periodic Statements*. If an account is not exempt from Compliance
and a direct feed between StarCompliance and the Covered Person's broker is possible, Compliance will initiate a request to the broker to establish the direct feed. The Covered Person is responsible for consenting to any required documentation
to enable the feed. **  If not capable, the Covered Person shall give Compliance on a timely basis duplicate copies of all periodic statements for all securities accounts involving Reportable Securities in which the Covered Person acquires or
foregoes direct or indirect beneficial ownership. Every Covered Person shall enter into StarCompliance any new accounts of such Covered Person as soon as possible, and in any event no later than 10 days after the account opening date. Covered
Persons are not permitted to transact in an account until it is set up in StarCompliance. Additionally, every Covered Person must update StarCompliance to remove closed accounts no later than the end of the calendar quarter following the quarter in
which the account was closed.

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3. *Certification of Discretionary Accounts*. Covered Persons may rely on a broker to manage their personal
securities account by giving full discretion to their broker. Transactions that occur in these accounts are directed by the broker only, with no ability or discretion for either the Covered Person or any of their Connected Persons to direct the
trades. LGIMA will exempt these accounts from the trade request requirement and the requirement to deliver account statements once a broker provides either a signed or e-mailed certification that it has full
discretion of the account and that the Covered Person has no ability to direct the trading of Reportable Securities. Employees are responsible for (i) affirming their Discretionary Accounts on a quarterly basis, and (ii) reporting any
changes in these accounts should their ability to direct trades change. Furthermore, 529 Plans will be exempted from the certification requirement based on the SEC No Action Letter that exempts 529 Plans as Reportable Securities (see more
information under the definition of Reportable Securities). Compliance may periodically require a re-certification of these accounts to ensure appropriate reporting.

4. *Quarterly Transaction Reports*. No later than 30 days after the end of each quarter every Covered Person must
review and certify the correctness all of his or her personal and Connected Persons' transactions reported in self-directed accounts, and any account established in StarCompliance during the relevant quarter. Should a Covered Person determine
that any Reportable Security transactions and information required are not included, he or she is required to provide the appropriate details to ensure Compliance has the correct information concerning every Reportable Security transaction effected
during that quarter, regardless of whether a trade request was required.

5. *Annual Holdings Report*. No later than 30 days after the end of each calendar year every Covered Person must
review and certify the correctness in StarCompliance) the list of all Reportable Securities currently held in their self-directed accounts. Should a Covered Person determine that any Reportable Security holding is not included in either list, it is
his or her responsibility to provide all relevant details and information required to ensure Compliance has the correct information concerning every transaction effected during the year, regardless of whether a trade request was required.

Records shall be maintained of all clearances and non-clearances.

**(iii)** **Exclusions from Trade Request and Reporting Requirements.** 

Covered Persons do not need to obtain a trade request under Section VIII(i) or provide the reports under Section VIII (ii) with respect to the following:

1. purchases or sales of securities effected in an account over which you do not have discretion or direct or indirect
influence or control, per Section VIII (ii);

2. purchases or sales of securities that are non-volitional on the part of the
individual or a client or part of an automatic reinvestment plan (e.g., purchases through dividend reinvestment plans, transactions in corporate mergers, stock splits, tender offers);

3. purchases effected upon the exercise of rights conferred by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

4. purchases or sales of foreign currencies or mutual funds that are not Reportable Funds;

5. purchases or sales of bonds and other direct debt instruments issued by the U.S. Government such as Treasury Bills,
Treasury Notes, and Treasury Inflation Protected Securities;

6. L&G Group shares given to employees as part of their compensation package and the employee elects to liquidate at
the time of vesting; or

7. purchases or sales that receive the prior written approval of the CCO to exempt the transaction. The CCO may grant an
exemption from certain provisions of the Code, as permitted by applicable law, and after due consideration of the circumstances of the proposed transaction or activity, the conflicts it may raise and whether it is consistent with the objectives and
spirit of the Code. Exceptions are documented.

**IX.** **Code Certifications** 

1. Each new Covered Person will be given the Code upon joining the Firm and will thereafter receive all amendments. Within
10 calendar days of commencing employment, such person shall submit a New Hire Certification in StarCompliance acknowledging that he or she has read and understands the Code and will comply fully with it.

2. All Covered Persons must certify through StarCompliance, on an annual basis, that they (a) have read and
understood the Code, (b) recognize that they have been and will continue to be subject to the Code, (c) have complied fully with the requirements of the Code, and (d) will continue to comply fully with the Code. Also, every Covered
Person must certify on an annual basis that he or she has disclosed or reported all outside business activities.

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**X.** **Reporting Code Violations** 

Covered Persons are required to report promptly to the CCO or in the case of the CCO to the CEO, any violations of the Code. Reports will be treated confidentially to the extent permitted by law and will be investigated promptly. Reports may be made anonymously. A violation of this Code is a breach of Advisers Act Rule 204A-1 and our written policies and procedures. Retaliation against any person reporting a violation is prohibited and is a breach of this Code that may result in the sanctions set forth in Section XV of this Code. Covered Persons should review LGIMA's Whistleblowing Policy.

**XI.** **Monitoring Procedures** 

The CCO or other designated personnel will monitor all personal investment activities, including the reports and confirmations filed by every Covered Person. The criteria for monitoring and testing shall remain confidential.

**XII.** **Duties of the CCO and the Compliance Team** 

1. *Review Reports*. Designated personnel of the Compliance Team shall review the reports submitted under Section
VIII(ii) of this Code and escalate material items to the CCO as appropriate.

2. *Notification of Obligations*. Designated personnel of the Compliance Team shall update staff lists to include new
Covered Persons and notify them of their obligations hereunder.

3. *Supervision of designees*. The CCO shall train his or her designees and may delegate any of his or her activities
hereunder.

4. *Log of Code Violations*. The Compliance Team shall keep a log that includes Code violations and action taken in
connection with the violation (including any remediation and/or sanctions), including, but not limited to, reporting to the LGIMA Board of Directors or, if required, the SEC or other regulatory body.

5. The CCO, directly or through a designee, shall prepare a report to LGIMA's Board of Directors at least annually
as to the adequacy of this Code and the effectiveness of its implementation and shall address in any such report the need (if any) for further changes or modifications to this Code or its implementation.

6. The CCO shall take reasonable steps to ensure that LGIMA maintains records as required under Rule 204-2 under the Advisers Act.

**XIII.** **Client Opportunities** 

No Covered Person may cause or attempt to cause any client to purchase, sell or hold any security for the purpose of creating any personal benefit for the Covered Person. Sections 206(1) and 206(2) of the Advisers Act prohibit LGIMA from employing a "device, scheme or artifice" to defraud clients or engaging in a "transaction, practice or course of business" that operates as a "fraud or deceit" on clients. Both sections have been construed broadly by the SEC and used to regulate many types of adviser behavior that the SEC deems to be not in the best interest of clients or inconsistent with fiduciary obligations. One such category of behavior is taking advantage of investment opportunities for personal gain that would be suitable for clients.

Advisers Act Section 208(d) prohibits any person from doing indirectly that which cannot be done directly. Accordingly, Covered Persons may not take personal advantage of any opportunity properly belonging to LGIMA or any client. This applies to the acquisition of securities of limited availability for a Covered Person's account that would be suitable and could be purchased for the account of a client, or the disposition of securities from a Covered Person's account prior to selling a client position.

A Covered Person may not cause or attempt to cause any client to purchase, sell, or hold any security for the purpose of creating any benefit to LGIMA's accounts or to a Covered Person's accounts.

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 14

If a Covered Person believes that he/she (or a Connected Person) stands to benefit from an investment decision for a client that LGIMA or the Covered Person is recommending or making, that individual must disclose that interest to the Compliance Team. The disclosure must be made before the investment decision and should be documented by the Compliance Team. Based on the information given, the CCO or his/her designee will make a decision on whether to restrict that Covered Person's participation in the investment decision. In making this determination, the CCO or his/her designee will consider at least the following factors: (i) was any client legally and/or financially able to take advantage of this opportunity; (ii) whether any client would be disadvantaged in any manner; (iii) whether the opportunity is de minimis, and (iv) whether the opportunity is clearly not related economically to the securities to be purchased, sold or held by an client.

A memorandum concerning the investment opportunity and the disposition of the approval request will be prepared promptly and maintained by the Compliance Team.

**XIV.** **Insider Trading** 

**A.** **Law and Policy** 

Whether or not in the course of business and whether or not voluntarily, LGIMA and its Covered Persons may obtain inside information about issuers, securities or the potential effects of LGIMA's own investment and trading in securities. LGIMA forbids any Covered Person to trade, personally or on behalf of others, including clients and Connected Persons, while having material inside information, or to communicate such material inside information to others. This is called "insider trading" and "tipping", respectively. These apply to all Covered Persons and extend to activities within and outside their duties at LGIMA.

The term "insider trading" is not defined in the federal securities laws; rather, it is a judicially created theory of fraud outlined in case law interpreting Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Insider trading refers to the use of material inside information to trade in securities (whether or not one is an "insider") in breach of a duty of trust or confidence or to communicate, or tip, material inside information to others.

The law concerning insider trading is dynamic and the SEC brings cases on a regular basis. The law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. trading (including "shadow" trading) or tipping by an insider while in possession of material inside
information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. trading or tipping by a non-insider while in possession of material inside
information, where such information was disclosed to the non-insider in breach of a duty to keep it confidential or was misappropriated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. communicating material inside information to others; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. trading ahead of research or recommendations prepared by LGIMA.

Concerns about the misuse of inside information by LGIMA or Covered Persons may arise primarily in two ways.

First, LGIMA may come into possession of inside information about another company, such as an issuer in which it is investing for clients or in which its own personnel might be investing for their own accounts. As further set forth below, if it is determined that LGIMA has inside information about an issuer, investments in that issuer on behalf of clients and by LGIMA personnel, in any securities of the issuer, will be prohibited.

Second, LGIMA as an investment adviser, has inside information in relation to its own business. The SEC has stated that the term "inside information" may include information about an investment adviser's recommendations and client securities holdings and transactions. It is the policy of LGIMA that all such information is to be kept in strict confidence by those who receive it, and may be divulged only within LGIMA to those who have an established need for it in connection with the performance of services to clients. Despite this, some trades in which LGIMA has invested for clients may be permitted because of the fact that LGIMA has made such investments may not be viewed as material (e.g., trades in highly liquid securities with large market caps). The personal trading procedures in this Code establish circumstances under which such trades will be considered permissible or restricted and the procedures to follow in making such trades.

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 15

**Who is an Insider?** The concept of "insider" is broad. It includes officers, directors and employees of a company. A person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, a person who advises or otherwise performs services for a company may become a temporary insider of that company. An employee of LGIMA, for example, could become a temporary insider to a company because of LGIMA's and/or employee's relationship to the company (e.g., by having contact with company executives while researching the company). A company must expect the outsider to keep the disclosed non-public information confidential, and the relationship must at least imply such a duty before the outsider will be considered an insider or temporary insider.

It may also be the case that a Connected Person of a Covered Person may have inside information and be deemed to be an insider. Accordingly, the Covered Person might be deemed to be an insider. One must be cautious in such situations in order to avoid liability for tipping or misappropriating inside information.

**What is Material Information?** Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a security. It "alters the total mix of information available." Such information includes, but is not limited to: dividend changes, earnings, estimates, changes in previously released earnings and estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, knowledge of an impending default, knowledge of an impending change in a rating by a rating agency, and/or extraordinary management developments.

What is non-public information? Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to a fact to show that the information is generally public. For example, information in a report filed with the SEC, or appearing in Dow Jones, Reuters, The Wall Street Journal or other publications of general circulation would be considered public.

What is Tipping? Tipping is giving or making available inside information to anyone who might be expected to trade while in possession of that information. A Covered Person may become a "tippee" by acquiring inside information from a tipper, which would then require the Covered Person to follow the procedures below for reporting and limiting use of the information.

Penalties. Penalties for trading on or communicating inside information are severe for individuals involved in such unlawful conduct and their employers, which may include fines or damages up to three times the amount of any profit gained, or loss avoided. A person may be subject to some or all of the applicable penalties even if he or she does not personally benefit from the violation.

**B.** **Procedures** 

**Identification and Prevention of Insider Information.** If a Covered Person believes that he or she has information that is material and non-public, or has questions as to whether information is material and non-public, he or she must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report the matter immediately to the CCO, who shall document the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refrain from buying or selling the securities on behalf of himself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refrain from communicating the information inside or outside LGIMA other than to the CCO.

**Watch List and Restricted List.** If the CCO determines a Covered Person has inside information or that a security should be restricted (there may be no inside information but it becomes necessary to restrict dealings in that security), the CCO will follow the process and procedures set forth in the Information Barrier Policy and Watchlist Procedure (the "Info Barrier Policy") and take steps to ensure that the individual(s) in possession of inside information understands that he shall refrain from any activity – trading or tipping. The CCO will take steps to monitor the activities of all other Covered Persons that do not have the inside information while they engage in activities normal to the business. All decisions about whether to add or delete a security to the Watch List or Restricted List or amend an entry shall be made in accordance with the Info Barrier Policy. All activity in any security placed on the Restricted List shall cease, unless approved in writing by the CCO and subject to the Info Barrier Policy. A security shall be removed from the Restricted List in accordance with the Info Barrier Policy if the CCO determines that no insider trading issues remain with respect to such security (for example, if the information becomes public or no longer is material).

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 16

**Restricting Access to Inside Information.** Care should be taken so that such information is secure. For example, files containing inside information should be sealed, access to computer files containing inside information should be restricted, and relevant conversations should take place behind closed doors.

**Detecting Insider Trading.** To detect insider trading, the Compliance Team will, among other things, review the trading activity reports of client accounts and Covered Persons. It is also the responsibility of each Covered Person to notify the CCO of any potential insider trading issues. The Compliance Team will investigate any instance of possible insider trading and fully document the results of any such investigation. An investigation record should include at least: (i) the name of the security; (ii) the date the investigation commenced; (iii) an identification of the account(s) involved; and (iv) a summary of the investigation disposition.

**XV.** **Sanctions** 

Violations of the Code of Ethics are taken very seriously by the Board of Directors and Executive Committee of LGIMA. Sanctions due to violations in personal account trading are implemented to ensure that Covered Persons understand the severity of their actions. As such, the following "Three Strikes" Policy will be enforced for personal account trading violations.

1. A first offense will subject the Covered Person to a letter of censure and additional training on the Code of Ethics
and, depending on the severity of circumstances, disgorgement of profits.

2. Should a second offense occur within a 12-month period, the same analysis as
above would be conducted. However, the Covered Person may also be subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of personal trading privileges; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profits.

The CCO will determine penalties, in consultation with Human Resources where appropriate. Any disgorgement of profits would be directed to a charity that has no conflict of interest with LGIMA or its affiliates.

3. If a third offense occurs within a 12-month period, the same analysis as the
second offense would be conducted and may subject the Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A formal letter of reprimand with heightened supervision and disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demotion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment, if warranted, in addition to suspension of personal trading privileges and disgorgement of
profits.

A second (or third) offense occurring more than one year after the first or second violation, as applicable, would be treated as a first offense.

**XV.** **Miscellaneous** 

A. All reports, internal reporting of violations, and any other information filed with LGIMA pursuant to this Code shall
be treated as confidential.

B. LGIMA may, from time to time, adopt such interpretations of this Code as it deems appropriate.

C. All records will be maintained by Compliance in accordance with the Advisers Act and the Firm's record retention
policies.

**L&G – Asset Management, America** 

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L&G – Asset Management, America Code of Ethics 17

**L&G – Asset Management, America**

## Ex-99.(P)(15)

## LOOMIS, SAYLES & CO., L.P.

## LOOMIS SAYLES INVESTMENTS LIMITED

## LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD.

## LOOMIS SAYLES (NETHERLANDS) B.V.

## LOOMIS SAYLES TRUST COMPANY LLC

## LOOMIS SAYLES DISTRIBUTORS, L.P.
**<u>Code of Ethics</u>** 

<br> **Policy on Personal Trading and Related Activities**<br> **by Loomis Sayles Personnel**<br>

EFFECTIVE:

January 14, 2000

AS AMENDED:

December 10, 2025

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**Table of Contents** 

---

| | |
|:---|:---|
| **Code of Ethics** | 3.0 |
| 1. INTRODUCTION | 3.0 |
| 2. STATEMENT OF GENERAL PRINCIPLES | 3.0 |
| 3. A FEW KEY TERMS | 4.0 |
| 3.1. Covered Security | 4.0 |
| 3.2. Beneficial Ownership | 6.0 |
| 3.3. Investment Control | 7.0 |
| 3.4. Maintaining Personal Accounts | 7.0 |
| 4. SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING | 8.0 |
| 4.1. Pre-clearance | 9.0 |
| 4.2. Good Until Canceled and Limit Orders | 10.0 |
| 4.3. Short Term Trading Profits | 10.0 |
| 4.4. Restrictions on Round Trip Transactions in Loomis Advised Funds | 11.0 |
| 4.5. Derivatives | 11.0 |
| 4.6. Short Sales | 12.0 |
| 4.7. Competing with Client Trades | 12.0 |
| 4.8. Large Cap/De Minimis Exemption | 13.0 |
| 4.9. Investment Person Seven-Day Blackout Rule | 13.0 |
| 4.10. Research Recommendations | 14.0 |
| 4.11. Initial Public Offerings | 15.0 |
| 4.12. Private Placement Transactions | 16.0 |
| 4.13. Insider Trading | 16.0 |
| 4.14. Restricted and Concentration List | 18.0 |
| 4.15. Loomis Sayles Hedge Funds | 18.0 |
| 4.16. Exemptions Granted by the Chief Compliance Officer | 18.0 |
| 5. PROHIBITED OR RESTRICTED ACTIVITIES | 19.0 |
| 5.1. Public Company Board Service and Other Affiliations | 19.0 |
| 5.2. Participation in Investment Clubs and Private Pooled Vehicles | 20.0 |
| 6. REPORTING REQUIREMENTS | 20.0 |
| 6.1. Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code | 20.0 |
| 6.2. Brokerage Confirmations and Brokerage Account Statements | 21.0 |
| 6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification | 22.0 |
| 6.4. Annual Reporting | 22.0 |
| 6.5. Review of Reports by Chief Compliance Officer | 23.0 |
| 6.6. Internal Reporting of Violations to the Chief Compliance Officer | 23.0 |
| 6.7. Register of Interests in Securities | 24.0 |
| 6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives | 24.0 |
| 7. SANCTIONS | 25.0 |
| 8. RECORDKEEPING REQUIREMENTS | 26.0 |
| 9. MISCELLANEOUS | 27.0 |
| 9.1. Confidentiality | 27.0 |
| 9.2. Disclosure of Client Trading Knowledge | 27.0 |
| 9.3. Notice to Access Persons, Investment Persons and Research Analysts as to Code Status | 27.0 |
| 9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors | 27.0 |
| 9.5. Exemptions to the Application of the Code | 28.0 |
| 9.6. Questions and Educational Materials | 28.0 |

---

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**<u>Code of Ethics</u>**

<br> **Policy on Personal Trading and Related Activities**<br>

**1. INTRODUCTION** 

This Code of Ethics ("Code") has been adopted by Loomis, Sayles & Co., L.P. ("Loomis US"), Loomis Sayles Investments Limited ("Loomis UK"), Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia"), Loomis Sayles (Netherlands) B.V., including the employees in the Paris branch ("Loomis Netherlands"), Loomis Sayles Trust Company LLC, and Loomis Sayles Distributors, L.P. (collectively ("Loomis Sayles") to govern certain conduct of Loomis Sayles' **Supervised Persons** and personal trading in securities and related activities of those individuals who have been deemed **Access Persons** thereunder, and under certain circumstances, those **Access Persons'** family members and others in a similar relationship to them.

The policies in this Code reflect Loomis Sayles' desire to detect and prevent not only situations involving actual or potential conflicts of interest with client investments or unethical conduct, but also those situations involving even the appearance of these.

**2. STATEMENT OF GENERAL PRINCIPLES** 

It is the policy of Loomis Sayles that no **Access Person** or **Supervised Person** as such terms are defined under the Code, (please note that Loomis Sayles treats all employees as **Access Persons**) shall engage in any act, practice or course of conduct that would violate the Code, the fiduciary duty owed by Loomis Sayles and its personnel to Loomis Sayles' clients, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the provisions of Section 17(j) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 17j-1 there under. It is required that all **Access Persons** must comply with all applicable laws, rules and regulations including, but not limited to the **Federal Securities Laws**. The Investment Management Association of Singapore's ("IMAS'") Code of Ethics & Standards of Professional Conduct provides that Loomis Asia (as a member of IMAS) should have in place appropriate policies and internal controls governing personal dealing and appropriate structures in place to carry out monitoring and to ensure compliance. Therefore, all employees of Loomis Asia must also comply with the Securities and Futures Act, Chapter 289 of Singapore (the "Securities and Futures Act"), the Financial Advisers Act, Chapter 110 of Singapore (the "Financial Advisers Act"), and all other applicable Singapore laws, rules and regulations.

Under the requirements of the Financial Conduct Authority (FCA), there are Conduct Rules within the Senior Managers and Certification Regime (SM&CR) with which all employees of Loomis UK must comply. These rules are designed to improve the levels of responsibility and accountability, honesty and integrity, and to act at all times with due care, skill and diligence.

The Code is designed to comply with all of the above regulations.

The fundamental position of Loomis Sayles is, and has been, that it must at all times place the interests of its clients first. Accordingly, your personal financial transactions (and in some cases, those of your family members and others in a similar relationship to you) and related activities must be conducted consistently with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of your position of trust and responsibility.

------

Without limiting in any manner the fiduciary duty owed by Loomis Sayles to its clients, it should be noted that Loomis Sayles considers it proper that purchases and sales be made by **Access Persons** in the marketplace of securities owned by Loomis Sayles' clients, <u>provided</u> that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in the Code. In making personal investment decisions, however, you must exercise extreme care to ensure that the provisions of the Code are not violated and under no circumstances, may an **Access Person** use the knowledge of **Covered Securities** purchased or sold by any client of Loomis Sayles or **Covered Securities** being considered for purchase or sale by any client of Loomis Sayles to profit personally, directly or indirectly, by the market effect of such transactions.

Improper trading activity can constitute a violation of the Code. The Code can also be violated by an **Access Person's** failure to file required reports, by making inaccurate or misleading reports or statements concerning trading activity, or by opening an account with a non-**Select Broker** without proper approval as set forth in the Code.

It is not intended that these policies will specifically address every situation involving personal trading. These policies will be interpreted and applied, and exceptions and amendments will be made, by Loomis Sayles in a manner considered fair and equitable, but in all cases with the view of placing Loomis Sayles' clients' interests paramount. It also bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate you from scrutiny of, and sanctions for, securities transactions which indicate an abuse of Loomis Sayles' fiduciary duty to any of its clients.

You are encouraged to bring any questions you may have about the Code to **Personal Trading Compliance**.

**Personal Trading Compliance**, the **Chief Compliance Officer** and the Loomis Sayles Ethics Committee will review the terms and provisions of the Code at least annually, and make amendments as necessary. Any amendments to the Code will be provided to you.

**3. A FEW KEY TERMS** 

**Boldfaced** terms have special meaning in this Code. The application of a particular Code requirement to you may hinge on the elements of the definition of these terms. See the **Glossary** at the end of this Code for definitions of these terms. In order to have a basic understanding of the Code, however, you must have an understanding of the terms "**Covered Security**", "**Beneficial Ownership**" and "**Investment Control**" as used in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1. Covered Security** 

This Code generally relates to transactions in and ownership of an investment that is a Covered Security (defined under Sec. 2(a)(36) of the Investment Company Act 1940). Currently, this means any type of equity or debt security (such as common and preferred stocks, and corporate and government bonds or notes), any equivalent (such as ADRs, GDR's, etc.), any derivative, instrument representing, or any rights relating to, a Covered Security, and any closely related security (such as certificates of participation, depository receipts, collateral–trust certificates, put and call options, warrants, and related convertible or exchangeable securities and securities indices). Shares of closed-end funds, municipal obligations and securities issued by agencies and instrumentalities of the U.S. government (e.g. GNMA obligations) are also considered Covered Securities under the Code.

------

Additionally, the shares of any investment company registered under the Investment Company Act and the shares of any collective investment vehicle ("CIV"), (e.g. SICAVs, OEICs, UCITs, etc.) that is advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate ("**Reportable Funds**") are deemed to be **Covered Securities** for purposes of certain provisions of the Code. **Reportable Funds** include open-end and closed-end funds and CIVs that are advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate, but exclude money market funds. A current list of **Reportable Funds** is attached as <u>Exhibit One</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

---

| | |
|:---|:---|
| *Explanatory Note:* | *While the definition of* ***Reportable Funds*** *encompasses funds or CIVs that are advised, sub-advised and/or distributed by Natixis and its affiliates, only those funds or CIVs advised or sub-advised by Loomis Sayles* ***("Loomis Advised Fund")*** *are subject to certain trading restrictions of the Code (specifically, the Short-Term Trading Profit and Round Trip Transaction restrictions). Please refer to Section 4.3 and 4.4 of the Code for further explanation of these trading restrictions. Additionally, <u>Exhibit One</u> distinguishes between those funds and CIVs that are only subject to reporting requirements under the Code (all* ***Reportable Funds****), and those that are subject to* ***<u>both</u>*** *the reporting requirements and the aforementioned trading restrictions (Loomis Advised Funds).* |

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Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be **Covered**<u> </u>**Securities** for the purposes of certain provisions of the Code. Broad based open-ended ETFs with either a market capitalization exceeding U.S. $1 billion **OR** an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from certain provisions of the Code ("**Exempt ETFs**"). A current list of **Exempt ETFs** is attached as <u>Exhibit Two</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Explanatory Note:* | &nbsp;&nbsp;&nbsp; *Broad based open-ended ETFs are determined by* ***Personal Trading Compliance*** *using Bloomberg data.* |

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All **Access Persons** are expected to comply with the spirit of the Code, as well as the specific rules contained in the Code. Therefore, while the lists of **Reportable Funds** and **Exempt ETFs** are subject to change, it is ultimately the responsibility of all **Access Persons** to review these lists which can be found in <u>Exhibit(s) One and Two</u>, prior to making an investment in a **Reportable Fund** or ETF.

It should be noted that private placements, hedge funds and investment pools are deemed to be **Covered Securities** for purposes of the Code whether or not advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser. Investments in such securities are discussed under sections 4.12 and 5.2.

Please see <u>Exhibit Three</u> for the application of the Code to a specific **Covered Security** or instrument, including exemptions from pre-clearance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2. Beneficial Ownership** 

The Code governs any **Covered Security** in which an Access Person has any direct or indirect "**Beneficial Ownership**." **Beneficial Ownership** for purposes of the Code means a direct or indirect "pecuniary interest" that is held or shared by you directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) in a **Covered Security**. The term "pecuniary interest" in turn generally means your opportunity directly or indirectly to receive or share in any <u>profit</u> derived from a transaction in a **Covered Security,** whether or not the **Covered Security** or the relevant account is in your name and regardless of the type of account (i.e. brokerage account, direct account, or retirement plan account). Although this concept is subject to a variety of U.S. Securities and Exchange Commission ("SEC") rules and interpretations, you should know that you are <u>presumed</u> under the Code to have an indirect pecuniary interest as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by your spouse or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by a live-in partner who shares
your household and combines his/her financial resources in a manner similar to that of married persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by your other family members sharing your household (including an adult
child (even if that child is currently living away at a college/university), a stepchild, a grandchild, a parent, stepparent, grandparent, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your share ownership, partnership interest or similar interest in **Covered Securities** held by a
corporation, general or limited partnership or similar entity you control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your right to receive dividends or interest from a **Covered Security** even if that right is separate or
separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your interest in a **Covered Security** held for the benefit of you alone or for you and others in a trust or
similar arrangement (including any present or future right to income or principal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your right to acquire a **Covered Security** through the exercise or conversion of a "derivative **Covered Security**."

In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security**, including **Reportable Funds**, in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

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| | |
|:---|:---|
| *Explanatory Note:* | *All accounts that hold or can hold a Covered Security in which an* ***Access Person*** *has* ***Beneficial Ownership*** *are subject to the Code (such accounts include, but are not limited to, personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of minor children living in your household, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, IRAs, 401Ks, trusts, DRIPs, ESOPs, etc.).* |

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Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3. Investment Control** 

The Code governs any **Covered Security** in which an **Access Person** has direct or indirect "**Investment Control**." The term **Investment Control** encompasses any influence (i.e., power to manage, trade, or give instructions concerning the investment disposition of assets in the account or to approve or disapprove transactions in the account), whether sole or shared, direct or indirect, you exercise over the account or **Covered Security**.

You should know that you are <u>presumed</u> under the Code to have **Investment Control** as a result of having:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over your personal brokerage account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over an account(s) in the name of your spouse or minor children,
unless, you have renounced an interest in your spouse's assets (subject to the approval of the **Chief Compliance Officer**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over an account(s) in the name of any family member, friend or
acquaintance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involvement in an Investment Club;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee power over an account(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The existence and/or exercise of a power of attorney over an account.

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4. Maintaining Personal Accounts** 

All **Access Persons** that reside within the U.S.("Loomis US Access Persons"), who have personal accounts that hold or can hold **Covered Securities** in which they have direct or indirect **Investment Control** <u>and</u> **Beneficial Ownership** are required to maintain such accounts at one of the following firms: Ameriprise, Baird, Bank of America/Merrill Lynch, Charles Schwab, Citi Personal Wealth Management, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., LPL Financial, MML Investor Services, Morgan Stanley Smith Barney, Robinhood, UBS, Vanguard, or Wells Fargo (collectively, the "**Select Brokers**"). Additionally, an **Access Person** may only purchase and hold shares of **Reportable Funds** through either: a **Select Broker**; directly from the **Reportable Fund's** through its transfer agent, or through one or more of Loomis Sayles' retirement plans, unless an exception to the Select Broker requirement, as described below, is granted.

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Accounts in which the Loomis US **Access Person** only has either **Investment Control** or **Beneficial Ownership**; certain retirement accounts with the Loomis US **Access Person's** prior employer; accounts managed by an outside adviser in which the Loomis US **Access Person** exercises no investment discretion; accounts in which the Loomis US **Access Person**'**s** spouse is employed by another investment firm and must abide by that firm's Code of Ethics; and/or the retirement accounts of a Loomis US **Access Person's** spouse may be maintained with a firm other than the **Select Brokers** upon the prior written approval of **Personal Trading Compliance** or the **Chief Compliance Officer.** In these cases, Loomis US **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly for non-Select Brokers. In addition, **Personal Trading Complianc**e or the **Chief Compliance Officer** may grant exemptions to the **Select Broker** requirement for accounts not used for general trading purposes such as ESOPs, DRIPs, securities held physically or in book entry form, family of fund accounts or situations in which the Loomis US **Access Person** has a reasonable hardship for not maintaining their accounts with a **Select Broker**.

**Access Persons** with a residence outside the U.S., are exempt from maintaining their personal accounts at a **Select Broker**. However, such **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly.

**All Access Persons must receive pre-clearance approval from Personal Trading Compliance prior to the opening of any new personal accounts that can hold Covered Securities in which the Access Person has direct or indirect Investment Control or Beneficial Ownership. This includes Select Broker accounts. In addition, the opening of all reportable accounts must also be reported to Personal Trading Compliance as set forth in Section 6.2 and Section 6.3 of the Code.** 

Finally, Access Persons must inform the **Select Broker** or other financial institution of his/her association with Loomis Sayles during the account opening process.

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|:---|:---|
| *Explanatory Note:* | *While certain accounts may be granted an exemption from certain provisions of the Code, inclusive of the* ***Select Broker*** *requirement, they are still subject to the reporting requirements of the Code and may be subject to the pre-clearance requirements of the Code (e.g. joint accounts) as set forth in Section 4.1 of the Code. The terms of a specific exemption will be outlined in an exemption memorandum which is issued to the* ***Access Person*** *by* ***Personal Trading Compliance.*** *An* ***Access Person****'****s*** *failure to abide by the terms and conditions of an account exemption issued by* ***Personal Trading Compliance*** *could result in a violation of the Code.* |

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**4. SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING** 

The following are substantive prohibitions and restrictions on **Access Persons'** personal trading and related activities. In general, the prohibitions set forth below relating to trading activities apply to accounts holding **Covered Securities** in which an **Access Person** has **Beneficial Ownership** <u>and</u> **Investment Control**.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Pre-clearance** 

Each **Access Person** must pre-clear through the FIS Employee Compliance Management system ("ECM") all **Volitional** transactions in **Covered Securities** (i.e. transactions in which the **Access Person** has determined the timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold) in which he or she has **Investment Control** <u>and</u> in which he or she has or would acquire **Beneficial Ownership**. Exceptions to the pre-clearance requirement include, but are not limited to: Open-ended mutual funds and CIVs meeting the criteria described below, **Exempt ETFs** listed in <u>Exhibit Two</u>, and US Government Agency bonds (i.e. GNMA, FNMA, FHLMC), as set forth in <u>Exhibit(s) Three and Five</u>.

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|:---|:---|
| *Explanatory Note:* | *A CIV is exempt from pre-clearance under the following conditions: issues shares that shareholders have the right to redeem on demand; calculates an NAV on a daily basis in a manner consistent with the principles of Section 2(a)(41) of the 1940 Act and Rule 2a-4 thereunder; issues and redeems shares at the NAV next determined after receipt of the relevant purchase or redemption order consistent with the "forward pricing" principles of Rule 22c-1 under the 1940 Act; and there is no secondary market for the shares of the CIV.* |

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| | |
|:---|:---|
| *Explanatory Note:* | *Futures, options and swap transactions in* **Covered** ***Securities*** *must be manually pre-cleared by* ***Personal Trading Compliance*** *since ECM cannot handle such transactions. Initial public offerings, private placement transactions, including hedge funds whether or not they are advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser, participation in investment clubs and private pooled vehicles require special pre-clearance as detailed under Sections 4.11, 4.12 and 5.2 of the Code.* |

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|:---|:---|
| *Explanatory Note:* | *Broad based open-ended ETFs with either a market capitalization exceeding $1billion* ***OR*** *an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from the pre-clearance and trading restrictions set forth in Sections 4.1, 4.3, 4.5, 4.6, 4.7, 4.9, and 4.10 of the Code. A list of the* ***Exempt ETFs*** *is provided in <u>Exhibit Two</u> of the Code. All closed end-funds, closed-end ETFs, sector based/narrowly defined ETFs and broad based open-ended ETFs with a market capitalization below U.S. $1 billion AND an average daily trading volume below 1 million shares (over a 90 day period) are subject to the pre-clearance and trading restrictions detailed under Section 4 of the Code.* |

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***All closed-end funds and ETFs, including those Exempt ETFs and their associated options as described above, are subject to the reporting requirements detailed in Section 6 of the Code.***

Any transaction approved pursuant to the pre-clearance request procedures **<u>must be executed by the end of the trading day on which it is approved</u>** unless **Personal Trading Compliance** extends the pre-clearance for an additional trading day. If the **Access Person's** trade has not been executed by the end of the same trading day (or the next trading day in the case of an extension), the pre-clearance will lapse and the **Access Person** may not trade without again seeking and obtaining pre-clearance of the intended trade.

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For **Access Persons** with a U.S. residence, pre-clearance requests can only be submitted through ECM and/or to **Personal Trading Compliance** Monday – Friday from 9:30am-4:00pm Eastern Standard Time. **Access Persons** with a residence outside the U.S. will be given separate pre-clearance guidelines instructing them on the availability of ECM and **Personal Trading Compliance** support hours.

If after pre-clearance is given and before it has lapsed, an **Access Person** becomes aware that a **Covered Security** as to which he or she obtained pre-clearance has become the subject of a buy or sell order, or is being considered for purchase or sale for a client account, the **Access Person** who obtained the pre-clearance must consider the pre-clearance revoked **<u>and must notify Personal Trading Compliance immediately</u>.** If the transaction has already been executed before the **Access Person** becomes aware of such facts, no violation will be considered to have occurred as a result of the **Access Person's** transaction.

If an **Access Person** has actual knowledge that a requested transaction is nevertheless in violation of this Code or any provision thereof, approval of the request will not protect the **Access Person's** transaction from being considered in violation of the Code. The **Chief Compliance Officer** or **Personal Trading Compliance** may deny or revoke pre-clearance for any reason that is deemed to be consistent with the spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2. Good Until Canceled and Limit Orders** 

No **Access Person** shall place a "good until canceled," "limit" or equivalent order with his/her broker except that an **Access Person** may utilize a "day order with a limit" so long as the transaction is consistent with provisions of this Code, including the pre-clearance procedures. All orders must expire at the end of the trading day on which they are pre-cleared unless otherwise extended by **Personal Trading Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;**4.3. Short Term Trading Profits** 

No **Access Person** may profit from the **Volitional** purchase and sale, **or** conversely the **Volitional** sale and purchase, of the same or equivalent **Covered Security (**including **Loomis Advised Funds)** within 60 calendar days (unless the sale involved shares of a **Covered Security** that were acquired more than 60 days prior). Hardship exceptions may be requested (in advance) from **Personal Trading Compliance**.

An **Access Person** may sell a **Covered Security** (including **Loomis Advised Funds**) or cover an existing short position at a loss within 60 calendar days. Such requests must be submitted through the ECM System and to **Personal Trading Compliance** for approval because the ECM System does not have the capability to determine whether the **Covered Security** will be sold at a gain or a loss.

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|:---|:---|
| *Explanatory Note:* | *For purposes of calculating the 60 day holding period, the trade date of a given purchase or sale is deemed to be day zero. 60 full days must pass before an* ***Access Person*** *can trade that same* ***Covered Security*** *for a profit and therefore, allowing the* ***Access Person*** *to do so on the 61st day.* |

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| | |
|:---|:---|
| *Explanatory Note:* | *The Short Term Trading Profits provision is applicable to transactions that are executed across all of an* ***Access Person's*** *accounts. For example, if an* ***Access Person*** *sold shares of ABC in his/her Fidelity brokerage account today, that* ***Access Person*** *would not be allowed to buy shares of ABC in his/her Charles Schwab IRA account at a lower price within 60 days following the sale.* |

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|:---|:---|
| *Explanatory Note:* | *Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****. Please also note that all closed-end funds are subject to the trading restrictions of Section 4.3 of the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.4. Restrictions on Round Trip Transactions in Loomis Advised Funds** 

In addition to the 60 day holding period requirement for purchases and sales of **Loomis Advised Funds,** an **Access Person** is prohibited from purchasing, selling and then re-purchasing shares of the same **Loomis Advised Fund** within a 90 day period ("Round Trip Restriction"). The Round Trip Restriction does not limit the number of times an **Access Person** can purchase a **Loomis Advised Fund** or sell a **Loomis Advised Fund** during a 90 day period. In fact, subject to the holding period requirement described above, an **Access Person** can purchase a **Loomis Advised Fund** (through one or multiple transactions) and can liquidate their position in that fund (through one or several transactions) during a 90 day period. However, an **Access Person** cannot then reacquire a position in the same **Loomis Advised Fund** previously sold within the same 90 day period.

The Round Trip Restriction will only apply to **Volitional** transactions in **Loomis Advised Funds**. Therefore, shares of **Loomis Advised Funds** acquired through a dividend reinvestment or dollar cost averaging program, and automatic monthly contributions to the firm's 401K plan will not be considered when applying the Round Trip Restriction.

Finally, all **Volitional** purchase and sale transactions of **Loomis Advised Funds,** in any share class and in <u>any</u> employee account (i.e., direct account with the **Loomis Advised Fund**, Select Broker account, 401K account, etc.) will be matched for purposes of applying the Round Trip Restriction.

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|:---|:---|
| *Explanatory Note:* | *Only* ***Loomis Advised Funds*** *are subject to Section 4.4 of the Code. Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.5. Derivatives** 

No **Access Person** shall use derivatives, including but not limited, to options, futures, swaps or warrants on a **Covered Security** to evade the restrictions of the Code. In other words, no **Access Person** may use derivative transactions with respect to a **Covered Security** if the Code would prohibit the **Access Person** from taking the same position directly in the underlying **Covered Security**.

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|:---|:---|
| *Explanatory Note:* | *When transacting in derivatives,* ***Access Persons*** *must pre-clear the derivative and the underlying security in ECM as well as receive manual approval from* ***Personal Trading Compliance*** *before executing their transaction. Please note that options on Exempt ETFs and the underlying index of the ETF, as well as futures on currencies, commodities, cash instruments (such as loans or deposits), stock indexes and interest rates do not require pre-clearance, but do require reporting. For more detailed information, please see Section 4.1 of the Code.* |

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| | |
|:---|:---|
| *Explanatory Note:* | *Futures and Options on virtual currency (e.g., Bitcoin, Ethereum) are exempt from pre-clearance and the Code's trading restrictions, similar to futures and options on other currencies, but they are subject to the Code's reporting requirements. Futures and Options on an Initial Coin Offering require pre-clearance, reporting and are subject to the Code's trading restrictions.* |

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*Explanatory Note:* *Entering into Financial Spread Betting or Contract for Difference transactions, the act of taking a bet on the price movement of a security or underlying index is strictly prohibited under the Code.*

&nbsp;&nbsp;&nbsp;&nbsp;**4.6. Short Sales** 

No **Access Person** may purchase a put option, sell a call option, sell a **Covered Security** short or otherwise take a short position in a **Covered Security** then being held long in a Loomis Sayles client account, unless, in the cases of the purchase of a put or sale of a call option, the option is on a broad based index.

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|:---|:---|
| *Explanatory Note:* | *If an* ***Access Person*** *seeks pre-clearance to purchase a put option or sell a call option to hedge an existing long position in the same underlying securities,* ***Personal Trading Compliance*** *will compare the value of the underlying long position to the option to determine whether the* ***Access Person's*** *net position would be long or short. If short, the option transaction will be denied.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7. Competing with Client Trades** 

Loomis Asia is required to give priority to Loomis Sayles' client orders. Loomis Asia cannot purchase or sell securities that are permitted to be traded on the Singapore Exchange Securities Trading Limited (the "SGX-ST") or on the securities market of any recognized market operator in Singapore if it were to act as a principal or on behalf of a person associated with or connected to Loomis Asia, where a client of Loomis Sayles who is not associated with or connected to Loomis Asia has instructed Loomis Asia to purchase or sell securities of the same class and Loomis Asia has not complied with the instruction. In addition, Loomis Asia must also accord priority to transactions for the purchase or sale of securities or to investments made on behalf of clients, over those made for the following persons: (i) Loomis Asia; (ii) Loomis Asia's associated persons; (iii) Loomis Asia's officers; (iv) Loomis Asia's employees; (v) Loomis Asia's representatives; (vi) any person whom Loomis Asia knows to be an associated person of the persons in (iii), (iv) or (v). However, neither Loomis Asia nor its employees will act in a principal capacity.

Except as set forth in Section 4.8, an **Access Person** may not, directly or indirectly, purchase or sell a **Covered Security** (**Reportable Funds** are not subject to this rule.) when the **Access Person** knows, or reasonably should have known, that such **Covered Securities** transaction competes in the market with any actual or considered **Covered Securities** transaction for any client of Loomis Sayles, or otherwise acts to harm any Loomis Sayles client's **Covered Securities** transactions.

Generally pre-clearance will be <u>denied</u> if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a **Covered Security** or a closely related **Covered Security** is the subject of a pending
"buy" or "sell" order for a Loomis Sayles client until that buy or sell order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the **Covered Security** is being considered for purchase or sale for a Loomis Sayles client, until that
security is no longer under consideration for purchase or sale.

The ECM System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in ECM, you may assume the **Covered Security** is not being considered for purchase or sale for a client account <u>unless</u> you have actual knowledge to the contrary, in which case the pre-clearance you received is null and void. For **Covered Securities** requiring manual pre-clearance (i.e. futures, options and other derivative transactions in **Covered Securities**), the applicability of such restrictions will be determined by **Personal Trading Compliance** upon the receipt of the pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;**4.8. Large Cap/De Minimis Exemption** 

An **Access Person** who wishes to make a trade in a **Covered Security** that would otherwise be denied pre-clearance solely because the **Covered Security** is under consideration or pending execution for a client, as provided in Section 4.7, will nevertheless receive approval when submitted for pre-clearance provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the **Covered Security** in which the **Access Person** wishes to transact has a market
capitalization exceeding U.S. $5 billion (a "Large Cap Security"); <u>AND</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the <u>aggregate</u> amount of the **Access Person's** transactions in that Large Cap Security on that
day across all personal accounts does not exceed $10,000 USD.

Such transactions will be subject to all other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**4.9. Investment Person Seven-Day Blackout Rule** 

No **Investment Person** shall, directly or indirectly, purchase or sell any **Covered Security** (**Reportable Funds** are not subject to this rule) within a period of seven (7) calendar days (trade date being day zero) <u>before</u> and <u>after</u> the date that a Loomis Sayles client, with respect to which he or she has the ability to influence investment decisions or has prior investment knowledge regarding associated client activity, has purchased or sold such **Covered Security** or a closely related **Covered Security**. It is ultimately the **Investment Person's** responsibility to understand the rules and restrictions of the Code and to know what **Covered Securities** are being traded in his/her client(s) account(s) or any account(s) with which he/she is associated.

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|:---|:---|
| *Explanatory Note:* | *The "seven days before" element of this restriction is based on the premise that an* ***Investment Person*** *who has* *****the ability to influence investment decisions or has prior investment knowledge regarding associated client activity can normally be expected to know, upon execution of his or her personal trade, whether any client as to which he or she is associated, has traded, or will be trading in the same or closely related* ***Covered Security*** *within seven days of his or her personal trade. Furthermore, an* ***Investment Person*** *who has the ability to influence investment decisions has a fiduciary obligation to recommend and/or affect suitable and attractive trades for clients regardless of whether such trades may cause a prior personal trade to be considered an apparent violation of this restriction. It would constitute a breach of fiduciary duty and a violation of this Code to delay or fail to make any such recommendation or transaction in a client account in order to avoid a conflict with this restriction.* |

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*It is understood that there may be particular circumstances (i.e. news on an issuer, a client initiated liquidation, subscription or rebalancing) that may occur after an* ***Investment Person's*** *personal trade which gives rise to an opportunity or necessity for an associated client to trade in that* ***Covered Security*** *which did not exist or was not anticipated by that person at the time of that person's personal trade.* ***Personal Trading Compliance*** *will review all extenuating circumstances which may warrant the waiving of any remedial actions in a particular situation involving an inadvertent violation of this restriction. In such cases, an exception to the Investment Person Seven-Day Blackout Rule will be granted upon approval by the* ***Chief Compliance Officer****.* 

*The* ***Chief Compliance Officer****, or designee thereof, may grant a waiver of the Investment Person Seven-Day Blackout Rule if the* ***Investment Person's*** *proposed transaction is conflicting with client "cash flow" trading in the same security (i.e., purchases of a broad number of portfolio securities in order to invest a capital addition to the account or sales of a broad number of securities in order to generate proceeds to satisfy a capital withdrawal from the account). Such "cash flow" transactions are deemed to be non-volitional at the security level since they do not change the weighting of the security being purchased or sold in the client's portfolio.* 

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|:---|:---|
| *Explanatory Note:* | *The trade date of an* ***Investment Person****'s purchase or sale is deemed to be day zero. Any associated client trade activity executed, in either that* ***Covered Security*** *or a closely related* ***Covered Security****, 7 full calendar days before or after an* ***Access Person****'s trade will be considered a violation of the Investment Person Seven-Day Blackout Rule. For example, if a client account purchased shares of company ABC on May 4th, any* ***Access Person*** *who is associated with that client account cannot trade ABC in a personal account until May 12th without causing a potential conflict with the Investment Person Seven-Day Blackout Rule.* |

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|:---|:---|
| *Explanatory Note:* | *While the* ***Investment Person*** *Seven-Day Blackout Rule is designed to address conflicts between Investment Persons and their clients, it is the fiduciary obligation of all* ***Access Persons*** *to not effect trades in their personal account if they have prior knowledge of client trading or pending trading activity in the same or equivalent securities. The personal trade activity of all* ***Access Persons*** *is monitored by* ***Personal Trading Compliance*** *for potential conflicts with client trading activity.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.10. Research Recommendations** 

The Loomis Sayles Fixed Income **Research Analysts** issue "Buy," "Sell," and "Hold" recommendations on the fixed income securities that they cover. The Equity products have their own **Research Analysts** that provide recommendations to their respective investment teams. Collectively the fixed income and equity recommendations and equity price targets are hereinafter referred to as "Recommendations".

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**Recommendations** are intended to be used for the benefit of the firm's clients. It is also understood **Access Persons** may use **Recommendations** as a factor in the investment decisions they make in their personal and other brokerage accounts that are covered by the Code. The fact that **Recommendations** may be used by the firm's investment teams for client purposes and **Access Persons** may use them for personal reasons creates a potential for conflicts of interests. Therefore, the following rules apply to **Recommendations**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three (3) business day period <u>before</u> a **Research Analyst** issues a recommendation on
a **Covered Security,** that the **Research Analyst** has reason to believe that his/her **Recommendation** is likely to result in client trading in the **Covered Security**, the **Research Analyst** may not purchase or sell said **Covered Security** for any of his/her personal brokerage accounts or other accounts covered by the Code.

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|:---|:---|
| *Explanatory Note:* | *It is understood that there may be particular circumstances such as a news release, change of circumstance or similar event that may occur after a* ***Research Analyst's*** *personal trade which gives rise to a need, or makes it appropriate, for the* ***Research Analyst*** *to issue a* ***Recommendation*** *on said* ***Covered Security.*** *A* ***Research Analyst*** *has an affirmative duty to make unbiased* ***Recommendations*** *and issue reports, both with respect to their timing and substance, without regard to his or her personal interest in the* ***Covered Security****. It would constitute a breach of a* ***Research Analyst's*** *fiduciary duty and a violation of this Code to delay or fail to issue a* ***Recommendation*** *in order to avoid a conflict with this restriction.* |

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***Personal Trading Compliance*** will review any extenuating circumstances which may warrant the waiving of any remedial sanctions in a particular situation involving an inadvertent violation of this restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Persons** are prohibited from using a **Recommendation** for purposes of transacting in the **Covered Security** covered by the **Recommendation** in their personal accounts and other accounts covered by the Code until such time Loomis Sayles' clients have completed their transactions in said securities in order to give
priority to Loomis Sayles' clients' best interests.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Explanatory Note:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Trading Compliance** utilizes various automated reports to monitor **Access Persons'** trading in **Covered Securities** relative to **Recommendations** and associated client transactions. It also has various tools to determine whether a **Recommendation** has been reviewed by an **Access Person**. An **Access Person's** trading in a **Covered Security** following a **Recommendation** and subsequent client trading in the same security and in the same direction will be deemed a violation of the Code unless **Personal Trading Compliance** determines otherwise. |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.11. Initial Public Offerings** 

Investing in **Initial Public Offerings** of **Covered Securities** is prohibited unless such opportunities are connected with your prior employment compensation (i.e. options, grants, etc.) or your spouse's employment compensation. No **Access Person** may, directly or indirectly, purchase any securities sold in an **Initial Public Offering** without obtaining prior written approval from the **Chief Compliance Officer**.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.12. Private Placement Transactions** 

No **Access Person** may, directly or indirectly, purchase any **Covered Security** offered and sold pursuant to a **Private Placement Transaction**, including hedge funds and Initial Coin Offerings ("ICO"), including Coins and Tokens offered through an ICO structure, without obtaining the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management. In addition to addressing potential conflicts of interest between the **Access Person's Private Placement Transaction** and the firm's clients' best interests, the pre-clearance of **Private Placements** is designed to determine whether the **Access Person** may come into possession of material non-public information ("MNPI") on a publicly traded company as a result of the **Private Placement**.

A **Private Placement Transaction** approval must be obtained by completing an automated Private Placement Pre-clearance Form which can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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|:---|:---|
| *Explanatory Note:* | *If you have been authorized to acquire a* ***Covered Security*** *in a* ***Private Placement*** ***<u> </u>****Transaction****,*** *you must disclose to* ***Personal Trading Compliance*** *if you are involved in a client's subsequent consideration of an investment in the issuer of the* ***Private Placement****, even if that investment involves a different type or class of* ***Covered Security****. In such circumstances, the decision to purchase securities of the issuer for a client must be independently reviewed by an* ***Investment Person*** *with no personal interest in the issuer.* |

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The purchase of additional shares, (including mandatory capital calls), or the subsequent sale (partial or full) of a previously approved **Private Placement**, must receive pre-clearance approval from the **Chief Compliance Officer**. In addition, **<u>all</u>** transactions in **Private Placements** must be reported quarterly and annually as detailed in Section 6 of the Code.

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|:---|:---|
| *Explanatory Note:* | *To submit a pre-clearance request for subsequent trade activity in a* ***Private Placement****,* ***Access Persons*** *must complete the automated Private Placement Pre-clearance Form which will be reviewed by* ***Personal Trading Compliance*** *to ensure there are no conflicts with any underlying Code provisions including the Short-Term Trading Rule.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.13. Insider Trading** 

At the start of an **Access Person's** engagement with Loomis Sayles, and annually thereafter, each **Access Person** must acknowledge his/her understanding of and compliance with the Loomis Sayles Insider Trading Policies and Procedures. The firm's policy is to refrain from trading or recommending trading when in the possession of MNPI.

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Some examples of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings estimates or dividend changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positive or negative forthcoming news about an issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supplier discontinuances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mergers or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory Actions

If an **Access Person** receives or believes that he/she may have received MNPI with respect to a company, the Access Person <u>must</u> contact the **Chief Compliance Officer** or General Counsel immediately, and <u>must not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase or sell that security in question, including any derivatives of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommend the purchase or sale of that security, including any derivatives of that security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relate the information to anyone other than the **Chief Compliance Officer** or General Counsel of Loomis
Sayles.

If it has been determined that an **Access Person** has obtained MNPI on a particular company, its securities will generally be placed on the firm's Restricted List thereby restricting trading by the firm's client accounts and **Access Persons**, unless a firewall can be put in place in accordance with Loomis Sayles' Insider Trading Policies and Procedures.

In addition, under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), Loomis Asia is required under the Notice on Reporting of Misconduct of Representatives by Holders of Capital Markets Services License and Exempt Financial Institutions to report to the Monetary Authority of Singapore ("MAS") upon discovery of, inter alia, any involvement of its representatives in market misconduct or insider trading.

The Market Abuse Regulation ("MAR") requires that firms and individuals report suspicious transactions and orders (STORs), as defined in Article 16 of MAR, as well as attempted market abuse, to the FCA, without delay. The STOR report should be submitted via the FCA's Connect system.

Separately, **Access Persons** must inform **Personal Trading Compliance** if a spouse, partner and/or immediate family member **("Related Person")** is an officer and/or director of a publicly traded company in order to enable **Personal Trading Compliance** to implement special pre-clearance procedures for said Access Persons in order to prevent insider trading in the **Related Person's** company's securities.

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| *Explanatory Note:* | *An* ***Access Person*** *may not trade in the securities of a company with which a* ***Related Person*** *is associated without receiving prior approval from* ***Personal Trading Compliance*** *in order to ensure that the* ***Access Person*** *is not trading while in possession of material non-public information relating to the company.* |

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**Access Persons** should refer to the Loomis Sayles Insider Trading Policies and Procedures which are available on the Legal and Compliance homepage of the firm's Intranet, for complete guidance on dealing with MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;**4.14. Restricted and Concentration List** 

The Loomis Sayles Restricted and Concentration List ("Restricted List") is designed to restrict Loomis Sayles and/or **Access Persons** from trading in or recommending, the securities of companies on the Restricted List for client and/or **Access Persons** personal accounts. Companies may be added to the Restricted List if Loomis Sayles comes into possession of MNPI about a company. A company's securities can also be added to the Restricted List due to the size of the aggregate position Loomis Sayles' clients may have in the company. Finally, there may be regulatory and/or client contractual restrictions that may prevent Loomis Sayles from purchasing securities of its affiliates, and as a result, the securities of all publicly traded affiliates of Loomis Sayles will be added to the Restricted List. No conclusion should be drawn from the addition of an issuer to the Restricted List. **The Restricted List is confidential, proprietary information which must not be distributed outside of the firm.** 

At times, an **Access Person** may have possession of MNPI on a specific company as a result of his/her being behind a firewall. In such cases, **Personal Trading Compliance** will create a specialized Restricted List in ECM for the **Access Person** behind the wall in order to prevent trading in the company's securities until such time as the **Chief Compliance Officer** has deemed the information in the Access Person's possession to be in the public domain or no longer material.

If a security is added to either the Loomis Sayles firm-wide Restricted List or an individual or group **Access Person** Restricted List, **Access Persons** will be restricted from purchasing or selling all securities related to that issuer until such time as the security is removed from the applicable Restricted List. The ECM System has the information necessary to deny pre-clearance if these situations apply.

&nbsp;&nbsp;&nbsp;&nbsp;**4.15. Loomis Sayles Hedge Funds** 

From time to time Loomis Sayles may manage hedge funds, and **Access Persons** of Loomis Sayles, including the hedge fund's investment team and supervisors thereof may make personal investments in such hedge funds. At times, especially during the early stages of a new hedge fund, there may be a limited number of outside investors (i.e., clients and non-employee individual investors) in such funds. In order to mitigate the appearance that investing personally in a hedge fund can potentially be used as a way to benefit from certain trading practices that would otherwise be prohibited by the Code if **Access Persons** engaged in such trading practices in their personal accounts, investment team members of a hedge fund they manage are individually required to limit their personal investments in such funds to no more than 20% of the hedge funds' total assets. In addition, the supervisor of a hedge fund investment team must limit his/her personal investment in such hedge fund to no more than 25% of the hedge fund's total assets.

By limiting the personal interests in the hedge fund by their investment teams and their supervisors in this manner, all of the portfolio trading activity of the Loomis Sayles hedge funds is deemed to be exempt from the pre-clearance and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**4.16. Exemptions Granted by the Chief Compliance Officer** 

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Subject to applicable law, **Personal Trading Compliance** or the **Chief Compliance Officer** may from time to time grant exemptions, other than or in addition to those described in <u>Exhibit Five</u>, from the trading restrictions, pre-clearance requirements or other provisions of the Code with respect to particular individuals such as non-employee directors, consultants, temporary employees, interns or independent contractors, and types of transactions or **Covered Securities**, where, in the opinion of the **Chief Compliance Officer**, such an exemption is appropriate in light of all the surrounding circumstances.

In situations where the **CCO** or **Personal Trading Compliance** may have a familial relationship with an **Access Person** covered by the Code, the **CCO** or **Personal Trading Compliance** member will abstain in the review and potential approval of any investment related activity for that **Access Person**, and such review and approval will be conducted by a Personal Trading Compliance professional that does not have a familial relationship with the **Access Person**.

**5. PROHIBITED OR RESTRICTED ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Public Company Board Service and Other Affiliations**

To avoid conflicts of interest, MNPI and other compliance and business issues, Loomis Sayles prohibits **Access Persons** from serving as officers or members of the board of any publicly traded entity. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of Loomis Sayles.

In addition, in order to identify potential conflicts of interests, compliance and business issues, before accepting any service, employment, engagement, connection, association, or affiliation in or within any enterprise, business or otherwise, (herein after, collectively **"**Outside Activity(ies)**"**), an **Access Person** must obtain the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management.

To pre-approve an Outside Activity the Access Person must complete the Outside Activity Form, that can be found within the 'Important Links' section of the ECM Homepage. In determining whether to approve such Outside Activity, **Personal Trading Compliance** and the **Chief Compliance Officer** will consider whether such service will involve an actual or perceived conflict of interest with client trading, place impediments on Loomis Sayles' ability to trade on behalf of clients or otherwise materially interfere with the effective discharge of Loomis Sayles' or the **Access Person's** duties to clients. Loomis Asia Compliance will also be involved in this review process to be alerted on activities that require prompt notifications to MAS.

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|:---|:---|
| *Explanatory Note:* | *Examples of Outside Activities include, but are not limited to, family businesses, acting as an officer, partner or trustee of an organization or trust, political positions, second jobs, professional associations, etc. Outside Activities that are not covered by the Code are activities that involve a charity or foundation, as long as you do not provide investment or financial advice to the organization. Examples would include: volunteer work, homeowners' organizations (such as condos or coop boards), or other civic activities.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Participation in Investment Clubs and Private Pooled Vehicles** 

No **Access Person** shall participate in an investment club or invest in a hedge fund, or similar private organized investment pool (but not an SEC registered open-end mutual fund) without the express permission of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management, whether or not the investment vehicle is advised, sub-advised or distributed by Loomis Sayles or a Natixis investment adviser.

**6. REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.1. Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code** 

Within 10 days after becoming an **Access Person,** each **Access Person** must file with **Personal Trading Compliance**, a report of all **Covered Securities** holdings (including holdings of **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information contained therein must be current as of a date not more than 45 days prior to the individual becoming an **Access Person**.

Additionally, within 10 days of becoming an **Access Person**, such **Access Person** must report all brokerage or other accounts that hold or can hold **Covered Securities** in which the **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information must be as of the date the person became an **Access Person**. An **Access Person** can satisfy these reporting requirements by providing **Personal Trading Compliance** with a current copy of his or her brokerage account or other account statements, which hold or can hold **Covered Securities**. An automated Initial Code of Ethics Certification and Disclosure Form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. This form must be completed and submitted to **Personal Trading Compliance** by the **Access Person** within 10 days of becoming an **Access Person**. The content of the Initial Holdings information must include, at a minimum, the title and type of security, the ticker symbol or CUSIP or ISIN, number of shares, and principal amount of each Covered Security (including Reportable Funds) and the name of any broker, dealer or bank with which the securities are held. With the exception of the Access Persons of Loomis Asia and Loomis UK, newly hired **Access Persons** must close existing non-Select brokerage accounts and transfer the assets to a **Select Broker** within 30 days of their start date at Loomis Sayles, unless the **Access Person** receives written approval from **Personal Trading Compliance** or the **Chief Compliance Officer** to maintain his/her account(s) at a non**-**Select Broker.

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|:---|:---|
| *Explanatory Note:* | *Loomis Sayles treats all of its employees and certain consultants as* ***Access Persons****. Therefore, you are deemed to be an* ***Access Person*** *as of the first day you begin working for the firm.* |

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|:---|:---|
| *Explanatory Note:* | *Types of accounts in which* ***Access Persons*** *are required to report include, but are not limited to: personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of your partner, accounts of minor children living in your household, accounts of your adult children (18 years or older) living at college / university, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, pension accounts, cash management accounts (e.g. checking, savings, ATM or other banking accounts that allow transactions and holdings in Covered Securities), microsavings and mobile based application accounts, IRAs, 401Ks, trusts, DRIPs, ESOPs etc. that either hold or can hold Covered Securities (including Reportable Funds). In addition, physically held shares of* ***Covered Securities*** *must also be reported. An* ***Access Person*** *should contact* ***Personal Trading Compliance*** *if they are unsure as to whether an account or personal investment is subject to reporting under the Code so the account or investment can be properly reviewed.* |

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At the time of the initial disclosure period, each **Access Person** must also submit information pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• His/her participation in any Outside Activity as described in Section 5.1 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• His/her participation in an Investment Club as described in Section 5.2 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings in **Private Placements** including hedge funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A **Related Person** that is an officer and/or director of a publicly traded company; if any.

Upon becoming an **Access Person,** each **Access Person** will receive a copy of the Code, along with the Loomis Sayles Insider Trading Policies and Procedures and Loomis Sayles Gifts, Business Entertainment and Political Contributions Policies and Procedures. Within the 10 day initial disclosure period and annually thereafter, each **Access Person** must acknowledge that he or she has received, read and understands the aforementioned policies and recognize that he or she is subject hereto, and certify that he or she will comply with the requirements of each.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2. Brokerage Confirmations and Brokerage Account Statements** 

Each **Access Person** must notify **Personal Trading Compliance <u>immediately</u>** upon the opening of an account that holds or may hold **Covered Securities** (including **Reportable Funds**), <u>in which such **Access Person** has **Beneficial Ownership** or **Investment Control.**</u> In addition, if an account has been granted an exemption to the **Select Broker** requirement and/or the account is unable to be added to the applicable **Select Broker's** daily electronic broker feed, which supplies ECM with daily executed confirms and positions, **Personal Trading Compliance** will instruct the broker dealer of the account to provide it with duplicate copies of the account's confirmations and statements. If the broker dealer cannot provide **Personal Trading Compliance** with confirms and statements, the **Access Person** is responsible for providing **Personal Trading Compliance** with copies of such confirms as and when transactions are executed in the account, and statements on a monthly basis, if available, but no less than quarterly. Upon the opening of an account, an automated Personal Account Reporting Form must be completed and submitted to **Personal Trading Compliance**. This form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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|:---|:---|
| *Explanatory Note:* | *If the opening of an account is not reported immediately to* ***Personal Trading Compliance****, but is reported during the corresponding quarterly certification period, and there has not been any trade activity in the account, then the* ***Access Person*** *will be deemed to have not violated its reporting obligations under this Section of the Code.* |

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|:---|:---|
| *Explanatory Note:* | *For those accounts that are maintained at a* ***Select Broker*** *and are eligible for the broker's daily electronic confirm and position feed,* ***Access Persons*** *do not need to provide duplicate confirms and statements to* ***Personal Trading Compliance****. However, it is the* ***Access Person's*** *responsibility to accurately review and certify their quarterly transactions and annual holdings information in ECM, and to promptly notify* ***Personal Trading Compliance*** *if there are any discrepancies.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Public Company Certification** 

Utilizing ECM, each **Access Person** must file a report of all **Volitional** transactions in **Covered Securities** (including **Volitional** transactions in **Reportable Funds**) made during each calendar quarterly period in which such **Access Person** has, or by reason of such transaction acquires or disposes of, any **Beneficial Ownership** of a **Covered Security** (even if such **Access Person** has no direct or indirect **Investment Control** over such **Covered Security**), or as to which the **Access Person** has any direct or indirect **Investment Control** (even if such **Access Person** has no **Beneficial Ownership** in such **Covered Security**). **Non-volitional** transactions in **Covered Securities** (including **Reportable Funds**) such as automatic monthly payroll deductions, changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging programs, and transactions made within the Guided Choice Program are still subject to the Code's quarterly reporting requirements. If no transactions in any **Covered Securities** were effected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report through ECM within the time frame specified below stating that no reportable securities transactions were affected. The following information will be available in electronic format for **Access Persons** to verify on their Quarterly Transaction report:

The date of the transaction, the title of the security, ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each reportable security, nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), the price of the transaction, and the name of the broker, dealer or bank with which the transaction was effected. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

With the exception of those accounts described in <u>Exhibit Four,</u> **Access Persons** are also required to report each account that may hold or holds **Covered Securities** (including accounts that hold or may hold **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** or **Investment Control** that have been opened or closed during the reporting period. In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security,** including **Reportable Funds,** in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

Finally **Access Persons** must report any **Related Person** that is an officer and/or director of a publicly traded company and that they do not serve as an officer or member of the board of any publicly traded company.

Every quarterly report must be submitted no later than thirty (30) calendar days after the close of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;**6.4. Annual Reporting** 

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On an annual basis, as of a date specified by **Personal Trading Compliance,** each **Access Person** must file with **Personal Trading Compliance** a dated annual certification which identifies all holdings in **Covered Securities** (including **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. This reporting requirement also applies to shares of **Covered Securities**, including shares of **Reportable Funds** that were acquired during the year in **Non-volitional** transactions. Additionally, each **Access Person** must identify all personal accounts which hold or may hold **Covered Securities** (including **Reportable Funds),** in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. The information in the Annual Package shall reflect holdings in the **Access Person's** account(s) that are current as of a date specified by **Personal Trading Compliance**. The following information will be available in electronic format for **Access Persons** to verify on the Annual Holdings report:

The title of the security, the ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each **Covered Security** (including **Reportable Funds**) and the name of any broker, dealer or bank with which the securities are held. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

Furthermore, on an annual basis, each **Access Person** must acknowledge and certify that during the past year he/she has received, read, understood and complied with the Code, Insider Trading Policies and Procedures, and the Policies and Procedures on Gifts, Business Entertainment, and Political Contributions, except as otherwise disclosed in writing to **Personal Trading Compliance** or the **Chief Compliance Officer**. Finally, as part of the annual certification, each **Access Person** must acknowledge and confirm any Outside Activities in which he or she currently participates and any Related Person that is an officer and/or director of a publicly traded company.

All material changes to the Code will be promptly distributed to Access Persons, and also be distributed to **Supervised Persons** on a quarterly basis. On an annual basis, Supervised Persons will be asked to acknowledge his/her receipt, understanding of and compliance with the Code.

Every annual report must be submitted no later than (45) calendar days after the date specified by **Personal Trading Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;**6.5. Review of Reports by Chief Compliance Officer** 

The **Chief Compliance Officer** shall establish procedures as the **Chief Compliance Officer** may from time to time determine appropriate for the review of the information required to be compiled under this Code regarding transactions by **Access Persons** and to report any violations thereof to all necessary parties.

&nbsp;&nbsp;&nbsp;&nbsp;**6.6. Internal Reporting of Violations to the Chief Compliance Officer** 

Prompt internal reporting of any violation of the Code to the **Chief Compliance Officer** or **Personal Trading Compliance** is required under Rule 204A-1 and FCA (MAR and COBS). While the daily monitoring process undertaken by **Personal Trading Compliance** is designed to identify any violations of the Code, and handle any such violations promptly, **Access Persons** and **Supervised Persons** are required to promptly report any violations they learn of resulting from either their own conduct or those of other **Access Persons** or **Supervised Persons** to the **Chief Compliance Officer** or **Personal Trading Compliance**. It is incumbent upon Loomis Sayles to create an environment that encourages and protects **Access Persons** or **Supervised Persons** who report violations. In doing so, individuals have the right to remain anonymous in reporting violations. Furthermore, any form of retaliation against an individual who reports a violation could constitute a further violation of the Code, as deemed appropriate by the **Chief Compliance Officer**. All **Access Persons** and **Supervised Persons** should therefore feel safe to speak freely in reporting any violations.

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&nbsp;&nbsp;&nbsp;&nbsp; **6.7. Register of Interests in Securities** 

Pursuant to regulations 4 and 4A of the Securities and Futures (Licensing and Conduct of Business) Regulations, all employees of Loomis Asia who have been appointed as representatives under the Securities and Futures Act are required to maintain a register of their interests in securities which are listed for quotation, or quoted on the Singapore Exchange Securities Trading Limited or any recognized market operator recognized by the Monetary Authority of Singapore under the Securities and Futures Act. For purposes of the register of interests in securities, "securities" includes any type of equity or debt security, any equivalent, any derivative, instrument representing, or any rights relating to a security, and any closely related security, as well as units in any open-ended funds, closed-end funds and business trusts. In addition, all employees are deemed to have an "interest" in securities if he/she has **Beneficial Ownership** or **Investment Control** (whether formal or informal, expressed or implied) over those securities. Section 4 of the SFA also sets out instances under which a person is deemed to have an "interest" in securities (for instance, where a person has an interest in securities through a corporation in which such person has a controlling interest. If you are unsure whether your personal trading activity needs to be entered into your register of interests in securities, please consult **Personal Trading Compliance**.

Representatives of Loomis Asia must enter into their register of interests in securities, within 7 days after the date that they acquire any interest in securities, particulars of the securities in which they have an interest and particulars of their interests in those securities. Where there is a change in any interest in securities, representatives must enter in their register, within 7 days after the date of the change, particulars of the change (including the date of the change and the circumstances by reason of which the change occurred). Representatives of Loomis Asia maintain records of their holdings and transactions in securities on an Automated System (ECM). Such records must be produced for the MAS' inspection upon request.

Loomis Asia separately maintains a nil register of interest in securities for the entity which does not hold any such interest.

The register of interests in securities is kept in Loomis Asia's office (as notified to MAS) and Loomis US. Each entry in the register must be retained in an easily accessible form for a period of not less than 5 years after the date on which the entry was first made.

&nbsp;&nbsp;&nbsp;&nbsp;**6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives** 

Pursuant to the license conditions set out upon being granted the Capital Markets Services License to conduct the regulated activity of Fund Management and Dealing in Capital Markets Products in Singapore, Loomis Asia's Directors and Chief Executive Officer ("CEO") are required to inform MAS via email or other means directed, of any change in business interests and substantial shareholdings promptly (i.e., 5% or more ownership of the outstanding voting securities in any entity).

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*Notification of Substantial Shareholdings* 

For Loomis Asia's Appointed Representatives, Directors and CEO, substantial shareholdings need to be recorded in ECM in a timely fashion upon the acquisition date of a 5% position, and thereafter for any 1% change in a 5% position. For Loomis Asia's Directors and CEO

who are not an Appointed Representatives, notification of substantial shareholdings to MAS is required and usually made via email unless otherwise directed to be made in other means.

Appointed Representatives, the CEO and Directors of Loomis Asia are responsible for notifying **Personal Trading Compliance** within 14 calendar days upon acquiring a 5% position and any 1% changes thereto for review and mitigation of potential conflict of interests arising of such substantial shareholdings. Loomis Asia Compliance will also rely on ad hoc reviews, monthly certifications and quarterly checklists to identify reportable holdings.

*Notification of Business interests* 

Business interests refer to any role with any business entity arising from pre-approved Outside Activities or internal roles within Loomis's corporate and affiliated entities usually held by senior officers and directors. Loomis Asia's Appointed Representatives, Directors and CEO must notify **Personal Trading Compliance** within 14 calendar days from the effective date of any changes to their business interests. Changes in business interests of Loomis Asia's Directors or CEO would be separately notified to MAS via email or other means directed.

For internal roles within Loomis's corporate and affiliated entities held by certain Loomis Asia's directors, Loomis Asia's Compliance will work with the Legal and Compliance of Loomis US to periodically obtain updates on potential changes to the internal roles for prompt notification to MAS.

**7. SANCTIONS** 

Any violation of the substantive or procedural requirements of this Code will result in the imposition of a sanction as set forth in the firm's then current Sanctions Policy that is maintained on the ECM Homepage, or as the Ethics Committee may deem appropriate under the circumstances of the particular violation. These sanctions may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a letter of caution or warning (i.e. Procedures Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of a fine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring the employee to reverse a trade and realize losses or disgorge any profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restitution to an affected client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions affecting employment status, such as suspension of employment without pay, demotion or termination of
employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to the SEC, FCA or MAS and other civil authorities or criminal authorities.

Serious violations, including those involving deception, dishonesty or knowing breaches of law or fiduciary duty, will result in one or more of the most severe sanctions regardless of the violator's history of prior compliance.

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*Explanatory Note:* *Any violation of the Code, following a "first offense" whether or not for the same type of violation, will be treated as a subsequent offense.*

Fines, penalties and disgorged profits will be donated to a charity selected by the Loomis Sayles Charitable Giving Committee.

**8.** **RECORDKEEPING REQUIREMENTS** 

Loomis Sayles shall maintain and preserve records, in an easily accessible place, relating to the Code of the type and in the manner and form and for the time period prescribed from time to time by applicable law. Currently, Loomis Sayles is required by law to maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place, a copy of this Code (and any prior Code of Ethics that was in effect at any time
during the past five years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place a record of any violation of the Code and of any action taken as a result of such
violation for a period of five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report (or information provided in lieu of a report including any manual pre-clearance forms and information relied upon or used for reporting) submitted under the Code for a period of five years, provided that for the first two years such copy must be preserved in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of **Access Persons'** and **Supervised Persons'** written acknowledgment of initial
receipt of the Code and his/her annual acknowledgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place, a record of the names of all **Access Persons** within the past five years,
even if some of them are no longer **Access Persons**, the holdings and transactions reports made by these Access Persons, and records of all Access Persons' personal securities reports (and duplicate brokerage confirmations or account
statements in lieu of these reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report provided to any Investment Company as required by paragraph (c)(2)(ii) of Rule 17j-1 under the 1940 Act or any successor provision for a period of five years following the end of the fiscal year in which such report is made, provided that for the first two years such record shall be
preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written record of any decision and the reasons supporting any decision, to approve the purchase by an **Access Person** of any **Covered Security** in an **Initial Public Offering or Private Placement Transaction** or other limited offering for a period of five years following the end of the fiscal year in which the approval is granted.

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| *Explanatory Note:* | *Under Rule 204-2, the standard retention period required for all documents and records listed above is five years, from the end of the calendar year in which the record was created, in an easily accessible place, the first two years in an appropriate office of* ***Personal Trading Compliance****. Under the IMAS Code of Ethics & Standards of Professional Conduct, Loomis Asia is required to keep records related to its policies and internal controls governing personal dealing, including any violations and the resultant investigations and actions taken where appropriate, for a period of six years. Under MAR, the FCA requires all records be retained for 5 years.* |

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**9. MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;**9.1. Confidentiality** 

Loomis Sayles will keep information obtained from any **Access Person** hereunder in strict confidence. Notwithstanding the forgoing, reports of **Covered Securities** transactions and violations hereunder will be made available to the SEC, FCA, MAS or any other regulatory or self-regulatory organizations to the extent required by law**,** rule or regulation, and in certain circumstances, may in Loomis Sayles' discretion be made available to other civil and criminal authorities. In addition, information regarding violations of the Code may be provided to clients or former clients of Loomis Sayles that have been directly or indirectly affected by such violations.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2. Disclosure of Client Trading Knowledge** 

No **Access Person** may, directly or indirectly, communicate to any person who is not an **Access Person** or other approved agent of Loomis Sayles (e.g., legal counsel) any non-public information relating to any client of Loomis Sayles or any assets held in the account of a client, including, without limitation, the purchase or sale or considered purchase or sale of a **Covered Security** on behalf of any client of Loomis Sayles, except to the extent necessary to comply with applicable law or to effectuate traditional asset management/operations activities on behalf of the client of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;**9.3. Notice to Access Persons, Investment Persons and Research Analysts as to Code Status** 

**Personal Trading Compliance** will initially determine an employee's status as an **Access Person, Research Analyst** or **Investment Person** and the client accounts to which **Investment Persons** should be associated, and will inform such persons of their respective reporting and duties under the Code.

All **Access Persons** and/or the applicable supervisors thereof, have an obligation to inform **Personal Trading Compliance** if an **Access Person's** responsibilities change during the **Access Person's** tenure at Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;**9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors** 

Any **Access Person** that is engaged by Loomis Sayles as a non-employee service provider ("NESP"), such as a consultant, temporary employee, intern or independent contractor, shall be communicated to **Personal Trading Compliance** prior to his/her engagement by that person's supervisor. The NESP's supervisor shall provide to **Personal Trading Compliance** the information necessary to make a determination as to how the Code shall apply to such NESP.

While NESPs are considered **Access Persons** under the Code, they generally have no investment or research related duties, do not have access to intended client investment decisions, and do not participate in client investment meetings. As a result, NESPs are not subject to the Code's pre-clearance and trading restrictions. However, to ensure that **Personal Trading Compliance** can effectively review NESP trading activities for potential front running conflicts with client accounts, certain Code provisions under **Section 6. Reporting Requirements** do apply. These reporting requirements, along with the NESP's fiduciary duties, are described in further detail in the Code of Ethics Compliance Statement that each NESP must formally acknowledge upon their engagement with Loomis Sayles, as well as on an annual basis.

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At times, NESPs are contracted to various departments at Loomis Sayles where they may be involved or be privy to the investment process for client accounts or the Loomis Sayles recommendation process. Prior to their engagement, the NESP's supervisor will notify **Personal Trading Compliance** of these roles and depending on the facts and circumstances, **Personal Trading Compliance** will inform the NESP as to which further provisions of the Code will apply to them during their engagement.

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| | |
|:---|:---|
| *Explanatory Note:* | *It is important to note that while the Code's reporting requirements outlined in Section 6. Reporting Requirements, apply to all* ***Access Persons****, given the nature of the access and roles of NESPs, as described above, the Code provides for waiver of certain Code requirements, depending on the tasks to be performed by the NESP. The Code of Compliance Statement nevertheless mandates that NESPs comply with the spirit of the Code's reporting requirements, and that failures to report accurately or timely will be reviewed for risk as it pertains to client investments. Dependent on the facts and circumstances of any potential reporting failures, it will be the judgement of* ***Personal Trading Compliance*** *or the* ***Chief Compliance Officer*** *to determine the severity of the failure and apply the appropriate sanctions as described in* ***Section***  ***7. Sanctions****, above.* |

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&nbsp;&nbsp;&nbsp;&nbsp;**9.5. Exemptions to the Application of the Code** 

Under limited circumstances, the **Chief Compliance Officer** may deem it admissible to allow non-Loomis Sayles employees access to certain client information, which will designate those individuals as Access Persons under the Code. Since there are significant variations in terms of: (i) the nature of the types of services, (ii) types of access being provided; and the length of time during which such persons provide services to Loomis Sayles or require access to client data, the **Chief Compliance Officer** may deem it appropriate to apply a limited set of Code requirements to those individuals. In such instances, the **Chief Compliance Officer** or **Personal Trading Compliance** will train those individuals of the relevant key concepts of the Code, and require them to periodically certify having received, read, understood and complied with those requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**9.6. Questions and Educational Materials** 

**Access Persons** are encouraged to bring to **Personal Trading Compliance** any questions you may have about interpreting or complying with the Code about **Covered Securities**, accounts that hold or may hold **Covered Securities** or personal trading activities of you, your family, or household members, your legal and ethical responsibilities, or similar matters that may involve the Code.

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**Personal Trading Compliance** will from time to time circulate educational materials or bulletins or conduct training sessions designed to assist you in understanding and carrying out your duties under the Code. On an annual basis, each **Access Person** is required to successfully complete the Code of Ethics and Fiduciary Duty Tutorial designed to educate **Access Persons** on their responsibilities under the Code and other Loomis Sayles policies and procedures that generally apply to all employees.

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***GLOSSARY OF TERMS***

The **boldface** terms used throughout this policy have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "**Access Person**" means an "access person" as defined from time to time in Rule 17j-1 under the 1940 Act or any applicable successor provision. Currently, this means any director, or officer of Loomis Sayles, or any **Advisory Person** (as defined below) of Loomis Sayles, but does not
include any director who is not an officer or employee of Loomis Sayles or its corporate general partner and who meets all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. He or she, in connection with his or her regular functions or duties, does not make, participate in or obtain
information regarding the purchase or sale of Covered Securities by a registered investment company, and whose functions do not relate to the making of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. He or she does not have access to nonpublic information regarding any clients' purchase or sale of
securities, or nonpublic information regarding the portfolio holdings of any **Reportable Fund**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. He or she is not involved in making securities recommendations to clients, and does not have access to such
recommendations that are nonpublic.

Loomis Sayles treats all employees as **Access Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "**Advisory Person**" means an "advisory person" and "advisory
representative" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act, respectively, or any applicable
successor provision. Currently, this means (i) every employee of Loomis Sayles (or of any company in a **Control** relationship to Loomis Sayles), who, in connection with his or her regular functions or duties, makes, participates in, or
obtains information regarding the purchase or sale of a **Covered Security** by Loomis Sayles on behalf of clients, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) every
natural person in a **Control** relationship to Loomis Sayles who obtains information concerning recommendations made to a client with regard to the purchase or sale of a **Covered Security. Advisory Person** also includes: (a) any
other employee designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as an **Advisory Person** under this Code; (b) any consultant, temporary employee, intern or independent contractor (or similar person)
engaged by Loomis Sayles designated as such by **Personal Trading Compliance** or the **Chief Compliance Officer** as a result of such person's access to information about the purchase or sale of **Covered Securities** by Loomis
Sayles on behalf of clients (by being present in Loomis Sayles offices, having access to computer data or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership** "**  is defined in Section 3.2 of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "**Chief Compliance Officer**" refers to the officer or employee of Loomis Sayles
designated from time to time by Loomis Sayles to receive and review reports of purchases and sales by **Access Persons**, and to address issues of personal trading. "**Personal Trading Compliance**" means the employee or employees
of Loomis Sayles designated from time to time by the General Counsel of Loomis Sayles to receive and review reports of purchases and sales, and to address issues of personal trading, by the **Chief Compliance Officer**, and to act for the **Chief Compliance Officer** in the absence of the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "**Covered Security**" is defined in Section 3.1 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Exempt ETF"** is defined in Section 3.1 of the Code and a list of such funds is found in
Exhibit Two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "**Federal Securities Laws**" refers to the Securities Act of 1933, the Securities Exchange Act
of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, 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
funds and investment advisers, and any rules adopted there under by the SEC or the U.S. Department of the Treasury, and any amendments to the above mentioned statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "**Investment Control**" is defined in Section 3.3 of the Code. This means
"control" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act or any applicable successor provision.
Currently, this means the power to directly or indirectly influence, manage, trade, or give instructions concerning the investment disposition of assets in an account or to approve or disapprove transactions in an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "**Initial Public Offering**" means an "initial public offering" as defined from
time to time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means any offering of securities registered under the Securities Act of 1933 the issuer of which immediately
before the offering, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "**Investment Company**" means any **Investment Company** registered as such under the 1940
Act and for which Loomis Sayles serves as investment adviser or subadviser or which an affiliate of Loomis Sayles serves as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "**Investment Person**" means all **Portfolio Managers** of Loomis Sayles and other **Advisory Persons** who assist the **Portfolio Managers** in making and implementing investment decisions for an **Investment Company** or other client of Loomis Sayles, including, but not limited to, designated **Research Analysts** and traders of Loomis Sayles. A person is considered an **Investment Person** only as to those client accounts or types of client accounts as to which he or she is designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as such. As to other accounts, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"Loomis Advised Fund"** is any Reportable Fund advised or sub-advised by Loomis Sayles. A list of these funds can be found in <u>Exhibit One</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "**Non-volitional**" transactions are any
transaction in which the employee has not determined the timing as to when the purchase or sale will occur and the amount of shares to be purchased or sold, i.e. changes to future contributions within the Loomis Sayles Retirement Plans, dividend
reinvestment programs, dollar cost averaging program, automatic monthly payroll deductions, and any transactions made within the Guided Choice Program. **Non-volitional** transactions are not subject to the pre-clearance or quarterly reporting requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "**Portfolio Manager**" means any individual employed by Loomis Sayles who has been designated
as a **Portfolio Manager** by Loomis Sayles. A person is considered a **Portfolio Manager** only as to those client accounts as to which he or she is designated by the **Chief Compliance Officer** as such. As to other client accounts, he or
she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "**Private Placement Transaction**" means a "limited offering" as defined from time
to time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means an offering exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or 4(6)
or Rule 504, 505 or 506 under that Act, including hedge funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "**Recommendation**" means any change to a security's price target or other type of
recommendation in the case of an equity **Covered Security,** or any initial rating or rating change in the case of a fixed income **Covered Security** in either case issued by a **Research Analyst**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "**Related Person**" means a spouse/partner and/or immediately family member of an Access
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "**Reportable Fund**" is defined in Section 3.1 of the Code, and a list of such
funds is found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. "**Research Analyst**" means any individual employed by Loomis Sayles who has been
designated as a **Research Analyst** or **Research Associate** by Loomis Sayles. A person is considered a **Research Analyst** only as to those **Covered Securities** which he or she is assigned to cover and about which he or she issues
research reports to other **Investment Persons** or otherwise makes recommendations to Investment Persons beyond publishing their research. As to other securities, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. "**Select Broker**" is defined in Section 3.4 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "**Supervised Person**" is defined in Section 202(a)(25) of the Advisers Act and currently
includes any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Loomis Sayles, or other person who provides investment advice on behalf of Loomis Sayles and is subject to the
supervision and control of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. "**Volitional**" transactions are any transactions in which the employee has determined the
timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold. **Volitional** transactions are subject to the pre-clearance and reporting requirements under the Code.

## Ex-99.(P)(16)

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| | |
|:---|:---|
| MFS<sup>®</sup> Code of Ethics Policy |  |
| April 2, 2025 | Personal Investing |
| Applies to |  |
| All MFS full-time, part-time and temporary employees globally<br>All MFS contractors, interns and co-ops who have been notified by Compliance that they are subject to this policy<br>All MFS entities<br>Questions?<br>iComply@mfs.com | The inherent nature of MFS' services in selecting and trading securities has the potential to create a real or apparent conflict of interest with your personal investing activities. As a result, every individual subject to this policy has a fiduciary duty to avoid taking personal advantage of any knowledge of our clients' investment activities.<br>Following the letter and spirit of the rules in this policy is central to meeting client expectations and ensuring that we remain a trusted and respected firm. |
| Compliance Helpline, x54290 |  |
| Ryan Erickson, x54430 |  |
| Elysa Aswad, x54535 |  |
| Carrie Arnott, x55971 |  |
| Joe Peterson, x57574 |  |
| For more information on administration such as regulatory authority, supervision, interpretation and escalation, monitoring, related policies, amendment or recordkeeping please <u>click this link</u>. |  |

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**Rules That Apply to Everyone** 

Your fiduciary duty

Always place client interests ahead of your own. You must never:

∎ Take advantage of your position at MFS to misappropriate investment opportunities from MFS clients.

∎ Seek to defraud an MFS client or do anything that could have the effect of creating fraud or manipulation.

∎ Mislead a client.

Account reporting obligations

Make sure you understand which accounts are reportable accounts. To determine whether an account is reportable, ask the following questions:

1 Is the account one of the following?

ŭ A brokerage account.

ŭ Any other type of account (such as employee stock option or stock purchase plans or UK Stocks and Shares ISA accounts) in which you have the ability to hold or trade reportable securities (see the list of reportable securities on page 8).

ŭ Any account, including MFS-sponsored retirement or benefit plans, that holds a reportable fund (see definition of reportable fund on page 9 and a list of these funds on iComply).

2 Is any of the following true?

ŭ You beneficially own the account.

ŭ The account is beneficially owned by your spouse or domestic partner.

ŭ The account is beneficially owned by another member of your household such as a parent, sibling or child for whom you provide financial support, such as sharing of household expenses.

ŭ The account is beneficially owned by anyone who you claim as a tax deduction.

ŭ The account is controlled (such as via trading authority or power of attorney) by you or another member of your household (other than to fulfill duties of employment) for whom you provide financial support, such as sharing of household expenses.

If you answered "yes" to both questions, the account is reportable.

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Beneficial ownership**<br>The concept of beneficial ownership is broader than that of outright ownership. Anyone who is in a position to benefit from the gains or income from, or who controls, an account or investment is considered to have beneficial ownership. This means that this policy applies not only to you, but to others that share beneficial ownership in these accounts or securities. See examples on page 7. Frequently Asked Questions on the topic can be found here<br>|

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Ensure that MFS receives account statements for all your reportable accounts. Depending on the type of account or your location, you may need to provide them to Compliance directly.

Promptly report any newly opened reportable account or any existing account that has become reportable (including those at an approved broker). This includes accounts that become reportable accounts through life events, such as marriage, divorce, power of attorney or inheritance.

ADDITIONAL REQUIREMENT FOR US EMPLOYEES

*Does not include interns, contractors, co-ops, or temporary employees*

Maintain your reportable accounts at an approved broker. When you join MFS, if you have accounts at non- approved brokers you must close them or move them to an approved broker (list available on iComply).

In rare cases, if you file a request that includes valid reasons for an exception, we may permit you to maintain a reportable account at

a broker not on the approved broker list (for instance, if you have a fully discretionary account).

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HELPFUL TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Mobile Investing Apps**<br>Many brokerage firms offer apps for mobile devices that allow you to quickly invest in reportable securities. Be aware that these apps are brokerage accounts that are covered by this policy, and all of its rules apply to those accounts as they would to any other brokerage account. Be aware of these rules and be sure to speak with your family or household members about the applicability of this policy when using such apps.<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HELPFUL TO KNOW**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Discretionary accounts and automatic investment plans** <br>Discretionary accounts (accounts that are managed for you by a third-party registered investment adviser or bank or trust company) and transactions made under an automatic investment plan (such as an Employee Stock Ownership Plan) are reportable, but with approval from Cpliance they are:<br>∎<br>exempt from quarterly transaction and annual holdings certifications (though you must still provide account statements).<br>∎<br>exempt from the Access Person and Research Analyst/Institutional Portfolio Manager/Portfolio Manager trading rules (such as the rules concerning pre- clearance and the 60-day holding period, pp. 5–6), but you still must obtain pre-approval before your advisor participates in an IPO or private placement.<br>∎<br>exempt from certain "Ethical Personal Investing" trading rules such as excessive trading and trading of MFS funds (pp. 3–4).<br>Request approval for these accounts using the Account Exception form found in iComply.<br>|

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Securities reporting obligations

Make sure you understand which securities are reportable securities. This includes most stocks, bonds, MFS funds, exchange- traded funds (ETFs), futures, options, structured products, private placements and other unregistered securities even if they are not held in a reportable account. See the table on page 8.

Report all applicable accounts, transactions and holdings timely.

Use the iComply system and submit all reports by these deadlines:

∎ Initial Accounts & Holdings reports: Submit within 10 calendar days of hire or upon an access level change. Information about these holdings must be no more than 45 days old when submitted.

∎ Quarterly Personal Transaction Report: Submit within 30 days of the end of each calendar quarter.

∎ Annual Holdings Report: Submit within 30 days of the end of each calendar year.

Note that you must submit each report even if no transactions or other changes occurred during the time period.

The Quarterly Personal Transaction Reports do not need to include:

∎ Transactions or holdings in non-reportable securities.

∎ Transactions or holdings in discretionary accounts for which there is an approval on file with Compliance.

∎ Involuntary transactions, such as automatic investment plans, dividend reinvestments, etc. The Annual Holdings Report, however, must reflect these transactions.

ADDITIONAL REQUIREMENTS FOR APPOINTED REPRESENTATIVES IN SINGAPORE

Provide a copy of the contract note for any trade of any security, including reportable securities and non- reportable securities, to Singapore Compliance, within 7 days of the trade. Check with Singapore Compliance on the information you must provide.

Ethical Personal Investing

Never trade securities based on the improper use of information, and never help anyone else to do so. This includes any trade based on:

∎ Information about the investments of any MFS client, including front-running and tailgating (trading just before or just after a similar trade for a client account).

∎ Confidential information or inside information (information about the issuer of a security, or the security itself, that is both material and non-public).

Do not buy or sell options on Reportable Securities. This includes options on equities (but not employee stock options), ETFs and indexes. This rule does not apply to those securities listed in the Exempt Securities box below.

Do not sell securities short. This rule does not apply to those securities listed in the Exempt Securities box below.

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **IMPORTANT TO KNOW** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Securities exempt from options and short selling rules<br>∎<br>Options on, or ETFs that track, the following indexes: S&P 500; NASDAQ 100; Russell 2000; S&P Europe 350; FTSE 100; FTSE Mid 250; Hang Seng 100; Nikkei 225; S&P ASX 200; S&P TSX; STOXX Europe 600<br>∎<br>Options (but not ETFs) based on non-reportable securities (*e.g.* commodities, currencies, US Treasuries)<br>Consult with Compliance when uncertain. Compliance may update this list with approval from the Employee Conduct Oversight Committee and maintain a current list on iComply.<br>|

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Do not trade excessively. At MFS, personal trading is a privilege, not a right. It should never interfere with your job performance. MFS may limit the number of trades you are allowed during a given period, or may discipline you for trading excessively. In addition, frequent trading in MFS funds may trigger other penalties, as described in the relevant fund prospectuses.

Do not accept investment discretion over accounts that are not yours. In limited circumstances, and with advance approval from Compliance, you may be allowed to assume power of attorney relating to financial or investment matters for another person or entity.

If you become an executor or trustee of an estate and it involves control over a securities account, you must notify Compliance upon assuming the role, and you must meet any reporting or pre-clearance obligations that apply.

Do not participate in any investment contest or club. This applies whether or not any compensation or prize is awarded.

Do not trade securities that MFS has restricted. Follow MFS' instructions when you are notified of a restriction in designated securities.

Only make investments in MFS open-end funds or funds sub- advised by MFS through these methods:

∎ Directly through MFS Service Center (for US open-end funds) or State Street (Lux) (for Meridian Funds)

∎ Through an MFS Approved Broker (US employees)

∎ Non-US employees may invest through a financial institution of their choice

∎ Through an MFS-sponsored benefit plan account

∎ Accounts for which you have received an exception from Compliance, such as a fully discretionary account

Note that investments in non-MFS accounts are publicly available share classes only. You must also follow all rules of the relevant prospectus and all rules in this policy, such as reporting and statements.

Do not participate in initial public offerings (IPOs) or other limited offerings of securities except with advance approval from MFS. This rule includes initial, secondary and follow-on offerings of equity securities and closed-end funds and new issues of corporate debt securities.

To request approval for an IPO or secondary offering, enter an Initial Public Offering Request using the form found on iComply. Note that approval is not typically granted, and when granted often involves strict limits.

Never use a derivative, or any other instrument or technique, to get around a rule. If an investment transaction is prohibited, then you are also prohibited from effectively accomplishing the same thing by using futures, options, ETFs or any other type of financial instrument.

Do not invest in Contracts for Difference or engage in spread betting on financial markets. This includes any wagering on market spreads or behaviors and any off-exchange trading.

Do not invest in exchange traded funds based on exposure to a single security or issuer ("single-stock ETFs"). These products offer leveraged, inverse, or other complex exposure and are often designed to provide returns over short periods of time.

Do not trade on margin and do not use good 'til canceled limit orders. This rule does not apply to securities that are not subject to pre- clearance or to accounts where a registered investment adviser has investment discretion.

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **HELPFUL TO KNOW** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Changes in job status and life events**<br>When changing jobs within MFS, ensure that you understand the rules that apply to you. Confirm with your new manager and Compliance what your access level is and what restrictions and requirements apply to you.<br>When going on leave, you must continue to comply with this policy unless otherwise approved by Compliance. When you return from leave you must complete any outstanding obligations.<br>Be cognizant of reporting obligations under this policy when life events occur such as marriage, divorce or inheritance of an account. Consult with Compliance when uncertain.<br>|

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **HELPFUL TO KNOW** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Virtual Currency/Cryptocurrency Accounts and Cryptocurrencies**<br>∎<br>Virtual currency/cryptocurrency accounts do not require reporting<br>∎<br>Cryptocurrencies, as well as options and futures on cryptocurrencies, do not require pre-clearance nor reporting<br>∎<br>Cryptocurrency investment trusts require both pre-clearance and reporting. They are also subject to the 60-day profit rule among other rules<br>∎<br>Cryptocurrency ETFs do not require pre-clearance, but are subject to reporting<br>∎<br>Initial Coin Offerings are considered as private placements, requiring compliance pre-approval and reporting<br>|

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**Rules that Apply Only to Access Persons** 

Pre-clearing personal trades

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **WHICH ACCESS LEVEL ARE YOU?**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Access Persons** Most MFS personnel, including all officers and directors, are designated as Access Persons. You should consider yourself an Access Person unless it has been communicated to you by Compliance that you are not.<br>**Research Analysts, Institutional Portfolio Managers and Portfolio Managers** In addition to the rules for Access Persons, these individuals are subject to additional rules, as noted on the following pages.<br>*Compliance may designate other personnel as Access Persons. This may include consultants, contractors or interns who provide services to MFS, and employees of Sun Life Financial Inc*<br>|

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Make sure you understand which securities require pre-clearance. Note that there are some differences between which securities require pre-clearance and which must be reported.

See the table on page 8 of this policy.

Pre-clear all personal trades in applicable securities. Request pre- clearance on the day you want to execute the trade by entering your request in the iComply system. Remember that you must pre-clear trades for all of your reportable accounts (such as those of a spouse or domestic partner) as well as for securities not held in an account.

Once you have requested pre-clearance, wait for a response. Do NOT place any trade order until you have received notice of approval for that trade. Note that pre-clearance requests can be denied at any time and for any reason.

Pre-clearance approvals expire at the end of the trading day on which they are issued, trades must be executed on the same day pre-clearance approval is granted.

Obtain advance approval for any private investments or other unregistered securities. This includes private placements (investments in private companies), private investment in public equity securities (PIPES), hedge funds or other private funds, "crowdfunding" or "crowdsourcing" investments, peer-to-peer lending, pooled vehicles (such as partnerships), Initial Coin Offerings (ICO's), Security Tokens and other similar investments.

Before investing, enter a Private Placement/Unregistered Securities Approval Request found on iComply, and do not act until you have received approval.

Limits to personal investment practices

Do not buy and then sell (or sell and then buy) at a profit the same or equivalent reportable security within 60 calendar days. MFS may interpret this rule very broadly. For example, it may look at transactions across all of your reportable accounts and may match trades that are not of the same size, security type or tax lot. Any gains realized in connection with these transactions must be surrendered. Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion, or to involuntary transactions. *Japan-based personnel: See rule with higher standard below.*

ADDITIONAL REQUIREMENTS FOR JAPAN-BASED PERSONNEL

Do not buy and then sell (or sell and then buy) the same or equivalent reportable security within six months.

Never trade personally in any security you have researched in the prior 30 days or are scheduled to research in the future.

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ADDITIONAL REQUIREMENTS FOR RESEARCH ANALYSTS

*including, Research Associates, Institutional Portfolio Managers and Portfolio Managers who may write research notes*

Never trade (or transfer ownership of) reportable securities personally while in possession of material information about an issuer you have researched or been assigned to research unless you have already communicated the information in a research note. *Japan- based personnel: See rule with higher standard below.*

Understand and fulfill your duties with regard to research recommendations. You have an affirmative duty to provide unbiased and timely research recommendations in a research note. You must:

∎ Disclose trading opportunities for client accounts prior to trading personally in any securities of that issuer.

∎ Provide a research recommendation if a security is suitable for the client accounts even if you have already traded the security personally or if making such a recommendation would create the appearance of a conflict of
interest. Notify Compliance promptly of any apparent conflicts, but do not refrain from making a research recommendation.

ADDITIONAL REQUIREMENTS FOR PORTFOLIO MANAGERS

*including Research Analysts and Institutional Portfolio Managers assigned to a fund as a portfolio manager*

Never personally trade (or transfer ownership of) a reportable security within seven calendar days before or after a trade in any security or derivative of the same issuer in any client account that you manage. In practice, this means:

∎ Contacting Compliance promptly when deciding to make a portfolio trade in any security you have personally traded within the past seven calendar days (but do not refrain from making a trade that is suitable for a client
account even if you have traded the security personally).

∎ Refraining from personally trading any reportable securities you think any of your client accounts might wish to trade within the next seven calendar days.

∎ Delaying personal trades in any reportable securities your client accounts have traded until the eighth calendar day after the most recent trade by a client account (or longer, to be certain of avoiding any appearance
of conflict of interest).

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion or to involuntary transactions.

Never buy and then sell (or sell and then buy), within 14 calendar days, any shares of a fund you manage.

Contact Compliance before any fund you manage invests in any securities of an issuer whose private securities you own or if the private entity enters into a material transaction with a public issuer. You will need to disclose your private interest and assist Compliance in performing review.

Personal Investing \| Page 6

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Additional Information for all Personnel Subject to this Policy

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES** | &nbsp;&nbsp;&nbsp;&nbsp; **BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Accounts of parents or children** | **Transfer on death (TOD) accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You share a household with one or both parents, but you do not provide any financial support to the parent(s): You are not a beneficial owner of the parents' accounts and securities.<br>| &nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You automatically become the registered owner upon the death of the prior account owner: You are a beneficial owner as of the date the account is re- registered in your name, but not before.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trusts**<br>∎<br>You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership is determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities & Affiliations Policy). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trusts**<br>∎<br>You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership is determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities & Affiliations Policy). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts of domestic partners or roommates** | &nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You are a trustee for an account and you or a family member is a beneficiary:<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎<br>You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You are a beneficial owner of the account.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎<br>You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities. | &nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You are a beneficiary of the account and can make investment decisions without consulting a trustee: You are a beneficial owner of the account.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. | &nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You are a beneficiary of the account but have no investment control: You are a beneficial owner as of the date the trust is distributed, but not before.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎<br>You are the settlor of a revocable trust: You are a beneficial owner of the account.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You have a roommate: Generally, roommates are presumed to be temporary and to have no beneficial interest in one another's accounts and securities.<br>| &nbsp;&nbsp;&nbsp;&nbsp; ∎<br>Your spouse or domestic partner is a trustee and a beneficiary: Beneficial ownership is determined on a case-by-case basis.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **UGMA/UTMA accounts** | **Investment powers over an account** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>Either you or your spouse is the custodian of a Uniform Gift/ Trust to Minor Account (UGMA/UTMA) for a minor, and one or both of you is a parent of the minor: You are a beneficial owner of the account. (If someone else is the custodian, you are not a beneficial owner.) | &nbsp;&nbsp;&nbsp;&nbsp; ∎<br>You have power of attorney over an account: You are a beneficial owner as of the date you assume control of the trading or investment decisions on the account, but not before.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>Either you or your spouse is the custodian of a Uniform Gift/ Trust to Minor Account (UGMA/UTMA) for a minor, and one or both of you is a parent of the minor: You are a beneficial owner of the account. (If someone else is the custodian, you are not a beneficial owner.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎<br>You have investment discretion over an account that holds, or could hold, reportable securities: You are a beneficial owner of the account, regardless of the location, account type or the registered owner(s) (other than to fulfill duties of employment). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ∎<br>Either you or your spouse is the beneficiary of an UGMA/UTMA account and is of majority age (for instance, 18 years or older in Massachusetts): You are a beneficial owner of the account.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ∎<br>You have investment discretion over an account that holds, or could hold, reportable securities: You are a beneficial owner of the account, regardless of the location, account type or the registered owner(s) (other than to fulfill duties of employment). |
|  | &nbsp;&nbsp;&nbsp; ∎<br>You are serving in a role that allows or requires you to delegate investment discretion to an independent third party: Beneficial ownership is determined on a case-by-case basis.<br>|

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **HELPFUL TO KNOW** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **How we enforce this policy**<br>Compliance is responsible for interpreting and enforcing this policy. Exceptions may only be granted by Compliance. In that capacity, Compliance reviews and monitors transactions and reports and also investigates potential violations.<br>The Employee Conduct Oversight Committee reviews potential violations, and where it determines that a violation has occurred, it usually imposes a penalty. These may range from a violation notice to a requirement to surrender profits to a termination of employment, among other possibilities. <br>|

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Personal Investing \| Page 7

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Additional Information for all Personnel Subject to this Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security types and transactions that reported and/or pre-cleared Report<br> All personnel pre-clear<br>Access persons only

*Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.*

---

| | |
|:---|:---|
| **Funds** | **Funds** |
| &nbsp;&nbsp; Money market funds (MFS or other) | No |
| &nbsp;&nbsp; Open-end funds and other pooled products that are advised or sub-advised by MFS (and are not money market funds) | No |
| &nbsp;&nbsp; Open-end funds that are *not* advised or sub-advised by MFS | No |
| &nbsp;&nbsp; 529 Plans holding MFS advised or sub-advised funds | No |
| &nbsp;&nbsp; Closed-end funds (including venture capital trusts, investment trusts and MFS closed-end funds) | Yes |
| &nbsp;&nbsp; Exchange-traded funds (ETFs), including MFS ETFs, and exchange-traded notes (ETNs), including options, futures, structured<br> notes and other derivatives related to these exchange-traded securities | No |
| &nbsp;&nbsp; Private funds | Yes |
| &nbsp;&nbsp; Equities | &nbsp;&nbsp; Equities |
| &nbsp;&nbsp; Sun Life Financial Inc. (publicly traded shares) | Yes |
| &nbsp;&nbsp; Equity securities, including real estate investment trusts (REITS), and including options, futures, structured notes or other<br> derivatives on equities | Yes |
| &nbsp;&nbsp; Fixed income | &nbsp;&nbsp; Fixed income |
| &nbsp;&nbsp; Corporate and municipal bond securities, including options, futures or other derivatives | Yes |
| &nbsp;&nbsp; US Treasury securities and other obligations backed by the full faith and credit of the US government | No |
| &nbsp;&nbsp; Government agency debt obligations that are not backed by the full faith and credit of the issuing government (for example, in the US Fannie Mae, Freddie Mac, Federal Home Loan Banks, Federal Farm Credit Banks and Tennessee Valley Authority) |  |
| &nbsp;&nbsp; Government securities issued by Australia, Canada, Japan, Singapore, France, Germany, Italy, The Netherlands, Spain and the UK | No |
| &nbsp;&nbsp; All other government securities issued from countries not shown above, and options, futures or other derivatives on these securities. | No |
| &nbsp;&nbsp; Money market instruments, such as certificates of deposit and commercial paper | No |
| &nbsp;&nbsp; Other types of assets | &nbsp;&nbsp; Other types of assets |
| &nbsp;&nbsp; Initial and subsequent investments (including capital calls) in any private placement or other unregistered securities (including real estate limited partnerships or cooperatives) | Yes |
| &nbsp;&nbsp; Private MFS stock and private shares of Sun Life of Canada (US) Financial Services Holdings, Inc. | No |
| &nbsp;&nbsp; Limited offerings, IPOs, secondary offerings | Yes |
| &nbsp;&nbsp; Derivatives (such as options, futures or swaps) on security indexes | No |
| &nbsp;&nbsp; Derivatives (such as options, futures or swaps) on commodities and currencies, including virtual currencies | Only if notified by<br>Compliance |
| &nbsp;&nbsp; Virtual Currency/Cryptocurrencies (including options and futures on cryptocurrencies) | No |
| &nbsp;&nbsp; Other types of transactions | &nbsp;&nbsp; Other types of transactions |
| &nbsp;&nbsp; Involuntary transactions (see definition below) | No |
| &nbsp;&nbsp; Gifts of securities, including charitable donations, transfers of ownership, and inheritances | No |

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Personal Investing \| Page 8

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Terms with special meanings**<br>Within this policy, the following terms carry the specific meanings indicated below.<br>**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.<br>**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **reportable funds** Any fund for which MFS acts as investment advisor, sub-advisor, or principal underwriter including MFS retail funds, MFS Variable Insurance Trust and MFS Meridian funds. See the iComply system Policies & Procedures page for a current list of reportable funds. |

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Personal Investing \| Page 9

## Ex-99.(P)(17)

## NEUBERGER BERMAN

## CODE OF ETHICS

---

| | |
|:---|:---|
| **Last Updated:** | 31 January 2025 |
| **Policy Owner:** | NB Central Compliance |
| **Previous Versions:** | 16 January 2024 |
|  | 1 July 2023 |
|  | 13 January 2023 |
|  | 30 June 2022 |
|  | 31 March 2022 |
|  | 18 January 2022 |
|  | 26 January 2021 |
|  | January 2019 |
|  | January 2018 |
|  | January 2016 |
|  | January 2013 |
|  | May 2011 |

---

------

**CODE OF ETHICS** 

This Code of Ethics (the "Code") is adopted by the North-American based registered investment advisers (the "NB Advisers")<sup>1</sup> of Neuberger Berman Group LLC (the "Firm") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), the Neuberger Berman Group of Funds (the "NB Funds") and any NB Adviser that serves as investment adviser or sub- adviser to the NB Funds or other non-NB Funds (collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "Company Act").

Any questions relating to this document should be brought to the attention of your designated Chief Compliance Officer or the firm's Head of Compliance, Brad E. Cetron.

By accepting employment with the Firm, you have agreed to be bound by this Code of Ethics. On an annual basis you will be required to certify in writing your understanding of, and adherence to, this Code and your intention to comply with its requirements (including any amendments).

<sup>1</sup> Neuberger Berman Investment Advisers LLC ("NBIA"), NB Alternatives Advisers LLC ("NBAA"), Neuberger Berman Canada ULC ("NB Canada"), Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, and Neuberger Berman BD LLC ("NBBD"). This Code also applies to Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A.

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**Table of Contents** 

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| | |
|:---|:---|
|  **Statement of General Principles** | **4** |
| **A. General Prohibitions** | **5** |
| **B. Definitions** | **5** |
| **C. Code Policies** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Covered Accounts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Initial Public Offerings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Information Barrier | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Transactions in Restricted List Securities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Private Placements | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. Digital Assets | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. Dissemination of Client Information | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. Gifts and Entertainment | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. Related Issuer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;10. Trading Opposite Clients | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;11. Service on a Board of Directors | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;12. Limitations on Short and Long Positions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;13. Transactions in Shares of Funds | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;14. Transactions in Futures, Swaps, Forwards and Commodities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;15. Transactions in Options and Warrants | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;16. Sanctions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;17. Violations | 16 |
| **D. Reporting Requirements** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Reports by Access Persons | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Reports by Disinterested Directors/Trustees | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations | 18 |
| **E. Code Procedures** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of Covered Accounts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance of Securities Transactions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Blackout Period | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Price Restitution | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Holding Period | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. Code Procedures Monitoring | 23 |
| **F. NB Funds' Ethics and Compliance Committee** | **23** |
| **G. Annual Report to the NB Funds' Board** | **23** |
| **H. Administration** | **23** |
| **I. Recordkeeping** | **24** |
|  **EXHIBIT A - Applicability of Code Procedures to Temporary Access Persons** | **26** |

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**Statement of General Principles** 

The Code is designed to ensure, among other things, that employees put Client interests first and conduct their activities in a manner consistent with applicable Federal Securities Laws. The following principles shall govern the personal investment activities of all individuals subject to this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employees must at all times place the interests of Clients ahead of their personal interests - Client trades have priority over personal securities trades.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Personal securities transactions must be conducted in accordance with this Code and in such a manner as to avoid any actual, perceived or potential conflict of interest or abuse of an employee's position of trust and responsibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employees should not take advantage of their position to benefit themselves at the expense of any Client.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **In personal securities investing, employees should follow a philosophy of investment rather than trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Employees must comply with applicable Federal Securities Laws.** 

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**A. General Prohibitions** 

No person associated with the NB Advisers or the Firm, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Client, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employ any device, scheme or artifice to defraud any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Make any untrue statement of a material fact to any Client or omit to state to such Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any manipulative practice with respect to any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any transaction in a security while in possession of material nonpublic information regarding the security or the issuer of the security; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any transaction intended to raise, lower, or maintain the price of any security or to create a false appearance of active trading.** 

**B. Definitions** 

The following words have the following meanings in this Code:

**Access Person** 

a. Any employee, officer, director of any NB Adviser or NB Fund (or any company controlled by the NB Advisers) and
their Immediate Family Members;

b. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business,
makes, participates in or obtains information regarding the purchase or sale of Covered Securities by any NB Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any
recommendation to the NB Fund regarding the purchase or sale of Covered Securities; and

c. Any temporary employee, consultant, contractor, intern or other person engaged by the Firm for a period of
ninety (90) days or more who performs advisory functions (i.e., provides investment advice) on behalf of any NB Adviser or NB Fund ("Temporary Access Person"). See Exhibit A for applicability of Code Procedures to Temporary Access
Persons.

**Advisory Person** 

An Access Person of the NB Advisers who, in connection with his or her regular functions or duties, makes, or participates in making, recommendations regarding the purchase or sale of Covered Securities by a Related Client. The determination as to whether an individual is an Advisory Person shall be made by the Legal and Compliance Department, taking into consideration the following roles and responsibilities: Portfolio Manager, Traders, Analysts (credit/research) and any member on any of their respective teams, including administrative staff.

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**Beneficial Interest** 

An employee has a Beneficial Interest in an account if they may profit or share in the profit from transactions. In general, a person is regarded as having direct or indirect Beneficial Interest in securities held in his or her name, as well as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the name of an Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in his or her name as trustee for himself or herself or for his or her Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a trust in which he or she has a Beneficial Interest or is the settlor with a power to revoke;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by another person and he or she has a contract or an understanding with such person that the securities held in
that person's name are for his or her benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the form of acquisition rights of such security through the exercise of warrants, options, rights, or
conversion rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a partnership of which he or she is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a corporation which he or she uses as a personal trading medium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a holding company which he or she controls; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other relationship in which a person would have beneficial ownership under Rule 16a- 1(a)(2) of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect Beneficial Interest shall apply to all securities which an Access
Person has or acquires.

Any employee who wishes to disclaim a Beneficial Interest in any securities must submit a written request to the Legal and Compliance Department explaining the reasons therefore. Any disclaimers granted by the Legal and Compliance Department must be made in writing. Without limiting the foregoing, if a disclaimer is granted to any employee with respect to an account of an Immediate Family Member, the provisions of this Code applicable to such employee shall not apply to the Immediate Family Member for which such disclaimer was granted. However, if the Immediate Family Member whose account was disclaimed is also an employee of an NB Adviser, the sections of this Code applicable to employees would still be applicable to the employee's Immediate Family Member.

**Blind Trust** 

A trust in which an Access Person has Beneficial Interest or is the settlor with a power to revoke, with respect to which the Legal and Compliance Department has determined that such Access Person has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein, provided, however, that direct or indirect influence or control of such trust is held by a person or entity not associated with the Firm and not a relative of such Access Person.

**Client** 

An investment advisory account, including, but not limited to, the Funds, other commingled investment vehicles and separate accounts for which any of the NB Advisers provides investment advice, management or exercises discretion.

------

**"Control"** means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Generally, any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company (Section 2(a)(9) of the Company Act).

**Covered Account** 

An account held in the name of an Access Person where the Access Person has, or is deemed to have, a Beneficial Interest, including investments held outside of an account over which an Access Person has physical control, such as a stock certificate.

**Covered Security** 

a. Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of
interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on
the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing;

b. Shares of any Fund; and

c. Exchange Traded Funds and closed-end funds registered under the Company
Act.

The term Covered Security does not include:

a. Direct obligations of the Government of the United States, its territories or States or Related Securities
thereof, (including short term debt securities that are government securities within the meaning of the law);

b. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt
instruments including repurchase agreements; and

c. Shares issued by registered open-end investment companies for which any
NB Adviser does not act as investment adviser, sub-adviser or distributor provided such shares are held directly with the fund company in a mutual fund account and not in a third-party brokerage account unless
the Access Person has obtained prior written approval from the Legal and Compliance Department to maintain such account.

***De minimis* Restitution** 

Price restitutions that result in less than $2500 collectively (which may be updated from time to time) or where the gain to be received by each underlying Client account is less than $100.

**Digital Asset** 

------

A "Digital Asset" is broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger technology (blockchain). Digital Assets include, but are not limited to, virtual currencies and cryptocurrency (including crypto tokens) and Stablecoins. A particular digital asset may or may not meet the definition of "security" under the federal securities laws. Any references herein to "Digital Assets" should be interpreted as encompassing all forms of digital assets such as Bitcoin, Ethereum, Ripple, and all other types of cryptocurrencies or crypto coins.

**Digital Asset Derivative** 

A Digital Asset Derivative is one whose value is based on or derived from the value of a Digital Asset such as options, futures and swaps on a Digital Asset.

**Disinterested Director/Trustee** 

A person who serves as director/trustee of an NB Fund and is not otherwise affiliated with an NB Fund.

**Domestic Partnership** 

An interpersonal relationship between two individuals who live together and share a common domestic life ("Domestic Partners").<sup>2</sup>

**Equity Advisory Person** 

Solely for Covered Accounts maintenance purposes, an Advisory Person who is a member of an equities portfolio management team or the Equity Research Department.

**Ethics and Compliance Committee** 

The Ethics and Compliance Committee of the NB Funds (except the NB Registered Private Equity Funds).

**Exchange Traded Fund** 

Unit investment trusts or open-ended investment companies registered under the Company Act that trade on a national stock exchange.

**Exempt Transactions** 

Transactions that may be exempt from certain provisions of the Code such as, pre-clearance, minimum holding period, or blackout periods. Exempt Transactions are not exempt from the general provisions of the Code including reporting requirements. The following have been defined as Exempt Transactions:

a. Transactions in Managed Accounts.

b. Transactions made automatically in accordance with a predetermined schedule and allocation, such as part of a
dividend reinvestment plan ("DRIP").

c. An involuntary purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of a
class of its securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.<sup></sup>

<sup>2</sup> The above definition is being used solely for purposes of this Code of Ethics and should not be construed as the applicable definition for other purposes (e.g., employee benefits).

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d. The acquisition or disposition of securities through stock dividends, stock splits, reverse stock splits,
mergers, margin calls, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

e. Securities transactions effected in Blind Trusts.

f. A transaction by an NB Fund Disinterested Director/Trustee unless at the time of such transaction, the
Disinterested Fund Director/Trustee, knew or should have known that, during the fifteen calendar day period immediately preceding or, after the date of the transaction by the Disinterested Director/Trustee, such security was purchased or sold by the
NB Fund or was being considered for purchase or sale for Clients of the NB Adviser, provided that the foregoing does not apply if the Disinterested Fund Director/Trustee gains knowledge that such security was held by the NB Fund due to public
disclosure on the NB Fund's website of such holding.

g. Transactions in the following broad-based security indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average, Vanguard S&P 500 ETF (VOO), iShares Core S&P 500 ETF (IVV)<sup>3</sup>

h. Other transactions designated in writing by the Legal and Compliance Department.

**Federal Securities Laws** 

The Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Company Act, the Advisers Act, the Sarbanes-Oxley Act of 2002 (as applicable), Title V of the Gramm- Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to registered investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Fund** 

Any investment company, and series thereof, registered under the Company Act for which any NB Adviser is the investment manager, investment adviser, sub-adviser, administrator or distributor.

**iCompliance** 

The Firm's proprietary employee compliance dashboard that facilitates the disclosure, reporting and monitoring of a number of key compliance requirements pursuant to the Firm's Code of Ethics and Code of Conduct.

**Immediate Family Member** 

a. An Access Person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, Domestic
Partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in- law, sister-in- law (including adoptive relationships) who share the same household as the Access Person or to whom the employee provides material financial support; and

b. Any other relative or person who shares the same household as the Access Person or to whom the employee
provides material financial support and is deemed to be an Immediate Family Member by the Legal and Compliance Department.

**Legal and Compliance Department** 

<sup>3</sup> Transactions involving a futures contract or swap on the broad-based security indices are prohibited.

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The Neuberger Berman Legal and Compliance Department.

**Limited Access Person** 

An Access Person's Immediate Family Member who would otherwise be an Access Person but who is determined by the Legal and Compliance Department to be a Limited Access Person considering factors including, but not limited to, whether the Immediate Family Member shares the same household as the Access Person <u>and</u> is financially dependent on the Access Person.

**Limited Access Person Account** 

An account in the name of a Limited Access Person held at the Firm. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**Managed Account** 

A Covered Account where full control and investment discretion has been delegated pursuant to an investment advisory agreement that includes the payment of a management fee to: 1) an unrelated third- party investment manager, or 2) a Neuberger Berman portfolio management team of which the employee is not a member. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**NB Advisers** 

The Firm's North American-based investment advisers: Neuberger Berman Investment Advisers LLC, Neuberger Berman Canada ULC, Neuberger Berman BD LLC, NB Alternatives Advisers LLC, Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, Neuberger Berman Trust Company N.A., and Neuberger Berman Trust Company of Delaware N.A.

**NB Closed-End Fund ("CEF") Insider** 

An Access Person who is a director, officer or principal stockholder (holder of more than 10% of a class of reportable securities) of any company that has a class of equity securities registered pursuant to Section 12 of the Exchange Act and is subject to beneficial ownership reporting obligations under Section 16. Obligations apply to all insiders of the closed-end funds ("NB CEF") as well as to NBIA and certain of its affiliated persons.

**NB Funds** 

The NB Group of Funds.

**Private Placement** 

An offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the Securities Act.

**Related Client** 

A Client account, including a proprietary account consisting of seed capital during the incubation period, for which an Advisory Person or the portfolio management team of which the Advisory Person is a member, has or is deemed to have, investment decision-making authority or is responsible for maintaining and/or reviewing information pertaining to the account.

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**Related Issuer** 

An issuer with respect to which an Advisory Person or their Immediate Family Member: (i) has a material business relationship with such issuer or any promoter, underwriter, officer, director, or employee of such issuer; or (ii) is an Immediate Family Member of any officer, director or senior management employee of such issuer.

**Related Security** 

A Related Security is one whose value is based on or derived from the value of an underlying security, including convertible securities and derivative securities such as options, futures, swaps, and warrants.

**Security Held or to be Acquired by a Client** 

Any Covered Security (or Related Security) that within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or has been held by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being or has been considered by a NB Adviser for purchase by such Client.

**Trading Desk** 

The Neuberger Berman Trading Desk.

**C. Code Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered</u> <u> </u> <u>Accounts</u> 

Access Persons who are not Equity Advisory Persons are generally permitted to maintain their Covered Accounts at Neuberger Berman, or with prior approval from the Legal and Compliance Department, at Fidelity Investments ("Fidelity"). Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.

***Canadian Employees Only****.* Employees in Canada are required to maintain their Covered Accounts at RBC and to ensure that any accounts opened are added to the electronic feed between Neuberger Berman and RBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial</u> <u> </u> <u>Public</u> <u> </u> <u>Offerings</u> 

Access Persons are generally prohibited from acquiring direct or indirect beneficial ownership of any equity security in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information</u> <u> </u> <u>Barrier</u> 

The Firm has adopted Information Barrier Policies and Procedures (the "Policy"). All Access Persons are required to be familiar with the Policy and shall certify, on an annual basis, that they have read, understood and complied with the requirements of this Code and the Policy. 

<sup>4</sup> See Section E(1) for information related to Maintenance of Covered Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Restricted</u> <u> </u> <u>List</u> <u>Securities</u> <u> </u> 

Access Persons may obtain material non-public information ("MNPI") or establish special or "insider" relationships with one or more issuers of securities (e.g., the employee may become an officer or director of an issuer, a member of, or in discussions leading to the formation of, a creditor committee that engages in material negotiations with an issuer, and so forth). In such cases, the Access Person should keep in mind that they are subject to the Firm's Information Barrier Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Private</u> <u> </u> <u>Placements</u> 

Access Persons may not acquire direct or indirect Beneficial Interest in any Private Placement (also referred to as private securities transactions) without prior written approval from the Legal and Compliance Department and such other persons as may be required. Private Placements include, but are not limited to, any interest in a hedge fund, private equity vehicle or other similar private or limited offering investment.<sup>5</sup>

Approval of a Private Placement shall take into account, among other factors, whether: i) the investment opportunity should be reserved for a Client, and ii) the opportunity is being offered to the individual by virtue of his or her position with the Firm, the NB Adviser or his or her relationship with or to the Client or the issuer of the Private Placement. Additional capital investments (other than capital calls related to the initially approved investment) in a previously approved Private Placement require a new approval.

Advisory Persons who hold a previously approved Private Placement and are subsequently involved, or play a part in the consideration of the same Private Placement as an investment for a Related Client, must inform the Legal and Compliance Department of their personal investment (or their Immediate Family Member's investment). The decision to invest in the Private Placement for a Related Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

Access Persons' Private Placement redemptions are subject to review and approval by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Digital</u> <u>Assets</u> 

Access Persons transacting in Digital Assets are required to disclose their coin-exchange accounts ("Digital Assets Accounts") and obtain prior approval for Digital Asset transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

<sup>5</sup> Employees do not require pre-approval for private investments made through Employee Investment Solutions ("EIS"). The investments will be added to iCompliance on the employee's behalf. The employee remains responsible for ensuring that all their investments are accurately reflected in iCompliance.

<sup>6</sup> For example, Coinbase, Kraken, Robinhood, etc.

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*Same-Day Blackout Period*. An Advisory Person may not buy or sell a Digital Asset on a day during which a Related Client account executes a "buy" or "sell" order in the same Digital Asset or a Digital Asset Derivative. Purchases that occur on the same day will be required to be "broken." Any losses will be incurred by the Advisory Person and any gains (including gains disgorged from a sale on the same day) may be donated to a charitable organization designated by the Firm.

*Quarterly iCompliance Certification*. Within 30 days of each calendar quarter-end, Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

In addition, Advisory Persons who transact in Digital Assets for Related Client accounts are also required to provide evidence of any Digital Assets transactions executed during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Dissemination</u> <u> </u> <u>of</u> <u> </u> <u>Client</u> <u> </u> <u>Information</u> 

Access Persons are prohibited from revealing material information relating to current or anticipated investment intentions, portfolio transactions or activities of Client/Funds except to persons whose responsibilities require knowledge of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Gifts</u> <u> </u> <u>and</u> <u> </u> <u>Entertainment</u> 

The Firm has adopted the Gifts & Entertainment Policy and Procedures to which all employees are subject. Access Persons are required to obtain prior approval from their manager and the Legal and Compliance Department before giving or receiving any gift, to or from any Commercial Partner and are also subject to the entertainment pre-approval and reporting thresholds provided in the Firm's policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Related</u> <u> </u> <u>Issuer</u> 

Advisory Persons are required to disclose to the Legal and Compliance Department when they play a part in any consideration of an investment by a Client in a Related Issuer. The decision to purchase securities of the Related Issuer for a Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Trading</u> <u> </u> <u>Opposite</u> <u> </u> <u>Clients</u> <sup>
</sup>

<sup>7</sup> As defined in the Gift & Entertainment Policy and Procedures.

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No Advisory Person or Advisory Person of a Fund may execute transactions in a Covered Security held in a Covered Account that would be on the opposite side of any trade in a Related Client account that was executed within 5 business days prior to the trade in the Covered Account ("Opposite Side Trade"). For example, if an Advisory Person executes a purchase of shares of Company XYZ on Monday, February 1st for a Related Client account(s), that Advisory Person and their team will be prohibited from executing a sale of shares of Company XYZ for their Covered Accounts between the time when the Related Client order was submitted on Monday, February 1st through the close of trading on Monday, February 8th.

Notwithstanding the foregoing, an Advisory Person or Advisory Person of a Fund (or their team member) may execute an Opposite Side Trade for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to capture a gain or loss for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund sold the security for the Related Client account in order to
raise cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund bought the security for the Related Client account as part of
the initial investment of the Related Client account or investments were made as a result of additional funds contributed to an existing Related Client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions effected in Blind Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions that are non-volitional on the part of the
Advisory Person or Advisory Person of a Fund. Non-volitional transactions include shares obtained or redeemed through a corporate action (e.g., stock dividend) or the exercise of rights issued by an issuer pro
rata to all holders of a class of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other such exceptions as may be granted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Service</u> <u> </u> <u>on</u> <u> </u> <u>a</u> <u> </u> <u>Board</u> <u> </u> <u>of</u> <u> </u> <u>Directors</u> 

Access Persons are prohibited from serving on the board of directors of any public or private company without prior written approved from the Legal and Compliance Department, including positions undertaken as part of NB work-related responsibilities.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Limitations</u> <u> </u> <u>on</u> <u> </u> <u>Short</u> <u> </u> <u>and</u> <u> </u> <u>Long</u> <u>Positions</u> 

Advisory Persons are not permitted to: a) sell short any security (or Related Security) that they hold or intend to hold for a Related Client; or b) buy a long position in a security (or Related Security) if they have or intend to create a short position in the same security for a Related Client. Notwithstanding the foregoing, certain types of transactions may be permitted with prior approval from the Legal and Compliance Department and the CIO (or designee), such as 

<sup>8</sup> Request must be made through iCompliance by completing the Outside Affiliation request form. For positions held with outside companies in connection with an employee's NB work-related responsibilities, the submitter should select the appropriate choice indicating that the position is being undertaken as part of the employee's NB work-related responsibilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A purchase to cover an existing short position, except that if an Advisory Person intends to create a long
position for a Related Client in the same security, all Related Client transactions must be completed before the Advisory Person can cover their short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A short sale against a broad-based index. Approved broad-based indices include the S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average. Any other broad-based index must be approved by the Legal and Compliance Department before engaging in any
short sales against such index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A short sale to hedge an existing security position provided the hedging activity is proportionate to the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any approvals granted under this section will not relieve the Advisory Person from being subject to Price
Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Shares</u> <u> </u> <u>of</u> <u> </u> <u>Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All trading in shares of a Fund is subject to the terms of the prospectus and the Statement of Additional
Information of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No Access Person may engage in excessive trading, late trading or market timing in any shares of any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Futures,</u> <u> </u> <u>Swaps,</u> <u> </u> <u>Forwards</u> <u>and</u> <u>Commodities</u> <u> </u> 

The Firm is subject to regulatory requirements mandating the monitoring of certain financial instruments positions held by client accounts, and in some cases, employee personal accounts. To minimize the regulatory risk to the Firm and ensure the focus is on required client monitoring, Access Persons are prohibited from entering into any transaction (long or short) involving a futures contract, swap, forward contract (including currency forwards), and commodities. Access Persons who join the Firm with such holdings must close out the positions at the earliest opportunity. Adding to, or rolling such positions is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Transactions</u> <u> </u> <u>in</u> <u> </u> <u>Options</u> <u> </u> <u>and</u> <u> </u> <u>Warrants</u> 

Access Persons are not permitted to enter into any transactions (long or short) involving the following:<sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock options (options on a single-name equity or narrow-based index)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock ETFs (ETFs where the underlying holding is a single-name stock)

Transactions in options on broad-based indices continue to be permitted. 

<sup>9</sup> Effective July 1, 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Sanctions</u> 

The Firm shall have the authority to impose sanctions for violations of this Code. Such

sanctions may include a letter of censure, suspension or termination of the employment of the violator, forfeiture of profits, forfeiture of personal trading privileges, forfeiture of gifts, or any other penalty deemed to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Violations</u> 

Access Persons must report apparent or suspected violations in addition to actual or known violations of the Code to the Legal and Compliance Department. Access Persons are encouraged to seek advice from the Legal and Compliance Department with respect to any action or transaction which may violate this Code and to refrain from any action or transaction which might lead to the appearance of a violation. The types of reporting that are required under this Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraud or illegal acts involving any aspect of the Firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material misstatements in regulatory filings, internal books and records, client records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activity that is harmful to clients, including fund investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deviations from required controls and procedures that safeguard clients and the Firm.

**D. Reporting Requirements<sup>10</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reports by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Access Persons must disclose their Covered Accounts within 10 calendar days of becoming an Access Person.
The initial holdings disclosure must include all Covered Accounts in which the Access Person has a direct or indirect Beneficial Interest. Access Persons may satisfy this requirement by providing copies of their account statements for all Covered
Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge receipt of the
Code.

<sup>10</sup> All Code reporting disclosures are done through iCompliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Within 30 days of the end of each calendar quarter, Access Persons must disclose securities transactions in any
Covered Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Interest that occurred during the previous quarter. For each transaction executed during the quarter, the following
information must be provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• type of transaction (buy, sell, short, cover, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• name of security, exchange ticker, symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares, price and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the broker, dealer or bank with, or through which, the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest rate and maturity date (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The above requirement may be satisfied if information is being received by Neuberger Berman as stated in
Section D(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Annual Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On an annual basis, Access Persons must affirm that all Covered Accounts have been reported and are reflected
in iCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to certify that they have read, understand, and complied with the Code of Ethics
and the Information Barrier Policies and Procedures, and have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The information provided must be current as of a date no more than 45 days of the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. With respect to any Blind Trust in which an Access Person has a Beneficial Interest, such Access Person must
certify that they do not exert any direct or indirect influence or control over the trustee by: a) suggesting or directing any particular transactions in the account, or b) consulting with the trustee regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. With respect to any Managed Account managed by a third-party, Access Persons must certify that they do not
exert any direct or indirect influence or control over the third- party manager by: a) suggesting or directing any particular transactions in the account, or b) consulting with the third-party manager regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reports by Disinterested Directors/Trustees

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A director/trustee of a NB Fund who is not an "interested person" of the NB Fund within the meaning of section 2(a)(19) of the Company Act, and who would be required to make a report solely by reason of being a NB Fund director/trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An initial holdings disclosure and annual holdings disclosure under Section D(1)(a) and (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A quarterly transactions disclosure under Section D(1)(b) above, unless the director/trustee knew or, in the
ordinary course of fulfilling their official duties as a NB Fund director/trustee, should have known that during the 15-day period immediately before or after the director/trustee's transaction in a
Covered Security, the NB Fund purchased or sold the Covered Security, or the NB Fund or its investment adviser considered purchasing or selling the Covered Security, provided that the foregoing does not apply if the Disinterested Fund
Director/Trustee gains knowledge that such security was held by the NB Fund due to public disclosure on the NB Fund's website of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements

With regards to Section D(1)(b), Access Persons need not disclose holdings if such disclosure would duplicate information contained in trade confirmations or account statements (including electronic feeds of such information) received by Neuberger Berman. For purposes of the foregoing, the Legal and Compliance Department maintains (i) electronic records of all securities transactions effected through Neuberger Berman and Fidelity, and (ii) copies of any duplicate confirmations or electronic feeds that have been received by the Legal and Compliance Department with respect to securities transactions that, pursuant to exceptions granted by the Legal and Compliance Department, have not been effected through Neuberger Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations

The Legal and Compliance Department shall identify all Access Persons who are required to make reports under the Code and inform them of their reporting obligations.

**E. Code Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons who are not Equity Advisory Persons may maintain their Covered Accounts at Neuberger Berman, or
with <u>prior written approval from the Legal and</u> <u>Compliance Department</u>, at Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Limited Access Persons are not required to keep their securities accounts at Neuberger Berman or Fidelity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to Maintenance of Covered Accounts at Neuberger Berman or Fidelity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Managed Accounts. Any Access Person granted approval to maintain an external Managed Account is required to
direct the third-party manager to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. DRIPs established directly with the issuer that have been approved by the Legal and Compliance Department and
for which duplicate copies of confirmations and periodic statements are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Other accounts as may be permitted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance of Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons are required to pre-clear transactions in Covered
Accounts not maintained at Neuberger Berman by submitting a pre-clearance request in iCompliance that is compared with the Firm's Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Legal and Compliance Department reviews transactions for required trade pre- clearance and all transactions are subject to the Price Restitution review, subject to certain exceptions (see section E(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Equity Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department are subject to additional pre-approval requirements for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. NB CEF Insiders

Access Persons who are NB CEF Insiders must obtain prior approval from mutual fund compliance before placing any transactions in the NB CEFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions from Pre-Clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Other securities designated in writing by the Legal and Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blackout Period

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day – Advisory Persons of a Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An Advisory Person of a Fund may not buy or sell a Covered Security (or a Related Security) on a day during
which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any
losses will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Certain Limited Access Person Accounts may be subject to the Same Day Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department may be subject to a blackout period for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases or sells
the same security during the same day, the Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Limited Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Advisory Person related to a Limited Access Person purchases or sells a Covered Security in the Limited
Access Person Account and such Advisory Person purchases or sells the same security during the same day for a Related Client, the Limited Access Person Account may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Five(5)/One(1) Day Price Restitution – Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If an Advisory Person purchases or sells a Covered Security within five (5) business days prior, or one
(1) business day subsequent to a Related Client ("5/1 Price Restitution"), the Advisory Person may not receive a more favorable price than that received by the Related Client.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain Limited Access Person Accounts may be subject to the 5/1 Price Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Price Restitution Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Price restitution will generally be executed when there is a total gain of at least $2500 (which may be updated
from time to time) from the difference in price received by the Access Person vs. the Related Client(s), and a gain of at least $100 (which may be updated from time to time) to each underlying Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to the Funds, the Legal and Compliance Department reserves the right to review the individual
restitutions below $2500 and may require payment of these amounts if facts and circumstances warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Where restitution is required, preference shall be to provide the economic benefit to Clients where
operationally, contractually or legally permitted. Where otherwise not feasible or permitted, restitution may be made by transfer, wire or check and shall be remitted to the Firm for donation to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions to Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *De minimis* Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions in non-Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions arising through hedged options trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions in the Firm's retirement contribution program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Certain transactions related to the initial investment of a Related Client account or investments made as a
result of additional funds contributed to an existing Related Client account communicated to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Other exceptions designated in writing by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Holding Period

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the holding period
has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The holding period begins on the day of the transaction and is measured on a last-in, first-out ("LIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to the Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions in Managed Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. U.S. Treasury obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Bona fide hedging transactions, identified as such to the Legal and Compliance Department prior to execution,
on the following broad-based indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Positions where at time of order entry, there is an expected loss of at least 10%. **This exception does not apply to losses on options.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding the foregoing, on a limited basis and with the prior approval of the Legal and Compliance
Department and CIO (or designee), shares that have been held for at least one year may be sold even if additional shares of the same security were purchased in the last 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The 60-day holding period for Funds shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable and tax-exempt money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts for which a Fund does not serve as the underlying investment vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of an investment company that are purchased through an automatic investment program or payroll deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The above exceptions shall not apply if, in the opinion of the Legal and Compliance Department, a pattern of
excessive trading exists.

Any requests for exceptions to the holding period must be submitted to the Legal and Compliance Department.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Code Procedures Monitoring

The Legal and Compliance Department will conduct post-trade monitoring of employee trades to ascertain that such trading conforms to the procedures above, and where required, that employees have obtained the necessary pre-trade approvals as may be applicable.

**F. NB Funds' Ethics and Compliance Committee<sup>11</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Ethics and Compliance Committee shall be composed of at least two members who shall be Disinterested
Director/Trustees selected by the Board of Directors/Trustees of the Company/Trust (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Ethics and Compliance Committee shall consult regularly with the Legal and Compliance Department and/or the
NB Funds Chief Compliance Officer and either the Committee or the Board shall meet no less frequently than annually with the Legal and Compliance Department and/or the NB Funds Chief Compliance Officer regarding the implementation of this Code. The
Legal and Compliance Department shall provide the Ethics and Compliance Committee with such reports as are required herein or as are requested by the Ethics and Compliance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On a quarterly basis, i) the NB Funds' Chief Compliance Officer reviews with the Ethics and Compliance
Committee violations of the Code, if any, and ii) the Chief Compliance Officers of NBIA and NBBD provide certifications to the NB Funds' Board with respect to whether there were any material violations of the Code.

**G. Annual Report to the NB Funds' Board** 

No less frequently than annually and concurrently with reports to the Board, the NB Funds Chief Compliance Officer shall furnish to the Funds, and the Board must consider a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes any issues arising under this Code or procedures concerning personal investing since the last such
report, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that NBIA, the NB Funds or any NB Adviser, as applicable, have adopted procedures reasonably necessary
to prevent Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies any recommended changes in existing restrictions or procedures based upon the fund's experience
under the Code, evolving industry practices, or developments in applicable laws or regulations.

**H. Administration** 

<sup>11</sup> The Ethics and Compliance Committee is a committee for all the NB Funds except the NB Registered Private Equity Funds. On a quarterly basis, the NB Funds' Chief Compliance Officer reviews with the Board of Directors/Trustees of the NB Registered Private Equity Funds ("PE Funds Board") violations of the Code, if any; and on a quarterly basis the Chief Compliance Officers of NBIA, NBAA and NBBD provide certifications to the PE Funds' Board with respect to whether there were any material violations of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Access Persons must be presented with a copy of this Code of Ethics upon commencement of employment and any
amendments thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Access Persons are required to read this Code of Ethics and to acknowledge in writing that they have read,
understood and agreed to abide by this Code of Ethics, upon commencement of employment and on an annual basis thereafter. In addition, Access Persons are required to read and understand any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons are required to provide a list of their Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons who violate the rules of this Code of Ethics are subject to sanctions, which may include
censure, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing contained in this Code of Ethics shall be interpreted as relieving any Covered Account from acting in
accordance with the provisions of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If any Access Person has any question with regard to the applicability of the provisions of this Code of Ethics
generally or with regard to any securities transaction, he or she should consult with the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Legal and Compliance Department may grant exceptions to the requirements of this Code based upon individual
facts and circumstances. Exceptions granted will be documented and retained in accordance with record-keeping requirements. Exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

**I. Recordkeeping** 

The Firm shall maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics and any Code of Ethics that has been in effect within the previous five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any record of any violation of this Code of Ethics and any action taken as a result of the violation. These
records shall be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person as required by this Code of Ethics, including any information
provided in lieu of the monthly reports. These records shall be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons, currently or within the past five years, who are or were required to make reports
under this Code of Ethics, or who are or were responsible for reviewing these reports. These records shall be maintained in an easily accessible place.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each decision to approve an acquisition by an Access Person of any Private Placement. These records
must be maintained for at least five years after the end of the fiscal year in which the approval is granted.

------

**EXHIBIT A** 

**Applicability of Code Procedures to Temporary Access Persons** 

This section describes the requirements under the Code procedures applicable to Temporary Access Persons who will be engaged by the Firm for ninety (90) days or more and will perform advisory functions (i.e., provide investment advice) on behalf of any NB Adviser or NB Fund. **The Legal and Compliance Department reserves the right to treat persons who the Firm will engage for less than ninety (90) days as Temporary Access Persons if it deems so appropriate.** Absent specific mention in this section, Temporary Access Persons are subject to all other provisions of the Code.

**C.8. Gifts and Entertainment and Anti-Corruption** 

Temporary Access Persons are required to comply with the firm's Global Anti-Corruption Policy and Gifts & Entertainment Policy and Procedures. These policies include prohibitions on certain activities that could be seen as bribery (such as cash gifts to Commercial Partners) and contain other limits and restrictions on the provision or receipt of gifts and entertainment based on applicable law and internal policies. A copy of these policies may be obtained from NB Connect or from Human Capital Management and should be reviewed before providing any gifts and entertainment to, or receiving any gifts and entertainment from, any Neuberger Berman Commercial Partner. Please reach out to Human Capital Management if you have any questions.

**C.17. Political Activities** 

Temporary Access Persons who are U.S. or Canadian Citizens or Permanent Residents may be required to comply with the firm's Political Activity Policy. The policy may be obtained from NB Connect or from Human Capital Management and requires prior approval for political activities, including, but not limited to political contributions. Prior to engaging in any political activity, Temporary Access Persons should review the policy for required actions. Please reach out to Human Capital Management if you have any questions.

**D.1. Reporting Requirements – Temporary Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All Temporary Access Persons must disclose their Covered Accounts within 10 calendar days of becoming a
Temporary Access Person. The initial holdings disclosure must include all Covered Accounts in which the Temporary Access Person has a direct or indirect Beneficial Interest. Temporary Access Persons may satisfy this requirement by providing copies
of their account statements for all Covered Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Temporary Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge
receipt of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Temporary Access Persons must provide the Legal and Compliance Department with duplicate statements of all
Covered Accounts disclosed, on a monthly basis (or quarterly, as may be applicable) for their duration at the Firm.

**E.1. Maintenance of Covered Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are not required to hold their Covered Accounts at Neuberger Berman, but must either
1) direct their broker, adviser or trustee, as applicable, to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department for their duration at the Firm, or 2) provide copies of
their trade confirmations and account statements to the Legal and Compliance Department.

**E.2. Pre-Clearance of Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are required to pre-clear transactions in
Covered Accounts by submitting a pre-clearance request in iCompliance.

**E.3. Same-Day Blackout Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Temporary Access Person of a Fund may not buy or sell a Covered Security (or Related Security) on a day
during which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any
losses will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

**E.4. Price Restitution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases
or sells the same security during the same day, the Temporary Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Five(5)/One(1) Day Price Restitution<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security within five (5) business days prior, or
one (1) business day subsequent to a Related Client ("5/1 Price Restitution"), the Temporary Access Person may not receive a more favorable price than that received by the Related Client.

<sup>12</sup> Applicable only if the Temporary Access Person is part of a portfolio management team or is otherwise involved in investment-related activities.

------

**E.5. Holding Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Temporary Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the
holding period has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The holding period begins on the day of the transaction and is measured on a last-in, first- out ("LIFO") basis.

**E.6. Digital Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons transacting in Digital Assets are required to disclose their Digital Assets Accounts
in iCompliance and pre-clear Digital

Assets transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within 30 days of each calendar quarter-end, Temporary Access Persons
are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

## Ex-99.(P)(18)

## Compliance Policy & Procedures

## Code of Ethics

---

| | |
|:---|:---|
| Document classification: | Nomura Asset Management International Policy & Procedures |
| Owner(s): | NIMBT Compliance |
| Date Approved: | 12/01/2025 |
| Rationale: | This global-level policy and related procedures (the "**CPP**") sets out standards of conduct designed to address potential conflicts of interest that might arise between the fiduciary duty to the Firm's Clients and a Covered Person's personal activities. This CPP also addresses certain requirements of other related CPPs governing the Firm and its affiliates. |
| Transition Period: | Prior to the sale of Macquarie Investment Management Business Trust ("**MIMBT**") to Nomura Holdings Inc., this CPP shall apply exclusively to MIMBT. |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

------

## **Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**I. INTRODUCTION** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Principles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Your Fiduciary Duty | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with Applicable Federal Securities Laws | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Obligation to Report Violations of the Code | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**II. YOUR OBLIGATIONS AS A COVERED PERSON** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**A. Categories of Covered Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Immediate Family Member of an Employee | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Your Obligations at Time of Hire | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Your Obligations on a Daily Basis | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Your Obligations on a Quarterly Basis | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Your Obligations on an Annual Basis | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**III. FUND PERSON RESPONSIBILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fiduciary Duty | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reporting and Certification Requirements | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**IV. REVIEW AND ENFORCEMENT OF THE CODE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Administration of the Code | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review of Employee Activity | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Sanctions for Non-Compliance with Code | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Maintenance of Records | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Glossary to the Code of Ethics** | **12** |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

------

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **INTRODUCTION** 

**A.** **General Principles** 

The Code of Ethics (the "Code") is based on the principle that Nomura Asset Management International Inc. ("Nomura Asset Management International" or the "Firm")<sup>1</sup>, its directors, officers, trustees, and employees (each, a "Covered Person" and collectively, "Covered Persons"), owe a fiduciary duty of undivided loyalty to the Nomura Funds, the Optimum Fund Trust, and the Nomura ETF Trust (collectively, the "Funds") and any other investment advisory client (each, a "Client" and collectively, our "Clients") that the Firm advises.<sup>2</sup> In addition, the Code is based on the principle that the directors, trustees and fund- only personnel associated with the Funds (collectively, "Fund Persons") owe a fiduciary duty of undivided loyalty to their respective Funds. The Trustees of the Nomura Funds (the "Nomura Funds") and the Optimum Funds Trust (the "Optimum Funds"), who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Trustees") are subject to the Nomura Funds' and Optimum Funds' Code of Ethics for Independent Trustees. The Independent Trustees are not subject to the provisions of this Code.

This Code sets out standards of conduct designed to address potential conflicts of interest that might arise between this fiduciary duty to the Firm's Clients and a Covered Person's personal activities. Specifically, each Covered Person must avoid participating in transactions, activities, and relationships that might interfere (or appear to interfere) with making decisions in the best interests of those Clients.

As a Covered Person, you are responsible for reading the Code and understanding your obligations in order to comply with its provisions. Additionally, your duty to comply with this Code includes the requirement that your personal and business activities be conducted in compliance with all other CPPs governing the Firm and its affiliates. Examples of such CPPs include, but are not limited to, the NHA Compliance Policy Manual – Chapter 7: Gifts, Gratuities and Entertainment, Nomura Asset Management International Insider Trading CPP, and Nomura Asset Management International Political Dealings and Activities ("Pay-to-Play") CPP . If you have any questions regarding the Code and its related CPPs or your resultant obligations and duties, please contact the Compliance Department for assistance.

**B.** **Your Fiduciary Duty** 

The Firm is committed to fostering a culture that promotes honesty and high ethical standards. Consequently, all Covered Persons have an obligation to conduct themselves in accordance with the following general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of our Clients ahead of your own interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and
the activities of our Clients, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not take inappropriate advantage of your position at the Firm.

<sup>1</sup> For the purposes of this Code, all references to "Nomura Asset Management International" or the "Firm" shall be taken to mean Nomura Asset Management International Inc. and its subsidiaries

<sup>2</sup> Definitions of certain capitalized terms can be found in the Glossary to the Code of Ethics. These definitions are an integral part of the Code and a proper understanding of them is necessary to comply with the Code. It is important that you review and understand all of the definitions contained in the Glossary and refer back to them as necessary to understand your responsibilities under the Code.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Covered Persons are reminded that violations of the Code and/or any associated CPPs may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal procedures may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal.

**C.** **Compliance with Applicable Federal Securities Laws** 

As a Covered Person under this Code, it is your duty to conduct all personal and professional activities in a manner that is consistent with any and all Applicable Federal Securities Laws (as defined in the Glossary to this Code ("Glossary").

**D.** **Obligation to Report Violations of the Code** 

You have a duty to report violations of the Code. If you become aware of a violation of the Firm's Code committed by another Covered Person, you have an ongoing obligation to report that violation to the Compliance Department. It is the Firm's policy to protect the confidentiality of any such report made in good faith and any Covered Person reporting such a violation will not be subject to retaliation.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **YOUR OBLIGATIONS AS A COVERED PERSON** 

**A.** **Categories of Covered Persons** 

Upon becoming subject to the provisions of this Code, each Covered Person is assigned to one of the following three categories below based on their responsibilities and/or privileges at the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Person

You will be advised of the category to which you are assigned during your initial training on this Code. It is important to know the category to which you are assigned, as belonging to a certain category may cause you to be subject to additional obligations and/or limitations under the Code. A complete definition for each category is included in the Glossary. You are encouraged to review the definitions for each category carefully, as well as any sections of the Code that may pertain only to Covered Persons assigned to your category.

**B.** **Immediate Family Member of an Employee** 

In accordance with federal securities laws, certain restrictions and limitations found within the Code are also applicable to the personal investment activities of any immediate family members that reside in your household ("Immediate Family Members"). As a Covered Person, it is your responsibility to alert your Immediate Family Members of any applicable restrictions or limitations that may impact their personal investment activities to ensure that both you and your Immediate Family Members conduct all personal investment activities in a manner consistent with the Code.

**C.** **Your Obligations at Time of Hire** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial Holdings Report** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

All Access and Investment Persons must submit an initial holdings report within ten (10) calendar days of commencing employment with the Firm or otherwise becoming an Access or Investment Person to disclose the Required Holdings Information for both their own and their Immediate Family Members' personal securities holdings. The information included in the initial holdings report must be current as of a date no more than forty-five (45) calendar days prior to the commencement of employment with the Firm (or becoming subject to the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Use of Approved Brokers** 

All Covered Persons, with limited exceptions, must maintain all personal brokerage accounts with approved brokerage firms ("Approved Brokers"). A list of the Approved Brokers from which the FIrm is currently able to receive such data feeds can be found via the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Disclosure of Outside Business Activities** 

Covered Persons may not engage in full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm without receiving prior written approval from the Compliance Department. Any such service is considered an "Outside Business Activity," even if performed on a volunteer basis. Any existing Outside Business Activities must be disclosed at the time that you become subject to this Code and are subject to review and approval. Similarly, you have an ongoing obligation to disclose any Outside Business Activities that you undertake during your employment with the Firm and receive written approval from the Compliance Department prior to participating in such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Disclosure of Political Contributions** 

In addition to the Code, all Covered Persons and their Immediate Family Members are subject to the NIMBT Political Dealings and Activities ("Pay-to-Play") CPP. Covered Persons are required to disclose all political contributions made during the two-year period prior to the date that they become subject to this Code. This disclosure must also include all political contributions made by your Immediate Family Members during the two-year period. The information provided may be shared in the aggregate in response to requests for proposals or client information requests but will otherwise remain strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Written Acknowledgement of Receipt of Code** 

All Covered Persons are required to certify that they have received this Code within ten (10) calendar days of their hire date. You will also be required to certify your ongoing compliance with this Code on an annual basis and whenever the Code is updated.

**D.** **Your Obligations on a Daily Basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-clearance of Personal Securities Transactions** 

Covered Persons and their Immediate Family Members must pre-clear each personal investment transaction and receive approval for the activity prior to executing the transaction, unless the transaction is subject to an exemption from the pre-clearance requirements of the Code as outlined below.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Duration of Approval** 

Approval for a pre-clearance request is valid for the same day only and the trade must be executed on the same day that approval is granted. If a transaction is not executed (or is only partially completed) on the same day that you receive approval, you must repeat the pre- clearance process and receive approval on the day that you do execute (or complete) the transaction. Similarly, if the information in your pre-clearance request changes in any material way, you must resubmit your pre-clearance request prior to executing the transaction.

Note: Approvals for Covered Persons located in Australia and/or Asia only are valid for execution through the 24-hour period following approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Exceptions to the Pre-clearance Requirement** 

You are not required to pre-clear and receive approval for the personal investment transaction types listed below prior to execution, although you are still responsible for complying with the reporting requirements of this Code for these transactions, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Involuntary transactions** 

The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin- off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Affiliated Funds and Pooled Vehicles** 

Purchases or sales of affiliated pooled vehicle such as open-end mutual funds, SICAVS, and other managed investment schemes to which the Firm provides advisory services, also referred to as "Affiliated Funds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Purchases or sales of exchange-traded funds ("ETFs")** 

Unaffiliated ETFs, except for single stock ETFs, are exempt from the preapproval requirements, however they are subject to the reporting and holding period requirements of the Code. For Single security or issuer ETFs pre-clearance is required on the underlying security/issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Transactions in Managed Accounts** 

Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control ("Managed Account").

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Note: Covered Persons and their Immediate Family Members must receive approval from the Compliance Department in order to maintain a Managed Account. **Additionally, you should be aware that Managed Accounts are still subject to the reporting requirements of the Code.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Donated Shares** 

Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Transactions Excluded from BOTH the Pre-clearance and Approval Requirement and the Reporting Requirement** 

All personal investment transactions by Covered Persons must be reported under the Code with a few limited exceptions. The following types of personal investment transactions are exempt from <u>both</u> the pre-clearance and the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purchases or sales of unaffiliated pooled vehicles such as open-end mutual funds, SICAVs, UCITS and other managed investment schemes.** 

**2.** Purchases or sales of direct obligations of the U.S. Government or any other national government and futures and options with respect to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Purchases or sales of bank certificates of deposit, bankers' acceptances, commercial paper and other high quality short- term debt instruments (having a maturity at issuance of less than 366 calendar days and rated in one of the two highest ratings categories by a nationally recognized statistical ratings organization, including repurchase agreements);

**4. Purchases which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan; and** 

**5. Transactions in Section 529 plans.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Trading Restrictions** 

All Covered Persons and their Immediate Family Members are subject to certain trading restrictions on their personal investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **All Covered Persons – Restrictions on Trading in Nomura Securities** 

Covered Persons who wish to trade Nomura Holdings, Inc. ("Nomura") securities directly through the EquatePlus by Computershare system or through a similar plan, must complete all trades during designated staff trading windows. Transactions in Nomura securities must comply with all applicable Nomura policies, including the Nomura Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **All Covered Persons – Seven (7) Calendar Day Blackout Period** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

All Covered Persons and their Immediate Family Members are prohibited from trading a security in their personal brokerage accounts for seven (7) calendar days after the Firm executes a buy or sell transaction in that same security. Depending on the facts and circumstances and at the discretion of the CCO or their designee, personal trades involving covered securities that receive preapproval and are executed within 7 calendar days prior to the Firm executing a buy or sell transaction in that same security may be required to be unwound or subject to disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** De Minimus Exception

Covered Persons will be permitted a de minimis exception when requesting to trade of up to $10,000 USD per day of any security included in the Russell 3000 Index. Other highly capitalized and or widely held securities may also be considered by exception, i.e. ADRs or foreign securities. Please contact Compliance for all exception requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Holding Periods:** 

All Covered Persons are prohibited from engaging in activities that could be considered "market timing" in violation of Rule 22c-1 of the 1940 Act and, therefore, subject to required holding periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Access and Affiliated Persons – 60 Calendar Day General Holding Period

If you are categorized as an Access Person or Affiliated Person under this Standard, you are subject to sixty (60) calendar days holding period for most personal securities transactions. Accordingly, Access and Affiliated Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Investment Persons – 60 Calendar Day General Holding Period

Investment Persons are prohibited from engaging in short term trading in their personal investment accounts that results in a profit. Accordingly, Investment Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** All Covered Persons – 60 Calendar Day Holding Period for Affiliated Mutual Funds

All Covered Persons must hold any newly opened positions in Affiliated Mutual Funds for sixty (60) calendar days before the position may be closed for a profit.

**Note: Investment Persons, Access and Affiliated Persons are permitted to close positions at any time at a loss of 20% or greater. The loss calculation will be based upon Last-In First-Out (LIFO).** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Restricted Securities** 

The Firm maintains a list of certain restricted securities that may not be traded by Covered Persons (the "Restricted List"). You are generally prohibited from purchasing or selling any security on the Restricted List, except that this prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary and/or automatic transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in an approved Managed Account, provided that such transactions do not reflect a prohibited pattern
of conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions for which specific approval has been granted due to unusual or unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Initial Public Offerings/Private Placements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Investment Persons, Access and Affiliated Persons

Investment Persons, Access and Affiliated Persons are prohibited from participating in initial public offerings and may only participate in a private placement with prior written permission. Additionally, an employee who purchased privately placed securities prior to becoming subject to this Standard is required to disclose the purchases to the Compliance Department before they can participate in the consideration of an investment in the securities of that issuer or its affiliates for a Client account. In order to avoid a potential conflict of interest, any decision to invest in the issuer in question will be subject to an independent review by additional Investment Persons that do not have a personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Registered Representatives

All Covered Persons holding valid Financial Industry Regulatory Authority (FINRA) registrations are prohibited from participating in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Pre-clearance of Political Contributions** 

All Covered Persons and their Immediate Family Members must submit a pre- clearance request and receive approval prior to making a political contribution. Examples of political contributions that would require pre-clearance and approval include, but are not limited to, donations of cash, stock, service or anything of value to a candidate for public office, a sitting public official, political party or a political action committee, whether at the local, state, and/or federal level. Please review the NIMBT Pay-to-Play CPP for more information on applicable restrictions and reporting obligations for political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Obligation to Report Changes to Personal Information** 

You have an ongoing obligation to report any changes in your personal information that may impact your obligations under this Code. Examples include changes to your personal brokerage accounts (e.g., opening or closing an account), disclosures of new outside business activities for review and approval, and changes to your address, Immediate Family Members, or other personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Your Obligations on a Quarterly Basis** 

<u>Quarterly Report/Certification of Transactions</u>

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Within thirty (30) calendar days after each quarter's end, all Covered Persons must report and certify their personal investment activity during the previous quarter. Please note that all Covered Persons are required to complete the quarterly certification each quarter, even if they did not complete any personal investment transactions during the quarter. Additionally, Covered Persons will be asked to review the list of brokerage accounts that they have previously disclosed and certify to its accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Your Obligations on an Annual Basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Annual Certification of Holdings** 

All Access and Investment Persons are required to submit an annual report of all personal investment holdings in their personal brokerage accounts and the personal brokerage accounts of their Immediate Family Members. The report must contain information that is current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and must be submitted no later than forty-five (45) calendar days after year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Annual Code of Ethics Certification** 

At least annually, all Covered Persons must review this Code in its entirety and certify to their understanding and ongoing compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **FUND PERSON RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fiduciary Duty** 

All Fund Persons have an obligation to conduct themselves in accordance with the general fiduciary principles outlined above. Specifically, you have a duty to place the interests of the applicable Fund ahead of your own interests at all times; you have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of the applicable Fund, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and you must not take inappropriate advantage of your position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting and Certification Requirements** 

Fund Persons are not subject to the holding's disclosure requirements outlined above nor are they required to pre-clear all personal investment transactions prior to executing a transaction. Similarly, Fund Persons are only required to submit and certify quarterly transaction reports for any personal investment transactions where, at the time of the transaction, they knew, or in the ordinary course of fulfilling their official duties should have known, that during the fifteen (15) calendar day period immediately before or after the date of the transaction, such Security was purchased or sold by an applicable Fund or the Firm on behalf of the applicable Fund or was being considered for purchase or sale by an applicable Fund or the Firm on behalf of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **REVIEW AND ENFORCEMENT OF THE CODE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Administration of the Code** 

The Code shall be administered by the Compliance Department and/or an appropriate management committee that shall include a majority of Compliance and/or Legal Department representatives. Where exceptions are granted to any provision of this Code, the rationale for such exceptions shall be documented.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Review of Employee Activity** 

Trading activity may be reviewed for patterns of trading that are inconsistent with the tenets of this Code. Excessive or inappropriate trading that interferes with job performance or compromises the duty that the Firm owes to our Clients is not permitted. Patterns of excessive trading or other trading activity that is deemed to be inappropriate may lead to sanctions, including restrictions on future trading and/or other disciplinary action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Sanctions for Non-Compliance with Code** 

Appropriate sanctions for a violation will include the nature and severity of the violation, the presence of any mitigating circumstances, and any previous violations that may have been committed by the Covered Person. Examples of possible sanctions include, but are not limited to, written warnings or reprimands, monetary penalties, trading freezes, suspension, and/or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Maintenance of Records** 

The Firm will maintain all necessary books and records required to remain compliant with applicable laws and regulations. More information on specific record-keeping requirements and processes may be found in the Firm's record-keeping policies and procedures.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**Glossary to the Code of Ethics** 

**Access Person** 

The term "Access Person" means an officer or director, or employee of a registered investment adviser, or any other person identified as a "control person" on the Form ADV or the Form BD filed by the adviser with the US Securities and Exchange Commission, as well as any employee, (1) who, in connection with his or her regular functions or duties, generates, participates in, has access to or obtains information regarding that adviser's purchase or sale of a security by or on behalf of an advisory client;

(2) whose regular functions or duties relate to the making of any recommendations with respect to such purchases or sales or has access to such recommendations that are non-public; (3) who obtains or has access to information or exercises influence concerning investment recommendations made to an advisory client of that adviser; (4) who has line oversight or management responsibilities over employees described in (1), (2) or (3) above; or (5) who has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund for which an adviser serves as investment adviser or any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Firm.

**Affiliated Fund** 

The term "Affiliated Fund" refers to open-end (non-money market) mutual funds and ETFs to which the Firm provides advisory services are considered to be "Affiliated Funds." A list of the Firm's Affiliated Funds can be found on <u>nomuraassetmanagement.com</u>.

**Affiliated Person** 

The term "Affiliated Person" means any officer, director, partner, or employee of a Nomura Asset Management International Fund or any subsidiary of the Firm and any other person so designated by the Compliance Department.

**Applicable Federal Securities Laws** 

For the purposes of the Code, the term "Applicable Federal Securities Laws" refers to any and all federal securities laws or regulations that may be applicable, including, but not limited to, the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Title V of Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, and the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the SEC or Department of the Treasury.

**Approved Broker** 

The term "Approved Broker" refers to a broker-dealer that is included on the Firm's "Approved Broker List." Effective September 1, 2013, all new brokerage accounts opened by a Covered Person, or their Immediate Family Member must be opened with a broker-dealer that can provide the Firm with trade confirmations and other information about employee personal trading activity electronically. This list will be updated from time-to-time to reflect changing business relationships.

**Client** 

The term "Client" refers to the Firm's investment advisory clients, including the registered investment companies, institutional investment clients, personal trusts and estates, guardianships, employee benefit trusts, and other clients that the Firm serves.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**Compliance Department** 

The term "Compliance Department" refers to the Firm's Compliance Department.

**Covered Person** 

The term "Covered Person" means a person subject to the provisions of this Code. This includes the Firm's employees and their Immediate Family Members, such as spouses and minor children, as well as other persons designated as Covered Persons by the Compliance Department or the Code of Ethics Committee. Such persons may include some or all of the directors, officers, trustees, and employees under the control of the Firm or its affiliated entities.

**Fund Person** 

Any directors, trustees and fund-only personnel associated with the Nomura Funds and/or the Optimum Fund Trust. Fund-only personnel are considered to be those who are not employed by the Firm or otherwise considered a Covered Person but provide services to the Funds.

**Immediate Family Member of an Employee** 

Immediate Family Member of an Employee – means: (1) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son- in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (2) any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Investment Person** 

The term "Investment Person" means a portfolio manager who, in connection with his/her regular functions or duties, makes, or participates in the making of, investment decisions affecting an investment company, and any control person who obtains information concerning the recommendation of securities for purchase or sale by a fund or an account. Any staff working in a support role to a portfolio manager, including, but not limited to, analysts and administrative assistants, are also considered to be Investment Persons. All Investment Persons are also considered Access Persons by definition.

**Managed Account** 

The term "Managed Account" refers to an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control. All Covered Persons must request and received approval from the Compliance Department in order to maintain a Managed Account.

**Outside Business Activity** 

The term "Outside Business Activity" means any full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm. A Covered Person who engages in such service, whether or not s/he receives compensation for doing so, will be considered to be participating in an Outside Business Activity and must disclose such service to the Compliance Department and receive approval for same.

**Required Holdings Information** 

Certain information regarding your personal securities holdings is required to be reported. Such reports must include the date and nature of the transaction, identify the security transacted, the price at which the transaction was effected, the broker through which the transaction was effected and the date in which the Access or Investment Person submitted the report.

**RedOak ID: 5001850** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

## Ex-99.(P)(19)

**Policy**

*PIMCO's Code of Ethics sets out* 

*standards of conduct to help you* 

*avoid potential conflicts of* 

*interest that may arise from your* 

*personal securities transactions* 

*and outside business activities.* 

**All employees must read and** 

**understand the Code.** 

**Effective Date:** May 2009

**Last Revision:** July 2025

CODE OF ETHICS \| July 2025 1

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**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| I. | **PIMCO Code of Ethics Overview** | 3 |
|  | A. What are the Objectives of the Code? | 3 |
|  | B. Who is Subject to the Code? | 3 |
|  | C. What are the Basic Requirements under the Code? | 3 |
|  | D. What are the Consequences for Violations of this Code? | 3 |
|  | E. Duty to Report Violations | 3 |
|  | F. Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies | 3 |
| II. | **Rules for all Employees** | 4 |
|  | A. What is Required? | 4 |
|  | B. What is Prohibited? | 6 |
| III. | **Additional Requirements for Applicable Portfolio Persons** | 7 |
|  | A. All Portfolio Persons | 7 |
|  | B. Real Estate Portfolio Person Obligations | 7 |
|  | C. Cryptocurrency Portfolio Person Obligations | 8 |
| IV. | **Additional Requirements for Reporting Persons Under Section 16** | 9 |
| V. | **Code Administration** | 9 |
|  | A. Authority to Grant Waivers of the Requirements of the Code | 9 |
|  | B. Non-Employee Personnel | 9 |
|  | C. Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises | 9 |
|  | D. Maintenance of Records | 9 |
| **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | 10 |
| **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | 12 |
| **GLOSSARY** | **GLOSSARY** | 13 |

---

CODE OF ETHICS \| July 2025 2

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**I.** **PIMCO CODE OF ETHICS OVERVIEW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What are the Objectives of the Code?** 

This Code of Ethics ("Code") establishes standards of conduct to help Employees avoid potential conflicts that may arise from their Personal Securities Transactions and outside business activities.<sup>1</sup>

Pacific Investment Management Company LLC ("PIMCO") is committed to fostering a culture of honesty and high ethical standards. This Code is designed to assist Employees in adhering to the high ethical standards that PIMCO follows in conducting its business. The following general fiduciary principles must govern your activities:

**•** **You have a duty to place the interests of clients first.** 

**•** **You must disclose, avoid, or mitigate any actual or potential conflict of interest.** 

**•** **You must not take inappropriate advantage of your position at PIMCO.** 

**•** **You must comply with associated PIMCO policies and procedures and applicable Securities and Commodities Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Who is Subject to the Code?** 

The Code applies to PIMCO's directors, officers and employees (each, an "Employee" and collectively, "Employees").<sup>2</sup> The Code also applies to certain non-Employee personnel, as referenced in Section V.B., and certain activities of an Employee's Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What are the Basic Requirements under the Code?** 

**•** **Acknowledging receipt of the Code and ongoing compliance with the Code** 

**•** **Reporting Personal Securities Accounts and holdings** 

**•** **Maintaining Personal Securities Accounts at Approved Brokers<sup>3</sup>** 

**•** **Pre-clearing and obtaining approval for Personal Securities Transactions** 

**•** **Disclosing Personal Securities Transactions** 

**•** **Obtaining approval of activities outside of PIMCO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **What are the Consequences for Violations of this Code?** 

Violations of the Code may be subject to remedial actions, pursuant to the Compliance Policy Violations Remedial Guide, which may include termination of employment or any other sanction or remedial action required or permitted by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Duty to Report Violations** 

Employees must promptly report any known violations of this Code, whether their own or another Employee's. Reports concerning another Employee's violations may be made anonymously and confidentially to a Compliance Officer in accordance with the **Policy for Reporting Suspicious Activities and Concerns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies** 

This Code will not be interpreted or applied in any manner that would violate any Employee's legal rights as an employee under applicable law. For example, nothing in this Code or its Appendices attached hereto prohibits or in any way restricts any Employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the Securities and Exchange Commission or any other governmental or regulatory body or self-regulatory organization. An Employee does not need prior PIMCO authorization before taking any such action and an Employee is not required to inform PIMCO if he or she chooses to take such action.

\* \* \*

**The Code includes additional requirements that may restrict your personal securities transactions or other activities in addition to those summarized above. Please review the entire Code. If you have any questions, please ask your local Compliance Officer.** 

<sup>1</sup> All capitalized terms have the meaning set forth in the Glossary unless otherwise specified herein.

<sup>2</sup> Employees of PIMCO-named subsidiaries and affiliates are subject to this Code unless their local employer has its own code of ethics to which they are subject. A Compliance Officer, in consultation with the Global Chief Compliance Officer, may determine that certain requirements under the Code are inapplicable for Employees who are on formal leave of absence or garden leave. 

<sup>3</sup> This is required of Employees of Applicable PIMCO Companies. Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

CODE OF ETHICS \| July 2025 3

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**II.** **RULES FOR ALL EMPLOYEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What is Required?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Acknowledging Receipt of the Code and Ongoing Compliance with the Code** 

PIMCO will provide Employees with a copy of this Code and any amendments. Employees are required to periodically certify their receipt of this Code and any amendments, as well as their ongoing compliance with this Code. Required certifications must be completed within the specified deadline, unless otherwise approved by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Reporting Personal Securities Transactions and Holdings** 

Employees must report each of their own and their Immediate Family Member's Personal Securities Accounts<sup>4</sup> and promptly update information regarding these accounts in the event of changes.

Within 10 calendar days of hire or otherwise becoming subject to the Code, Employees must submit via the personal trading system (accessible through the PIMCO Intranet) an initial report of Personal Securities Accounts and all reportable holdings in Financial Instruments and Private Placements, unless subject to an exclusion in Appendix I.

Employees are required to certify on a quarterly basis within 30 calendar days following quarter end that they have reported their own and their Immediate Family Members' Personal Securities Accounts to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Maintaining Personal Securities Accounts at Approved Brokers** 

Employees of Applicable PIMCO Companies<sup>5</sup> and their Immediate Family Members must maintain their Personal Securities Accounts with an Approved Broker, unless an exemption is granted by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Pre-Clearing and Obtaining Approval for Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>General Pre-Clearance and Approval Requirement</u> 

Employees must pre-clear and receive prior approval for their own and their Immediate Family Members' Personal Securities Transactions, including Initial Public Offerings and Private Placements, unless the transaction is subject to an exclusion in Appendix I.

**<u>Pre-Clearance and Approval Process</u>** 

**Step 1:** Input the details of the proposed transaction into the personal trading system (accessible through the PIMCO Intranet) and follow the instructions.

**Step 2:** You will be notified whether the proposed transaction is approved or denied.

**Time Limits:** If the proposed transaction is approved, the approval is valid for the day on which the approval was granted and the following business day, unless you are notified differently by a Compliance Officer. If a Good-until Cancel or Limit Order is not fully executed or filled by the end of the following business day (midnight local time), you must repeat the pre-clearance process.

<u>If the transaction is not executed within the required timeframe or if you seek to transact in a larger amount than the original pre-clearance request, you MUST repeat the pre-clearance process prior to proceeding with the transaction.</u>

<sup>4</sup> For the avoidance of doubt, Non-Discretionary Accounts and accounts on automated asset allocation platforms must be disclosed and a managed account certification or robo-advised certification, respectively, must be completed in the personal trading system.

<sup>5</sup> Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

CODE OF ETHICS \| July 2025 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exclusions from Pre-Clearance Requirement for Non-Discretionary Accounts and Certain Automated Transactions</u> 

Personal Securities Transactions in Non-Discretionary Accounts and certain automated transactions where neither the Employee nor an Immediate Family Member exercises any investment discretion are excluded from the pre-clearance and approval requirement, including: (i) transactions pursuant to an Automatic Investment Plan (including the Allianz Employee Stock Purchase Plan) and (ii) transactions in Personal Securities Accounts held on automated asset allocation platforms.

For the avoidance of doubt, directed sales or any transaction overriding an Automatic Investment Plan's predetermined schedule and allocation must be pre-cleared and approved.<sup>6</sup> Additionally, voluntary corporate actions must be pre-cleared and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosing Personal Securities Transactions** 

Employees must report all transactions in their own and their Immediate Family Member's Personal Securities Accounts (including Private Placements), unless the transaction is subject to an exclusion in Appendix I.

Compliance will receive automated reports for transactions executed in Personal Securities Accounts held at Approved Brokers.

If an Employee or Immediate Family Member maintains (i) Personal Securities Accounts with broker-dealers that are not on the list of Approved Brokers, or (ii) a Beneficial Interest in a Financial Instrument not held in a Personal Securities Account, the Employee must submit quarterly and annual reports via the personal trading system within 30 days of quarter end, unless otherwise approved by a Compliance Officer.

Real Estate Portfolio Persons and Cryptocurrency Portfolio Persons have specific reporting responsibilities described in Section III.B and III.C, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Obtaining Approval for Activities Outside of PIMCO** 

Without prior written approval from PIMCO's General Counsel, the Global Chief Compliance Officer, or their delegate, Employees must not engage in certain activities outside of PIMCO, regardless of whether compensation is received, including: (i) service on a board of directors, including in an advisory capacity, (ii) full- or part-time employment or service for a business organization or non-profit organization other than PIMCO or related to your activities on behalf of PIMCO, (iii) providing financial advice to a private, educational, or charitable organization, (iv) writing a book or periodical for publication<sup>7</sup>, and (v) serving as an employee, independent contractor, sole proprietor, officer, director or partner or accepting compensation in any form other than from PIMCO or one of its affiliates.

A designated Compliance Officer may approve an outside activity if they determine that an Employee's service or activities outside of PIMCO would not be inconsistent with the interests of PIMCO and its clients. Factors that may be considered include any remuneration received or proposed to be received as part of the activity, whether the activity or expected time spent is consistent with your duties to PIMCO and its clients, and any other factors deemed relevant in the Compliance Officer's discretion. Compliance may also stipulate that approval of your participation in the outside activity is subject to specified conditions. Requests to serve on the board of a publicly traded entity will generally be denied.

If approval is granted, Employees are responsible for notifying Compliance immediately if any conflict or potential conflict arises in the course of the outside activity or if the nature of the activity materially changes.

<sup>6</sup> An employee may adjust future percentage investment allocations in the Allianz Employee Stock Purchase Plan without pre-clearance and approval. 

<sup>7</sup> Finance-related books or periodicals will be subject to additional review, including by PIMCO's Content Committee.

CODE OF ETHICS \| July 2025 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What is Prohibited?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Insider Trading** 

The fiduciary principles of this Code and applicable Securities and Commodities laws prohibit Employees from trading on the basis of material, non-public information ("MNPI") received from any source or communicating this information to others. This insider trading prohibition applies notwithstanding any applicable pre-clearance exclusions (e.g., in the case of MNPI received with respect to open-end mutual funds advised or sub-advised by PIMCO or its affiliates).<sup>8</sup> If you are unsure about whether information is material or non-public, please consult a Compliance Officer and the **PIMCO MNPI Policy prior to conducting any trading**.

Personal trading requests to purchase or sell any security on the Firmwide Trade Restricted Securities List, or any other applicable Restricted List to which the Employee is subject, will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Excessive Trading and Market Timing of Mutal Fund Shares** 

Any excessive or inappropriate trading that, in PIMCO's view, interfered with job performance or compromises the duty that PIMCO owes to its clients, is not permitted.

In addition, Employees investing in open-end mutual funds are subject to the terms and restrictions in the respective fund's prospectus, including any restrictions on excessive trading and market timing. Trading shares of an open-end mutual fund in a manner inconsistent with the fund's prospectus is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Certain Trading for a Personal Account in the Same Financial Instrument or Related Financial Instrument as Firm Trading** 

Employees and their Immediate Family Members are generally prohibited from transacting in a Financial Instrument or a Related Financial Instrument if the gross aggregate market value exposure of the Employee's and all of the Employee's Immediate Family Members' transactions in that Financial Instrument over a 30-calendar day period across all of the Employee's and their Immediate Family Members' Personal Securities Accounts exceeds $250,000 for securities in the S&P 500<sup>®</sup> Index or $25,000 for securities of all other issuers, <u>and</u> either (i) there is a pending client order in the Financial Instrument or Related Financial Instrument, or (ii) a client has purchased or sold the Financial Instrument or a Related Financial Instrument on that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trading in an Applicable Blackout Period** 

Employees and their Immediate Family Members may not trade in shares of Allianz SE<sup>9</sup> or shares of a PIMCO-advised or sub-advised closed-end fund during a designated blackout period. A list of applicable blackout periods is accessible through the PIMCO Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Short-Term Trading** 

If a Personal Securities Transaction is subject to pre-clearance and approval, then Employees and their Immediate Family Members may not engage in any purchase followed by a sale, or any sale followed by a purchase, of the same Financial Instrument within 30 calendar days across all of their Personal Securities Accounts ("30 Day Calendar Rule"), unless subject to an exclusion in Appendix I or otherwise approved by Legal and Compliance.

The date of the first transaction is considered day one, and Employees may not execute a transaction in the opposite direction until day 31.<sup>10</sup> This prohibition applies on a last in/first out basis, even if the purchase and sell transactions occur in different accounts.

If a transaction violates the 30 Calendar Day Rule, Employees may be required to reverse the transaction and absorb any losses or disgorge profits greater than or equal to $25 associated with the short-term trade.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 should refer to Section IV for additional information.

<sup>8</sup> Non-public information regarding a mutual fund is considered MNPI if such information could materially impact the fund's net asset value.

<sup>9</sup> This restriction also applies to the exercise of cash-settled options or any kind of rights granted under compensation or incentive programs that completely or in part refer to Allianz SE.

<sup>10</sup> Options must have an expiration date that is at least 31 days from the initial purchase or sale date. For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.

CODE OF ETHICS \| July 2025 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **IPOs, ICOs, SPACs** 

Pre-clearance requests involving Initial Public Offerings, initial coin offerings, and SPACs generally will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Futures** 

Investments in Futures, including options on Futures are prohibited.

**III.** **ADDITIONAL REQUIREMENTS FOR APPLICABLE PORTFOLIO PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **All Portfolio Persons<sup>11</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Pre-Clearance and Approval of non-G-7 Government Securities** 

Portfolio Persons are required to pre-clear and receive prior approval for purchases and sales of direct obligations of national governments, excluding the G-7<sup>12</sup>, and European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **General Blackout Period Restrictions for Portfolio Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prior to a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person's transaction in the same Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

**Rules for Research Analysts.** A research analyst and their Immediate Family Members may not transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer, or a Related Financial Instrument that the research analyst is analyzing for a client account (whether such analysis was requested by another person or was undertaken on the research analyst's own initiative). This prohibition remains in effect until the research analyst is notified in writing that the Financial Instrument has been selected or rejected for purchase or sale for a client account or until the research analyst obtains permission to transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer or a Related Financial Instrument from a Managing Director supervisor and a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Following a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument within three calendar days after: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person has transacted in such Financial Instrument or a Related Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Real Estate Portfolio Person Obligations<sup>13</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Additional Requirements for Reporting and Pre-Clearance of Real Estate Investments** 

Real Estate Portfolio Persons and their Immediate Family Members must report Real Estate Investments and obtain pre-clearance and prior approval of transactions in Real Estate Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exceptions to Reporting and Pre-Clearance of Real Estate Investment Transactions** 

Real Estate Portfolio Persons are not required to report, pre-clear and obtain prior approval for transactions in Real Estate Investments that are not for investment purposes, this includes transactions involving residential properties for personal use (e.g., a primary residence or a vacation home)<sup>14</sup>, as well as loans, advances or gifts to Immediate Family Members to assist in their purchase or maintenance of such properties, are not subject to the pre-clearance or reporting requirements.

<sup>11</sup> These requirements do not apply to Cryptocurrency Portfolio Persons in Operations.

<sup>12</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>13</sup> For purposes of this Section III.B, the term Financial Instrument as it applies to Personal Securities Transactions of Portfolio Persons shall include Real Estate Investment Transactions.

<sup>14</sup> Personal use means you will occupy the property for more than two weeks a year or for more than 10 percent of the days that it is available for rent. 

CODE OF ETHICS \| July 2025 7

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In addition, transactions involving one- to four-unit residential properties purchased for investment purposes are not subject to pre-clearance, provided such transactions would not (i) constitute a Security (e.g., an interest in an entity of which you are not a general partner, managing member, or equivalent), or (ii) violate any of your responsibilities under the Code. Such transactions are subject to the reporting requirements, however.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Cryptocurrency Portfolio Person Obligations** 

The following additional requirements apply to Cryptocurrency Portfolio Persons and their Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Additional Requirements for Reporting of Cryptocurrency Accounts** 

Cryptocurrency Portfolio Persons and their Immediate Family Members must report all Cryptocurrency accounts within the personal trading system and provide quarterly and annual statements of transactions and holdings reports to Compliance within 30 calendar days following each quarter end.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Additional Pre-Clearance Requirements** 

Cryptocurrency Portfolio Persons must pre-clear within the personal trade surveillance system and receive approval for all of their own and their Immediate Family Members' transactions in Applicable Cryptocurrency (including purchases, sales, and conversions between Applicable Cryptocurrency and another asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Prohibition on Short-Term Trading of Cryptocurrency** 

Cryptocurrency Portfolio Persons and their Immediate Family Members are prohibited from executing opposite-way transactions within 30-calendar days in Applicable Cryptocurrency (purchase and sale, sale and purchase, or equivalent conversions). See Section II.B.5 for further details regarding the short-term trading prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Firm Trading and Blackout Period Restrictions for Personal Transactions in Cryptocurrency** 

Cryptocurrency Portfolio Persons and their Immediate Family Members must not transact in any Applicable Cryptocurrency:

● the same day of a PIMCO client trade in an Applicable Cryptocurrency;

● Prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the Applicable Cryptocurrency for a PIMCO
client account; or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so; and

● Within three calendar days after: (i) the Portfolio Person transacts in the Applicable Cryptocurrency for a PIMCO client account or
(ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

See Section III.A.2, for further details regarding blackout period prohibitions.

<sup>15</sup> A Cryptocurrency Portfolio Persons is responsible for ensuring that all of their Cryptocurrency Accounts are held with a provider that can generate a transactions history report for submission to Compliance.

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**IV.** **ADDITIONAL REQUIREMENTS FOR REPORTING PERSONS UNDER SECTION 16** 

Employees are responsible for determining whether they are subject to Section 16 requirements and arranging appropriate filings.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 are subject to a 6-month holding period with respect to applicable PIMCO-advised or sub-advised closed-end funds and are subject to certain additional requirements (including that they may not short applicable PIMCO-advised or sub-advised closed-end funds and must pre-clear and obtain prior approval for transferring holdings in PIMCO-advised or sub-advised closed-end funds). Please consult a Compliance Officer for more information.

**V.** **CODE ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Authority to Grant Waivers of the Requirements of the Code** 

A Compliance Officer, in consultation with PIMCO's General Counsel or the Global Chief Compliance Officer, has the authority to exempt any Employee or any Personal Investment Transaction from any or all of the provisions of this Code if the Compliance Officer determines that such exemption would not be against the interests of any client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. The Compliance Officer will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Non-Employee Personnel** 

Certain contractors, advisors, long-term consultants, temporary employees, interns and other individuals associated with PIMCO ("non-employee personnel") will be subject to this Code based on the individual's role and responsibilities, among other factors, as determined by Legal and Compliance in consultation with Human Resources and the hiring manager, as appropriate. Non-employee personnel will be notified in the event that they will be subject to the Code. Where determined to be applicable, the obligations of Employees as set forth in this Code shall apply to non-employee personnel, except Section II.A.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises** 

PIMCO will furnish a written report annually to the directors or trustees of each fund that PIMCO advises or sub-advises. Each report will describe any issues arising under this Code, or under procedures implemented by PIMCO to prevent violations of this Code, since PIMCO's last report, including, but not limited to, information about material violations of this Code, procedures and sanctions imposed in response to such material violations, and certify that PIMCO has adopted procedures reasonably necessary to prevent its Employees from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Maintenance of Records** 

Records will be maintained in accordance with PIMCO's Records Management Policy and applicable law.

\* \* \*

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**APPENDIX I - PRE-CLEARANCE, REPORTING, AND 30 CALENDAR DAY RULE REQUIREMENTS AND EXCLUSIONS BY ASSET TYPE** 

All Financial Instruments are subject to pre-clearance and approval unless specifically excluded below. Please contact your local Compliance Officer with questions.

---

| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Do Transactions Require Pre-clearance<br>and Approval?** | **Is Reporting of Securities<br>Required?<sup>1</sup>** | **Are Transactions Subject to the 30<br>Calendar Day Rule?** |
|  Equities | Equities | Equities | Equities |
|  Shares of common or preferred stock | Yes | Yes | Yes |
| Initial Public Offerings (IPOs)<sup>(2)</sup> | **Yes** | **Yes** | **Yes** |
|  American Depository Receipts (ADRs) | Yes | Yes | Yes |
| Options & Warrants on equity securities | **Yes** | **Yes** | **Yes** |
|  Bonds | Bonds | Bonds | Bonds |
|  Corporate or Municipal Bonds | Yes | Yes | Yes |
| Bonds convertible into common stock | **Yes** | **Yes** | **Yes** |
|  Direct obligations of non-G-7<sup>(3)</sup> national governments for **Portfolio**<br> **Persons** | Yes | Yes | Yes |
| Direct obligations of US Government or other G-7,<sup>(3)</sup> and European Un<br> ion national governments for **Portfolio Persons** | **No** | **Yes** | **No** |
|  Direct obligations of U.S Government or other national government for **non-Portfolio Persons** | No | Yes | No |
| Derivatives on any bonds | **Yes** | **Yes** | **Yes** |
|  Exchange Traded Funds | Exchange Traded Funds | Exchange Traded Funds | Exchange Traded Funds |
|  ETFs advised or sub-advised by PIMCO, and single-stock ETFs<sup>(4)</sup> | Yes | Yes | Yes |
| Single-cryptocurrency ETFs for **Cryptocurrency Portfolio Persons**<sup>(5)</sup> | **Yes** | **Yes** | **Yes** |
|  Single-cryptocurrency ETFs for **non-Cryptocurrency Portfolio Persons** | No | Yes | No |
| Derivatives on ETFs | **Yes** | **Yes** | **Yes** |
|  All other ETFs | No | Yes | No |
| Mutual Funds and Closed-End Funds | Mutual Funds and Closed-End Funds | Mutual Funds and Closed-End Funds | Mutual Funds and Closed-End Funds |
| Open-end mutual funds advised or sub-advised by PIMCO or an Allianz affiliated entity or unit investment trusts that are exclusively invested in one or more open-end mutual funds that is advised or sub-advised by PIMCO or an Allianz affiliated entity | No | **Yes** | No |
| Unit investment trusts that are invested exclusively in one or more open-end mutual funds that are **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | **No** | **No** | **No** |
|  Open-end mutual funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | No | No |
| Closed-end mutual funds advised or sub-advised by PIMCO | **Yes** | **Yes** | **Yes** |
|  Closed-end mutual funds **NOT** advised or sub-advised by PIMCO | Yes | Yes | Yes |
| Interval funds advised or sub-advised by PIMCO or an Allianz affiliated entity | **Yes** | **Yes** | **Yes** |
|  Interval funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | Yes | No |
| Currencies & Commodities | Currencies & Commodities | Currencies & Commodities | Currencies & Commodities |
| Currencies for investment purposes | **Yes** | **Yes** | **Yes** |
|  Currency futures<sup>(6)</sup>, forwards, swaps, or options thereon | Yes | Yes | Yes |
| Forex Spot **NOT** for investment purposes (e.g., to settle an investment transaction) | **No** | **No** | **No** |
|  Physical Currencies (e.g., traveling abroad) | No | No | No |

---

CODE OF ETHICS \| July 2025 10

------

---

| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Do Transactions Require Pre-clear**<br> **ance and Approval?** | **Is Reporting of Securities Re**<br> **quired? <sup>1</sup>** | **Are Transactions Subject to the 30<br>Calendar Day Rule?** |
|  Currencies & Commodities (cont.) | Currencies & Commodities (cont.) | Currencies & Commodities (cont.) | Currencies & Commodities (cont.) |
| Commodities for investment purposes | **Yes** | **Yes** | **Yes** |
| Commodity futures<sup>(6)</sup>, forwards, swaps, or options thereon | **Yes** | **Yes** | **Yes** |
| Physical Commodities **NOT** for investment purposes (e.g., for personal use) | **No** | **No** | **No** |
| Cryptocurrencies (direct transactions) for **non-Cryptocurrency Portfolio Persons** | No | No | No |
| Cryptocurrencies (direct transactions) for **Cryptocurrency Portfolio Persons** <sup>(5)</sup> | **Yes** | **Yes** | **Yes** |
| Initial coin offerings (ICOs) <sup>(7)</sup> | **Yes** | **Yes** | **Yes** |
| Derivatives on cryptocurrencies | **Yes** | **Yes** | **Yes** |
|  Other | Other | Other | Other |
| Private placements, hedge funds, private equity, or any other private offering | **Yes** | **Yes** | No |
| Cash equivalents <sup>(8)</sup> | **No** | **No** | **No** |
| Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for non-Real Estate Portfolio Persons** | No | No | No |
| Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for Real Estate Portfolio Persons** | **Yes** | **Yes** | **No** |
| Real Estate Physical Property (1-4 residential units) for investment purposes **for Real Estate Portfolio Persons** | No | **Yes** | No |
| Real Estate Property (personal use) | **No** | **No** | **No** |
| Any Financial Instrument not referenced above | **Yes** | **Yes** | **Yes** |

---

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO/Allianz Retirement and Investment Account Requirements** | **PIMCO/Allianz Retirement and Investment Account Requirements** | **PIMCO/Allianz Retirement and Investment Account Requirements** | **PIMCO/Allianz Retirement and Investment Account Requirements** |
| **Account Type** | **Do Transactions Require Pre-clear**<br> **ance and Approval?** | **Is Reporting of the Account<br>and Securities Required?** | **Are Transactions Subject to the 30<br>Calendar Day Rule?** |
|  PIMCO/Allianz Retirement and Investment Account | PIMCO/Allianz Retirement and Investment Account | PIMCO/Allianz Retirement and Investment Account | PIMCO/Allianz Retirement and Investment Account |
|  Charles Schwab Personal Choice Retirement Account within the Allianz 401k | Yes | Yes | Yes |
| Allianz Employee Stock Purchase Plan (ESPP) | **Yes** | **Yes** | **Yes** |
|  Allianz Executive Deferred Compensation Plan (EDCP) | Yes | Yes | Yes |
| 529 Plan through PIMCO Benefits | **No** | **Yes** | **No** |
|  PIMCO Direct Investment Accounts | No | Yes | No |
| Fund Invest Accounts through Charles Schwab and Fidelity | **No** | **Yes** | **No** |
|  State Street Global Investor Series | No | Yes | No |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) If an investment account has the ability to invest in a reportable security within its investment options, the
account is reportable to Compliance via the personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As a general matter, most pre-clearance requests involving IPOs will be
denied.

&nbsp;&nbsp;&nbsp;&nbsp;(3) G-7 countries are Canada, France, Germany, Italy, Japan, the United
Kingdom, and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(4) As a general matter, most pre-clearance requests involving single-stock
ETFs will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Cryptocurrency Portfolio Persons are required to report their and Immediate Family Members' Personal
Securities Accounts that hold Applicable Cryptocurrency, pre-clear transactions in Applicable Cryptocurrency, including single-cryptocurrency ETFs on Applicable Cryptocurrency, and abide by the 30 calendar day
rule for Applicable Cryptocurrency. Applicable Cryptocurrency is cryptocurrency that PIMCO is trading on behalf of clients. Cryptocurrency transactions include purchases, sales, and conversions between an Applicable Cryptocurrency and another asset.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Futures, including options on futures are prohibited.

CODE OF ETHICS \| July 2025 11

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&nbsp;&nbsp;&nbsp;&nbsp;(7) Initial coin offerings (ICOs) are prohibited for all employees and their Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Cash equivalents include bank certificates of deposit ("CDs"), bankers acceptances, commercial paper and
other high quality, non-sovereign short-term debt instruments (with an original maturity less than one year), including repurchase agreements.

**APPENDIX II - OPTIONS TRADING: PRE-CLEARANCE AND 30 CALENDAR DAY RULE** 

The following chart provides specific guidance on pre-clearance and short-term trading prohibitions for options trading.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Option Trading** | **Pre-clearance Required** | **Subject to Short Term Trading<br>Restriction ("30 Calendar Day Rule")** |
| &nbsp;&nbsp;&nbsp; Purchasing/Selling an Option<sup>16</sup> | Yes | Yes<br> The option's expiration date must be greater than 30 days from the date of the option transaction.<br>An options contract cannot be bought and sold, or sold and bought, within 30 calendar days.<br>For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar<br> days.<br>|
| &nbsp;&nbsp;&nbsp; Involuntary Option Assign-<br> ment/Exercise of Existing Option<br> Position | No<br> Purchase or sale of underlying<br> Security not directed by the<br> Employee | No<br> The acquisition/disposition of a<br> security resulting from an existing option<br> position via an involuntary assignment/exercise is not subject to the 30 Calendar Day Rule |
| &nbsp;&nbsp;&nbsp; Directing an Option Exercise of<br> Existing Options Position | Yes To exercise an option, the purchase or sale of the underlying security must be pre-cleared before directing the option exercise | Yes<br> After the receipt or disposal of the<br> underlying security due to a directed option exercise, employees are prohibited from<br> executing an opposite way transaction in the underlying security for 30 calendar days<br>|
| &nbsp;&nbsp;&nbsp; Rolling<sup>17</sup> an Option on All Other<br> Underlying Securities | Yes<br> Pre-clearance of both legs of the transaction is required to roll the option | Yes<br> Other options are not allowed to roll within<br> 30 calendar days (i.e., they are subject to the<br> 30 Calendar Day Rule) |

---

<sup>16</sup> Voluntary corporate actions require pre-clearance.

<sup>17</sup> The simultaneous closing and opening of an option to extend the expiration or maturity of the initial position to the next available contract period immediately following such expiration or maturity.

CODE OF ETHICS \| July 2025 12

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**GLOSSARY** 

The following definitions apply to the capitalized terms used in the Code:

**Applicable Cryptocurrency** – means cryptocurrency that PIMCO is trading on behalf of clients.

**Approved Broker** – means a broker-dealer approved by the Compliance Officer. The list of Approved Brokers for each PIMCO location is accessible through the PIMCO Intranet or can be obtained from the Compliance Officer.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Interest** – means when a person has or shares direct or indirect pecuniary interest in accounts or in reportable Financial Instruments. Pecuniary interest means that a person has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, unless specifically excepted by a Compliance Officer, an interest in a Financial Instrument held by: (1) a joint account to which you are a party; (2) a partnership in which you are a general partner; (3) a partnership in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (4) a limited liability company in which you are a managing member; (5) a limited liability company in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (6) a trust in which you or an Immediate Family Member has a vested interest or serves as a trustee with investment discretion; (7) a closely-held corporation in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; or (8) any account (including retirement, pension, deferred compensation or similar account) in which you or an Immediate Family has a substantial economic interest. A pecuniary interest (thus, Beneficial Interest) may arise with respect to any Financial Instrument including without limitation those (such as private equity and hedge fund investments) obtained through Private Placements.

**Cryptocurrency Account** – solely for the purposes of the Cryptocurrency Portfolio Person addendum, means any Personal Securities Account that holds or is expected to hold Applicable Cryptocurrency.

**Cryptocurrency Portfolio Person** – means any person who directly supports or directs trading in Applicable Cryptocurrency on behalf of PIMCO clients.

**Cryptocurrency** – means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under the relevant law.

**Derivative** – means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option (other than an option on a foreign currency, an option on a basket of currencies, an option on a Security or an option on an index of Securities, which are included in the definition of "Security"). Questions regarding whether a particular instrument or transaction is a Derivative for purposes of this policy should be directed to the Compliance Officer or his or her designee. For avoidance of doubt, a derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of the Code.

**Financial Instrument** – means a Security, Derivative, commodity or currency as investment, but does not include Cryptocurrencies. For the avoidance of doubt, futures contracts on Cryptocurrencies are "Financial Instruments" for purposes of the Code.

**Futures** – means a futures contract and an option on a futures contract traded on a U.S. or non-U.S. board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange.

CODE OF ETHICS \| July 2025 13

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**Immediate Family Member**– generally means: (1) an Employee's spouse; (2) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the Employee (which does not include temporary house guests) that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Initial Public Offering** – means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934. This also includes any non-US equity security offered publicly for the first time in any jurisdiction. Initial Public Offerings excludes fixed-income, preferred, business development companies, registered investment companies, commodity pools and convertible securities offerings.

**Non-Discretionary Account** – means any account managed by a broker dealer, futures commission merchant, or trustee as to which neither the Employee nor an Immediate Family Member: (1) exercises investment discretion; and (2) receives notice of specific transactions prior to execution.

**Personal Securities Account** – means (1) any account (including any custody account, safekeeping account, retirement account such as an IRA or 401(k) plan, and any account maintained by an entity that may act as a broker or principal) in which an Employee has any direct or indirect Beneficial Interest, including Personal Securities Accounts and trusts for the benefit of such persons; and (2) any account maintained for a financial dependent. Thus, the term "Personal Securities Accounts" also includes, among others:

(i) Trusts for which the Employee acts as trustee, executor or custodian;

(ii) Accounts of or for the benefit of a person who receives financial support from the Employee;

(iii) Accounts of or for the benefit of an Immediate Family Member; and

(iv) Accounts in which the Employee is a joint owner or has trading authority.

For the avoidance of doubt, the term "Personal Securities Account" does not include: (1) an account on the U.S. Department of the Treasury's TreasuryDirect system, so long as the securities purchased through and/or held in such account may only be, or were, purchased through a non-competitive bid process; or (2) any account limited to direct holdings of Cryptocurrencies. For avoidance of doubt, an account that holds Derivatives on Cryptocurrencies would constitute a "Personal Securities Account" for purposes of the Code, and is subject to the requirements of Section II.A.2 above.

**Personal Securities Transaction** – means transactions in Securities (whether publicly offered or a Private Placement), Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in a Cryptocurrency, except for Cryptocurrency Portfolio Persons as noted in Appendix IV. For the avoidance of doubt, "Personal Securities Transaction" includes Derivatives on a Cryptocurrency.

**Portfolio Person** – means an Employee who: (1) provides information or advice with respect to the purchase or sale of a Financial Instrument, such as a research analyst; or (2) helps execute a portfolio manager's investment decisions. This includes Portfolio Managers, Economists, Traders, Portfolio Associates/Trade Assistants, Research Analysts, Portfolio Risk Management, members of Capital Markets team, and Asset Management team.

**Private Placement** – means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to SEC Rules 504, 505 or 506 under the Securities Act of 1933, including hedge funds or private equity funds or similar laws of non-U.S. jurisdictions.

CODE OF ETHICS \| July 2025 14

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**Real Estate Portfolio Person** – means a Portfolio Person, employees of PIMCO Prime Real Estate LLC, or any other Employee designated by a Compliance Officer, with respect to PIMCO advised private funds that executes transactions in Real Estate Investment.

**Real Estate Investments**– means investments involving real estate for an investment purposes and not for personal use (such as, without limitation, purchases, sales, financings or other forms of investments in office, multifamily, retail, commercial, industrial or hospitality properties or interest in real estate services or service providers), either directly or through investments in funds (other than registered investment companies or publicly traded Securities that are otherwise subject to the Code of Ethics), joint ventures, partnerships, limited liability companies, mortgage or mezzanine loans or other Securities (other than publicly traded Securities that are otherwise subject to the Code of Ethics).

**Related Financial Instrument** – means any Derivative directly tied to the same underlying Financial Instrument, including, but not limited to, any swap, option or warrant to purchase or sell that same underlying Financial Instrument, and any Derivative convertible into or exchangeable for that same underlying Financial Instrument. For example, the purchase and exercise of an option to acquire a Security is subject to the same restrictions that would apply to the purchase of the Security itself.

**Securities and Commodities Laws** – means the securities and/or commodities laws of any jurisdiction applicable to any Employee, including for any employee located in the U.S. or employed by PIMCO, the following laws: Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, broker-dealers and investment advisers, and any rules adopted thereunder by the U.S. Securities and Exchange Commission or the U.S. Department of the Treasury, the Commodity Exchange Act, any rules adopted by the U.S. Commodity Futures Trading Commission under this statute, and applicable rules adopted by the National Futures Association.

**Security** – means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract (e.g., investment in a business), voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security, (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest of instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

CODE OF ETHICS \| July 2025 15

## Ex-99.(P)(20)

![LOGO](g941623g0220214923759.jpg)

**MORGAN STANLEY INVESTMENT MANAGEMENT** 

**PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES** 

**July 25, 2025** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **I. INTRODUCTION** | **I. INTRODUCTION** | **3** |
| A. | General | 3 |
| B. | Standards of Business Conduct | 3 |
| C. | Mandatory Training Requirements | 4 |
| D. | Overview of Code Requirements | 5 |
| E. | Personal Conflicts | 5 |
| **II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **6** |
| A. | Personal Securities Accounts | 6 |
| B. | Fully Managed Account\* | 6 |
| C. | Other Morgan Stanley Sponsored Accounts | 7 |
| D. | Non-Morgan Stanley Accounts | 7 |
| E. | Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL | 7 |
| F. | Mutual Fund Accounts | 8 |
| G. | Automatic Investment Plan | 8 |
| H. | Investment Clubs | 8 |
| I. | Cryptocurrencies | 8 |
| **III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **9** |
| A. | General | 9 |
| B. | Initiating a Transaction | 9 |
| C. | Pre-Clearance Valid for One Day Only | 9 |
| D. | Restrictions and Requirements for Investment Personnel | 10 |
| E. | Restrictions and Requirements that apply to Eaton Vance Affiliated Entities | 10 |
| F. | Restrictions and Requirements for PPA Model Personnel | 11 |
| G. | Omni and Those Who Have Access to Flex One | 11 |
| H. | Employees Designated to be "Above the Wall" | 12 |
| I. | Transacting in Morgan Stanley Securities | 12 |
| J. | Trading Derivatives | 12 |
| K. | Other Restrictions | 13 |
| L. | Other Activities Requiring Pre-Clearance | 13 |
| **IV. HOLDING REQUIREMENTS** | **IV. HOLDING REQUIREMENTS** | **14** |
| A. | Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds | 14 |
| B. | Covered Securities | 14 |
| C. | Holding Requirements Specific to MSIMJ Employees | 14 |
| D. | Holding Requirements Specific to HK Type 9 License Holder Employees | 14 |
| **V. REPORTING REQUIREMENTS** | **V. REPORTING REQUIREMENTS** | **15** |
| A. | Initial Reporting and Holdings Certification | 15 |
| B. | Quarterly Reporting and Certification | 15 |
| C. | Annual Reporting and Holdings Certification | 16 |
| **VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **18** |
| A. | Approval to Engage in an Outside Business Activity | 18 |
| B. | Approval to Invest in a Private Investment | 18 |
| **VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **19** |
| **VIII. ENFORCEMENT AND SANCTIONS** | **VIII. ENFORCEMENT AND SANCTIONS** | **19** |
| **IX. RELATED POLICIES** | **IX. RELATED POLICIES** | **20** |
| **X. RECORDKEEPING** | **X. RECORDKEEPING** | **20** |
| A. | Firm Requirements | 20 |
| B. | MSIM Maintenance of Records Relevant to this Code | 21 |
| **SCHEDULE A** | **SCHEDULE A** | **22** |
| **XI. DEFINITIONS** | **XI. DEFINITIONS** | **24** |
| **SCHEDULE B** | **SCHEDULE B** | **30** |

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**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Genera l** 

The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter.

![LOGO](g941623g85o74.jpg)

In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Standards of Business Conduct** 

MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions.

<u>Fiduciary Duties</u> 

You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of Clients must always be placed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in compliance with the rules contained in this Code and
in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should never use your position with MSIM, or information acquired through your employment, in your
personal trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it
immediately to your local Compliance group.

------

In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a Client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a Client, including any statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a Client or securities.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u> 

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Mandatory Training Requirements** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g941623g73y78.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any late training may result in a **violation.** Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of a Letter of Warning / Education to the employee and employee's Manager;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record delinquency in the Compliance Incident Tracking of Employees database; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment | <br> **Training Name**<br>| <br> **Description**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of a Letter of Warning / Education to the employee and employee's Manager;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record delinquency in the Compliance Incident Tracking of Employees database; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment | Morgan Stanley Investment Management Initial Disclosure Form | Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of a Letter of Warning / Education to the employee and employee's Manager;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record delinquency in the Compliance Incident Tracking of Employees database; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment | Outside Business Interests - New Hires | Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |

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Non-completion of the Code of Conduct or the Code training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Overview of Code Requirements** 

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

![LOGO](g941623g0220214924922.jpg)

You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Conflicts** 

As per the Firm's <u>Code of Conduct</u>, *personal conflicts* can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the <u>Outside Business Interests (OBI) System</u>. Consult the <u>Conflicts of Interest InfoPage</u> for additional information.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Examples of Potential Personal Conflicts include, but are not limited to:** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Having a personal or family interest in a transaction involving Morgan Stanley.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Competing with Morgan Stanley for the purchase or sale of services.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location).<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees.<br>|

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**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Securities Accounts** 

Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or <u>Preferred Brokers</u>, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code.

*<u>Opening a Morgan Stanley Brokerage Account</u>.* When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account by typing <u>myfinances/</u> into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fully Managed Account\*** 

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and EIAC will arrange for duplicate copies of the statements to be sent to the Firm.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account.

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To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments.

\*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Other Morgan Stanley Sponsored Accounts** 

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Morgan Stanley Accounts** 

Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System upon Compliance's request. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the <u>Initial Disclosure Process</u> and as part of the annual certification process.

Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL** 

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("<u>TPC</u>") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Mutual Fund Accounts** 

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts initially via the <u>Initial Disclosure Process</u> or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System as long as the account does not have the ability to trade in Covered Securities.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Automatic Investment Plans**<br>With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Investment Clubs**<br>You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Cryptocurrencies**<br>You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g91n96.jpg) <br> Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance.<br>You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Automatic Investment Plans**<br>With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Investment Clubs**<br>You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Cryptocurrencies**<br>You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g91n96.jpg) <br> Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance.<br>You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Automatic Investment Plans**<br>With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Investment Clubs**<br>You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Cryptocurrencies**<br>You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g91n96.jpg) <br> Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance.<br>You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. |

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While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) require disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u>).

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| | |
|:---|:---|
|  | ![LOGO](g941623g44a82.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General**<br>You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade prior to execution. See the Securities Transaction Matrix in <u>Schedule A</u> for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal. | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open the TPC system (type "IMTPC/" into your browser.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Select the correct account, transaction type (buy/sell) and quantity.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear all Covered Securities unless an exemption applies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding period requirements.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute only after receiving an APPROVAL e-mail from the system.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You can only execute within your approval window.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact Compliance with questions prior to trading.<br>|

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Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions.

**B.** **Initiating a Trade** 

Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the <u>TPC</u> system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

**C.** **Pre-Clearance Valid for the Same Day Market Session Only** 

Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securities through the TPC system during the open market session you intend to execute the trade. If your request is approved, such approval is valid only during the market session for which it is granted and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market.

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**Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restrictions and Requirements for Investment Personnel** 

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restrictions and Requirements that apply to Eaton Vance Affiliated Entities** 

<u>Research Recommendations or Conclusions</u>

Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio
(a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio
has been increased or decreased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a
related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for purposes of CRM, that security (or its issuer) has been designated as "eligible" or
"ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied.

<u>Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes</u>

If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or her designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period.

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<u>Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities</u>

Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

*Personal Securities Transactions for Securities in Your Coverage Area.* You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the
security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the 5<sup>th</sup> calendar day after you have communicated
your new or changed recommendation or research conclusion throughout the relevant investment group.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Restrictions and Requirements for PPA Model Personnel**<br>PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.<br>Please consult your local Compliance if you have questions.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Omni and Those Who Have Access to Flex One**<br>Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.<br>Please consult your local Compliance if you have questions. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g97y99.jpg) <br>**Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.**<br>**<u>Pre-Clearance Timeline for PPA Model Personnel</u>:**<br>**On day one, enter pre-clearance request into TPC system.**<br>**On day one, the request is routed to your DM.**<br>**On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.**<br>**On day two (the next business day after DM approval is received) you may execute trade.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Restrictions and Requirements for PPA Model Personnel**<br>PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance.<br>Please consult your local Compliance if you have questions.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Omni and Those Who Have Access to Flex One**<br>Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.<br>Please consult your local Compliance if you have questions. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g97y99.jpg) <br>**Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.**<br>**<u>Pre-Clearance Timeline for PPA Model Personnel</u>:**<br>**On day one, enter pre-clearance request into TPC system.**<br>**On day one, the request is routed to your DM.**<br>**On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.**<br>**On day two (the next business day after DM approval is received) you may execute trade.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Employees Designated to be "Above the Wall"** 

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Transacting in Morgan Stanley Securities** 

Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the <u>Global</u> <u>Employee Trading, Investing and Outside Business Activities Policy</u> <u>(see section 7)</u> and must take place during the designated window periods. Consult MS Today or <u>MSIM Code of Ethics Employee Jive site</u> for the window period announcement prior to trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Trading Derivatives** 

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|:---|:---|
| **MSIM** | **Employees who work in the PPA business are prohibited from trading ALL Derivatives.**  |

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The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system:

<u>Call Options</u>

*Listed Call Options.* You may purchase a listed call option on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls*. **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.**

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Other Restrictions** 

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Personal Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the <u>Restricted Lists</u> prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Other Activities Requiring Pre-Clearance** 

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| | |
|:---|:---|
| **Activity** | **Resources/Additional Information** |
| **Outside Business Activities** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| **Outside Brokerage Accounts** | Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. |
| **Transactions in Private Investments** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| **Political Contributions** | Please consult the Firm <u>Policy on U.S. Political Contributions and Activities</u>. |

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**IV.** **HOLDING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds** 

You may not redeem or exchange Proprietary or <u>Sub-advised</u><u> </u><u>Mutual</u><u> </u><u>Funds</u> or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Covered Securities** 

You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31<sup>st</sup> calendar day or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Holding Requirements Specific to MSIMJ Employees** 

When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Holding Requirements Specific to HK Type 9 License Holder Employees** 

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. REPORTING REQUIREMENTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Reporting and Holdings Certification**<br>When you commence employment with MSIM or otherwise become a Covered Person, you must complete the <u>Initial Disclosure Process</u> (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Initial Report.<br>All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g76x24.jpg) <br>**<u>As a new hire, you have 10 calendar days to</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete your Initial Disclosure Process.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose your Outside Business Interests/Accounts, Private Investments.<br>**<u>Within 30 calendar days of hire you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete your new hire trainings.<br>**<u>Within 60 calendar days of Compliance's review you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer and close any nonapproved personal securities account |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. REPORTING REQUIREMENTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Reporting and Holdings Certification**<br>When you commence employment with MSIM or otherwise become a Covered Person, you must complete the <u>Initial Disclosure Process</u> (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Initial Report.<br>All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g76x24.jpg) <br>**<u>As a new hire, you have 10 calendar days to</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete your Initial Disclosure Process.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose your Outside Business Interests/Accounts, Private Investments.<br>**<u>Within 30 calendar days of hire you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete your new hire trainings.<br>**<u>Within 60 calendar days of Compliance's review you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer and close any nonapproved personal securities account |

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If you have any questions, contact your local Compliance group.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Quarterly Reporting and Certification**<br>You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.<br>The Quarterly Transactions Report must contain the information set forth below.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions in a Personal Securities Account during the previous quarter you must provide:<br>o 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 any Covered Security; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g05v56.jpg) <br>Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met.<br>The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Quarterly Reporting and Certification**<br>You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.<br>The Quarterly Transactions Report must contain the information set forth below.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions in a Personal Securities Account during the previous quarter you must provide:<br>o 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 any Covered Security; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g941623g05v56.jpg) <br>Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met.<br>The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The name of the broker-dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The date you submitted the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any new account, including accounts for your Immediate Family, established by you during the previous
quarter in which any securities are held for your direct or indirect benefit, you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The name of the broker-dealer, bank or financial institution with which you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Reporting and Holdings Certification**<br>You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of your current brokerage account(s), including those for your Immediate Family;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities and current principal amount Beneficially Owned by you in these account(s);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all your approved Outside Business Activities, and Private Investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and | &nbsp;&nbsp;&nbsp; ![LOGO](g941623g86h55.jpg) <br>Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete.<br>As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.<br>ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments.<br>**You are required to complete this certification on or before it's due date.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Reporting and Holdings Certification**<br>You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of your current brokerage account(s), including those for your Immediate Family;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities and current principal amount Beneficially Owned by you in these account(s);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all your approved Outside Business Activities, and Private Investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and | &nbsp;&nbsp;&nbsp; ![LOGO](g941623g86h55.jpg) <br>Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete.<br>As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.<br>ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments.<br>**You are required to complete this certification on or before it's due date.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That you have not made, directly or indirectly, any individual investment decision related to any Fully
Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III.

The information in the Annual Report must be current as of 45 calendar days before the report is submitted. You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code.

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The link to the Annual Report will be provided to you by Compliance.

Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year.

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**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Approval to Engage in an Outside Business Activity**<br>You may not engage in any Outside Business Activity, <u>regardless of whether or not</u> <u>you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially.<br>Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm.<br>In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually. | ![LOGO](g941623g38n96.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;● Disclose existing OBI's within 10 calendar days of hire.<br> &nbsp;&nbsp;&nbsp;&nbsp;● All times thereafter, you must receive pre-approval through OBI System before participating.<br> &nbsp;&nbsp;&nbsp;&nbsp;● New accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar days of the event.<br> &nbsp;&nbsp;&nbsp;&nbsp;● As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy.<br> &nbsp;&nbsp;&nbsp;&nbsp;● U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence.<br> &nbsp;&nbsp;&nbsp;&nbsp;● Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income. |

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A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Approval to Invest in a Private Investment** 

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

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Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

<u>Being engaged in any of the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carrying on or being involved in the business of money lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acting as an associate of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Being engaged in the business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Being an applicant for an international market agent license

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Carrying on the business of an estate agent, or acting/representing as an estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acting or holding himself out as a salesperson for any licensed estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Marketing any investment that is not an investment product

<u>Being invested in, or holding any interest in the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any moneylending business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any business of an estate agent

**VII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** 

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, <u>in advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

**VIII.** **ENFORCEMENT AND SANCTIONS** 

Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis**.

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

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Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or
sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person
required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter,
broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated
person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with
any such activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

**IX.** **RELATED POLICIES** 

In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the <u>Global</u> <u>Employee</u> <u>Trading</u><u> </u><u>Investing</u> <u>and Outside Business Activities Policy</u><u>;</u> the <u>Morgan Stanley Code of Conduct</u><u>; the</u> <u>Global</u> <u>Confidential and Material Non-Public Information Policy</u><u>;</u> the <u>Policy on U.S. Political</u> <u>Contributions and Activities;</u> and the <u>MSIM Global Gifts, Entertainment and Charitable</u> <u>Giving</u> <u>Policy</u> (requirements may vary in non-U.S. offices).

**X.** **RECORDKEEPING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Firm Requirements** 

Records are retained in accordance with the Firm's <u>Global Information</u> <u>Management Policy</u>, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention Schedule</u>, which lists various record classes and associated retention periods on a global basis.

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**B.** **MSIM Maintenance of Records Relevant to this Code** 

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023,and December 12, 2024 .

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**SCHEDULE A** 

**SECURITIES TRANSACTION MATRIX** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting**<br> **Required** | **30 Calendar Days<br>Holding Period<br>Required** |
| &nbsp;&nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;&nbsp;**Covered Securities** |
| &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** | &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** | &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** | &nbsp;&nbsp;&nbsp;**<u>Pooled Investment Vehicles:</u>** |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Proprietary or Sub-advised Mutual Fund | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Unit Investment Trusts | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds (ETFs) including Crypto Currency ETFs | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Single-Stock ETFs | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Notes (ETNs) | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Hedge Funds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** | &nbsp;&nbsp;&nbsp;**<u>Equities:</u>** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Securities<sup>1</sup> | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Common Stocks | Yes | Yes | Yes |
| &nbsp;&nbsp; Listed Depository Receipts e.g. ADRs,<br> Ads, GDRs | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;DRIPs<sup>2</sup> | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers, Spin-off etc.) | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Rights | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Stock Dividend | No | Yes | No |
| &nbsp;&nbsp;&nbsp;Warrants (Listed and Exercised) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Preferred Stock | Yes | Yes | Yes |
| &nbsp;&nbsp; Listed Real Estate Investment Trusts<br> (REITs) | Yes | Yes | Yes |
| &nbsp;&nbsp; Initial Public Offerings (equity IPOs)<br> and Secondary/Follow on offerings | PROHIBITED | PROHIBITED | PROHIBITED |

---

<sup>1</sup> Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance.

<sup>2</sup> Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance.

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | **Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days<br>Holding Period<br>Required** |
| &nbsp;&nbsp;&nbsp; Private Investments in Public Equity<br> Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | &nbsp;&nbsp;&nbsp; **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | &nbsp;&nbsp;&nbsp; **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** | &nbsp;&nbsp;&nbsp; **<u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives):** |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (stock options) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Common Stock Options | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Forward Contracts (including<br> currency forwards) | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; Commodities Contracts | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; OTC warrants or swaps | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; Futures | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; **<u>Fixed Income Instruments:</u>** | &nbsp;&nbsp;&nbsp; **<u>Fixed Income Instruments:</u>** | &nbsp;&nbsp;&nbsp; **<u>Fixed Income Instruments:</u>** | &nbsp;&nbsp;&nbsp; **<u>Fixed Income Instruments:</u>** |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Fannie Mae | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Freddie Mac | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Corporate Bond | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Convertible Bonds (converted) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; New Issues (fixed income) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Government Sponsored Entities (GSE) / Agency Bonds | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Structured Notes | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; High Yield Sovereign Debt (as rated by S&P) | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp; High Yield Securities<sup>3</sup> | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; **<u>Private Investment and Outside Activities:</u>** | &nbsp;&nbsp;&nbsp; **<u>Private Investment and Outside Activities:</u>** | &nbsp;&nbsp;&nbsp; **<u>Private Investment and Outside Activities:</u>** | &nbsp;&nbsp;&nbsp; **<u>Private Investment and Outside Activities:</u>** |
| &nbsp;&nbsp;&nbsp; Private Investments (e.g. limited<br> partnerships) | Yes | Yes | N/A |
| &nbsp;&nbsp;&nbsp; Outside Activities | Yes | Yes | N/A |
| &nbsp;&nbsp;&nbsp; Investment Clubs | PROHIBITED | PROHIBITED | PROHIBITED |
| &nbsp;&nbsp;&nbsp; **Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for**<br> **all personal account investments in securities including exempt securities):** | &nbsp;&nbsp;&nbsp; **Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for**<br> **all personal account investments in securities including exempt securities):** | &nbsp;&nbsp;&nbsp; **Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for**<br> **all personal account investments in securities including exempt securities):** | &nbsp;&nbsp;&nbsp; **Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for**<br> **all personal account investments in securities including exempt securities):** |
| &nbsp;&nbsp;&nbsp; Mutual Funds (open-end) not advised or<br> sub-advised by MSIM | Brokerage CDs | GNMA | Bankers' Acceptances |
| &nbsp;&nbsp;&nbsp; Direct Obligations of the US and Foreign<br> Governments (US Treasury/Investment<br> Grade Sovereign Debt<sup>4)</sup> | Money Market Funds<br>(Inclusive of Morgan<br>Stanley Money Market<br>Funds) | Commercial Paper | Investment Grade<br> Short-Term DebtInstruments<sup>5</sup> |
|  | Regulated Collective<br> Investment Schemes  | Physical Commodities | Currencies |

---

<sup>3</sup> Securities rated below investment grade by S&P.

<sup>4</sup> Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required.

<sup>5</sup> For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization.

------

**XI.** **DEFINITIONS** 

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u> and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

**"Beneficially Owned"** generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder.

**"Blackout Period"** for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

**"Chief Compliance Officer" or "CCO"** refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

**"Client"** means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

**"Closed-End Fund"** means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

**"Compliance"** means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

**"Control Group"** is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

------

**"Covered Persons"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All directors and officers of MSIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any person (such as certain consultants, leased workers or temporary workers) who provides investment advice
to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities
recommendations to Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or
Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent
interaction with Covered Persons or Investment Personnel, as determined by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a
client fund) and such other persons that may be so deemed by Compliance from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The definition of "Covered Person" may vary by location. Contact Compliance if you have any
question as to your status as a Covered Person.

**"Covered Securities"** includes generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All equity or debt securities (excluding high yield securities, which are prohibited), including but not
limited to, derivatives of securities (such as options on securities, on indexes and on currencies, warrants and American depositary receipts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Asset-backed securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Closed-End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Corporate and municipal bonds, and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange- Traded Notes and Crypto Currency
Exchange-Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Initial Coin Offerings and Secondary Coin Offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investments in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investments in real estate investment trusts (REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investments in private investment funds, hedge funds, private equity funds, and venture capital funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds and Exchange-Traded Funds for which MSIM or
Eaton Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in <u>Schedule A</u> and excluding money market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Structured Notes, such as equity-linked or credit- linked notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts.

------

Covered Securities does not include "Exempt Securities," as defined below. Refer to <u>Schedule A</u> for application of the Code to various security types.

**"Cryptocurrency"** means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

**"Derivative"** means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

**"Designated Manager"** means manager designated by your business unit or department to supervise your personal trading and investing activities.

**"Eaton Vance Affiliated Entity"** means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA").

**"Employee"** means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family.

**"Exempt Securities"** are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit
of the U.S. Government for the timely payment of principal and interest) and equivalent securities issued by non-U.S. governments, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Ginnie Maes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ U.S. savings bonds, and U.S. Treasuries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Securities issued by non-U.S. governments e.g., premium bonds,
indexed- linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold
directly to the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. *Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares held in money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds or equivalent in other jurisdictions (e.g.,
UCITS, SICAVs, UK Authorized Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Currencies (including Spot FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Holding physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 529 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds

Refer to <u>Schedule A</u> for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license.

**"Firm"** means Morgan Stanley, MSIM's parent company.

**"Fully Managed Account"** means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account.

**"Hong Kong Type 9 License Holder"** means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

**"Immediate Family"** pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another.

**"Initial Public Offering" ("IPO")** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering.

**"Investment Personnel"** means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

------

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE.

**"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses.

**"Morgan Stanley Securities"** means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

**"Mutual Funds"** means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

**"Omni Personnel and Those Who Have Access to Flex One"** means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance.

**"Outside Business Activity"** means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

**"Personal Securities Accounts"** are any accounts in your own name <u>and</u> other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts owned by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts owned by your Immediate Family (as defined above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts where you obtain benefits substantially equivalent to ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts that you or the persons described above could be expected to influence or control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Joint accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Family accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Corporate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Trust accounts for which you act as trustee where you have the power to effect investment decisions or that
you therwise guide or influence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Arrangements similar to trust accounts that benefit you directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Accounts for which you act as custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Partnership accounts.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022.

------

**"Portfolio Managers"** means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio.

**"Preferred Broker"** means a Firm-approved third-party broker for Personal Securities Accounts.

**"Private Investment"** means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

**"Proprietary or Sub-advised Mutual Fund"** means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

**"Public Side"** means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

**"Research Analysts"** are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations.

**"Restricted Lists"** means any list of issuers or securities maintained by Morgan Stanley where trading in Personal Securities Accounts is restricted due to Firm policies or regulation.

"Single-Stock Exchange-Traded Funds ("ETFs")" are exchanged-traded funds that track the performance of a single underlying stock.

------

**SCHEDULE B** 

**INVESTMENT MANAGEMENT** 

**(Excluding Private Side)** 

<u>**Registered Investment Advisers**</u>

Morgan Stanley Investment Management Inc.\*

Morgan Stanley AIP GP LP\*

Morgan Stanley Investment Management Limited (MSIM Ltd.)

Morgan Stanley Investment Management Company

Eaton Vance Management (EVM)\*

Boston Management and Research (BMR)

Eaton Vance Advisers International Ltd. (EVAIL)

Parametric Portfolio Associates LLC (PPA)\*

Atlanta Capital Management Company, LLC (ACM)

Calvert Research and Management (CRM)

<u>**Registered Commodity Pool Operator/Commodity Trading Advisor**</u>

Ceres Managed Futures LLC

<u>**Investment Advisers that are not registered**</u>

MSIM Fund Management (Ireland) Limited

Morgan Stanley Investment Management (ACD) Limited

Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Australia) Pty Limited

Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ)

Private Investment Partners, Inc.

Morgan Stanley Investment Management (China) Co. Ltd.

<u>**Broker-Dealer**</u>

Morgan Stanley Distribution Inc.

Eaton Vance Distributors, Inc. (EVD)

\*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator.

<u>**Transfer Agent**</u>

Morgan Stanley Services Company Inc.

<u>**Global In-house Centers (India)**</u>

Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only)

<u>**Others:**</u>

Eaton Vance Management International Limited (EVMI)

Eaton Vance Asia Pacific Ltd. (EVAPac)

Eaton Vance Trust Company (EVTC)

MSIP Seoul Branch ("MSK") (with respect to Public Side Invest)

## Ex-99.(P)(27)

**CODE OF ETHICS** 

Most Recent Amendment: October 2025

Implementation Date: 2004

  <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

**PURPOSE** 

Sands Capital Management, LLC (*"Sands Capital Management"*) and its investment advisory affiliates (*"Sands Capital"*) have adopted this Code of Ethics and its related policies (this "*Code*") pursuant to Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"), and Rule 17j-1 of the Investment Company Act of 1940, as amended (the "'*40 Act*").

The Advisers Act requires an investment adviser to adopt, maintain and enforce a written code of ethics regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The investment adviser's fiduciary duties to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The reporting and review of personal securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The pre-approval of certain investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reporting of violations of the code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The delivery of the code of ethics and any amendments thereto to each supervised person of the investment
adviser and a written acknowledgment of receipt.

The '40 Act requires the investment adviser to an investment company to adopt, maintain and enforce a written code of ethics reasonably necessary to prevent relevant persons from engaging in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by the investment company.

**SCOPE** 

This Code applies to each Access Person (as defined below). The Chief Compliance Officer ("*CCO*") has the discretion to exempt any Supervised Person (as defined below) from provisions of this Code, provided doing so would not violate applicable law or regulation.

**DEFINITIONS** 

"***Access Person***" means Sands Capital's directors, officers, partners, and Supervised Persons who (1) have access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or (2) are involved in making securities recommendations to clients, or who have access to such recommendations that are nonpublic. Sands Capital generally considers all Staff Members to be Access Persons.

"***Beneficial Owner***" means 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.

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"***Federal Securities Laws***" includes the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, and any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of those statutes, the Bank Secrecy Act as it applies to registered investment advisers and investment companies, and any rules adopted thereunder by the SEC or the Department of the Treasury.

"***Free Trading Securities***" means securities that are freely tradable without seeking preclearance and without regard to an open trading window. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds ()"*ETFs* "), except for highly concentrated ETFs\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded notes (*"ETNs"*)\*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annuities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Systematic investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency on Coinbase's listed assets (<u>https://www.coinbase.com/browse</u>); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities that are not Reportable Securities.

\* ETFs and mutual funds advised or sub-advised by Sands Capital are Free Trading Securities. However, Staff Members should contact the Compliance team to obtain pre-clearance before trading in any ETF or ETN that holds few positions or is otherwise highly concentrated.

"***Immediate Family Member***" means the following persons sharing an Access Person's household: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

"***Outside Business Activity***" means any employment or other outside activity by a Supervised Person.

"***Reportable Security***" means any security, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions and holdings in direct obligations of the U.S. government (e.g., U.S. Treasury bills,

notes and bonds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Money market instruments — bankers' acceptances, U.S. bank certificates of deposit, commercial
paper, repurchase agreements and other high quality short-term debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions and holdings in shares of other types of open-end investment companies (i.e., mutual funds), unless the adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions in units of a unit investment trust that are invested exclusively in unaffiliated mutual funds.

"***Staff Member***" means Sands Capital's directors, officers, partners, and employees. Any consultant, intern, or independent contractor hired or engaged by Sands Capital may also be considered a Staff Member for purposes of this Code at the discretion of the CCO.

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"***Supervised Person***" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Sands Capital, other person who provides investment advice on behalf of Sands Capital and is subject to the supervision and control of Sands Capital, or any individual the CCO deems a Supervised Person. Sands Capital considers all Staff Members to be Supervised Persons.

**CODE OF CONDUCT, FIDUCIARY STANDARDS, AND COMPLIANCE WITH FEDERAL SECURITIES LAWS** 

Each Staff Member is considered a Supervised Person and generally considered an Access Person of Sands Capital Management. Staff Members whose responsibility involves performing services with respect to an investment advisory affiliate are also Supervised Persons of Sands Capital Management. Staff Members must act ethically with integrity, competence, and dignity when dealing with the public, existing and prospective clients, third-party service providers, and colleagues. Staff Members must not engage in risky activity or improper behavior that would embarrass or harm Sands Capital's reputation. Staff Members must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Sands Capital's services, and engaging in other professional activities. In addition, Staff Members must comply with all applicable Federal Securities Laws and adhere to these general principals and the specific provisions of this Code at all times. All Staff Members shall certify in writing upon hire and at least annually that they have received, read and understand this Code, which should be read together with the Sands Capital Policies and Procedures Manual (the "*Manual*") and will comply with the requirements of this Code and the Manual.

Sands Capital owes fiduciary obligations to its clients. As a fiduciary, Sands Capital stands in a special relationship of trust, confidence, and responsibility to its clients. Accordingly, Sands Capital and its Staff Members must avoid activities, interests, and relationships that might interfere, or appear to interfere, with making decisions in clients' best interests. Staff Members must always seek to place clients' interests before their interests or the interests of Sands Capital. Staff Members may not cause a client to take any action, or not to take any action, for the personal benefit of the Staff Member, and must act for the sole benefit of Sands Capital's clients and investors.

**VIOLATIONS OF THE CODE** 

Improper actions by Sands Capital or its Staff Members could have severe negative consequences for Sands Capital and its clients, investors, and Staff Members. Impropriety, or even the appearance of impropriety, could negatively impact all Staff Members, including those who were not involved in the inappropriate activity.

Staff Members must promptly report any improper or suspicious activities to the CCO, including any suspected violations of this Code or applicable laws. Issues can be reported to the CCO in person, by telephone, email, or anonymously through Navex Global, which is available through the Sands Capital intranet. The CCO will investigate any reports of potential problems.

Sands Capital's senior executives will view a Staff Member's identification of a material compliance issue favorably. Retaliation against any Staff Member who reports a violation of this Code in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If Staff Members believe they have been retaliated against, they should notify the Head of Human Resources or Sands Capital's other senior management.

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Violations of this Code, or other policies and procedures outlined in the Manual, which should be read together with this Code, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Staff Member's supervisor, suspending personal trading rights, imposing a fine, taking misconduct into account when making compensation decisions, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and a combination of the preceding. Violations may also subject a Staff Member to civil, regulatory, or criminal sanctions. Sanctions and other actions will be in accordance with applicable employment laws and regulations. All violations of the Code will be recorded on the violations log.

If the CCO determines that a material violation of the Code has occurred, the CCO will promptly report the offense and any association action(s) to Sands Capital's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive, or manipulative act, Sands Capital will report its findings to the relevant registered investment company's Board of Directors or Trustees to the extent required under Rule 17j-1.

For the avoidance of doubt, nothing in this Code prohibits Staff Members from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Staff Members do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with Sands Capital to make any such reports or disclosures and do not need to notify Sands Capital that they have made such reports or disclosures. Additionally, nothing in this Code prohibits Staff Members from recovering an award under a whistleblower program of a government agency or entity.

In certain circumstances, violations of the Code or Federal Securities Laws may warrant Sands Capital to disclose the misconduct to regulators or other governmental authorities. In such an instance, the CCO and General Counsel will determine whether self-disclosure is in the best interest of Sands Capital's clients and investors. Sands Capital is committed to fostering a strong culture of compliance at all levels of the firm.

**INELIGIBLE PERSONS** 

Under Section 9 of the '40 Act, persons who have committed various acts are prohibited from serving in certain capacities with respect to mutual funds. Under Section 9(a), an "ineligible person" generally cannot serve as an employee, officer, trustee, member of the advisory board, investment adviser, or principal underwriter of a fund. Ineligible persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons with convictions within the last ten years who are tied to securities transactions or employment in
the securities field;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons with permanent or temporary injunctions from acting in certain capacities in the securities arena;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who have an affiliate that is ineligible under clause (1) or (2) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to an SEC order declaring them ineligible under Section 9 of the '40 Act.

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A Staff Member who becomes an "ineligible person" (or who believes they may have hired or employed an "ineligible person") as described above must promptly notify Compliance.

**CONFLICTS OF INTEREST** 

Conflicts of interest may exist between various individuals and entities, including Sands Capital, Staff Members, third-party service providers, and current or prospective clients and investors. Failure to identify or adequately address a conflict can have severe negative repercussions for Sands Capital and its Staff Members, clients, and investors. In some cases, the improper handling of a conflict could result in litigation and disciplinary action.

Sands Capital's policies and procedures have been designed to identify and adequately disclose, mitigate, and/or eliminate applicable conflicts of interest. However, written policies and procedures cannot address every potential conflict, so Staff Members must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve Sands Capital or Staff Members on the one hand, and clients or investors on the other, will generally be fully disclosed or resolved in a way that favors the interests of clients or investors over the interests of Sands Capital and its Staff Members. Staff Members must promptly report any actual or potential conflict of interest to Compliance.

In some instances, conflicts of interest may arise between clients or investors. Responding appropriately to these types of conflicts can be challenging and may require robust disclosures if there is any appearance that one or more clients or investors have been unfairly disadvantaged. Staff Members should notify a member of the Compliance team promptly if it appears that any actual or apparent conflict of interest between clients or investors has not been appropriately identified or addressed.

<u>Sands Capital Conflicts Board</u>. The Conflicts Board is responsible for providing oversight over actual, potential, or apparent material conflicts of interest on behalf of Sands Capital. The Conflicts Board reviews and resolves situations involving enterprise or investment risks escalated to it by Compliance or Legal.

**PERSONAL SECURITIES TRANSACTIONS** 

Personal trades should be executed in a manner consistent with Sands Capital's fiduciary obligations to clients. Trades should avoid actual improprieties, as well as the appearance of impropriety. Personal trades must not be timed to precede orders placed for any client, nor should the trading activity be so excessive as to conflict with the Staff Member's ability to fulfill daily job responsibilities.

In the event of a material change to this section of this Code, the CCO shall notify each applicable registered investment company's board of directors or trustees of such modification and ensure that the change is approved by each no later than six months after the change is adopted.

<u>Reportable Accounts</u>. Sands Capital's policies and procedures apply to all personal accounts holding securities in which Staff Members or their Immediate Family Members have any beneficial ownership interest.

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Non-discretionary accounts, also known as managed accounts, must be reported and require an attestation from the Staff Member and account manager stating that the Staff Member does not exercise direct or indirect influence or control the investment decisions for the account. Staff Members should contact Compliance to obtain the appropriate forms. Staff Members are required to confirm the attestations and must report managed account holdings upon hire and on an annual basis.

<u>Reportable Securities</u>. Sands Capital requires Staff Members to provide periodic reports regarding transactions and holdings in Reportable Securities, including investments in private investments, IPOs and/or ICOs (See *Required Reporting*, below). ETFs, and ETNs, are, or are somewhat similar to, open-end registered investment companies. However, both ETFs and ETNs are subject to the reporting requirements described in *Required Reporting* below.

<u>Pre-Clearance Requirements</u>. Staff Members and Immediate Family Members are required to pre-clear all personal securities transactions (for example, individual stocks and corporate bonds) except for personal securities transactions in Free Trading Securities, those pursuant to an automatic investment plan (including dividend reinvestment plans), and those made within a non-discretionary account. Staff Members must submit pre-clearance requests through Sands Capital's compliance management system and obtain written Compliance approval prior to engaging in relevant personal securities transactions.

Compliance has the discretion to approve or decline any pre-clearance request. Any Compliance pre- approval, if granted, is valid until the end of the day when the pre-clearance request is approved plus the following trading day, unless determined otherwise by the CCO. Pre-clearance requests may be denied for various reasons, including but not limited to, the existence of conflicts of interest or the appearance of conflicts of interest, the security being listed on the Sands Capital restricted list (a confidential list of securities for which personal trading is not permitted), and/or Sands Capital's possession of material, nonpublic information.

<u>Open Windows</u>. Sands Capital allows personal securities transactions during "Open Windows," which generally occur monthly, and permits Staff Members to buy and sell equities for the duration of the Open Window. Sands Capital may, in its discretion, establish Open Windows for specific securities between monthly Open Windows.

Compliance will communicate the dates of Open Windows to all Staff Members in advance.

<u>Private Investments, IPOs, and ICOs</u>. All investments and redemptions involving private or limited offerings, initial public offerings ("IPOs"), and initial coin offerings ("ICOs") require Staff Members to submit a pre-clearance request through Sands Capital's compliance management system. Pre-clearance requests should include relevant documentation, such as pitch decks, PPMs, LPAs, etc. Reviews of these requests require additional Compliance scrutiny and may take several days to complete. Compliance advises Staff Members to submit the pre-clearance request as early as possible so as not to delay the review.

Investments into Sands Capital's private funds do not require Staff Members to submit a preclearance request through Sands Capital's compliance management system, however, Staff Members will be required to submit subscription agreements to Sands Capital before an investment in such private fund can occur. Sales of distributions of stock from a Sands Capital private fund are subject to the same trading restrictions and reporting requirements as other individual equity securities, however, the 90-day holding requirement does not apply. Information on investing in any such private fund will be communicated to eligible Staff Members.

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Investments by Staff Members in Sands Capital Management, LP do not require pre-approval or reporting through Sands Capital's compliance management system.

<u>Trading</u>. Staff Members seeking approval to transact during an Open Window are subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Sales**: Compliance will consider pre-clearance requests to sell
any Reportable Security held by the Staff Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Purchases**: Compliance will only consider pre-clearance requests
to purchase individual equity securities that are included in the portfolio of a Sands Capital strategy.

<u>Holding Periods</u>. Individual equity securities must be held for a minimum of 90 calendar days. All other securities must be held for a minimum of 30 calendar days unless the sale of the security would result in a loss.

<u>Options, Other Derivatives, and Short Sales</u>. Staff Members are strictly prohibited from engaging in personal trading activities involving options, derivatives, and short selling.

<u>Exceptions</u>. The CCO has the sole discretion to grant exceptions to this Personal Securities Transaction policy, for example, due to an unforeseen hardship (e.g., the purchase of a home or a significant medical expense). From time to time, an exception may be granted on a case-by-case basis after the consideration of all relevant facts and circumstances, if appropriate.

**REQUIRED REPORTING** 

<u>Initial and Annual Holdings Report(s)</u>. All Staff Members are required to disclose their Reportable Accounts, and holdings in Reportable Securities, including private investments, at the time of hire and at least once a year thereafter. The Initial Holdings Report must be submitted within 10 days of the individual becoming a Staff Member and on an annual basis thereafter (the Annual Holdings Report). The holdings report information contained in a Staff Member's Initial Holdings Report and Annual Holdings Report must be current as of a date no more than 45 days prior to the date of submission through Sands Capital's compliance management system.

<u>Quarterly Transactions Report</u>. Staff Members are required to submit a Quarterly Transactions Report of all personal transactions in Reportable Securities, including any investments in private investments, IPOs and/or ICOs, which is due no later than 30 days after the relevant calendar quarter-end. For purposes of clarity, personal securities transactions that are executed pursuant to an automatic investment plan or through a managed account do not need to be disclosed on the Quarterly Transactions Report (although any such holdings must be included on a Staff Member's Initial Holdings Report and Annual Holdings Report).

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Staff Members should connect their Reportable Accounts that hold Reportable Securities to Sands Capital's compliance management system to satisfy their reporting requirements. In the event this is not possible, Staff Members should notify the CCO or a Compliance team member. If approved by the CCO, monthly or quarterly account statements can be used to satisfy the disclosure requirements as an alternative to the compliance management system, provided the account statement(s) includes all transactions in Reportable Securities effected during the period and includes, at a minimum, all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of each 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the firm with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Staff Member submits the report.

Staff Members will receive an automated notification and periodic reminders that they must complete the Quarterly Transaction Report in Sands Capital's compliance management system. The Compliance team will review Quarterly Transaction Reports to ensure that Staff Members have followed the policies.

<u>Additional Reporting</u>. Staff members are also required to report and certify to any outside business activities, political contributions, and disciplinary history upon hire and annually thereafter. Compliance may also require Staff Members to seek approval for outside business activities and political contributions, as further described in this Code.

**GIFTS AND ENTERTAINMENT** 

Sands Capital holds its Staff Members to high ethical standards and prohibits giving or receiving things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes in the U.S. and globally are broadly written, so Staff Members should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

Under the U.S. Employee Retirement Income Security Act of 1974, as amended ("*ERISA*"), plan sponsors and fiduciaries of covered pension plans must exercise caution in accepting any gifts or gratuities from a service provider (including investment advisers), even those of reasonable value. Specifically, Section 406(b)(3) of ERISA makes it unlawful for a plan fiduciary to receive any consideration for its own personal account from any party dealing with the plan in connection with a transaction involving the assets of the plan.

While these requirements apply primarily to plan fiduciaries as the potential recipients of gifts or entertainment (rather than the giver), to prevent Sands Capital as a service provider from running afoul of ERISA and non-ERISA rules in these areas, Sands Capital requires that, with respect to ERISA and non- ERISA public pension plan clients, **no gifts be given** (other than immaterial token gifts, e.g., investor conference gift handouts) and no extravagant entertainment be provided without consulting with the CCO so they may be reviewed in advance for reasonableness and appropriateness. Certain clients or prospects maintain internal policies that prohibit Sands Capital and its Staff members from giving anything of value to their employees and/or representatives. In such cases, relevant Staff members will be notified by the Compliance team of such restrictions.

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The Foreign Corrupt Practices Act of 1977 ("*FCPA*") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may apply the FCPA to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit giving gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances. Civil and criminal penalties for violating the FCPA can be severe. See Sands Capital's Foreign Corrupt Practices Act Policy for additional information.

Staff Members are prohibited from giving or receiving gifts or entertainment that may appear lavish or excessive and must obtain Compliance approval to give or receive gifts of more than $250 USD per year or entertainment of more than $500 USD per year (the "*de minimis amount*") per individual that Sands Capital does or seeks to do business with. These limitations are in addition to the FCPA-related restrictions and the restrictions regarding pension plans described herein. Gifts such as holiday baskets or lunches delivered to Sands Capital offices, which are received on behalf of Sands Capital, do not require reporting.

Staff Members must pre-clear and obtain Compliance approval for any gifts and/or entertainment requests above the relevant de minimis amounts through Sands Capital's compliance management system.

**OUTSIDE BUSINESS ACTIVITIES** 

Business activities outside of work may present a conflict of interest or risk that could harm Sands Capital, its clients, or its investors. For instance, work that is investment-related or involves a significant amount of time or provides substantial income may conflict with a Staff Member's work at Sands Capital. For Sands Capital to identify and manage conflicts and risks, Staff Members must disclose and request Compliance pre-approval through Sands Capital's compliance management system prior to participating in any outside business activity. Staff Members may not share confidential information obtained through their outside business activities with other Staff Members. Any outside business activity that involves service on the board of directors of a publicly traded company will generally not be permitted. At all times, the interests of Sands Capital's clients take priority over the outside business activities of Staff Members.

<u>Exceptions</u>. Staff Members are not required to disclose or seek pre-clearance for unpaid service as a volunteer for a non-profit entity, including civic organizations (e.g., a local homeowners or resident association) unless the Staff Member performs investment-related functions on its behalf. Staff Members may also serve on a Sands Capital portfolio company's board of directors without separate disclosure or pre-clearance under this Code; however, such participation on a board may be subject to other policies of Sands Capital.

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**POLITICAL AND CHARITABLE CONTRIBUTIONS** 

Rule 206(4)-5 under the Advisers Act (the "*Pay-to-Play Rule*") was adopted by the SEC to combat "pay- to-play" arrangements in which investment advisers are chosen based on their campaign contributions to political officials rather than on merit. Such arrangements are viewed by the SEC as a breach of an investment adviser's fiduciary duties.

The Pay-to-Play Rule prohibits an investment adviser from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. receiving compensation from a government entity for advisory services for two years following contributions
by the investment adviser (or non de minimis contributions by a covered associate) (as defined below) to any official of that government entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. paying (or agreeing to pay) any person, directly or indirectly, to solicit a government entity for
investment advisory services unless such person is a regulated person (such as certain investment advisers or brokers) or an employee of the investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. coordinating, or soliciting any person or political action committee to make, (a) any contribution to
an official of a government entity to which the adviser is providing or seeking to provide investment advisory services; or (b) payment to a political party of a State or locality where the adviser is providing or seeking to provide investment
advisory services to a government entity.

A "*covered associate*" of an investment adviser means any: (1) general partner, managing member or executive officer, or other individuals with a similar status or function, of the adviser; (2) any employee of the adviser that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and (3) political action committee controlled by the adviser or any person that meets the definition of a "covered associate".

"*Contributions*" means any gifts, loans, payment of debts, or provision of any other thing of value made for purposes of influencing a federal, state, or local election, including payments of campaign debts and transition or inaugural expense incurred by successful candidates for state or local (but not federal) office. The definition may also include contributions to political parties or political action committees if such contributions are attributed to a particular candidate. The definition does not include the provision of personal time (such as volunteering time to a political campaign outside of working hours).

To ensure compliance with the Pay-to-Play Rule, Sands Capital has adopted in this Code certain policies and procedures with respect to political and charitable contributions and solicitation arrangements.

<u>Political Contributions</u>. Staff Members and their Immediate Family Members are prohibited from soliciting from others, or coordinating, contributions to certain elected officials or candidates or payments to political parties where the adviser is providing or seeking government business. Further, Staff Members and their Immediate Family Members are prohibited from making any other political contributions unless they receive CCO approval.

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If a Staff Member or their Immediate Family Member intends to make any political contribution (whether to a state or local government entity, an official, a candidate, a political party, or political action committee) the Staff Member must seek pre-clearance using Sands Capital's compliance management system. If pre- clearance is granted, it is valid for seven days before and after the intended contribution date. Any contributions outside of this date range require re-approval. The CCO will consider whether the proposed

contribution is consistent with restrictions imposed by the Pay-to-Play Rule, and to the extent practicable, the CCO will seek to protect the confidentiality of all information regarding each proposed contribution. Generally, pre-clearance requests will be approved if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Staff Member is entitled to vote at the time of the contribution and contributions in the aggregate do
not exceed **$350** to any one official, per election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Staff Member is not entitled to vote at the time of the contribution and contributions in the aggregate
do not exceed **$150** to any one official, per election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The contribution is requested to be made to a national political candidate or party and the recipient does
not otherwise hold a state or local political office.

Sands Capital generally requires that a Staff Member donating to a political action committee or similar group obtain a certification from such committee or group that contributions will not be used to make or provide, directly or indirectly, (i) any gift, subscription, loan, advance or deposit of money or anything of value, to any official of, or candidate for, a U.S. state or local office or political subdivision, including any agency, authority or instrumentality of such U.S. state or political subdivision or any official of a U.S. state or local office or political subdivision seeking a federal elective office, or (ii) payment to a political party of a U.S. state or locality, including any election committee.

Any political contribution by Sands Capital must receive CCO approval, regardless of the proposed amount or recipient of the contribution. The CCO or his or her designee will maintain a chronological list of contributions in accordance with the requirements of the Pay-to-Play Rule and Rule 204-2(a)(18) under the Advisers Act, as well as a list of all clients and investors that meet the definition of a "government entity" for purposes of Rule 206(4)-5.

The restrictions imposed by the Pay-to-Play Rule can apply to the activities of Staff Members involved in soliciting clients or investors for the two years before they became covered associates of Sands Capital and the six months before they became covered associates for those not involved in soliciting clients or investors.

<u>Solicitation Arrangements</u>. Sands Capital will only compensate third parties for referrals of clients or investors that are affiliated with government entities if the solicitor is an eligible "regulated person," as defined by Rule 206(4)-5 and if the solicitor and its covered associates have not made any disqualifying contributions during the past two years.

The CCO is responsible for reviewing the eligibility of all solicitation arrangements that involve, or are expected to involve, government entities.

<u>Charitable Donations</u>. Donations by Sands Capital or Staff Members to charities with the intention of influencing such charities to become clients or investors are prohibited. Staff Members should notify the CCO about any actual or apparent conflict of interest in connection with any charitable contribution or any contribution that could give an appearance of impropriety.

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**BOOKS AND RECORDS** 

Sands Capital will maintain records relating to this Code in the manner and as required by Rule 204-2(a)(12) and (13) under the Advisers Act and Rules 17j-1(f) and 31a-1(f) under the '40 Act.

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## Ex-99.(P)(29)

**Code**<br> **of Ethics**<br>

September 16, 2025

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## **Table of Contents**

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| | |
|:---|:---|
|  General Principles | 1 |
|  Personal Investment Transactions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overview |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Transactions/Covered Accounts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance of Covered Transactions |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance Process |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Limitations on Pre-Clearance |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Trading Restrictions |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transactions |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional Restrictions for Certain Investment Personnel |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exemptive Relief |  |
|  Reporting | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Investment Reporting |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reporting on Opening, Changing or Closing a Covered Account Other |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Required Certifications |  |
|  Insider Trading and Market Manipulation Policy | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insider Trading |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What You Should Do If You Have Questions About Inside Information? |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Policies and Procedures |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Prohibition |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Prohibition |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations with respect to the Material, Non-Public Information Trading |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the Names of Companies on the Restricted List |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Does TCW Monitor Trading Activities? |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance of Restricted List |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal of Issuers from the Res<sup>1</sup>⁄<sub>4</sub>tricted List What |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is Material Information? |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Non-Public Information? |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Tippee Liability? |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deal-Specific Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation in Rapid Fire Capital Infusions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Should You Do? |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Are The Ramifications For Participating In A Rapid Fire Capital Infusion? |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Creditors' Committees |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information about TCW Products |  |
| &nbsp;&nbsp;&nbsp;&nbsp; "Big Boy" Letters |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contacts with Public Companies |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Value-Added Investors |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expert Networks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Manipulation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policies and Procedures |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Background |  |

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|:---|:---|
|  Gifts & Entertainment: Anti-Corruption Policy | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gifts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment or Similar Expenditures |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gifts, Entertainment, Payments & Preferential Treatment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts Provided By the *Firm/Access Persons* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment and Hospitality Provided by the *Firm/Access Persons* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts and Entertainment Received by *Firm Personnel* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corrupt Practices Act (FCPA) Statement |  |
| &nbsp;&nbsp;&nbsp;&nbsp; of Purpose |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scope |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibited Conduct |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health or Safety Exception |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Party Representatives |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Flag Reporting |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mandatory Reporting |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Books and Records |  |
|  Outside Business Activities | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; General |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Obtaining Approval/Reporting |  |
|  Political Activities & Contributions | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Introduction |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Rules |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rules Governing Firm Contributions and Solicitation Activities Rules |  |
| &nbsp;&nbsp;&nbsp;&nbsp; for Access and Covered Persons |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibility for Personal Contribution Limits |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hires |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation in Public Affairs |  |
|  Lobbying | 51.0 |
|  Other Employee Conduct | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Loans |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm Disclosure |  |
| &nbsp;&nbsp;&nbsp;&nbsp; of a Direct or Indirect Interest in a Transaction |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Property or Services |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Use of TCW Stationery |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Giving Advice to Clients |  |
|  Confidentiality | 54.0 |
|  Sanctions | 54.0 |
|  Reporting Illegal or Suspicious Activity - "Whistleblower Policy" | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Policy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procedure |  |
|  Glossary | 56.0 |
|  Endnotes | 60.0 |

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 |

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General Principles

The TCW Group, Inc. is the parent of several companies that provide investment advisory services. As used in this Code of Ethics or Code, the "Firm" or "TCW" refers to The TCW Group, Inc., TCW Advisors, and controlled affiliates.

This Code is based on the principle that the officers, directors and employees of the Firm owe a fiduciary duty to the Firm's clients. In consideration of this you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect the interests of the Firm's clients before looking after your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you know that an investment team is considering a transaction in a security, don't trade that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never use opportunities provided for the Firm's clients by brokers or others for your personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid actual or apparent conflicts of interest in conducting your personal investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never trade on the basis of client information, or otherwise use client information for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain the confidentiality of all client financial and other confidential information. Loose lips sink ships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all applicable securities laws and Firm policies, including this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicate with clients or prospective clients candidly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise independent judgment when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treat all clients fairly.

In addition to the above fiduciary requirements, Officers, directors and employees of the Firm are prohibited from violating the laws of the United States, including but not limited to, the applicable federal and state securities laws. These provisions prohibit any manipulative conduct in connection with transactions in Securities in the marketplace:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employing any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact, or omitting to state a material fact necessary in order to make the
statements made not misleading, in connection with the offer, purchase, or sale of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any action, transaction, practice or course of business that would operate as a fraud or deceit upon any
person.

This Code of Ethics applies to all Access Persons and their respective Covered Persons, as defined herein. New employees are provided copies of the Code of Ethics as part of their onboarding process. Since the Code and amendments made to it are always available on myTCW, Access Persons are deemed to be in receipt of the Code. Annually, all Access Persons are required to acknowledge that they have received the Code and any amendments and understand its contents. As always, if you have any questions, the Administrator of the Code of Ethics and the Compliance Department are available to help.

When in doubt, call the General Counsel, the Chief Compliance Officer, or any member of the Compliance or Legal Department before taking action. We are here to help. The reputation that TCW has built through decades of hard work can be destroyed by a single action . As an Access Person, you are responsible for safeguarding the reputation of TCW.

Individuals covered by this Code of Ethics are required to promptly report any violation to the Administrator of the Code of Ethics and/or the Chief Compliance Officer. Violations of this Code constitute grounds for disciplinary actions, including immediate dismissal.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 1 |

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Personal Investment Transactions

Overview

The first part of this policy restricts your personal investment activities to avoid actual or apparent conflicts of interest with investment activities on behalf of clients of the Firm. The second part addresses reporting requirements for personal investing. You must conduct your personal investment activities in compliance with these rules.

Any questions about this policy should be addressed to the Administrator of the Code of Ethics at extension 0467 or <u>ace@tcw.com</u>.

All Securities trading by Access Persons and Covered Persons is monitored and reviewed. If patterns arise or it is determined that trading during the course of normal operations is of such a level as to interfere with the Person's work performance or responsibilities, create any actual or apparent conflict of interest, negatively impact the operations of TCW or violate any Firm policy, limits may be imposed. The Person may be notified by his/her supervisor, or such other appropriate officer(s) that there is a trading issues, and that trading restrictions and/or other disciplinary action, as appropriate, may be implemented.

Every Covered Person should be familiar with the requirements of this policy. Contact the Administrator of the Code of Ethics to send each Covered Person a copy of this policy.

Covered Transactions/Covered Accounts

This policy covers investment activities ("Covered Transactions") (i) by any Access Person or Covered Person in a Covered Account, or (ii) in any account in which any Access Person has a "beneficial interest".

An Access Person has a "beneficial interest" in an account if that Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has benefits substantially equivalent to owning the Securities or the account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can obtain ownership of the Securities in the account within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can vote or dispose of the Securities in the account.

Any account of an Access Person or Covered Person is a "Covered Account." Covered Accounts include any personal trading account in which you have a beneficial interest. A representative list of such accounts includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage accounts (i.e. individual, joint, trust, custodial); Individual Retirement Accounts (all types); DRIPs, profit
sharing, and any other account/vehicle that have the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k), 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other investment account
that holds reportable securities or provides the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Please note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require reporting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accounts held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW Registered Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative's brokerage account for which the Access Person can effect trades, or an estate for which the Access
Person makes investment decisions as executor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This includes accounts for relatives in the same household (residence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investments in private funds.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 2.0 |

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Violations of this policy by a Covered Person will be treated as violations by you.

Pre-clearance of Covered Transactions

Generally, all trading by Access Persons and Covered Persons requires pre-clearance. Exempt securities are listed in this Code of Ethics.

Pre-clearance Process

Pre-clearance is required for any non-exempt security below and any other investment product not listed on the Exempt securities list in the Code of Ethics.

Pre-clearance expires at 1:00 p.m. Los Angeles time (4:00 p.m. New York time) on the next business day after approval has been received. If your order has not been executed by the next business day after approval, it should be canceled and a new pre-clearance obtained. Log on to StarCompliance and file the required preclearance form at <u>https://tcw-ng.starcompliance.com/</u>

Outside Fiduciary Accounts and Non-Discretionary Accounts require special procedures and qualification. Contact the Administrator of the Code of Ethics.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Types of Non-exempt<br>Securities | Pre-clearance<br>Required? | Reporting Required? | Comments |
| &nbsp;&nbsp;&nbsp;Equities / Stocks (US and Foreign) | Yes | Yes | |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | Yes | Yes | |
| &nbsp;&nbsp;&nbsp;Derivatives - Options, warrants, financial commodities, security-based swaps, any other derivative linked to a specific security or other derivative product. | Yes | Yes | |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds (ETFs)<br>Exchange Traded Notes (ETNs) | Yes | Yes | Both TCW and non-TCW ETFs require preclearance |
| &nbsp;&nbsp;&nbsp; Closed-end Mutual Funds<br> Foreign Mutual Funds | Yes | Yes | TCW Strategic Income (TSI) requires preclearance.<br>Foreign mutual funds not classified as open- end mutual funds require preclearance. |
| &nbsp;&nbsp;&nbsp; Unit Investment Trusts (UITs)<br> Foreign Unit Trusts (UCITS) | Yes | Yes | Shares of unit investment trusts that are invested exclusively in mutual funds not advised by the Firm are considered Exempt Securities . |
| &nbsp;&nbsp;&nbsp;Recurring Deposits used to purchase non- exempt securities | Yes | Yes | Any transaction in non-exempt security that overrides the pre-set schedule of the automatic investments plan of corporate<br> dividends must be pre-cleared and reported. (This excludes dividend reinvestments, which are exempt securities) |
| &nbsp;&nbsp;&nbsp;Options – (Buying or Writing/Selling a Call or Put Option, exercising options with volition) | Yes | Yes | Securities obtained from the exercise or expiration of written call or put options requires update to holdings. |

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 3.0 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Private funds, Private placements, private securities | Yes | Yes | Private Investments include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles, privately-held companies, investments in commercial properties, or residential properties (excluding primary residence) where income is earned on the property (e.g. a secondary residence that is used as a rental property or listed as vacation rental) and private placement offerings of various assets.<br> Private Investments also may include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not immediate family of the Access Person; and (iii) loans to or from individuals who are immediate family of the Access Person for the purpose of engaging in business activity. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Volitional transactions in non-exempt securities (includes tender offerings)<br>| <br> Yes | <br> Yes | Any transaction that overrides the pre-set schedule of corporate actions must be pre- cleared and reported. |

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Limitations on Pre-Clearance

All pre-clearance requests in StarCompliance will be limited to 65 approved requests per calendar quarter. Once an Access Person or Covered Person has reached 65 approved pre-clearance requests for the quarter, StarCompliance will automatically deny each subsequent pre-clearance request (i.e. beginning with the 66th pre- clearance request). The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the trading limit.

Personal Trading Restrictions

If you receive two or more personal securities trading violations within a 2-year period, the Firm will impose an automatic 90-day trading suspension on your trading. Specifically, a trading suspension will result in automatic denials of all pre-clearance requests for 90 days.

Prohibited Transactions

The following activities are prohibited and pre-clearance will generally not be available.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transaction<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions/Limitations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consequences/Comments<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Transacting in a Security that the Firm is trading for its clients | <br> Exception: Permitted once the Firm's<br> trading is completed or cancelled | <br> Portfolio managers may accumulate a position in a particular security over a period of time. During such accumulation period, permission for personal trades in that security will generally not be granted.<br>|

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 4.0 |

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<br> <u> Transacting in a security that the Access Person knows is under consideration for trading by the Firm for its clients</u>        

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Acquiring any Security in an:<br> IPO, any Digital Currency in an ICO,<br> Or any Single Stock ETF .<br>| <br> Exception: Permitted if the Security is an Exempt Security. See chart below.<br>| <br> Current holders of prohibited securities must contact Administrator of the Code of Ethics to seek permission to liquidate.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Acquiring an interest in a 3rd party registered investment company advised or sub-advised by the Firm<br>| <br> Exception: TCW sub-advised ETFs are permitted, but, as with all ETFs, must still be pre-cleared and reported as stated below.<br>| <br> See Prohibited Third-Party Mutual Fund List under Forms on myTCW.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> No short-selling any ETF that is TCW advised, sub-advised or otherwise managed by the Firm.<br>|  |  |

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Additional Restrictions for Certain Investment Personnel

In addition to the foregoing prohibited transactions, the following are prohibited for the Investment Personnel indicated below.

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Prohibited Transaction | Applies to<br>| Consequences/Comments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Profiting from the purchase and sale, or sale and purchase, of the same (or equivalent) Securities within 60 calendar days. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Investment Personnel<br>• Members of Investment Compliance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Transactions will be matched using a LIFO system.<br>Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel.<br>All profits of prohibited trades are subject to disgorgement<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exempt Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs and ETNs (Though exempt from this rule, ETFs and ETNs still must be pre-cleared through StarCompliance)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in derivatives linked to ETFs and ETNs such as options on ETFs and ETNs must be pre-cleared and are not exempt from this rule .<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Purchasing or selling a Security in the 5 business days <u>BEFORE</u> that Security is bought or sold on behalf of a Firm client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision) , in any<br>• Covered Account, or<br>• Outside Fiduciary Account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Prohibited for Investment Personnel related to the client account in which the Security is transacted.<br>• Members of Investment Compliance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock transactions resulting from the forced exercise of a call or put option that you have written<br>|

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 5.0 |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transaction<br>| Applies to<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consequences/Comments<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Purchasing a Security in the 5 business days after that Security is sold on behalf of a Firm client, or selling a Security in the 5 business days <u>AFTER</u> that Security is purchased on behalf of a Firm client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br>• Covered Account, or<br>• Outside Fiduciary Account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • for Investment Personnel related to the client account in which the security is transacted.<br>• Members of Investment Compliance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock transactions resulting from the forced exercise of a call or put option that you have written<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchasing or selling any Security in the 5 business days <u>AFTER</u> a TCW-advised or sub-advised registered investment company buys or sells the Security (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br>• Covered Account, or<br>• Outside Fiduciary Account<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Prohibited for Investment Personnel involved in managing funds for the registered investment company<br>• Members of Investment Compliance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock transactions resulting from the forced exercise of a call or put option that you have written<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Purchasing or selling any Security<br> in a manner inconsistent with any recommendation made by that research analyst less than 90 days prior to the proposed purchase or sale<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Prohibited for any Analyst or Researcher<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions must be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Recommending any Security for purchase by the Firm, including writing a research report advocating for the purchase of a Security, where such individual also holds such Security in a Covered Account.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • Prohibited for any portfolio manager, Researcher or Analyst, unless they have held such Security for at least three months prior to the recommendation or drafting of the research report.<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;&nbsp;&nbsp;• All prohibited transactions must be reversed; and<br>• all profits are subject to disgorgement.<br>|

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 6.0 |

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Exempt Securities

Pre-clearance is generally not required for Exempt Securities. The following table identifies Exempt Securities and summarizes any pre-clearance and reporting requirements that apply.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Types of Exempt Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance Required?<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting Re- quired?<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitations/Comments<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> TPAY, TCW MetWest or TCW Open End Mutual Funds in a Firm or Non-Firm Account | <br> No | <br> Yes | <br> Compliance with frequent trading rules required.<br>Both TCW Exchange Traded Funds (ETFs) and TCW Strategic Income (TSI) require preclearance.<br>|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Types of Exempt Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance Required?<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting Re- quired?<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitations/Comments<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> U.S. and Government Securities (including agency obligations)<br>| <br> No<br>| <br> No |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Investment-grade rated Securities issued by any State, Commonwealth or territory of the United States, or any political subdivision or taxing authority thereof<br>| <br> No | <br> Yes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Certificates of deposit (Bank and Brokered) or time deposits<br>| <br> No | <br> No |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Bankers' Acceptances<br>| <br> No<br>| <br> No |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Investment grade debt instruments with a term of 13 months or less, including commercial paper, fixed-rate notes and repurchase agreements<br>| <br> No<br>| <br> Yes | Ask the Legal Department for clarification if any questions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Shares in money market mutual funds or a fund that appears on the exempt list.<br>| <br> No | <br> No |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Shares in open-end investment companies not advised or sub-advised by the Firm.<br>(ETFs, ETNs and closed-end funds are not exempt and require pre-clearance) | <br> No | <br> No\*<br><sup>\*</sup>TCW MetWest and TCW Registered Funds require reporting. | Acquiring an interest in a 3rd party registered investment company advised or sub-advised by TCW is prohibited. See Prohibited Third- Party Mutual Fund List on myTCW. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Investments in Collective Investment Trust (CIT)<br>| <br> No | <br> No\*<br>\*TCW CITs require reporting |  |

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Shares of unit investment trusts (UITs) that are invested exclusively in mutual funds not advised by the Firm. No No <br> <u> Municipal bonds traded in the market</u>   <u> No </u>   <u> Yes </u>   <u> No </u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Types of Exempt Securities | <br> Pre-clearance Required?<br>| Reporting Re-<br>quired? | Limitations/Comments |
| &nbsp;&nbsp;&nbsp;Trades in Non-Discretionary Accounts which you, your spouse, your domestic partner, or your significant other established. | The Account must first be certified as Non-<br> Discretionary by Compliance – Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no pre- clearance of trades required. | The Account must first be certified as Non- Discretionary by Compliance – Contact the Administrator of the Code<br> of Ethics. If designated as Non-<br> Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| &nbsp;&nbsp;&nbsp; Dividends reinvested through a Dividend Reinvestment Plan (DRIP)<br>[Note: While automatic transactions within DRIPS and ESOPs do not require pre- clearance, any volitional transactions within DRIPS and ESOPs must be pre-cleared] | No, unless the transaction is not automatic | Yes | If you or a covered person is a recipient of Restricted Stock Units (RSUs), please contact ACE for flagging. |
| &nbsp;&nbsp;&nbsp;Securities purchased pursuant to certain Robo Advisory Programs | The Program must first be evaluated by Compliance - Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no pre- clearance of trades required. | The Program must first be evaluated by Compliance - Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| &nbsp;&nbsp;&nbsp;Security purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent that such rights were acquired from such issuer. | No | Yes | Sales of such rights that were acquired must be pre-cleared. |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities where the Firm acts as an adviser or distributor for the investment, offered in:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A hedge fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placement; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Limited Offerings<br>| No | Yes | Firm already must approve in order to invest, which serves as pre-clearance. |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Types of Exempt Securities | <br> Pre-clearance Required?<br>| Reporting Re-<br>quired? | Limitations/Comments |
| &nbsp;&nbsp;&nbsp;&nbsp; Interests in Firm-sponsored limited partnerships or other Firm-sponsored private placements, including those that that are<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estate planning transfers<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Court-ordered transfers<br>| No | Yes | Firm already must approve in order to invest, which serves as pre-clearance. |
| &nbsp;&nbsp;&nbsp;Securities acquired or sold in connection with the involuntary exercise or assignment of an option. | No, unless you voluntarily exercise an option. | Yes, securities received must be reported. | Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to<br> the rule prohibiting such transactions for Investment Personnel. |
| &nbsp;&nbsp;&nbsp;Ownership Interests in Clipper Holding, LP | No | No |  |
| &nbsp;&nbsp;&nbsp;Ownership Interests in TCW Owners, LLC | No | No |  |
| &nbsp;&nbsp;&nbsp;Rule 10b5-1 Plans | Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require pre-clearance. | Yes |  |
| &nbsp;&nbsp;&nbsp;Direct Purchase Plans | Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require pre-clearance. | Yes |  |
| &nbsp;&nbsp;&nbsp;Direct investments in Cryptocurrencies or Digital Currencies (non-securities such as Bitcoin, Ethereum). However, investment products derived from cryptocurrencies or digital currencies are NOT exempt. | No | No | Bitcoin ETFs and other derivative products based on Cryptocurrencies or Digital Currencies require both preclearance and reporting. |
| &nbsp;&nbsp;&nbsp;Futures and Non-Financial Commodities | No | Yes | Financial Commodities are not exempt and requires both pre-clearance and reporting. |
| &nbsp;&nbsp;&nbsp;Non-publicly traded funds associated with certain Qualified Accounts [These include state sponsored 529 Plans, Health Savings Accounts (HSA) and Employer Retirement Plans] | No | Yes\*<br>\*TCW MetWest and TCW Registered Funds require reporting. | Non-publicly traded investment fund vehicles offered in certain Qualified accounts are exempt from preclearance and reporting. |
| &nbsp;&nbsp;&nbsp;Acquisition of securities by gift, inheritance, or corporate action. | No | Yes | However, a sale of securities acquired by gift, inheritance, or corporate action requires<br> pre-clearance. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Types of Exempt Securities | <br> Pre-clearance Required?<br>| Reporting Re-<br>quired? | Limitations/Comments |
| &nbsp;&nbsp;&nbsp;Insurance products – life insurance, fixed annuities, and variable annuity contracts that invest in third-party funds. | No | No | If these products are structured as investment contracts or otherwise meet the definition of a "security" under the Investment Advisers Act, they may be subject to reporting requirements. |

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Exemptive Relief

To seek approval for a Code of Ethics exemption, contact the Administrator of the Code of Ethics. The Administrator of the Code of Ethics will require a written statement indicating the basis for the requested approval, and coordinate obtaining the approval of the Approving Officers. The Approving Officers have no obligation to grant any requested approval or exemption.

The Approving Officers also may, under appropriate circumstances, grant exemption from Access Person status to any person.

Reporting

Personal Investment Reporting

Access Persons are required to report all non-exempt security holdings and transactions (including investments in private placements) as part of the certifications listed below.

TCW receives automated feeds from many major brokers ("Linked Brokers"). If your broker is not a Linked Broker, you must ensure that TCW receives duplicate broker statements. The Administrator of the Code of Ethics can inform you if your broker is a Linked Broker, and set up your account for automated feed. If your broker is not a Linked Broker, the Administrator of the Code of Ethics can assist you with a release letter ("407 letter") to allow TCW to receive duplicate statements. Corporate actions such as mergers, purchases and sales, spin-offs, stock splits, stock-on-stock dividends and like activities must also be reported unless made through an account with a Linked Broker. In addition, Access Persons must timely file all reports for all transactions as provided in the tables below and must promptly report the opening, closing or changing of any Covered Accounts.

Reporting on Opening, Changing or Closing a Covered Account

<u>Brokerage Accounts</u>: You must use the StarCompliance, <u>https://tcw-ng.starcompliance.com/</u>, system to enter information about each Covered Account:

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Activity | Comments | Exceptions |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon becoming an Access Person<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon opening a new Covered Account while you are an Access Person<br>| Updates must occur within 30 days of the event | &nbsp;&nbsp;&nbsp;&nbsp; You are not required to report or enter information for:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside Fiduciary Accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts that can strictly invest only in non-reportable exempt securities.<br>\*Accounts holding TCW MetWest and TCW Registered Funds require reporting<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon closing, or making any change to a Covered Account while you are an Access Person<br>| Updates must occur within 30 days of the event | N/A |

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<u>Employee Separate Accounts</u>: Employees may not establish a Separately Managed Account for themselves, family members, or friends without the prior written approval of (i) the manager of their investment unit and/or the primary investment strategy in which the account is proposed to be invested (e.g., the Head of Fixed Income, Equities, Emerging Markets, Private Credit or Asset Backed Finance, as the case may be), (ii) the COO, and (iii) the General Counsel. If the Separately Managed Account is intended to create a marketing track record, approval will also be required by the Product Development Committee.

Other Required Certifications

Reports are filed online at <u>https://tcw-ng.starcompliance.com/</u>

If you will not be able to file a report on time, contact the Administrator of the Code of Ethics prior to the filing due date.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Certification | When Due | Additional Requirements |
| &nbsp;&nbsp;&nbsp;Initial Holdings Report | Within 10 days after becoming an Access Person | Include all securities except non- reportable Exempt Securities<br> Include all Covered Accounts. Holdings must be current no earlier than 45 days before you became an Access Person |
| &nbsp;&nbsp;&nbsp;Quarterly Report of Personal Investment Transactions | By each January 15, April 15, July 15 and<br> October 15 | Must be filed even if there were no transactions during the period. |
| &nbsp;&nbsp;&nbsp;Annual Holdings Report | By January 31 of each year | Same as Initial report, except that holdings must be current as of December 31 of the prior year. |
| &nbsp;&nbsp;&nbsp;Annual Certificate of Compliance | By January 31 of each year |  |

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| &nbsp;&nbsp;&nbsp;Annual Report on Outside Business Activities (Includes, among other activities, Directorships, Officerships, Creditor Committees, Board Observation Rights and Employment) | By January 31 of each year | Must be filed even if there are no outside business activities to report. |
| &nbsp;&nbsp;&nbsp;Quarterly Certification on Personal Devices / Electronic Communications | By each January 15, April 15, July 15 and<br> October 15 |  |

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Insider Trading and Market Manipulation Policy

Insider Trading

*Overview*

Members of the Firm occasionally come into possession of material, non-public information or "inside information". Various laws, court decisions, and general ethical standards impose duties with respect to the use of this inside information.

The U.S Securities and Exchange Commission (the "SEC") and other rules provide that any purchase or sale of a security of an issuer while "having awareness" of inside information regarding that issuer or certain related issuers is illegal regardless of whether the information was a motivating factor in making a trade.

Courts may attribute one employee's knowledge of inside information to other employees that trade in the affected security, even if no actual communication of this knowledge occurred. Thus, by buying or selling a particular security in the normal course of business, Firm personnel other than those with actual knowledge of inside information could inadvertently subject the Firm to liability. However, the securities laws provide firms with an affirmative defense to such charges, and that defense depends upon the establishment and enforcement of policies and procedures reasonably designed to control the flow of inside information within the firm.

The risks in this area can be significantly reduced through the use of a combination of trading restrictions and temporary and permanent information barriers ("Information Barrier(s)") designed to confine material non- public information to a given individual, group or department.

See the Reference Table below if you have any questions on this Policy or who to consult in certain situations.

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*What You Should Do If You Have Questions About Inside Information?* 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Topic | You Should Contact: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> If you have a question about:<br>• This Policy in general<br>• Whether information is "material" or "non-public"<br>• If you have a question about whether you have received inside information on a Firm commingled fund (e.g. partnerships, trusts, mutual funds)<br>• Whether you have received material non-public information about a public company<br>• Obtaining deal-specific information (pre-clearance is required)<br>• Sitting on a Creditors' Committee (preapproval is required)<br>• An Information Barrier<br>• Section 13/16 issues<br>| <br> Any SVP or MD in the Legal Department |
| &nbsp;&nbsp;&nbsp; If you wish to serve on a Board of Directors, serve as an alternate on a Board, serve as a Board Observer or sit on a Creditors Committee<br> *(Pre-approval is required)* | Administrator of the Code of Ethics |
| &nbsp;&nbsp;&nbsp;In the event of inadvertent or non-intentional disclosure of material non-public information | Any SVP or MD in the Legal Department |

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Policies and Procedures

*Trading Prohibition* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Access Person of the Firm, either for themselves or on behalf of clients or others, may buy or sell a security (i.e.,
stock, bonds, convertibles, options, warrants or derivatives tied to a company's securities) while in possession of material, non-public information about the company or certain related companies1
(except as listed in Deal- Specific Information below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This applies in the case of both publicly traded and private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This means that you may not buy or sell such securities for yourself or anyone, including your spouse, domestic partner,
relative, friend, or client and you may not recommend that anyone else buy or sell a security of a company on the basis of inside information regarding that company.

If you believe you have received oral or written material, non-public information, you should not discuss the information with anyone except an SVP or MD member in the Firm's legal Department ("the Legal Department") and should contact the Legal Department immediately. Do not discuss the information with your supervisor, department head or any other individual who is on your team.

*Communication Prohibition* 

No Access Person may communicate material, non-public information about a company to others who have no official need to know, regardless of whether the company is on the Restricted List. This is known as "tipping," which also is a violation of the insider trading laws, even if you as the "tipper" did not personally benefit.

Therefore, you should not discuss such information acquired on the job with your spouse, domestic partner or with friends, relatives, clients, or anyone else inside or outside of the Firm except on a need-to-know basis relative to your duties at the Firm.

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Remember that TCW Funds, Inc., Metropolitan West Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TPAY and TSI)), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TABF, or MetWest, respectively (such closed-end investment companies, ETFs and mutual funds, collectively, the "TCW Registered Funds") are publicly traded entities and you may be privy to material non-public information regarding those entities. Communicating such information in violation of the Firm's policies is illegal.

The prohibition on sharing material, non-public information extends to affiliates such as the Carlyle and Nippon Life entities. Please refer to the policies and procedures describing the relevant information barrier to these entities.

*Obligations with respect to the Material, Non-Public Information* 

If Firm personnel are presented with the opportunity to learn non-public information to assist in the analysis of any security or other instrument prior to signing any confidentiality letter, a definitive agreement pertaining to an investment, or any other agreement relating to the receipt of confidential information, such personnel must obtain the approval of the Legal Department prior to entering into any such confidentiality letter or agreement. Firm personnel may not knowingly accept any material, non-public information relating to a company prior to the Administrator of the Code of Ethics placing such issuer on the Restricted Securities List.

If Firm personnel obtain information about a company that may be material, non-public information, including, among other things, as a result of a contractual agreement, through an expert or expert network, or by virtue of a Firm representative or observer on a company's board of directors or creditor's committee, you must immediately notify the Administrator of the Code of Ethics of the information. If the Administrator of the Code of Ethics, in coordination with the Legal Department, determines that the information constitutes material, non- public information that might expose the Firm or any of its affiliates to liability for "insider trading," the company to which the information relates and, in certain circumstances, related companies will generally be placed on the Restricted Securities List.

You may contact the Administrator of the Code of Ethics at extension 0467 or ace@tcw.com.

*Trading in the Names of Companies on the Restricted List* 

When a company is placed on the Restricted Securities List, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may trade in the securities or other instruments of the company, either for their own account or for the account of any TCW Client (as defined below), absent authorization from the Administrator of the Code of Ethics.

In addition, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may recommend trading in such company, or otherwise disclose material, non-public information, to anyone other than the Administrator of the Code of Ethics, the Legal Department and personnel of the firm with whom such person is working on a matter to which such material, non-public information relates.

The Restricted Securities List must be checked before each Firm trade. If an order is not completed on one day, then the open order should be checked against the Restricted Securities List and approval must be obtained every day it is open beyond the approved period that was given (e.g., the waiver you received was for a specific period, such as one day).

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Does TCW Monitor Trading Activities?

Yes, TCW monitors trading activities through one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts reviews of trading in public securities listed on the Restricted Securities List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surveys client account transactions that may violate laws against insider trading and, when necessary, investigates such
trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts monitoring of the Information Barriers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviews personal securities trading to identify insider trading, other violations of the law or violations of the
Firm's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtains securities holding and transaction reports as required by SEC rules and regulations.

*Maintenance of Restricted List* 

The Administrator of the Code of Ethics maintains the Restricted Securities List, which is a highly confidential list of companies that includes any company (i) about which the Firm or any of its personnel may possess material non-public information and (ii) the Administrator of the Code of Ethics, in coordination with the Legal Department, deems appropriate to be added to the Restricted Securities List because, for example, trading in such company's securities may involve potential conflicts of interest.

The Administrator of the Code of Ethics distributes the Restricted Securities List as necessary. The Administrator of the Code of Ethics also updates an annotated copy of the list and maintains the history of each item that has been deleted. This annotated Restricted Securities List is available to the General Counsel and the Chief Compliance Officer, as well as any additional persons, which either of them may approve. The identity of companies included on the Restricted Securities List, as well as information about those companies, must not be discussed with persons outside the Firm without the prior consent of the Administrator of the Code of Ethics.

The Restricted Securities List restricts issuers (i.e., companies) and not just specific securities issued by the issuer. The list of ticker symbols on the Restricted Securities List should not be considered the complete list – the key is that you are restricted as to the company or a derivative that is tied to the company. This is of particular importance to the strategies which may invest in securities listed on foreign exchanges.

*Exceptions* 

The Administrator of the Code of Ethics, in coordination with the Legal Department, may grant limited exceptions to the policies and procedures discussed herein on a case by case basis. One such exception is as follows:

For a TCW Registered Fund that is a passive broad-based index fund designed to track a particular broad-based index, when transacting in securities on such index that the fund is designed to track, personnel are exempt from the requirement to check the Restricted Securities List prior to trading in such securities, and transactions in such securities will not be restricted. However, this exception is limited to transactions in securities on the index that the TCW Registered Fund is designed to track and personnel must reference the Restricted Securities List when trading in securities outside of the index on behalf of TCW Registered Funds, and such transactions will generally be restricted.

Documentation of such requested exceptions and approvals shall be maintained by the Administrator of the Code of Ethics.

Removal of Issuers from the Restricted List

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Issuers are removed from the Restricted Securities List by the Administrator of the Code of Ethics in his or her discretion, but in any event after receipt of written confirmation from the responsible Firm personnel that such persons are no longer in possession of non-public information pertaining to such issuer. The Administrator of the Code of Ethics may, in his or her discretion, impose "cooling off" periods following such confirmation prior to removing an issuer from the Restricted Securities List.

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*What is Material Information?*

Information (whether positive or negative) is material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When there is a substantial likelihood that a reasonable investor would consider it important in making an investment
decision and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When it could reasonably be expected to have an effect on the price of a company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information need not be so important that it would have changed the investor's decision to buy or sell a
security.

Some examples of Material Information are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings results, changes in previously released earnings estimates, liquidity problems, dividend changes, defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Projections, major capital investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant labor disputes or supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant merger, tender offers, secondary offerings, rights offerings, spin-off, joint venture, stock buy backs, stock splits or acquisition proposals or agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product releases, services, contracts, price changes, schedule changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant accounting changes, credit rating changes, write-offs or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major technological discoveries, breakthroughs or failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major contract awards or cancellations, significant regulatory developments (e.g. FDA approvals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other events or circumstances affecting the market for a company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Governmental investigations, major litigation or disposition of significant investigation or litigation matters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant management developments or changes.

This list is not exhaustive and no clear or "bright line" definition of what is material exists. Due to this, assessments sometimes require a fact- specific inquiry. If you have questions about whether information is material, direct the questions to the Legal Department.

What is Non-Public Information?

Non-public information is information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not been disseminated broadly to investors in the marketplace, such as a press release or publication in The Wall
Street Journal or other generally circulated publication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not become available to the general public through a public filing with the SEC or some other governmental agency,
Bloomberg, or release by Standard & Poor's or Reuters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market as a whole has not had adequate time to respond to the information.

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*What Tippee Liability?*

Firm personnel must be wary of material, non-public information disclosed in breach of a corporate insider's duty of trust or confidence that the corporate insider may owe to his or her corporation and/or such corporation's shareholders. Even when there is no expectation of confidentiality, Firm personnel may become an "insider" upon receiving material, non-public information in circumstances in which a person knows, or should know, that a corporate insider is disclosing information in breach of a duty of trust and confidence that he or she owes the corporation and its shareholders. Whether the disclosure is an improper "tip" depends on whether the corporate insider expects to benefit include, for example, a reputational benefit or an expectation of a "quid pro quo." It is also possible for a person to become an "insider" or "tippee" upon obtaining material, non-public information inadvertently, including information derived from social situations, business gatherings, overheard conversations, and misplaced documents. It should be assumed that a duty of trust or confidence exists whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A confidentiality agreement is entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An oral agreement is made or a reasonable expectation exists based on the manner in which the information was transmitted
that you will maintain the information as confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a pattern or practice of sharing confidences so that the recipient knows or reasonably should know that the
provider expects the information to be kept confidential.

There is a presumed duty of trust and confidence when a person receives material non-public information from his or her spouse, parent, child, or sibling.

Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases

Examples of how a person could come into possession of inside information include:

Board of Directors Seats or Observation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most public companies have restrictions on trading by Board members except during trading window periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone who wishes to serve on a Board of Directors or as a Board Observer must obtain pre-approval in StarCompliance by submitting an Outside Business Activity request. The Administrator of the Code of Ethics will then coordinate the approval process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If approval is granted, the Administrator of the Code of Ethics will notify the Legal Department so that the Firm can
implement the appropriate safeguards and restrictions, such as placing the issuer on the Firm's restricted securities list (the "Restricted Securities List"). Please see the information Barrier Policy located in the Portfolio
Management Policy for further details.

Portfolio Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sitting on Boards of public companies in connection with an equity or fixed income position that they manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having the intent to control or work with others to attempt to influence or control a company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working with expert network consultants who were recent employees of a company involving a major transaction.

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The Legal Department should be consulted in these situations.

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Deal-Specific Information

Employees may receive inside information regarding transactions in securities that are not publicly traded for legitimate purposes such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of a direct investment, secondary transaction or participation in a transaction for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of forming a confidential relationship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving "private" information through on-line services such as
FinDox.

This "deal-specific information" may be used by the department to which it was given for the purpose for which it was given. This type of situation typically arises in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mezzanine financings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan participations, bank debt financings (e.g., when the Firm chooses to go "private" when trading in bank
loans through the Loan Syndication and Trading Association process),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• venture capital financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of distressed securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil and gas investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of substantial blocks of stock from insiders.

Remember that even if the transaction for which the deal-specific information is received involves securities that are not publicly traded, the issuer may have other classes of traded securities and/or the deal-specific information may impact a security-based swap, and the receipt of inside information can affect the ability of other product groups at the Firm to trade in those securities.

If you are to receive any deal-specific information or potentially material, non-public information on a company (whether domestic or foreign), contact the Legal Department, who then will implement the appropriate safeguards and restrictions, such as placing the issuer on the Restricted Securities List.

Participation in Rapid Fire Capital Infusions

Overview

From time to time, public companies may seek rapid-fire capital infusions of capital from institutional investors. In the past, these have involved investment banks contacting potential investors, often over the weekends, on a pre-announcement basis.

*What Should You Do?*

If you work with marketable security strategies and you receive a call to participate in an offering before it is publicly announced, please contact the Legal Department, the Firm's general counsel (the "General Counsel") or the Firm's chief compliance officer (the "Chief Compliance Officer"). <u>Do not</u> ask the name of the company that is the subject of the financing or agree to any confidentiality or standstill agreements. Otherwise, you may restrict trading in your and other portfolios and the Firm. Your email should include the contact information for the person who contacted you.

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What Are The Ramifications For Participating In A Rapid Fire Capital Infusion?

Historically, the Firm's marketable securities strategies have not received material non-public information and have relied solely on public information. Some of the ramifications of your participating in a rapid fire capital infusion are:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your accounts will be restricted for the company in question as soon as you learn about the name of the company, even if
you decide not to participate. There is no ability to preview the names because just knowing about the potential transaction is in itself material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A restriction in a name could last for a period of time and that period cannot be predicted in advance. In many cases, it
may be a fairly short period (a week or so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will need to be available or designate someone in your portfolio management group to be fully available at night and
possibly over the weekend to consider the transaction(s).

If your group decides to participate in the offering, the Legal Department will work with your group to implement appropriate Information Barrier procedures with the goal of ensuring that others at the Firm who do not have the information will not be frozen in their trading securities of the issuer. The shares of the company at issue will be restricted in accounts managed by your group and possibly others at the Firm until after the terms of the financing (or other material non-public information) are publicly announced.

Creditors' Committees

Members of the Firm may be asked to participate on a Creditors' Committee which is given access to inside information. Since this could affect the Firm's ability to trade in securities in the company, before agreeing to sit on any Creditors' Committee, contact the Administrator of the Code of Ethics who will obtain any necessary approvals and notify the Legal Department so that the appropriate safeguards and restrictions, such as placing the issuer on the Restricted Securities List, can be made.<sup>2</sup>

Information about TCW Products

Employees could come into possession of inside information about the Firm's limited partnerships, trusts, ETFs, and mutual funds that is not generally known to their investors or the public. The following could be considered inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plans with respect to dividends, closing down a fund or changes in portfolio management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A large-scale buying or selling program or a sudden shift in allocation that was not generally known

Disclosing holdings of the TCW Registered Funds on a selective basis could also be viewed as an improper disclosure of non-public information and should not be done. The Firm currently discloses holdings of the TCW Registered Funds to the general public and investors through tcw.com on a monthly basis. This disclosure may occur on or prior to the 15th calendar day following the end of that month (or, if the 15th calendar day is not a business day, the next business day thereafter). Disclosure of these funds' holdings at other times, where a general disclosure has not yet been made through tcw.com, requires special confidentiality procedures and must be pre-cleared with the Legal Department (See the Marketing and Communications Policy for further information concerning portfolio holdings disclosure).

In the event of inadvertent or unintentional disclosure of material non-public information, the person making the disclosure should immediately contact the Legal Department or General Counsel. The Legal Department should notify the Administrator of the Code of Ethics of this type of inside information so that appropriate restrictions can be put in place.

"Big Boy" Letters

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"Big Boy" letters are agreements between investors which address the frequent reality that, as experienced and sophisticated traders, one party to a transaction (usually the seller) has access to non-public information while the other does not, and yet both parties still want to proceed with the sale. In practice, such agreements take a variety of forms and terms vary. Most involve a representation by the buyer in a securities transaction that (a) the buyer is a sophisticated investor, (b) the buyer understands that the seller may possess material non-public information that will not be disclosed to the buyer, and (c) the buyer effectively waives any claim it may have under the federal securities laws, including Section 10(b) or Rule 10b-5 of the Exchange Act. No Firm personnel may effect a purchase or sale of an issuer's securities in reliance on a so-called "Big Boy" letter when that issuer appears on the Restricted Securities List, unless he or she obtains prior approval to do so from the Legal Department. The Legal Department must review the proposed terms and conditions of any "Big Boy" letter prior to its execution.

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Contacts with Public Companies

Contacts with public companies are an important part of the Firm's research efforts coupled with publicly available information. Difficult legal issues arise when an employee becomes aware of material, non-public information through a company contact. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results, or if an investor-relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Firm must make a judgment regarding its further trading conduct.

If an issue arises in this area, a research analyst's notes could become subject to scrutiny. Research analyst's notes have become increasingly the target of plaintiffs' attorneys in securities class actions.

The SEC has declared publicly that they will take strict action against what they see as "selective disclosures" by corporate insiders to securities analysts, even when the corporate insider was getting no personal benefit and was trying to correct market misinformation. Analysts and portfolio managers who have private discussions with management of a company should be clear about whether they desire to obtain inside information and become restricted or not receive such information.

If an analyst or portfolio manager receives what he or she believes is inside information and if you feel you received it in violation of a corporate insider's fiduciary duty or for his or her personal benefit, you should not trade and should discuss the situation with the Legal Department.

Value-Added Investors

TCW Private Funds may accept investments from so-called "value-added" investors. Although the term value- added investor is not defined in the Investment Advisers Act of 1940, as amended, or elsewhere, it is generally understood to refer to an investor who may provide some benefit to the adviser (such as industry expertise or access to individuals in the investor's network) beyond just the amount of their commitment. Examples of such investors may include, without limitation, executive-level officers or directors of a company or personnel who are affiliated with other investment advisers and/or private funds.

Due to the nature of their position, such investors may possess material nonpublic information. Therefore, employees of the Firm should always remain alert to the possibility that they could inadvertently come into possession of material, non-public information when communicating with such investors. Firm personnel should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor.

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If there is any question as to whether information received from an investor could be material, non-public information, you are expected discuss it with the Legal Department immediately, and otherwise to act in accordance with the procedures in this Policy.

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Expert Networks

The Firm may, from time to time, execute agreements with companies that provide access to a group of professionals, specialized information or research services ("Expert Networks"). In such circumstances, Expert Networks are engaged to provide authorized TCW employees with information that may be helpful in TCW understanding an industry, legislative initiatives, and many other important topical areas. However, TCW is mindful of the fact that Expert Networks present significant legal, compliance and regulatory risks concerning the receipt and transmission of materially non-public information.

Given this inherent risk, TCW requires that, in addition to the requisite approval from our vendor management team, the compliance policies of each Expert Network are reviewed and approved by the Firm's compliance department (the "Compliance Department") prior to entering into an agreement for services. In the course of the review, the Compliance Department may rely on certifications and affirmations made by the Expert Networks as to the underlying processes. Furthermore, the Firm requires that each employee who wishes to participate in an Expert Network read and confirm their understanding of the Firm Expert Network Guidelines, as well as complete an Insider Trading training module to ensure that they understand the Firm policies regarding material non-public information and insider trading. A TCW employee that participates in a meeting with an Expert Network, regardless of the medium through which the meeting is conducted (i.e. phone, video call, or any other means by which such meeting may occur), should be assigned the task of creating notes during or contemporaneously with the meeting ("Notes"). These Notes should be delivered to the Compliance Department within seven (7) days of the meeting. In conjunction with the appropriate departments, the Compliance Department will maintain a log of all Expert Network calls.

The Compliance Department may chaperone Expert Network calls on a sampling basis, or periodically sample and conduct a review of calls by inspecting the Notes, and/or any written or audio recording of the call that may be available. If, based upon this review, the Compliance Department determines that material non-public information may have been disclosed during a call, they will immediately notify the General Counsel and the Chief Compliance Officer. A review to determine if material non-public information was received, and any actions to be taken, will be conducted in accordance with TCW's policies and procedures regarding material non-public information. Additionally, the Compliance Department will sample personal trading activity by employees in the securities of publicly traded companies in similar industries as those discussed during the calls.

Market Manipulation

*Overview*

It is essential that no personnel of the Firm engage in any activity the purpose of which is to interfere with the integrity of the marketplace. Among other things, intentionally manipulating the market, as discussed below, is a violation of the federal securities laws and of the Firm's policies and standards of conduct.

*Policies and Procedures*

Firm personnel may not engage in any deceptive practice intended to manipulate the market in an issuer's publicly traded securities. Examples of such practices are provided below under "Legal Background."

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*Legal Background*

The term "manipulation" generally refers to any intentional or deliberate act or practice in the marketplace that is intended to mislead investors by artificially controlling or affecting the price of a security traded in such marketplace. For example, manipulation may involve efforts to stimulate artificially the public demand for a stock

or to create the false appearance of actual trading activity. Practices that may be intended to mislead investors by artificially affecting market activity and thus may constitute manipulative acts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio pumping or painting the tape (submitting orders to purchase securities held by a TCW Registered Fund or other
TCW client (each, a "TCW Client") near the close of trading on the last day of a period for which the TCW Client's performance will be reported (e.g., quarter-end));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• window dressing (adding or eliminating securities holdings of a TCW Client on or around the date for which the TCW
Client's holdings will be reported solely in order to make the TCW Client's holdings appear more favorable to the TCW Client's investors (e.g., by eliminating a poorly performing holding or acquiring a security that has performed
well));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marking the close (executing securities transactions at or near the close with a purpose of inflating the day's
price);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• wash sales (selling a security at a loss and purchasing the same or a substantially similar security soon afterwards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• front running (transacting in a security for one's own account while taking advantage of advance knowledge of a TCW
Client's pending transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• spreading rumors that can impact the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disseminating false information into the marketplace that could reasonably be expected to cause the price of a security
to increase or decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• matched orders (buying a security with a low turnover and subsequently placing contemporaneous buy and sell orders for
the security for substantially the same number of securities at substantially the same time and at substantially the same price, with the aim of conveying an appearance of renewed interest in the security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• runs (also known as pumping and dumping);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corners (obtaining sufficient control of a particular security or other asset in an attempt to manipulate the market
price); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• abusive squeezes (control of a large and dominating security position in a market in order deliberately to increase the
price of the security).

The rules against market manipulation do not mean that merely trying to acquire or to dispose of stock for investment purposes and incidentally affecting the price is unlawful. It is permissible for trading to have a corollary effect upon the price of a security as an ancillary consequence of buying or selling that security, so long as the investor's purpose is not to create an artificial impression about the demand for, or supply of, the security. Further, certain of the practices described above may in certain instances be made in connection with legitimate business purposes and in such instances would not constitute market manipulation. Firm personnel with any questions whether any transaction may constitute market manipulation should contact the Legal Department immediately.

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The SEC and the federal courts have emphasized that manipulation, in essence, interferes with the free forces of supply and demand, and, thus, the integrity of the market. As the SEC stated in a 1977 case:

Investors and prospective investors… are… entitled to assume that the prices that they pay and receive are determined by the unimpeded interaction of real supply and demand so that those prices are the collective marketplace judgments that they purport to be. Manipulations frustrate these expectations. They substitute fiction for fact…. The vice is that the market has been distorted and made into a stage-managed performance.

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The most cited anti-manipulative provisions of the federal securities laws are Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. Section 10(b) makes it unlawful to use or employ, in connection with the purchase or sale of any security, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the SEC may prescribe. The various rules promulgated by the SEC under Section 10(b) define specific activities as manipulative or deceptive acts or practices. Rule 10b-5, however, sometimes referred to as the "anti-manipulation" rule, sets forth the general prohibition on fraudulent, deceptive or manipulative devices. The prohibitions against manipulative and deceptive acts under Section 10(b) and Rule 10b-5 apply to all securities, not just those registered on a national stock exchange. The SEC and the federal courts have established that pure manipulation – that is, merely undertaking acts to raise or lower the price of a security – constitutes a "manipulative or deceptive device" and a "scheme to defraud."

Section 17(a) of the Securities Act of 1933, as amended, is also a general antifraud provision and applies to manipulation in the over-the-counter market. Section 17(a) proscribes material misrepresentations or omissions, any scheme, device or artifice to defraud, or any fraudulent or deceitful transaction, practice or course of business, in the offer or sale of securities.

Section 9(a) of the Exchange Act specifically prohibits various manipulative practices. For example, Section 9(a) (1) prohibits the use of "wash sales" and "matched orders" for the purpose of creating a false or misleading appearance of active trading in any security registered on a national exchange. Section 9(a)(2) prohibits manipulation of prices by any person, acting alone or with others, who for the purpose of inducing others to buy or sell a particular security, effects a series of transactions in the security which creates actual or apparent active trading in the security or causes a rise or decline in the price of the security. Section 9(a)(3) prevents brokers, dealers and others from circulating or disseminating information about a security to the effect that the price of the security will or is likely to rise or fall for the purpose of raising or lowering the price of the security.

Rule 9j-1 under the Exchange Act prohibits fraud, manipulation, or deception in connection with transacting in security-based swaps. Examples of such prohibited conduct may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a credit default swap ("CDS") buyer working with a CDS reference entity (i.e., the issuer or group of issuers
of whose default triggers payment on the CDS) to create an artificial, technical or temporary failure-to-pay event in order to trigger a payment on the CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• causing a CDS reference entity to issue a below-market debt instrument in order to artificially increase the auction
settlement price for the CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• endeavoring to influence the timing of a credit event to either ensure or avoid payment on a CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring CDS reference entities to eliminate or reduce the likelihood of a credit event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking actions to increase (or decrease) the supply of deliverable obligations with respect to a CDS, thereby increasing
(or decreasing) the likelihood of a credit event and the cost of CDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in wash trades to artificially inflate the price of an equity security in order to benefit from the manipulated
price by way of an existing total return swap ("TRS") position.

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Rule 10b-21 under the Exchange Act makes it unlawful to submit an order to sell a security if the person submitting the order deceives a broker-dealer, a participant of a registered clearing agency or a purchaser regarding his or her intention or ability to deliver the security by the settlement date and to then fail to deliver the security by the settlement date. Among other things, Rule 10b-21 targets short sellers who deceive broker-dealers about their source of borrowable shares for purposes of complying with the "locate" requirement of Rule 203(b) (1) of Regulation SHO. Rule 10b-21 also applies to sellers who misrepresent to their broker-dealers that they own the shares being sold.

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Gifts & Entertainment: Anti-Corruption Policy

Access Persons may provide reasonable Gifts and Entertainment for the bona fide purpose of promoting, demonstrating, or explaining Firm services, including fostering strong client relationships.

Where possible, or as required in this Policy, you should notify your department head before, or after, providing or accepting any Gifts or Entertainment, even if no other approval is required and report it to StarCompliance within 30 days of occurrence. As discussed below, Access Persons may also be required to obtain approval when giving or receiving certain Gifts and Entertainment. Unless otherwise specified below, if approvals are required, you must submit your request through StarCompliance for approval by the Administrator of the Code of Ethics. Access Persons must obtain prior written approval from the Administrator of the Code of Ethics where required. The Administrator of the Code of Ethics shall elevate the request in the event of high risk or higher value gifts, or as otherwise necessary or appropriate. Notwithstanding the foregoing, in light of the impromptu nature of some Entertainment, approval for Access Persons providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving Gifts or Entertainment. It is the Access Person's responsibility to seek prior approval from the Administrator of the Code of Ethics for Gifts and Entertainment which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where Gifts or Entertainment may be given or received. Repeated reliance on the impromptu nature of giving or receiving Gifts or Entertainment may be considered a violation of this Policy and may result in disciplinary action.

Gifts

A "Gift" is anything of value given or received without paying its reasonable fair value that personally benefits an individual (e.g. merchandise, cash, gift cards, favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses where Access Persons are not present as attendees). This does not include a political contribution. Entertainment (as defined below) is not a Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Gift must only be provided as a courtesy or token of regard or esteem ("Token Gift").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Token Gifts should be appropriate under the circumstances, not be excessive in value (generally, not more than $100)
and involve no element of concealment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts of cash or cash equivalents are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts to Foreign Officials or Domestic Officials must be pre-cleared, regardless
of value, as described below.

You may not give or accept a Gift if you know, or have reason to know, that it is not permitted under the applicable laws.

Entertainment or Similar Expenditures

"Entertainment" generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event. This does not include a political contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business Entertainment (including meals, sporting events, theater productions, or comparable events) may only be provided
if (i) a legitimate business purpose exists for such entertainment and (ii) such entertainment is reasonable and not excessive (e.g., 3 days of golf for a 1-day seminar is excessive and not
reasonable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tickets received in relation to (i) an event sponsorship or (ii) received on behalf of a charitable
contribution that Access Persons give or receive to guests are considered entertainment and require reporting to StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may never pay or accept payment of Entertainment or similar expenditures if they are not commensurate with local
custom or practice or if you know or have reason to know that they are not permitted under the applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment provided to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value, as described below.

Access Persons are required to follow the approval process set forth below, and in this Policy, to obtain the requisite approvals in StarCompliance, if any, before or after giving or receiving Gifts or Entertainment.

Gifts, Entertainment, Payments & Preferential Treatment

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Further, the U.S. federal government, each state, and many local jurisdictions have Domestic Officials, and in some cases their spouse or children. These laws range from absolutely prohibiting such Gifts and Entertainment to permitting them as long as there is no intent to influence a specific official decision with the Gift or Entertainment. In addition, providing Gifts and Entertainment to Foreign Officials can have implications under applicable foreign gift law as well as the Foreign Corrupt Practices Act (FCPA), as discussed below. Therefore, the Policy establishes reasonable limits and procedures relating to giving and receiving Gifts and Entertainment.

To ensure TCW is in compliance with these laws, Access Persons must obtain approval prior to providing any Gift or Entertainment to, at the request of, or for the benefit of, a Foreign Official, Domestic Official, Union Official, or his or her spouse or child, as further described below.

If approval is required, Access Persons should request approval through StarCompliance, and wait for a decision before taking any action. Access Persons are prohibited from making any unilateral decisions as to whether a gift or entertainment is within the scope of the relevant rules, including whether a gift is personal in nature. The Administrator of the Code of Ethics shall review the submission with your department head and the Approving Officers, as appropriate. Access Persons are required to log non-personal gifts & entertainment given or received regardless of amount in StarCompliance. Refer to the table below which describes the Gifts & Entertainment for which a log may be required. If you have any doubt about whether a Gift or Entertainment requires approval, you should err on the side of caution and seek approval. Notwithstanding the foregoing, in light of the impromptu nature of some Entertainment, approval for Access Persons providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving Gifts or Entertainment. It is the Access Person's responsibility to seek prior approval from the Administrator of the Code of Ethics for Gifts and Entertainment which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where Gifts or Entertainment may be given or received. Repeated reliance on the impromptu nature of giving or receiving Gifts or Entertainment may be considered a violation of this Policy and may result in disciplinary action.

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*Gifts Provided By the Firm/Access Persons*

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| &nbsp;&nbsp;&nbsp;Type of Gift To Be Given | Approval Required |
| &nbsp;&nbsp;&nbsp;Cash Gifts (including gift cards) | Prohibited |
| &nbsp;&nbsp;&nbsp; Token Gifts (e.g. bottles of wine, fruit baskets, books) under<br> $100 (unless given to a Foreign Official or Domestic Official)<br>Gifts that display TCW's logo which are of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount.<br>Pre-Approval Required for Foreign Official or Domestic Official. |
| &nbsp;&nbsp;&nbsp;Gifts in excess of $100 that seem appropriate under the circumstances | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;Personal Charitable Gifts given where the recipient has a known business relationship with or a connection to a client or potential client of the Firm | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;Gifts to Foreign Officials or Domestic Officials (regardless of value) | Pre-Approval Required |
| &nbsp;&nbsp;&nbsp;Charitable Gifts given on behalf of the Firm | Pre-Approval Required. The Charitable Contribution request form must be completed before making the Gift. |
| &nbsp;&nbsp;&nbsp;Gifts by TCW Funds Distributors LLC, a limited-purpose broker-dealer ("TFD") Registered Persons aggregating less than $100 per year | &nbsp;&nbsp;&nbsp;&nbsp; No Approval Required, But Each Individual Must Maintain Their Own Log On StarCompliance Within 30 Days of Occurrence Showing:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of recipient(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date of Gift(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value of Gift(s)<br>|
| &nbsp;&nbsp;&nbsp;Gifts by TFD Registered Persons in excess of $100 per individual per year that do relate to the business of the recipient's employer | Prohibited with exclusions.<br> Personal Gifts Exclusions: The prohibition does not apply to personal gifts such as:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts of a de minimis value (e.g. pens, notepads or modest desk ornaments) or to promotional items of nominal value that display the Firm's logo (e.g. umbrellas, tote bags, or shirts). In order for a promotional item to fall within this exclusion, it must be substantially below the $100 limit.<br>&nbsp;&nbsp;&nbsp;&nbsp;2. A wedding gift or a congratulatory gift for the birth of a child, provided that these gifts are not "in relation to the business of the employer of the recipient." ACE must be contacted in order to review factors including (1) the nature of any pre-existing personal or family relationship between the person giving the gift and the recipient; and (2) if the Firm bears the cost of the gift, either directly or by reimbursing the employee. |

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 34.0 |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Type of Gift To Be Given | Approval Required |
| &nbsp;&nbsp;&nbsp;Gifts to Unions or Union Officers | Pre-Approval Required. The Request Form for Approval for Gift/Entertainment must be completed before making the gift. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| &nbsp;&nbsp;&nbsp;Gifts to officers of TCW Affiliates | No Approval or Reporting Required if only provided to officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $100/ person.<br> Reporting within 30 days of occurrence is required if the value of the gift is above $100/person to StarCompliance. |
| &nbsp;&nbsp;&nbsp; Gifts provided to same recipient exceeding more than<br> $100/person per quarter in one calendar year | Pre-Approval Required |

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*Entertainment and Hospitality Provided by the Firm/Access Persons*

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Amount | Approval Required |
| &nbsp;&nbsp;&nbsp; Total entertainment value of $250 or less per person and<br> $2,500 or less in aggregate per event<br>Examples: Tickets to events, meals, transportation and lodging expenses received by the third party . | No Approval Required<br>Reporting to StarCompliance within 30 days of occurrence is required regardless of amount. |
| &nbsp;&nbsp;&nbsp;Greater than $250 per person or $2,500 or more in aggregate per event | Pre-Approval Required |

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 35.0 |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;On-premise meals at TCW offices or at the third party provider's place of business | Pre-Approval is required for Union Officers, Foreign Officials or Domestic Officials.<br>Otherwise, certain on-premise meals at TCW offices or at the third party provider's place of business are not considered entertainment (and not reportable to StarCompliance) if any one or more of the following factors below:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The meal is not extravagant (under $250/person, or $2500 aggregate total)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The meal does not involve alcoholic drinks<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Office snacks, including coffee, soft drinks, bottled water, donuts/pastries, and similar snacks or beverages provided to employees on the business premises.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A meal is provided by or for an industry-sponsored convention or seminar<br>|
| &nbsp;&nbsp;&nbsp; Attendance and participation at educational or industry sponsored events (for example, tickets for attendance or purchasing a table at an industry conference)<br>| No Approval Required<br>Reporting within 30 days of occurrence to StarCompliance is required regardless of amount.<br>|

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Amount<br>| <br> Approval Required<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> If provided to Unions or Union Officers | <br> The Request Form for Approval for Gift/Entertainment must be completed before making the entertainment. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> If provided to a Foreign Official or Domestic Official<br> (regardless of value)<br>| <br> Pre-Approval Required<br>|
| &nbsp;&nbsp;&nbsp;Entertainment to officers of TCW Affiliates | No Approval or Reporting Required if only provided for officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $250/ person.<br> Reporting within 30 days of occurrence is required if the value of the entertainment is above $250/person to StarCompliance. |
| &nbsp;&nbsp;&nbsp; Entertainment provided to same recipient exceeding more than<br> $250/person per quarter in one calendar year<br>| <br> Pre-Approval Required<br>|

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Note that officials and employees of public pension plans, school districts or federal, state and local government officials or state-owned entities should also be treated as Domestic Officials subject to the pre-approval requirement, given that many are covered under applicable gift laws as governmental entities. For public pension plans, and in some cases other clients, Gifts or Entertainment may have to be disclosed by the Firm in response to client questionnaires and may reflect unfavorably on the Firm in obtaining business. Receipt of Gifts may even lead to disqualification. Therefore, discretion and restraint is advised.

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 36.0 |

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*Gifts and Entertainment Received by Firm Personnel*

You should not accept Gifts that are of excessive value (generally, $100 or more) or inappropriate under the circumstances. Access Persons are required to report and seek approval for any gift that they receive worth more than $100 to the Administrator of the Code of Ethics.

If a Gift has a value over $100 and is not approved as being otherwise appropriate, you should (i) reject the Gift, (ii) give the Gift to the Administrator of the Code of Ethics who will return it to the person giving the Gift (you may include a cover note), or (iii) if returning the Gift could affect friendly relations between a third party and the Firm, give it to the Administrator of the Code of Ethics, which will donate it to charity.

If the host of an event is personally present at the event, the event will be considered Entertainment; otherwise, it will be considered a Gift. You should not accept any invitation for Entertainment that is excessive or inappropriate under the circumstances. There may be some circumstances where it is difficult to reject an invitation or provision of hospitality or Entertainment. Where rejecting such an invitation or provision of hospitality could affect friendly relations between a third party and the Firm, use your best judgment and promptly report the entertainment or hospitality to the Administrator of the Code of Ethics. The Administrator of the Code of Ethics shall review such situation with your department head and the Approving Officers, as appropriate. No absolute rules exist, so good judgment must be exercised, considering the context, circumstances, and frequency of the Entertainment or hospitality. For example, approval might be required for an out-of-town sporting event, but not for a business conference in the same venue.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 37.0 |

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In light of the nature of Gift-giving and the impromptu nature of some Entertainment, approval for Access Persons accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting Gifts or Entertainment. Where prior approval is not possible with respect to impromptu Gifts or Entertainment, the Access Persons receiving such Gift or Entertainment must seek approval as soon as is reasonably practicable. If such Gift or Entertainment received is impermissible under U.S. or local laws, then the Administrator for the Code of Ethics may require the Access Persons to return the Gifts or reimburse such Entertainment received.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Type of Gift/Entertainment Received<br>| <br> Approval Required<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Cash Gifts (including gift cards)<br>| <br> Prohibited<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Solicitation by Access Persons of Gifts from clients, suppliers, brokers, business partners, or potential business partners | <br> Prohibited |
| &nbsp;&nbsp;&nbsp; Appropriate Gifts with value of $100 or less\*<br>Promotional gifts of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that display a firm's logo that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;Tickets(s) to attend an industry conference or seminar paid by a vendor or other third party (note that payment of airfare, accommodations, meals and other expenses paid by such vendor or third party would still require approval, unless exempted per the Speaker Exemption below) | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;Gifts believed to have a value in excess of $100, that seem appropriate under the circumstances\* | Pre-approval Required<br>Gifts above $100 to TCW Funds Distributors LLC Registered Persons are prohibited . |
| &nbsp;&nbsp;&nbsp;Gifts $100 or less given to a wide group of recipients (e.g. closing dinner Gifts, holiday Gifts)\* | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;Gifts received from the same donor more than twice in a calendar year exceeding more than $100\* | Approval Required |
| &nbsp;&nbsp;&nbsp; Entertainment received of $250 or less per person<br>Examples: Tickets to events, meals, *transportation* and lodging expenses paid for by the third party.<br>Shared ground transportation (i.e. shuttle, van, etc.) provided by the third party with respect to similar entities is not considered entertainment. | No Approval Required<br>Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |
| &nbsp;&nbsp;&nbsp; Entertainment provided by same donor exceeding more than<br> $250/person per quarter in one calendar year | Pre-approval Required |
| &nbsp;&nbsp;&nbsp; Entertainment over $250 per event\*<br>| Pre-approval Required<br>|

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 38.0 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Type of Gift/Entertainment Received<br>| <br> Approval Required<br>|
| &nbsp;&nbsp;&nbsp;Out-of-town accommodations and airfare for business conference or other industry event paid by sponsor as speaker expenses, or on the same basis as other attendees (the "Speaker Exemption") | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| &nbsp;&nbsp;&nbsp;Other out-of-town travel expenses, other than on a business trip or industry conference that is customary and usual for business purposes | Pre-approval Required |

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\*For Investment Personnel only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Gifts and Entertainment, of any value, received from broker/dealers must be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Gifts received from broker/dealers with a value in excess of $100/person are prohibited and should be returned to the
broker/dealer or turned over to Compliance for appropriate disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Investment Personnel is granted approval to accept entertainment with a value in excess of $250 per event from a
broker/dealer, that person must personally pay the amount in excess of $250 and must maintain records indicating such payment.

Foreign Corrupt Practices Act (FCPA)

The FCPA permits small payments to low-level Foreign Officials (typically in countries with pervasive corruption) to expedite or secure the performance of non-discretionary government action (e.g., processing governmental papers, providing police protection, and providing mail service) under limited circumstances ("Facilitating Payments"). Nevertheless, because such payments may be illegal under the local law of the foreign country involved and/or other applicable anti-corruption laws and rules, such as the Bribery Act, this Policy prohibits Firm Personnel from making such payments, regardless of whether such payments would be permissible under the FCPA and requires pre-approval for any Gifts or Entertainment provided to Foreign Officials.

Statement of Purpose

TCW (the "Firm") is committed to complying with all applicable anti-corruption laws and rules, including, but not limited to, the U.S Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the U.S. Travel Act (the "Travel Act"), the U.K. Bribery Act of 2010 (the "Bribery Act") and any laws enacted pursuant to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the "OECD Convention"). The purpose of this Anti-Corruption Policy (the "Policy") is to ensure compliance with all applicable anti-corruption laws and rules.

Of course, no policy can anticipate every possible situation that might arise. As such, Firm Personnel (defined below) are encouraged to discuss any questions that they may have relating to the Policy with their supervisor, Firm contact or the Legal or Compliance Departments. When in doubt, Firm Personnel should seek guidance.

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 39.0 |

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Scope

This Policy is mandatory and applies to all directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located (collectively referred to as "Firm Personnel"). Violations of this Policy may result in disciplinary action, up to and including termination of employment and referral to regulatory and criminal authorities.

Prohibited Conduct

Firm Personnel shall not, directly or indirectly, make, offer, or authorize any gift, payment or other inducement for the benefit of any person, including a Foreign Official or Domestic Official, with the intent that the recipient misuse his/her position to aid the Firm in obtaining, retaining, or directing business.

"Foreign Official" includes government officials, political party leaders, candidates for public office, employees of state-owned enterprises (such as state-owned banks or pension plans), employees of public international organizations (such as the World Bank or the International Monetary Fund), and close relatives or agents of any of the foregoing. Because U.S. regulators have a very broad view of what constitutes a "Foreign Official," Firm Personnel should err on the side of caution by treating counter-parties as Foreign Officials when in doubt.

"Domestic Official" means any officer or employee of any government entity, department, agency, or instrumentality (federal, state, or local) in the U.S., candidates for public office, and close relatives or agents of any of the foregoing.

For purposes of this Policy, Foreign Official and Domestic Official also includes individuals who have actual influence in the award of business and any person or entity hired to review or accept bids for a government entity.

All payments, whether large or small, are prohibited if they are, in substance, bribes or kickbacks, including, cash payments, gifts, and the provision of hospitality and entertainment expenses. Personal funds (your own or a third party's) must not be used to accomplish what is otherwise prohibited by this Policy.

Firm Personnel are also prohibited from requesting, agreeing to accept, or accepting Gifts from any third party in exchange for or as a reward for improper or unapproved performance of their job responsibilities.

Health or Safety Exception

Facilitating Payments are permitted in rare circumstances when the health or safety of Firm Personnel (or anyone else) is at risk. If a payment is made pursuant to this limited exception, Firm Personnel must report the payment and circumstances to the Legal Department as soon as possible after the health or safety of the individual(s) is no longer at risk. The payment must also be accurately recorded in the Firm's books and records.

Third Party Representatives

Under the FCPA and other anti-bribery laws, the Firm may be held responsible for the misconduct of its agents, representatives, business partners, consultants, contractors or any other third party engaged to act on the Firm's behalf (collectively "Third Party Representatives"). As such, prior to entering into an agreement with any Third Party Representative regarding business outside the United States, the Firm shall perform anti-corruption related due diligence and obtain from the Third Party Representative appropriate assurances of compliance in accordance with this Policy. The Legal Department is required to approve all engagements with Third Party Representatives. Any anti-corruption compliance issue that comes to the attention of any Firm Personnel must be reported to the General Counsel and addressed before proceeding with the relevant transaction or doing business with or through a Third Party Representative.

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 40.0 |

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Firm Personnel should be alert to the activities of any Third Party Representative with whom they interact and promptly report any suspicious activity to the Legal Department. Firm Personnel should be especially alert to Third

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 41.0 |

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Party Representatives who are located in or interact with individuals in countries with high levels of corruption (the United States Department of Justice and Transparency International maintain internet-accessible lists of countries where corruption is a concern). Firm Personnel must consult with the Legal Department whenever encountering a situation involving any anti-corruption issue, including a Red Flag, or any other similar situation.

It is important for Firm Personnel to identify and report anti-corruption compliance issues in the ordinary course of business. To this end, the following shall apply to all Firm Personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Familiarize yourself with the examples of Red Flags listed in this Policy; Attend anti-corruption training as
applicable so you can identify the types of situations that may raise Red Flags or other compliance concerns that are not enumerated in this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Be vigilant in detecting Red Flags; it is prohibited to "consciously avoid" or "close your
eyes" to a violation or to a Red Flag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Look out for Red Flags both before and during a relationship with any transaction partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If you have information concerning a potential Red Flag, contact the General Counsel immediately.

No Firm Personnel who in good faith provides information regarding a possible Red Flag will suffer any retaliation or adverse employment decision as a consequence of such report.

The existence of a Red Flag does not necessarily mean that a violation has occurred or will occur. However, once a Red Flag arises, Firm Personnel must report the Red Flag to the Legal Department who will oversee a reasonable inquiry into the circumstances surrounding the Red Flag. Upon request, other Firm Personnel will cooperate with and assist in the review of the Red Flag. The extent of this inquiry will depend on the facts of the particular situation and the degree of risk involved.

Red Flag Reporting

Firm Personnel are required to promptly report to the General Counsel any situations that raise anti-corruption compliance Red Flags. All Firm Personnel are expected to be alert to any Red Flags or other situations that may indicate any compliance issues. The existence of a Red Flag requires additional diligence to address potential problems before a transaction may go forward. Red Flags include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for reimbursement of extraordinary, poorly documented, or last minute expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for payment in cash, to a numbered account, or to an account in the name of someone other than the appropriate
counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for payment in a country other than the one in which the transaction is taking place or counterparty is
located, especially if it is a country with limited banking transparency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An unreasonable request (taking into consideration the circumstances of the request, including the size of payment and
the timing of the request) for payment in advance or prior to an award of a contract, license, concession, or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A refusal by a party to certify that it will comply with the requirements and prohibitions of this Policy, applicable
anti-corruption laws and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A refusal, if asked, to disclose owners, partners, or principals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of shell or holding companies that obscure an entity's ownership without credible explanation;

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 42.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As measured by local customs or standards, or under circumstances particular to the party's environment, the
party's business seems understaffed, ill equipped, or inconveniently located to undertake its proposed relationship with the Firm;

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 43.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The party, under the circumstances, appears to have insufficient know-how or
experience to provide the services the Firm needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of engaging a Third Party Representative, the potential Third Party Representative:

<sup>○</sup> has an employee or a family member of an employee in a government position, particularly if the family member is or could be in a position to direct business to the Firm;

<sup>○</sup> is insolvent or has significant financial difficulties that would reasonably be expected to impact its dealings with the Firm;

<sup>○</sup> displays ignorance of or indifference to local laws and regulations;

<sup>○</sup> is unable to provide appropriate business references;

<sup>○</sup> lacks transparency in expenses and accounting records;

<sup>○</sup> is the subject of credible rumors or media reports of inappropriate payments; or

<sup>○</sup> requests payment that is disproportionate to the services provided.

Mandatory Reporting

Firm Personnel and Third Party Representatives are required to promptly report to the General Counsel or Chief Compliance Officer any instance in which they believe that they, or any other Firm Personnel or Third Party Representative may have violated this Policy. All suspected violations of this Policy, including minor violations, should be reported. For example, a failure to obtain pre-approval before giving Gifts in excess of $100 should be reported. In addition, Firm Personnel and Third Party Representatives must alert the General Counsel or Chief Compliance Officer if anyone solicits improper Gifts, payments or other inducements from them, including any request made by Foreign Official or Domestic Official for a payment that would be prohibited under this Policy or any other actions taken to induce such a payment.

Firm Personnel may also report suspected violations of this Policy as specified in the Firm's Whistleblower Policy.

Books and Records

The Firm is required to maintain books and records that accurately reflect the Firm's transactions, use of Firm assets, and other similar information. The Firm is also required to maintain the internal accounting controls necessary to maintain proper control over the Firm's actions. The Firm should not create any undisclosed or unrecorded accounts for any purpose. False or artificial entries are not to be made in the books and records of the Firm for any reason.

Outside Business Activities

General

The Firm discourages employees from holding outside employment, including consulting. In addition, an employee may not engage in outside employment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interferes, competes, or conflicts with the interests of the Firm or gives an appearance of a conflict of interest.

<sup>○</sup> Employment in the securities brokerage industry is prohibited.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 44.0 |

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<sup>○</sup> Employees must abstain from negotiating, approving, or voting on any transaction between the Firm and any outside organization with which they are affiliated, except in the ordinary course of providing services for the Firm and on a fully disclosed basis.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 45.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encroaches on normal working time or otherwise impairs performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implies Firm sponsorship or support of an outside organization, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely reflects directly or indirectly on the Firm.

A conflict of interest may arise if an employee is engaged in an outside business activity ("OBA") or receives any compensation for outside services that may be inconsistent with the Firm's business interests. Examples of OBAs may include, but are not limited to, the following with any non-TCW entities or organizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving in any capacity of any non-affiliated company or institution, including
positions in TCW

investment-related entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting appointment as a fiduciary, including executor, trustee, guardian, conservator or general partner, except for
the employee or immediate family for estate planning and other non-commercial and personal purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honorariums, public speaking appearances or instruction courses at educational institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing investment advice, or any other financial services to, any person, organization or association, including any
that are exclusively charitable, fraternal, religious, civic and are recognized as tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regardless if compensation is received or not, ANY active role/position you have with an outside entity or organization.

Obtaining Approval/Reporting

All employees are required to obtain pre-approval before engaging in any OBA by submitting an Outside Business Activity request through StarCompliance. The Administrator of the Code of Ethics will then coordinate the approval and reporting process.

Each employee that has disclosed an OBA must submit an updated request in StarCompliance upon material changes to the activity or role involved. For example, if an employee that serves on a Board were to become an officer such as Treasurer in addition to serving on the Board. Any position involving investment advice may be subject to conditions to prevent conflicts of interest.

All employees are required to complete the Report on Outside Business Activity annually in StarCompliance.

In addition, all employees are required to submit an initial Outside Business Activity request upon their hire through Human Resources, if they have any OBA .

Political Activities & Contributions

Introduction

In the U.S., both federal and state laws impose restrictions on certain kinds of political contributions and activities. Federal law prohibits foreign nationals (i.e., non-U.S. entities or individuals who are neither U.S. citizens nor permanent U.S. residents) from making or otherwise having any input into decisions regarding such contributions.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 46.0 |

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Accordingly, the Firm has adopted policies and procedures concerning political contributions and activities regarding federal, state, and local candidates, political parties, and political committees.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 47.0 |

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This policy applies to the Firm and all Access Persons, and in some cases to affiliates, consultants, placement agents and solicitors working for the Firm. Failure to comply with these rules could result in civil or criminal penalties for the Firm and the individuals involved or loss of business for the Firm.

These policies are intended to comply with these laws and regulations and to avoid any appearance of impropriety. These policies are not intended to otherwise interfere with an individual's right to participate in the political process. If you have any questions about political contributions or activities, contact the Administrator of the Code of Ethics.

General Rules

All persons are prohibited from making, fundraising, or soliciting political contributions where the purpose is to assist the Firm in obtaining or retaining business. This includes using Firm resources for political activities.

No Access Person shall apply pressure, direct or implied, on any other employee (including, in particular, subordinates) that infringes upon an individual's right to decide whether, to whom, in what capacity, or in what amount or extent, to engage in political activities.

All persons are prohibited from doing indirectly or through another person anything prohibited by these policies and procedures or to avoid a required review for approval.

Rules Governing Firm Contributions and Solicitation Activities

Federal and many state election laws prohibit TCW from making corporate political contributions. Further, as a registered investment adviser, TCW is subject to U.S. Securities and Exchange Commission ("SEC") Rule 206(4)- 5, which restricts making or soliciting political contributions to certain state and local restricted recipients or any other attempt to do indirectly what the Rule prohibits from being done directly. In addition, various U.S. states and localities maintain their own pay-to-play laws.

To ensure compliance with these laws, Firm employees may not cause TCW to make or solicit political contributions, including not only monetary contributions from corporate funds but also use of corporate personnel or facilities, without obtaining prior approval from the Approving Officers. This includes the following activity:

Using Firm resources for political activities (e.g., engaging in volunteer campaign activity, such as raising funds for, or other activity benefiting, a candidate campaign, political party or PAC),, including the use of photocopier paper for political flyers, or Firm-provided refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using Firm resources for political activities (e.g., engaging in volunteer campaign activity, such as raising funds for,
or other activity benefiting, a candidate campaign, political party or PAC), including the use of photocopier paper for political flyers, or Firm-provided refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directing other employees, including, in particular, subordinates, to participate in federal, state, and/ or local
fundraising or other political activities, except where those employees have voluntarily agreed to participate in such activities. Any Access Person who has obtained approval to use the services of an employee (whether or not in the same reporting
line) for political activities must inform the employee that his or her participation is strictly voluntary and that he or she may decline to participate without the risk of retaliation or any adverse job action.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 48.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using any TCW branded resources such as letterhead, email signature blocks, logos or other identifiers of TCW, in
connection with soliciting any political contribution.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 49.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using the Firm's funds for any political contributions to state or local candidates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any political contribution in the Firm's name,

Federal law and Firm policy allow an individual to engage in limited personal, volunteer political activities on company premises on behalf of a federal candidate that does not currently hold state or local office if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the individual obtains approval before the activities occur. Contact the Administrator of the Code of Ethics to request
approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the political activities are isolated and incidental (they may not exceed 1 hour per week or 4 hours per month),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not prevent the individual from completing normal work or interfere with the Firm's normal
activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not raise the overhead of the Firm (for example, result in phone charges, postage or delivery charges,
use of Firm materials), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not involve services performed by other employees (including secretaries, assistants, or other
subordinates) unless the other employees voluntarily engage in the political activities.

TCW follows the above policy for activities related to state and local elections.

Rules for Access and Covered Persons

*Responsibility for Personal Contribution Limits*

Federal law and the laws of many states and localities establish contribution limits for individuals. Each Access Person is responsible for knowing and remaining within those limits.

*Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity*

Each TCW Access Person, and their Covered Person(s) (i.e. spouse, domestic partner and relative or significant other sharing the same house), must submit a Political Contribution Request Form to the Administrator of the Code of Ethics and obtain pre-approval before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making or soliciting any Contribution to, or engaging in any other fundraising for a current holder or candidate for a
state, local or federal elected office, or a campaign committee, political party committee, proposition, referendum, initiative, 501(c)4 organization, other political committee (e.g., PAC or Super PAC) or 527 political organization (example:
Republican, Democratic Governors Association) inaugural committee or transition team of a successful candidate. A Contribution includes anything of value given or paid to:

<sup>○</sup> influence any election for foreign, federal, state or local office;

<sup>○</sup> pay any debt incurred in connection with such election; or

<sup>○</sup> pay any transition or inaugural expenses incurred by the successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volunteering their services to a political campaign, political party committee, proposition, referendum, initiative,
political action committee ("PAC") or political organization.

Any solicitation or invitations to fundraisers by an Access Person or Covered Person on behalf of candidates, party committees or political committees that is approved pursuant to the above must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• originate from the individual's home address or personal email address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make clear that the solicitation is not sponsored by the Firm,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make clear that the contribution is voluntary on the part of the person being solicited,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not take place on the Firm's premises, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not direct employees, including, in particular, subordinates, to participate in soliciting and fundraising (except where
those employees have voluntarily agreed to participate in such activities and sought pre- approval to participate).

Access Persons are required to affirm after the end of each calendar quarter that they have reported all political contributions and volunteer services they, and each of their spouse, domestic partner and relative or significant other sharing the same house, have provided during the quarter.

New Hires

TCW considers all employees to be Covered Associates. New hires may not be made without the prior review of their political contributions and activities by Compliance. Human Resources will gather information on any new hire and provide this to Compliance for review. This information shall include details about the political contributions or activities of the new hire. Legal and Compliance may exempt individuals or categories of employees from this review.

Participation in Public Affairs

The Firm encourages its employees to be involved in public affairs and political processes. Normally, participation in public affairs takes place outside of regular business hours. If participation in public affairs requires corporate time, or you wish to accept an appointive federal, state or local office, or you want to run for elective office, contact the Administrator of the Code of Ethics in order to request approval.

If you are running for office, you must campaign on your own time. You may not use Firm property or resources without proper reimbursement to the Firm.

Employees participating in political activities do so as individuals and not as representatives of the Firm. You may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use either the Firm's name or its address in material you mail or fundraising, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify the Firm in any advertisements or literature, except as necessary biographical information.

Lobbying

The federal government, each state and certain localities have laws requiring registration and reporting by lobbyists and in some cases, also by the lobbyist's employer. Lobbying activity generally includes attempts to influence the passage or defeat of legislation, but can also include efforts to influence an agency's formal rulemaking, or the agency's decision to enter into a contract or other financial arrangement (such as meetings to procure government contracts with public pension funds, school districts or federal, state and local government officials or entities).

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 51.0 |

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To ensure that TCW and its employees are in compliance with these laws, Employees must comply with the following:

Employees may not engage in any lobbying activities on behalf of TCW without prior written approval from the Administrator of the Code of Ethics. This also includes the retention of any outside lobbyists that would be hired to lobby on behalf of TCW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, if you plan to communicate with a Domestic Official but are not sure whether your activities would be
considered lobbying, contact the Administrator of the Code of Ethics before engaging in any such activities.

If you are communicating with Domestic Officials solely for the purpose of providing services under an existing contract, you need not obtain pre-approval for those communications.

Other Employee Conduct

Personal Loans

You may not borrow from clients or from Firm vendors or service providers, except those who engage in lending in the usual course of their business and then only on terms offered to others in similar circumstances, without special treatment. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

*Taking Advantage of a Business Opportunity That Rightfully Belongs* To the Firm Employees must not take for their own advantage a business opportunity that rightfully belongs to the Firm. Whenever the Firm has been actively soliciting a business opportunity, or the opportunity has been offered to it, or the Firm's funds, facilities, or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to the Firm and not to employees who may be in a position to divert the opportunity for their own benefits.

Examples of improperly taking advantage of a corporate opportunity include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling information to which an employee has access because of his/her position,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring any property interest or right when the Firm is known to be interested in the property in question,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving a commission or fee on a transaction that would otherwise accrue to the Firm, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diverting business or personnel from the Firm.

Disclosure of a Direct or Indirect Interest in a Transaction

If you or any family member have any interest in a transaction (whether on behalf of a client or the Firm), that interest must be disclosed, in writing, to the General Counsel or the Chief Compliance Officer to allow assessment of potential conflicts of interest.

You do not need to report any interest that is otherwise reported in accordance with the Personal Investment Transactions Policy.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 52.0 |

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Example of an interest that should be disclosed: conducting TCW business with a vendor or service provider who is related to you or for which your parent, spouse, or child is an officer should be disclosed.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 53.0 |

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Corporate Property or Services

You may not purchase or acquire corporate property or use the services of other employees for personal purposes. For example, you may not use inside counsel for personal legal advice absent approval from the General Counsel or use of outside counsel for that advice at the Firm's expense.

Use of TCW Stationery

You may not use corporate stationery for personal correspondence or other non-job-related purposes.

Giving Advice to Clients

The Firm cannot practice law or provide legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid statements that might be interpreted as legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid giving clients advice on tax matters, the preparation of tax returns, or investment decisions, except as
appropriate in the performance of a fiduciary or advisory responsibility, or as otherwise required in the ordinary course of your duties.

Confidentiality

Generally, all information relating to past, current, and prospective clients is confidential and is not to be discussed with anyone outside the organization under any circumstance. All employees, including on-site and off-site temporary employees, and consultants will be required to sign and adhere to a Confidentiality Agreement. You should report violations of the Confidentiality Agreement to the Chief Compliance Officer.

Sanctions

The Firm may impose such sanctions it deems appropriate upon discovering a violation of this Code, including, but not limited to, an oral or written reprimand, supplemental training, a reversal of a transaction and disgorgement of profits, demotion, and suspension or termination of employment.

Reporting Illegal or Suspicious Activity - "Whistleblower Policy"

Policy

The Firm is committed to compliance with the law and its policies in all of its operations. The Firm's employees can provide early identification of significant issues that arise with compliance with policies and the law. The Firm's policy is to create an environment in which its employees can report these issues in good faith without fear of reprisal.

The Firm requires that all employees report activity that is illegal or does not comply with the Firm's policies and procedures ("Compliance Issues"), including this Code. Reports about Compliance Issues will be held confidentially by the Firm except as otherwise required to investigate and address the issues raised. The Firm expects the exercise of the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is being overlooked, one first step could be to bring the issue to the attention of the party charged with the operation of the policy. If, however, you believe that a policy is not being followed and feel uncomfortable bringing it to the attention of the person involved, you may follow the other procedures set forth in this policy.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 54.0 |

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Procedure

In some cases, an employee should be able to resolve issues or concerns with their manager or, if appropriate, other management senior to their manager. However, this may fail or the employee may have legitimate reasons to choose not to notify management. In such cases, the Firm has established a system for employees to report Compliance Issues.

An employee who has a good faith belief that a Compliance Issue may occur or is occurring is required to come forward and report under this policy. "Good faith" means that the employee believes that they are disclosing information that is truthful, but it does not require that a reported concern is correct.

The report should be made to the General Counsel or an Associate General Counsel, and may be made in person, in writing, via email at <u>TCWWhistleblower@tcw.com</u> or via the TCW whistleblower line at (213) 244-0055. The whistleblower email and line is only directly accessible by the General Counsel. Reports may also be made anonymously via the whistleblower line or the whistleblower drop box located in the pantry on the 28th floor of the Los Angeles office and in the Town Hall pantry in the New York office; however, the Firm encourages employees to identify themselves when making a report to facilitate follow-up communication. When making a report, employees should state in as much detail as possible the facts that raised a concern.

The General Counsel will consult with others. Depending on the nature of the matters covered by the report and other relevant facts and circumstances, the other persons consulted may include other members of the Legal team, the Chief Compliance Officer and other members of the Compliance team, outside counsel and/ or independent investigators, as appropriate, about the investigation. If deemed necessary and appropriate, a formal or informal investigation may be conducted by the General Counsel and Legal team or an external party.

The Firm understands the importance of maintaining confidentiality of the reporting employee. The identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, or self-regulatory organization, or as an essential part of completing the investigation. The employee making the report will be advised if confidentiality cannot be maintained. To the extent practicable, employees will be kept apprised of the Firm's response to their reports.

The Chief Compliance Officer will follow up to assure that the investigation is completed, that any Compliance Issue is addressed, and that no acts of retribution or retaliation occur against the person reporting violations or cooperating in an investigation in good faith.

Each quarter (or more frequently as necessary), the General Counsel will provide TCW's Board of Directors with an update regarding the status of each report received under this policy during the preceding quarter. Employees may also contact the SEC's Office of the Whistleblower at (202) 551-4790 or via fax at (703) 813-9322, or via the California Office of the Attorney General's whistleblower hotline at (800) 952-5225. The Attorney General refers calls received on its whistleblower hotline to an appropriate governmental authority for review and possible investigation.

Submitting a report that is known to be false is a violation of this Reporting of Illegal or Suspicious Activity Policy.

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 55.0 |

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Glossary

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|:---|:---|
|  A |  |
|  | Access Person(s) -– Includes all of the Firm's directors, officers, and employees, except those who (i) do not devote substantially all working time to the activities of the Firm, and (ii) do not have access to information about the day to-day investment activities of the Firm. A consultant, temporary employee, or other person may be considered an Access Person depending on various factors, including length of service, nature of duties, and access to Firm information (such as nonpublic information regarding any clients' purchase or sale of securities, portfolio holdings, securities recommendations, or providing investment advice).<br>|
|  | Account – A separate account and/or a commingled fund (e.g., limited partnership, trust, mutual fund, REIT, and CBO/CDO/CLO).<br>|
|  | Administrator of the Code of Ethics – Shall be a member of the Compliance Department, as designated by the Chief Compliance Officer .<br>|
|  | Approving Officers – The following conflicts of interest situations involving a Covered Officer must be approved by (i) the General Counsel or designated Senior Legal Officer and (ii) the Chief Compliance Officer or designated Senior Compliance Officer(s). |
|  <br> B |  |
|  | Beneficial Interest – an interest of an Access Person in a security or account of another person under which they (i) can obtain benefits substantially equivalent to owning the security, (ii) can obtain ownership of the security immediately or within 60 days, or (iii) can vote or dispose of the security. |
|  C |  |
|  | CBO – Collateralized bond obligation.<br>|
|  | CDO – Collateralized debt obligation. A security backed by a pool of bonds, loans, and other assets.<br>|
|  | Chief Compliance Officer – The Chief Compliance Officer of TCW. For purposes of this policy, the term Chief Compliance Officer shall include persons authorized by the Chief Compliance Officer to handle certain matters under this Code of Ethics policy.<br>|
|  | CLO – Collateralized loan obligation.<br>|
|  | Code of Ethics or Code – This Code of Ethics.<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Account – Any account of an Access Person or Covered Person is a "Covered Account ." Covered Accounts include any personal trading account in which you have a beneficial interest. A non-exhaustive or a representative list of such accounts include:<br>– Brokerage accounts (i.e. individual, joint, trust, custodial, corporate, LLC); Individual Retirement Accounts (all types); DRIPs, profit sharing, Investment Clubs, and any other account/vehicle that have the ability to trade any non-exempt investment product.<br>– 401(k), 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other investment account that holds reportable securities or provides the ability to trade any non-exempt investment product.<br>o Please note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require reporting as well.<br> o Accounts held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW Registered Funds.<br>– A relative's brokerage account for which the Access Person can effect trades, or an estate for which the Access Person makes investment decisions as executor.<br> – Direct investments in private funds |

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 56.0 |

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Covered Person – Spouse, minor child, relative or significant other sharing a house with an Access Person, or any other person, when the Access Person has a "beneficial interest" in the person's accounts or securities.

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|  | Covered Transaction – A transaction in a Covered Account. |
|  | <br> Cryptocurrencies – Cryptocurrencies, like Bitcoin and Ethereum, are pieces of computer code that are not managed by any authority (see Digital Currencies definition, below). Creation, as well as use, is maintained through a distributed ledger, typically a blockchain, that serves as a public financial database. |
|  D |  |
|  | Digital Currencies – Digital currency refers to the electronic form of fiat money issued by governments. Unlike Cryptocurrencies, digital currency does not require encryption, and users are required to use secure and unique passwords in order to protect their digital wallets from hacking or theft.<br>|
|  | Direct Purchase Plan – An investment service that allows individuals to purchase a security directly from a company or through a transfer agent. Not all companies offer Direct Purchase Plans and the plans often have restrictions on when an individual can purchase. |
|  E |  |
|  | Entertainment – Generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event.<br>|
|  | ETF – Exchange Traded Fund. A fund that tracks an index but can be traded like a stock .<br>|
|  | ETN – Exchange Traded Note – An unsecured debt security that tracks an underlying index of securities and trade on a major exchange like a stock.<br>|
|  | Ethical Walls or Informational Barriers – The conscientious use of a combination of trading restrictions and information barriers designed to confine material non-public information to a given individual, group, or department.<br>|
|  | Exchange Act – Securities Exchange Act of 1934, as amended.<br>|
|  | Exempt Securities – Those Securities described in the subsection Exempt Securities in the Personal Investment Transactions Policy.<br>Expert Networks – a business model in which a company connects subject matter experts to firm personnel wishing to gain information concerning a particular industry, market segment or topic. These subject matter experts usually possess specialized knowledge in their area of expertise. |
|  F |  |
|  | Financial Commodity – Any futures or option contract that is not based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes currencies (both virtual and non-virtual), equity securities, fixed income securities, and indexes of various kinds.<br>|
|  | Firm or TCW – The TCW Group of companies.<br>|
|  | Firm Personnel – All directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located.<br>|
|  | Foreign Official – Includes (i) government officials, (ii) political party leaders, (iii) candidates for office, (iv) employees of state-owned enterprises (such as state-owned banks or pension plans), and (v) relatives or agents of a Foreign Official if a payment is made to such relative or agent of a Foreign Official with the knowledge or intent that it ultimately would benefit the Foreign Official.<br>|
|  G |  |
|  | General Counsel – The General Counsel of TCW. For purposes of this policy, the term General Counsel shall include persons authorized by the General Counsel to handle certain matters under this Code of Ethics policy. |

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 57.0 |

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|:---|:---|
|  | Gift – Anything of value received without paying its reasonable fair value (e.g., favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses). If something falls within the definition of Entertainment, it does not fall within the category of Gifts. |
|  I |  |
|  | Initial Coin Offerings (ICOs) – An initial coin offering (ICO) is a type of capital-raising activity in the cryptocurrency and blockchain environment. The ICO can be viewed as an initial public offering (IPO) that uses cryptocurrencies and may be considered securities offerings which may need to be registered with the SEC or fall under an exemption to registration under the Exchange Act.<br>IPO – Initial public offering. An offering of securities registered under the Securities 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.<br>Inside information – Material, non-public information.<br>Investment Compliance – The support group for certain trading areas that, among others, checks proposed trades and open trades against investment restrictions.<br>Investment Personnel – Includes (i) any portfolio manager or securities analyst or securities trader who provides information or advice to a portfolio manager or who helps execute a portfolio manager's decision, and (ii) a member of the Investment Compliance Department. |
|  L |  |
|  | Limited Offering – An offering that is exempt from registration under the Securities Act pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the Securities Act. Note that a CBO or CDO is considered a Limited Offering or Private Placement.<br>Linked Broker – A broker that provides account information by automatic feed to StarCompliance.<br>LM-10 Information Report – Report required for reporting gifts or entertainment to labor unions or union officials.<br>Lobbyist – A lobbyist is an individual who is compensated to communicate directly with any state, legislative or agency official to influence legislative or administrative action on behalf of his or her employer or client. |
|  M |  |
|  | Material Information – Information that a reasonable investor would consider important in making an investment decision. Generally, this is information the disclosure of which could reasonably be expected to have an effect on the price of a company's securities.<br>MetWest – Metropolitan West Asset Management, LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.<br>MetWest Mutual Funds – Metropolitan West Funds, each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by MetWest. |
|  N |  |
|  | Non-Discretionary Accounts – Accounts for which the individual does not directly or indirectly make or influence the investment decisions.<br>Non-Financial Commodity – Any futures contract based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes commodities that may be physically delivered or agricultural commodities. This extends to environmental commodities like carbon offset credits, emission allowances and renewable energy credits (RECs). |
|  O |  |
|  | Outside Fiduciary Accounts – Certain fiduciary accounts outside of the Firm for which an individual has received the Firm's approval to act as fiduciary and that the Firm has determined qualify to be treated as Outside Fiduciary Accounts under this Code of Ethics. |

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 58.0 |

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|:---|:---|
|  P |  |
|  | Private Placements – An offering that is exempt from registration under the Securities Act pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the Securities Act. Note that a CBO or CDO is considered a Limited Offering or Private Placement. |
|  R |  |
|  | REIT – Real estate investment trust.<br>|
|  | Registered Person(s) – Any person having a securities license (e.g., Series 6, 7, 24, etc.) with TFD.<br>|
|  | Restricted Securities List – A list of the securities for which the Firm is generally limited firm-wide from engaging in transactions.<br>|
|  | Rule 10b5-1 Plan – A rule established by the Securities Exchange Commission (SEC) that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own. Rule 10b5-1 allows major holders to sell a predetermined number of shares at a predetermined time. |
|  S |  |
|  | SEC – Securities and Exchange Commission.<br>|
|  | Securities – Includes any interest or instrument commonly known as a security, including stocks, bonds, ETFs, ETNs, shares of mutual funds, and other investment companies (including money market funds and their equivalents), options, options on securities, single stock futures, warrants, financial commodities, a derivative linked to a specific security, security-based swaps, or other derivative products and interests in privately placed offerings and limited partnerships, including hedge funds. Includes cryptocurrencies or digital currencies (other than Bitcoin, Ethereum and USDC).<br>|
|  | Securities Act – Securities Act of 1933, as amended.<br>|
|  | Single Stock ETF – Exchange Traded Fund allowing for leveraged or inverse trading of a single stock. Single- stock ETFs do not hold a portfolio of stocks; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns.<br>|
|  T |  |
|  | TABF – TCW Asset Backed Finance Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.<br>|
|  | TAMCO – TCW Asset Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.<br>|
|  | TCW or Firm – The TCW Group of companies.<br>|
|  | TCW Advisor – Includes TAMCO, TIMCO, MetWest and any other U.S. federally registered advisors directly or indirectly controlled by The TCW Group, Inc.<br>|
|  | TCW ETF Trust – TCW ETF Trust, each of its series, and any other proprietary, registered, exchange-traded funds (ETFs) advised by TIMCO.<br>|
|  | TCW Funds – TCW Funds, Inc., each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by TIMCO.<br>|
|  | TCW Registered Funds – Collectively, the TCW Funds, MetWest Mutual Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TSI and TABF), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TPAY, MetWest or any other affiliate, unless otherwise indicated.<br>|
|  | TFD or TCW Funds Distributors LLC – A limited-purpose broker-dealer (formerly, TCW Brokerage Services).<br>|
|  | TIMCO – TCW Investment Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.<br>|
|  | TPAY — TCW Private Asset Income fund, a registered, closed-end investment company advised by TABF.<br>|
|  | TSI – TCW Strategic Income Fund, Inc., a registered, closed-end investment company advised by TIMCO. |

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| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/25 | 59.0 |

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Endnotes

<sup>1</sup> Certain related companies may include affiliates, economically linked companies, companies in the same sector or industry or any other impacted companies that may be participating in a corporate action.

<sup>2</sup> This may also implicate the TCW and Carlyle Information Barrier, so please contact the General Counsel or the CCO in the event that Carlyle is involved with a Creditors' Committee.

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|:---|:---|:---|
| ![LOGO](g941623g00d78.jpg) | PPc6133 9/16/2560 | 60.0 |

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## Ex-99.(P)(31)

**WCM Investment Management, LLC** 

**CODE OF ETHICS** 

*A copy of this Code of Ethics is maintained in the WCM's Common Firm Docs and My Compliance Office ("MCO") and is accessible to each Supervised Person of WCM Investment Management, LLC ("WCM") for reference. This Code of Ethics is the property of WCM and its contents are confidential.*

**WCM Investment Management, LLC** 

**281 Brooks Street** 

**Laguna Beach, CA 92651** 

**949.380.0200** 

**Reviewed and adopted: June 30, 2025** 

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| | | |
|:---|:---|:---|
| I. | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT | 1 |
| II. | ANTI-FRAUD AND FIDUCIARY OBLIGATION | 1 |
| III. | ANTI-CORRUPTION AND BRIBERY | 2 |
|  | A. Foreign Corrupt Practices Act ("FCPA") | 2 |
|  | B. WCM's Policy | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Supervised Persons | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Third Parties | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Government officials | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Facilitation payments | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Violations | 4 |
| IV. | INITIAL/ANNUAL ACKNOWLEDGEMENTS | 4 |
| V. | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | 5 |
|  | A. Use of WCM Funds or Property | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Use of WCM Funds or Property | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payments to Others | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Improper Expenditures | 5 |
|  | B. Conflicts of Interest and WCM Opportunities | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Outside Business Activities and Interest in Competitors, Clients or Suppliers | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Charitable Contributions | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Political Contributions | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Interest in Transactions | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Acting as a Registered Representative of a Broker-Dealer | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Diversion of WCM Business or Investment Opportunity | 10 |
| VI. | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | 10 |
|  | A. Fair and Equitable Treatment of Clients | 10 |
|  | B. No Guarantees Against Loss | 10 |
|  | C. No Guarantees or Representations as to Performance | 10 |
|  | D. No Legal or Tax Advice | 10 |
|  | E. No Sharing in Profits or Losses | 10 |
|  | F. No Borrowing From or Lending To a Client | 11 |

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| | | |
|:---|:---|:---|
|  | G. Supervised persons May Not Act as a Custodian of a Client | 11 |
|  | H. Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | 11 |
|  | I. Executing Transactions or Exercising Discretion Without Proper Authorization | 11 |
| VII. | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | 11 |
|  | A. Need for Policy | 11 |
|  | B. General Policies and Procedures Concerning Insider Trading and Tipping | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Material" | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Nonpublic" | 13 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Advisory Information" | 13 |
|  | C. Prohibitions | 13 |
|  | D. Protection of Material, Nonpublic Information | 13 |
|  | E. Procedures to Safeguard Material, Nonpublic Information | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Expert Networks | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Interacting with Potential Insiders | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Alternative Data Sources | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Wall Cross" Requests | 15 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Review and Monitoring | 16 |
|  | F. Protection of Other Confidential Information | 16 |
|  | G. Procedures to Safeguard Other Confidential Information | 16 |
| VIII. | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | 16 |
|  | A. Designation of Advisory Persons, Access Persons, and Supervised Persons | 16 |
|  | B. Obligations of Advisory Persons | 17 |
|  | C. General Policy Concerning Non-Advisory Persons | 17 |
|  | D. Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | 17 |
| IX. | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | 18 |
|  | A. Who is Covered by These Requirements | 18 |
|  | B. What Accounts and Transactions Are Covered | 18 |
|  | C. What Securities are Covered by These Requirements ("Reportable Securities") | 19 |

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| | | |
|:---|:---|:---|
|  | D. What Transactions are Prohibited by these Requirements | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Front-Running or Scalping | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Short Sales of a Security Held by a Client | 19 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use of Confidential or Material, Nonpublic Information | 19 |
|  | E. Personal Securities Transactions Which Must Be Pre-Cleared | 19 |
|  | F. Obtaining Pre-Clearance | 21 |
|  | G. Identification of Securities Accounts and Reports of Securities Holdings | 21 |
|  | H. Reporting of Securities Transactions | 22 |
|  | I. Confidentiality of Personal Securities Information | 23 |
|  | J. Addressing Personal Trading Conflicts with Advisory Persons | 23 |
|  | K. Short Term Trading Restriction and Personal Trading Cap | 24 |
|  | L. Waivers | 25 |
| X. | REPORTING TO THE MUTUAL FUND BOARD | 25 |

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**CODE OF ETHICS** 

**I.** **STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT** 

WCM is committed to maintaining the highest legal and ethical standards in the conduct of our business. We have built our reputation on client trust and confidence in our professional abilities and our integrity. As fiduciaries, we place our clients' interests above our own. Meeting this commitment is the responsibility of WCM and each and every one of our Supervised Persons.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

The Compliance Team is responsible for investigating any potential violations, discussing such violations with any Supervised Person believed to have committed such a violation, and recommending a sanction, if appropriate, to the Leadership Team. The Leadership Team will determine the appropriate sanction and have responsibility to affect the violative conduct.

Any capitalized terms used but not defined in this Code of Ethics will have the meanings assigned to them by the applicable law or regulation.

**II.** **ANTI-FRAUD AND FIDUCIARY OBLIGATION** 

WCM is ***registered as an investment adviser with the U.S. Securities and Exchange Commission*** (the "SEC") and has made a notice filing in its home state of California. It is WCM's policy to notice file in all 50 states. In conducting WCM's investment advisory business, WCM and its Supervised Persons must comply at all times with applicable federal securities laws, including the provisions of the ***Investment Advisers Act of 1940***, as amended (the "Advisers Act"), the rules under the Advisers Act and applicable provisions and rules under the laws of the various states where WCM does business or has clients. In addition, when managing accounts of employee benefit plans subject to the ***Employee Retirement Income Security Act of 1974***, as amended ("ERISA") and Individual Retirement Accounts, WCM must comply with all applicable provisions of ERISA, the ***Internal Revenue Code of 1986***, as amended, and the rules under those laws.

As a registered investment adviser, WCM and its Supervised Persons also have fiduciary and other obligations to clients. WCM's fiduciary duties to its clients require, among other things, that WCM: (i) render disinterested and impartial advice; (ii) make suitable recommendations to clients in light of their needs, financial circumstances and investment objectives; (iii) exercise a high degree of care to ensure that adequate and accurate representations and other information about securities are presented to clients; (iv) have an adequate basis in fact for any and all recommendations, representations and forecasts; (v) refrain from actions or transactions that conflict with interests of any client, unless the conflict has first been disclosed to the client and the client has (or may be considered to have) waived the conflict; and (vi) treat all clients fairly and equitably.

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A breach of any of the above duties or obligations may, depending on the circumstances, expose WCM and its Supervised Persons involved, to SEC and state disciplinary actions and to potential criminal and civil liability, as well as subject the Supervised Person to WCM sanctions up to and including termination of employment. All Supervised Persons are required to promptly report violations of this Code of Ethics to the Chief Compliance Officer.

**III.** **ANTI-CORRUPTION AND BRIBERY** 

As a global investment adviser, WCM is presented with the unique challenge of trying to observe local business customs while still complying with applicable U.S. and other laws prohibiting corruption. The ***U.S. Foreign Corrupt Practices Act*** ("FCPA") and other anti-corruption laws prohibit any payment or offer of payment to a "foreign official" for the purpose of influencing that official to assist in obtaining or retaining business for a company. WCM has established this policy to ensure that all Supervised Persons of the Firm are aware of the FCPA and engage in ethical and legal practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Foreign Corrupt Practices Act ("FCPA")** 

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or indirectly paying or giving, offering or promising to pay, giving or authorizing or approving such offer or payment, of any funds, gifts, services or anything else of any value to any foreign official or other person (each, a "Covered Person") for the purpose of obtaining business, favorable treatment, or other commercial benefits, whether by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influencing any act or decision of the Covered Person in his official capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to act or not act in violation of his lawful duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to use his influence to that end with a foreign government or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for example, a Covered Person's friend, relative, business or law firm), or other person while knowing that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such purpose.

For purposes of this Anti-Corruption and Bribery policy, a "Covered Person" is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency, or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality, or enterprise). It also includes any foreign political party, party official or candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **WCM's Policy** 

Bribery and corruption are not only against WCM's values, they are illegal and can expose both the employee and WCM to fines and penalties, including imprisonment and reputational damage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Supervised Persons** 

WCM strictly prohibits bribery and other corrupt practices. Neither the Firm, nor its Supervised Persons, will seek to influence others, either directly or indirectly, by offering, promising, giving, or authorizing the giving or receiving of bribes or kickbacks, no matter how small. Supervised Persons and representatives of WCM are expected to decline any opportunity which would place our ethical principles and reputation at risk. While certain laws apply only to bribes of government officials (domestic and foreign; see Political Contributions Policy), this policy applies to all dealings including non-government business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Third Parties** 

WCM and its Supervised Persons cannot avoid liability by using a third party to give or receive a bribe. Third parties representing and/or acting on behalf of WCM are expected to comply with our Anti-Corruption and Bribery Policy. In some jurisdictions, WCM can be convicted of a criminal offense if it fails to prevent a bribery carried out on its behalf by a third party, even if no one in the Firm had actual knowledge of the bribe. Therefore, whenever WCM seeks to engage a third party in which the third party may interact with a Government Official for or on behalf of WCM, the following guidelines apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due diligence should be performed to ensure that the third party is a bona fide and legitimate entity, is qualified to perform services for which it will be retained, and maintains standards consistent with the legal, regulatory, ethical, and reputational standards of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreements with third parties must be in writing and should contain provisions related to the following, based on corruption risk present in the third-party relationship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A representation that the third party will remain in compliance with all relevant anti-corruption laws,
including the FCPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A provision that requires the third party to respond to reasonable requests for information from the Firm
regarding the work performed under the agreement and related expenditures by the third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Government officials** 

Sales to Government Officials or government entities may present increased anti-corruption risk. Where WCM sells investment products or services to Government Officials or entities, such as public pensions, other state-owned financial institutions, or government affiliated institutions, the sales/marketing efforts related to these government clients should be clearly documented. As noted above, any expenditures made in connection with such business (entertainment, travel, etc.) must not be for any improper purpose and must comply with local law. Laws and regulations are strict when dealing with Government Officials. For example, reasonable corporate hospitality that is acceptable with other business associates might not be allowable when Government Officials are involved.

***Before such expenses are incurred, Supervised Persons must obtain prior approval from the Compliance Team.***

A Government Official is any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual elected or appointed to a governmental entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a government;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a company wholly or partially controlled by a government (such as state-owned companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• candidate for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political party or official of a political party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• person acting in an official capacity for any of the above regardless of rank or position.

The definition of what could constitute a bribe to a Government Official is broad and can occur even when the benefit being offered is small, such as gifts, entertainment and even business meals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Facilitation payments** 

"Facilitation or grease payments" are payments that facilitate a normal governmental function, such as to expedite processing paperwork. While these types of payments may be accepted as "a cost of doing business" in some cultures, they are illegal and counter to our values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Violations** 

Supervised Persons and representatives of WCM should seek clarification on any questions or concerns regarding activities under consideration or the interpretation of any law. If you are offered a bribe from a person or entity doing business with or seeking to do business with WCM, report it immediately to the Compliance Team.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

Actual or potential violation of the anti-bribery or foreign corruption laws of this policy by the Firm, or another Supervised Person, must promptly be reported to the Compliance Team.

**IV.** **INITIAL/ANNUAL ACKNOWLEDGEMENTS** 

Supervised Persons should keep this Code of Ethics ("COE") available for easy reference. A copy of the COE is given to each Supervised Person and is maintained in the WCM's Common Firm Docs and within My Compliance Office ("***MCO***"). Each Supervised Person will, before starting to work at WCM and each year thereafter, read this COE and acknowledge that they have reviewed and understand it, and will adhere to the COE by completing the Annual Acknowledgement via MCO. From time to time, the COE will be revised or supplemented. The CCO, or his delegate, is responsible for providing each Supervised Person with a revised copy of this COE when material changes have occurred.

Each year, Supervised Persons must also complete the Disciplinary History questionnaire via MCO, which requests information about whether the Supervised Person has been subject to any disciplinary event, that is, a criminal, civil and/or regulatory action by a U.S. or foreign court, military court or regulatory or self-regulatory body. The employment of any person who is subject to such a reportable disciplinary event might, absent appropriate disclosures or specific relief from the SEC, tarnish WCM's reputation, jeopardize business relationships and opportunities for both WCM and its Supervised Persons or expose WCM itself to potential disciplinary sanctions or disqualifications. Accordingly, a Supervised Person must notify the Compliance Team immediately if he or she becomes aware of anything that could result in a change in any of this information. Failure to accurately complete the questionnaire or to notify the Compliance Team of changes to information relating to disciplinary actions may subject a Supervised Person to disciplinary action or be grounds for dismissal.

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**V.** **GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Use of WCM Funds or Property** 

WCM's policy is to require each Supervised Person to respect the funds and property belonging to WCM, to limit the personal use of such funds or property, and to prohibit questionable or unethical disposition of WCM funds or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Personal Use of WCM Funds or Property** 

No Supervised Person may take or permit any other Supervised Person to take, for his personal use, any funds or property belonging to WCM. Misappropriation of funds or property is theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties, will result in WCM disciplinary action up to, and including, dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payments to Others** 

No WCM funds or property may be used for any unlawful or unethical purpose, nor may any Supervised Person attempt to purchase privileges or special benefits through payment of bribes, kickbacks or any other form of "payoff." Customary and normal courtesies in conformance with the standards of the industry are allowable except where prohibited by applicable laws or rules. *(See sections on* ***Anti-Corruption and Bribery; Gifts and Entertainment***; and ***Political Contributions*** *for additional information.)* Particular care and good judgment are required when dealing with federal, state or local government officials to avoid inadvertent violations of government ethics rules. (Also, see following section on ***Political Contributions*** regarding important rules.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Improper Expenditures** 

No payment by or on behalf of WCM will be approved or made if any part of the payment is to be used for any purpose other than that described in the documents supporting the payment. Records will be maintained in reasonable detail that accurately and fairly reflect the transactions they describe and the disposition of any funds or property of WCM.

Any questions concerning the propriety of any use of WCM funds or property should be directed to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest and WCM Opportunities** 

It is not possible to provide a precise or comprehensive definition of a conflict of interest. However, one factor that is common to all conflict of interest situations is the possibility that a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of WCM, its affiliates or clients, and/or the Supervised Person's own personal interests. A particular activity or situation may be found to involve a conflict of interest even though it does not result in any financial loss to WCM, its affiliates or its clients or any gain to WCM or the Supervised Person, and irrespective of the motivations of the Supervised Person involved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Outside Business Activities and Interest in Competitors, Clients or Suppliers** 

Supervised Persons should avoid other employment or business activities, including personal investments that interfere with their duties to WCM, divide their loyalty, or create or appear to create a conflict of interest. In no event should any Supervised Person have any outside business activity that might cause embarrassment to or jeopardize the interests of WCM, interfere with its operations, or adversely affect his or her productivity or that of other Supervised Persons.

Each Supervised Person must pre-clear all outside business activities on MCO, for profit or non-profit. In addition, no Supervised Person or member of his or her "Immediate Family" (including any relative by blood or marriage living in the Supervised Person's household), shall serve as an officer, director, general partner, advisor, or trustee of, or have a substantial interest in or business relationship with a company (private or public), competitor, client, or supplier of WCM without the prior approval of the Chief Compliance Officer.

Any conflict that the Chief Compliance Officer determines is harmful to the interests of clients or the interests or reputation of WCM will be prohibited. The Chief Compliance Officer's determination as to whether a conflict exists or is harmful shall be conclusive.

Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict of interest issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts and Entertainment** 

Giving, receiving or soliciting gifts and/or entertainment ("G&E") in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Additionally, WCM is subject to G&E-related laws and restrictions as a result of being a fiduciary and acting as an investment adviser to government entities, ERISA and Taft-Hartley plans, and mutual funds.

Therefore, WCM has adopted the following policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment over $250 per person may be restricted; therefore, it must be reported without undue delay via MCO
and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Entertainment is an <u>event</u> which includes participation by both parties for the mutual building of a
business relationship. Events, such as meals, golfing, sporting events, and the like, are considered commonly accepted business practices and they are usually permissible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts over $250 per person may be restricted; therefore, it must be reported without undue delay via MCO and
approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gifts are <u>things</u> given or received by a Supervised Person. Charitable donations are considered gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from state or city pension plan representatives or non-U.S. government entities must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from ERISA or Taft-Hartley plans is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from broker-dealers executing purchases or sales for mutual funds advised or sub-advised by WCM is prohibited. This is required by Section 17(e)(1) of the 1940 Act, which prohibits WCM or its Supervised Persons from accepting any sort of compensation for the purchase or sale of property
to or from any mutual fund WCM advises.

WCM expects that it will bear the costs of travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than WCM, pre-approval must be sought as such travel expenses will be treated as a gift to the Supervised Person for purposes of this policy.

WCM's Finance Team will coordinate with the Compliance Team for the review and reimbursement of employee expense reports to ensure compliance with this policy. If a Supervised Person has any questions regarding what constitutes G&E or how to handle it, it is their responsibility to ask the Compliance Team.

***Note:*** *Registered Representatives of ACA Foreside have additional requirements. Please see your Supervising Principal and ACA Foreside Compliance Manual for more details.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Charitable Contributions** 

Charitable contributions, sponsorships and grants, including those that are solicited by business partners and Government Officials may present increased corruption risk. Proposed charitable contributions, sponsorships or grants must not be used to conceal a bribe or otherwise benefit the business partner or Government Official. Charitable contributions, sponsorships and grants must not be provided for any improper purpose. As noted above, charitable contributions are considered Gifts and must be reported in MCO and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Political Contributions** 

No Supervised Person shall make or solicit any political contribution for the purpose of obtaining or retaining advisory contracts with government entities. Contributions by a Covered Associate made to any elected official who, within two years of the contribution, is in a position to influence the retention or has legal authority to retain WCM, will result in the firm's prohibition in receiving any adviser fees from that government entity for a period of two years. Covered Associates are therefore not permitted to coordinate, or to solicit any person or political action committee to make, any:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contribution to an official of a government entity to which the investment adviser is providing or seeking to
provide investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment to a political party of a State or locality where the investment adviser is providing or seeking to
provide investment advisory services to a government entity.

For purposes of this Political Contribution policy, a Covered Associate is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any general partner, managing member or executive officer of WCM, or other individual with a similar status or
function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any employee who solicits a government entity for WCM or any person who supervises, directly or indirectly, such
employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any political action committee ("PAC") controlled by WCM or by any such persons described above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, not WCM.

<u>Exceptions for Return Contributions</u>. This exception, created to enable Advisers to cure an inadvertent political contribution made by a Covered Associate to an official for whom the Covered Associate is not entitled to vote, is available for contributions that in the aggregate, do not exceed $350 to any one official, per election. WCM must have discovered the contribution that resulted in the violation within four months of the date such contribution was made, and within 60 days after learning of such contribution, the contributor must obtain the return of the contribution.

As such, all political contributions by a Covered Associate to any official, PAC or through a third party must be pre-cleared to the Compliance Team via the Political Contribution disclosure form in MCO prior to making the contribution. If and only if a contribution does not present a conflict of interest or harm WCM's ability to obtain clients will the Covered Associate be allowed to make such a contribution. Generally, contributions made by a Covered Associate to an official for whom the Covered Associate was entitled to vote at the time of the Contributions and which in the aggregate do not exceed $350 to any one official, per election, or to an official for whom the Covered Associate was not entitled to vote at the time of the Contributions and which in the aggregate do not exceed $150 to any one official, per election, will be approved.

Indirect actions by a Covered Associate that would result in a violation of the Political Contribution Rule, ***Rule 206(4)-5***, if done directly, are prohibited.

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<u>Look-Back Provisions</u>. Advisers are required to maintain a list of government entities to which the Adviser provides, or has provided, advisory services in the past 5 years, but not prior to the Rule's effective date. Furthermore, the Rule's look-back requirements continue to apply to an Adviser that does not currently have any government entity clients. Consequently, an Adviser that did not previously provide advisory services to a government entity and, therefore, had not maintained records required under this Rule, would be required to determine whether any contributions made by the firm or its Covered Associates, and any former Covered Associates, would subject the Adviser to the two-year "time out" period prior to the Adviser accepting compensation from a new government entity client.

The two-year time out restriction will generally apply to WCM in the event that a newly hired Covered Associate has made a prohibited contribution prior to the commencement of his or her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for a "look-back" period of up to two years, beginning from the date of the contribution. However, if the new Covered Associate does not solicit clients on behalf of the Adviser, the two-year ban period is reduced to a maximum of six months.

As such, all newly hired Covered Associates must report to the Compliance Team, upon employment, all political contributions made two years prior to the commencement of his or her employment.

Furthermore, the two-year or six-month ban will continue to apply to the Adviser for the duration of the ban period if the Covered Associate who made the relevant contribution is no longer employed by WCM. The SEC has indicated that this 'look-forward' provision is intended to prevent a firm from channeling contributions through departing employees.

Periodically, the Compliance Team will review the list of Covered Associates, and the list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

The following will be maintained by the Compliance Team for a period of five years from fiscal year end of last use, with at least two years on-site:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Names, titles and address (business & home) of Covered Associates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients that are government entities (past 5 years, not prior to September 13, 2010)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All direct and indirect contributions made by adviser and Covered Associate (in chronological order) indicating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Name and title of each contributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Name and title of each recipient

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Amount and date of each contribution or payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Whether subject to exception from returned contributions

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Interest in Transactions** 

No Supervised Person, or member of his or her Immediate Family, shall engage in any transaction involving WCM if the Supervised Person or a member of his Immediate Family has a substantial interest in the transaction or can benefit directly or indirectly from the transaction (other than through the Supervised Person's normal compensation), except as specifically authorized in writing by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Acting as a Registered Representative of a Broker-Dealer** 

A Supervised Person of WCM may only act as a Registered Representative of a Broker-Dealer upon prior written approval from the Chief Compliance Officer. The Chief Compliance Officer may approve such activity, only after applicable licensing requirements have been met and appropriate disclosures have been made in Parts 1, 2A and 2B of Form ADV and the individual's Form U-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Diversion of WCM Business or Investment Opportunity** 

No Supervised Person shall acquire, or derive personal gain or profit from, any business or investment opportunity that comes to his or her attention as a result of his or her association with WCM, and in which he or she knows WCM or its clients might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to WCM, offering the opportunity to WCM or its clients, and receiving specific written authorization from the Chief Compliance Officer.

**VI.** **GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS** 

Supervised Persons of WCM must adhere to the following standards at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fair and Equitable Treatment of Clients** 

All clients must be treated fairly and equitably. No client may be favored over another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **No Guarantees Against Loss** 

No Supervised Person may guarantee a client against losses with respect to any securities investments or investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **No Guarantees or Representations as to Performance** 

No guarantee may be made that a specific level of performance will be achieved or exceeded. Any mention of an investment's past performance or value must include a statement that it does not necessarily indicate or imply a guarantee of future performance or value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **No Legal or Tax Advice** 

No Supervised Person may give or offer any legal or tax advice to any client regardless of whether the Supervised Person offering such advice is qualified to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **No Sharing in Profits or Losses** 

No Supervised Person may directly share in the profits or losses of a client's account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **No Borrowing From or Lending To a Client** 

No Supervised Person may borrow funds or securities from, or lend funds or securities to, any client of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Supervised persons May Not Act as a Custodian of a Client** 

No Supervised Person may act as custodian of securities, money, or other funds or property of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents** 

No Supervised Person shall place an order to purchase or sell a security for a client through a broker-dealer or agent or any bank unless such broker-dealer or agent or bank is properly registered or is exempt from registration in the state in which the client resides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Executing Transactions or Exercising Discretion Without Proper Authorization** 

No Supervised Person shall execute any transaction on behalf of a client or exercise any discretionary power in effecting any transaction for a client account unless WCM has (i) obtained written authority from the client and (ii) authorized the Supervised Person's execution of client transactions or exercises discretionary authority with respect to that client.

**VII.** **PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Need for Policy** 

WCM and its Supervised Persons have access to confidential information about clients of WCM, investment advice provided to clients, securities transactions executed for clients' accounts and other sensitive information. In addition, from time to time, WCM or its Supervised Persons may come into possession of information that is "material" and "nonpublic" (each as defined below) concerning a company or the trading market for its securities.

It is unlawful for WCM or any of its Supervised Persons to use such information for manipulative, deceptive or fraudulent purposes. The kinds of activities prohibited include "front-running", "scalping" and trading on inside information. "Front-Running" refers to a practice whereby a person takes a position in a security in order to profit based on his or her advance knowledge of upcoming trading by clients in that security which is expected to affect the market price. "Scalping" refers to a similar abuse of client accounts and means the practice of taking a position in a security before recommending it to clients or effecting transactions on behalf of clients, and then selling out of the Supervised Person's personal position after the price of the security has risen on the basis of the recommendation or client transactions.

Depending upon the circumstances, WCM and any Supervised Person could be at risk of violating federal securities laws for insider trading or tipping if they advise clients concerning, or execute transactions in, securities with respect to which WCM possesses material, nonpublic information ("MNPI"). In addition, WCM as a whole may be deemed to possess MNPI known by any of its Supervised Persons, unless WCM has implemented procedures to prevent the flow of that information to others within WCM.

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Section 204A of the Advisers Act requires that WCM establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of MNPI by WCM and its Supervised Persons. Violations of the laws against insider trading and tipping by WCM Supervised Persons can expose WCM and any Supervised Person involved to severe criminal and civil liability. In addition, WCM and its Supervised Persons have ethical and legal responsibilities to maintain the confidence of WCM's clients, and to protect as valuable assets, confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal investment activities, it is important that such practices avoid any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Supervised Persons must exercise good judgment when engaging in securities transactions and when relaying to others information obtained as a result of employment with WCM. If a Supervised Person has any doubt whether a particular situation requires refraining from making an investment or sharing information with others, such doubt should be resolved against taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Policies and Procedures Concerning Insider Trading and Tipping** 

WCM has adopted the following policies and procedures to: (i) ensure the propriety of Supervised Person trading activity; (ii) protect and segment the flow of material, nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades that may violate the prohibitions against insider trading, tipping, front-running, scalping and other manipulative and deceptive devices prohibited by federal and state securities laws and rules.

No Supervised Person of WCM shall engage in transactions in any securities while in possession of MNPI regarding such securities (so called "insider trading"). Nor shall any Supervised Person communicate such MNPI to any person who might use such information to purchase or sell securities (so called "tipping"). The term "securities" includes options or derivative instruments with respect to such securities and other securities that are convertible into or exchangeable for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Material"** 

The question of whether information is "material" is not always easily resolved. Generally speaking, information is "material" where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy or sell the securities in question, or where the information, if disclosed, could be viewed by a reasonable investor as having significantly altered the "total mix" of information available. Where the nonpublic information relates to a possible or contingent event, materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the event in light of the totality of the activities of the issuer involved. Common, but by no means exclusive, examples of "material" information include information concerning a company's sales, earnings, dividends, significant acquisitions or mergers and major litigation. So called "market information," such as information concerning an impending securities transaction, may also, depending upon the circumstances, be "material." **Because materiality determinations are often challenged with the benefit of hindsight, if a Supervised Person has any doubt whether certain information is "material," such doubt should be resolved against trading or communicating such information.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Nonpublic"** 

Information is "nonpublic" until it has been made available to investors generally. In this respect, one must be able to point to some fact to show that the information is generally public, such as inclusion in reports filed with the SEC or press releases issued by the issuer of the securities, or reference to such information in publications of general circulation such as The Wall Street Journal or other publisher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Advisory Information"** 

Information concerning: (i) specific recommendations made to clients by WCM; or (ii) prospective securities transactions by clients of WCM ("Advisory Information") is strictly confidential. Under some circumstances, Advisory Information may be material and nonpublic, for instance when an adviser manages large enough accounts and trades on such a significant volume that the trades can have an impact on the market price and supply or demand of the security being traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Prohibitions** 

In the handling of information obtained as a result of employment with WCM and when engaging in securities transactions, WCM Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not disclose material, nonpublic or other confidential information (including Advisory Information) to
anyone, inside or outside WCM (including Immediate Family members), except to the Chief Compliance Officer or on a strict need-to-know basis and under circumstances that
make it reasonable to believe that the information will not be misused or improperly disclosed by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall refrain from recommending or suggesting that any person engage in transactions in any security while in
possession of MNPI about that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from transactions for their own personal accounts or for the account of any client, in any security
while in possession of MNPI regarding that security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from personal transactions in any security while in possession of Advisory Information regarding
that security, except in compliance with the section for  ***Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Protection of Material, Nonpublic Information** 

No Supervised Person of WCM shall intentionally seek, receive, or accept information that he or she believes may be material and nonpublic.

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In the event that a Supervised Person of WCM should come into possession of information concerning any company or the market for its securities that the Supervised Person believes may be material and nonpublic, **<u>it is critical</u>** that such Supervised Person refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. The Supervised Person should notify the Compliance Team immediately and file a report in MCO using the "Material Nonpublic Information" form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Procedures to Safeguard Material, Nonpublic Information** 

While MNPI may be encountered in many ways, there are certain areas that present a greater risk of exposure based on WCM's business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Expert Networks** 

One such area is WCM's use of "Expert Networks". To mitigate this risk, any new expert network will be reviewed and approved by the Compliance Team. As part of that review and approval, the Compliance Team will review and confirm the adequacy of the Expert Networks' controls for the protection and handling of MNPI prior to engaging their service. Also, the Compliance Team will track all interactions (e.g., emails, calls, meetings) between WCM and the Expert Networks and will have the ability to chaperone calls with or without notice to the participating analyst or expert. Unless approved by the CCO after ensuring adequate MNPI protections are in place, Supervised Persons are prohibited from sharing their authorized access to Expert Networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Interacting with Potential Insiders** 

Another area of risk occurs when Supervised Persons meet directly with personnel of publicly and privately traded companies. The typical (and preferred) method for interaction with a company is with C-suite or Investor Relations ("IR") personnel, who are knowledgeable and have been trained regarding proper handling of MNPI. Regardless, WCM's Supervised Person will ensure that we communicate that WCM primarily invests in public equity markets, and we are not interested in, nor looking to receive material nonpublic information about any publicly traded company at the start of each call or expert network interaction.

This communication is equally important when interacting with private company personnel as they may assume based on the private engagement that WCM does not trade in public equities. Before engaging any personnel of a privately traded company, WCM's Supervised Persons will disclose that WCM primarily invests in public equity markets and confirm with the privately traded company that they do not have any known connections with publicly traded companies for which WCM may hold a security. If any connection is discovered, the WCM Supervised Person is prohibited from engaging any personnel in that privately traded company without the prior approval of the CCO.

If, during a phone call or meeting with any public or private company personnel, a Supervised Person becomes aware of any information that he or she believes, or has reason to believe, may be MNPI – regardless of the source (e.g. clients, fund investors, consultants, etc.) – they should promptly end the call or meeting and immediately consult with the CCO as noted earlier. Again, the Supervised Person should not share such information with anyone else.

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If a Supervised Person is contacted by an Expert, personnel of a publicly or privately traded company, or industry analyst, via non-business channels (such as personal email or phone, LinkedIn, or other social media) to discuss WCM's investment-related activities, the Supervised Person must redirect the conversation to the proper business channels (WCM email or phone, Expert Network, etc.) Further communication with such parties on non-business channels is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Alternative Data Sources** 

In addition to the above areas, WCM recognizes the potential risks associated with the use of alternative data sources. Examples of "alternative data" include information gleaned from analyses of aggregate social media and internet search data, or other data obtained from apps and tools that consumers may use. To address these risks, the Compliance Team will conduct thorough due diligence on these alternative data providers, as outlined in its ***Vendor Diligence Policy within the Compliance Manual***, to ensure that their data collection and disclosure practices adequately mitigate the potential of disclosing MNPI.

Like when encountering any other MNPI data point, Supervised Persons are required to follow established protocols, including the reporting procedures above, when encountering MNPI with alternative data. The Compliance Team will also monitor and review the use of alternative data to ensure adherence to these protocols and will update policies as needed to address emerging risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **"Wall Cross" Requests** 

On occasion, a company may, as a means to seek investors in restricted or private-placement securities issued by it, want to share material, nonpublic or other confidential information with WCM. Such "wall cross" requests may require the temporary separation of certain Supervised Persons from normal trading activities to prevent any potential misuse of this information and ensure that MNPI does not influence trading decisions within WCM.

As a result, the following procedures must be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Identification and Authorization</u>: Before agreeing to a "wall cross" request and before
bringing any other Supervised Persons "over the wall", the relevant Supervised Person must receive written approval from the Compliance Team. The Compliance Team will evaluate the necessity and implications of the wall cross, considering
the context and the parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Information Barriers</u>: Once a "wall cross" is authorized, WCM will implement information
barriers to segregate the MNPI from the rest of the firm and its trading activities. This includes physical and electronic separation of information, where possible, and restricting access to MNPI to only those Supervised Persons who are authorized
to possess such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Restricted List Management</u>: Until the information becomes public, companies or securities involved in a
"wall cross" will typically be placed on a restricted list for both personal and firm trading. The restricted list will be regularly updated and maintained on MCO and INDATA, as appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Review and Monitoring** 

All firm trading and personal trading by Supervised Persons is monitored for potential use of MNPI in MCO. Unusual trade activity is flagged by MCO. The CCO, with assistance from the Compliance Team, will investigate the rationale behind the trade decision, and where applicable review Expert Network and other relevant business activity, conduct a targeted email review, and examine trading patterns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Protection of Other Confidential Information** 

Information relating to past, present, or future activities of WCM or clients that has not been publicly disclosed, shall not be disclosed to persons, within or outside of WCM, except within the guidelines of this policy. Supervised Persons are expected to use their own good judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person's medical, financial, employment, legal, or personal affairs is confidential and may not be disclosed to any person, within or outside of WCM, without the Supervised Person's consent or for a proper purpose authorized by the Chief Compliance Officer or an officer of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Procedures to Safeguard Other Confidential Information** 

In the handling of other confidential information, including Advisory Information, Supervised Persons of WCM shall take appropriate steps to safeguard the confidentiality of such information. Although WCM's offices are not generally open to the public or unannounced visitors, Supervised Persons must still take precautions to avoid storing nonpublic personal information in plain view in potentially public areas of WCM's offices. Furthermore, Supervised Persons must remove nonpublic personal information from conference rooms, reception areas and other areas when not in use and always prior to a visit by any third party. Particular care should be exercised when nonpublic personal information must be discussed or reviewed in public places such as restaurants, elevators, taxicabs, trains or airplanes, where that information may be overheard or observed by third parties. ***For more information and guidance see the Privacy Policy Compliance Procedures section of the Compliance Manual and the Information Security Program.***

**VIII.** **PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES** 

WCM has adopted the following policies and procedures to limit access to Advisory Information to those Supervised Persons of WCM who have a legitimate need to know that information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Designation of Advisory Persons, Access Persons, and Supervised Persons** 

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's Supervised Persons who make or participate in decisions as to what advice or recommendations should be given to clients or what securities transactions should be affected for client accounts, whose duties or functions relate to the making of such recommendations or who otherwise have a legitimate need to know information concerning such matters.

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All Advisory Persons are Access Persons, but not all Access Persons are necessarily Advisory Persons. An "Access Person" is a Supervised Person who has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. All of the Company's directors, officers, and partners are presumed to be Access Persons.

A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of WCM, or other person who provides investment advice on behalf of WCM and is subject to WCM's supervision and control. This may include temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Obligations of Advisory Persons** 

In the handling of Advisory Information, Advisory Persons shall take appropriate measures to protect the confidentiality of such information. Specifically, Advisory Persons shall refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing Advisory Information to anyone other than another Advisory Person, inside or outside of WCM (including
any Supervised Person of an affiliate); except on a strict need-to-know basis and under circumstances that make it reasonable to believe that the information will not be
misused or improperly disclosed by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in transactions — or recommending or suggesting that any person (other than a WCM client) engage
in transactions — in any security to which the Advisory Information relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **General Policy Concerning Non-Advisory Persons** 

As a general matter, Non-Advisory Persons of WCM should not seek or obtain access to Advisory Information. If a Non-Advisory Person of WCM should come into possession of Advisory Information, he or she should refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. If a Non-Advisory Person of WCM obtains Advisory Information, he or she should promptly notify the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures** 

The Chief Compliance Officer or his designee shall use MCO to review initial and annual holdings reports and quarterly transaction reports for Supervised Person accounts. This review is designed to: (i) ensure the propriety of the Supervised Person's trading activity (including whether pre-approval was obtained as required by the ***Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons***); (ii) avoid possible conflict situations; and (iii) identify transactions that may violate the prohibitions regarding insider trading and manipulative and deceptive devices contained in the federal and state securities laws and SEC rules. MCO maintains records of review.

The Compliance Team shall report to the Leadership Team any findings of possible irregularity or impropriety.

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**IX.** **RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS** 

The personal investing activities of all WCM Supervised Persons must be conducted in a manner to avoid actual or potential conflicts of interest with WCM's clients and WCM itself. No Supervised Person of WCM may use his or her position with WCM, or any investment opportunities they learn of because of his or her position, in a manner that creates an actual or potential conflict of interest with WCM's clients or with WCM.

The following policies and procedures were adopted to meet WCM's responsibilities to clients and to comply with SEC rules. Violations may result in law enforcement action against WCM and its Supervised Persons by the SEC or state regulators and/or disciplinary action by WCM against any Supervised Person involved in the violation, including termination of employment.

All Supervised Persons should read these requirements carefully and be sure that they are understood. It is particularly important to understand and accept that these pre-clearance requirements may mean that a Supervised Person will be prohibited from purchasing or selling a particular security because of client interest in that security. This restriction on a Supervised Person's ability to transact in a security can have a harsh impact on individual Supervised Persons and their Immediate Family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Who is Covered by These Requirements** 

Apart from short term or temporary interns who are prohibited from personal trading, all Access Persons of WCM ***and members of their Immediate Family who reside in their household*** are subject to WCM's policies and procedures governing personal securities transactions, with the limited exceptions noted below. An Access Person is defined as a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What Accounts and Transactions Are Covered** 

These personal securities policies and procedures cover all personal securities accounts and transactions for which an Access Person has, or acquires, any direct or indirect beneficial ownership. Unless approved by the CCO, Access Persons are permitted to hold only those personal securities accounts that have direct data feeds with MCO.

For purposes of these requirements, "beneficial ownership" has the same meaning as in Securities Exchange Act Rule 16a-1(a)(2). Generally, a person has beneficial ownership of a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in the security. ***A transaction and holding by or for the account of an Immediate Family member (living in the same home with an Access Person) is considered the same as a transaction and holding by the Access Person.***

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According to SEC guidelines, the following exemption is permissible. The firm can trade securities for any of the WCM Access Person accounts as long as the securities are blocked with client trades. The securities in the trade block allocated to the Access Person are dollar-cost-averaged or settled at the worst price of the day. All Access Person trades must bear the fiduciary responsibility of putting the clients' interests first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What Securities are Covered by These Requirements ("Reportable Securities")** 

All securities (and derivative forms thereof including options and futures contracts) are covered by these requirements except: (1) direct obligations of the U.S. government (e.g., treasury securities); (2) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements; (3) shares issued by money market funds; (4) shares of <u>unaffiliated</u> open-end mutual funds; (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds; and (6) shares of Section 529 College Savings and Prepaid Tuition plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **What Transactions are Prohibited by these Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Front-Running or Scalping** 

Access Persons of WCM are not permitted to "front-run" any securities transaction of a client or WCM, or to "scalp" by making securities recommendations for clients with the intent of personally profiting from personal holdings of or transactions in the same or related securities, as noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Short Sales of a Security Held by a Client** 

No Access Person may sell short any security held in a client's account managed by WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Use of Confidential or Material, Nonpublic Information** 

Access Persons may not buy or sell any security if he or she has material, nonpublic information about the security or the market for the security obtained in the course of his or her employment with WCM or otherwise, as noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Personal Securities Transactions Which Must Be Pre-Cleared** 

Before placing any order to purchase or sell any security, or otherwise acquiring or disposing of a security, including participation in initial public offerings ("IPO") and limited or private investments, an Access Person of WCM must pre-clear the transaction with WCM's Compliance Team.

Access Persons who have purchased or sold any private investments are required to pre-clear any subsequent investment in that issuer. However, investments in private equity or private credit funds do not require pre-clearance for each capital call once the initial investment and commitment amount have been approved.

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Temporary or short-term interns are prohibited from engaging in personal trading while working for WCM.

Pre-clearance is **<u>not</u>** required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of any open-end mutual funds and securities of any other
registered investment company, e.g., closed-end funds, exchange traded funds or unit investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high quality short-term debt instruments, such as bankers' acceptances, commercial paper, repurchase
agreements and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases through automatic reinvestment of dividends pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involuntary acquisitions or dispositions of securities, such as by inheritance or court-order upon divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions effected for any account or entity over which the Access Person does not have or share investment
control, such as a "blind trust";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in securities through an employer sponsored or other tax qualified employee benefit plan, such as a
401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales resulting from the exercise or assignment of options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sells in an Access Person's account which is managed and directed by WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Index Futures, Commodity Futures, Interest Rate Futures, Index Options, Commodity Options and Interest Rate
Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales in an intern's Immediate Family Member's account who shares the same household as
the Access Person, except trades that are in IPOs, private placements & limited offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency (*Note: If you are a registered representative of ACA Foreside, you may have separate requirements regarding digital asset reporting)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other securities or transactions as may be added to this list of exceptions in writing by the Chief
Compliance Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Obtaining Pre-Clearance** 

To obtain pre-clearance, an Access Person must log into MCO and submit a pre-clearance form. Most requests are automatically approved or denied based on conflicts with firm trades. The CCO or member of the Compliance Team will manually pre-clear Access Persons' trades that are not able to be automatically approved. A member of the Leadership Team will pre-clear personal trades of the CCO that cannot be automatically approved by MCO (i.e., require manual approval). The status of a pre-clearance request is viewable in MCO under the employee section "My -> Submissions -> Requests -> Personal Trade Pre-Clearance."

A pre-clearance approval is valid until the subsequent close of the applicable market.

*Several examples:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval for a trade executed in the U.S. market expires at the subsequent close of the U.S. market (typically 4PM Eastern Time).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Pre-clearance approval on Tuesday evening after the close of market on Tuesday is valid until the close of market on Wednesday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Pre-clearance approval on Friday evening after the close of market on Friday is valid until the close of market on Monday (assuming the market is open on Monday.)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Pre-clearance approval on Thursday during market hours is valid until the close of market on Thursday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approvals for a trade executed in a non-U.S. market expires at the subsequent close of that market.* 

For trades in instruments or securities that do not adhere to market hours (such as Limited Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failure to follow the pre-clearance requirements places the firm at risk and therefore is a consequential matter. In the event an Access Person violates the pre-clearance requirements, the Compliance Team will email them regarding the violation and inform the Leadership Team. A pattern of frequent offenses indicates a disregard for the Code and will result in disciplinary action, such as the revocation of personal trading privileges, fines, and even termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Identification of Securities Accounts and Reports of Securities Holdings** 

Access Persons must report all securities accounts (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has any direct or indirect "beneficial interest," by filing a Personal Brokerage Account Disclosure in MCO. These reports must be completed, as required by the Code of Ethics Rule, Rule 204A-1, (1) no later than 30 days after the end of each calendar quarter and (2) in the case of new Access Persons, within 10 days of the individual becoming an Access Person. The as-of date for initial reports (i.e., when an individual first becomes an Access Person) must not be older than 45 days.

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<u>Accounts</u> **<u>with</u>** <u>"reportable securities"</u>. Reports for securities accounts holding "***reportable securities***" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares,
and principal amount of each reportable security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the Access Person submits the report.

<u>Accounts</u> **<u>without</u>** <u>"reportable securities"</u>. Reports for securities accounts holding securities excluded from the list of "***reportable securities***" requires only the name of any broker, dealer or bank with which the Access Person maintains an account and the date the Access Person submits the report.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to MCO or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within MCO, or, with approval, e-mailed to the Chief Compliance Office or their designee.

These reports are reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer are reviewed by the COO and/or his designee.

If an Access Person has no securities accounts or holdings to report, they must affirm so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Securities Transactions** 

SEC rules impose strict requirements on WCM and its Access Persons with respect to the reporting of personal securities transactions. Access Persons must submit quarterly reports of all personal securities transactions (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has a "beneficial interest," by filing a transaction report in MCO. This report must be filed no later than 30 days after the end of each calendar quarter as required by the Code of Ethics Rule, Rule 204A-1.

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<u>Transactions of "reportable securities"</u>. Reports for transactions of "***reportable securities***" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 reportable security involved the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the price of the security at which the transaction was effected; the name of the broker, dealer or bank with or
through which the transaction was effected; and the date the Access Person submits the report.

<u>Transactions of non-"reportable securities".</u> These transactions do not need to be reported.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to MCO or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within MCO, or, with approval, e-mailed to the Chief Compliance Officer or their designee.

These personal securities transaction reports will be reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the COO and/or his designee.

If an Access Person has no reportable securities transactions to report, they must affirm so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Confidentiality of Personal Securities Information** 

Access to reports of personal securities transactions, securities holdings, securities accounts, duplicate confirmations and account statements will be restricted to the Chief Compliance Officer and such other persons as WCM may designate to assist the Chief Compliance Officer with review of the reports and pre-clearance. All such materials will be kept confidential, subject to the right of inspection by the SEC or other government agencies, outside counsel for compliance purposes, and WCM's Leadership Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Addressing Personal Trading Conflicts with Advisory Persons** 

WCM's compliance program seeks to provide the greatest amount of flexibility while still achieving the objective of protecting clients and following rules. Although Advisory Persons can trade in the same securities as clients, those trades are subject to the pre-clearance requirements, as mentioned above, as well as additional controls to prevent and remediate potential conflicts that might occur because of the advisory-related information Advisory Persons may have access to.

One potential conflict exists when Advisory Persons profit, or perceive to have profited, from the firm trading of our clients. WCM addresses this potential conflict by restricting Advisory Persons' trading within two weeks of a firm trade program in the same security, both after and before the firm trading occurs.

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An Advisory Person may not be aware of the exact timing of a firm trade program, an Advisory Person may receive approval to trade a certain security after submitting a preclear, only later to find out that the trade created a conflict once a firm trade program started. Rather than require an Advisory Person to reverse the trade, this policy allows the Advisory Person to maintain a position and compare their trade against the least-favored client execution price (worst for front side; best for back side) in the trade program. An Advisory Person can still choose to reverse their trade instead.

**<u>Front side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) before the beginning of client trading

**<u>Back side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opposite side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) after the last client trade

An Advisory Person can choose one of the following options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reverse their trade and donate profits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain their position and compare their execution price against the least-favored client execution price,
donating any profitable difference.

The procedure above aims to mitigate potential conflicts that may exist with Advisory Persons trading the same securities of our clients within a window of time where the client trading may have a reasonably foreseeable impact on marketing pricing.

The CCO, or his designee, will ensure that the appropriate corrective action is taken by the Advisory Person to neutralize the resulting conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Personal Trading Cap** 

In line with our fiduciary duty, we want to ensure our employees prioritize managing client accounts over their personal trading activities. To uphold our commitment to clients and maintain the highest standards of professional conduct, each Access Person is limited to a maximum of 100 personal trades per calendar year (excluding WCM funds and cash-based instruments like CDs and money market funds), whether those trades require preclearance or not.

Once an Access Person reaches this cap, their personal trading activity will be restricted for the remainder of the year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Short Term and Speculative Trading Restriction** 

To reinforce the firm's commitment to ethical investment practices and to avoid potential conflicts of interest, all trading in equity options or futures tied to securities held by WCM or its clients that have an expiry period and minimum holding period of less than six months are strictly prohibited. This means the Access Person must not liquidate, close, or otherwise dispose of the position before the end of the holding period, regardless of market conditions.

Those permissible options or future positions not tied to firm holdings must have at least an expiration period and minimum holding period of 90 days from the date of purchase or initiation. This means the Access Person must not liquidate, close, or otherwise dispose of the position before the end of the holding period, regardless of market conditions.

Any Access Person found to be in violation of this policy must immediately close the position in question. Any gains realized from the closing of the prohibited position must be donated to a charitable organization approved by the Compliance Team. The Access Person will absorb any losses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Waivers** 

The Chief Compliance Officer may, in his discretion, after consultation with the Leadership Team, waive compliance by any person with any of the restrictions and pre-clearance requirements set forth herein, if the Leadership Team finds that such a waiver: (i) is necessary to alleviate hardship in view of unforeseen circumstances or is otherwise appropriate under all of the relevant facts and circumstances; (ii) will not be inconsistent with the purposes of WCM's policies and procedures governing personal securities transactions; (iii) will not adversely affect the interests of clients or WCM; and (iv) is not likely to permit a transaction or conduct that would violate provisions of applicable laws or rules.

Any waiver shall be documented by the Chief Compliance Officer and shall state the basis for the waiver. The Chief Compliance Officer shall promptly send a copy of the waiver to the Leadership Team and shall maintain a copy in the Compliance program folders or MCO.

**X.** **REPORTING TO THE MUTUAL FUND BOARD** 

No less frequently than quarterly, the Chief Compliance Officer or his/her designee will furnish to the Board of Directors of all mutual funds managed by WCM, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code of Ethics since the last report to the Board of Directors, including,
but not limited to, information about material violations of the Code of Ethics, or procedures and sanctions imposed in response to any material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that WCM has adopted procedures reasonably necessary to prevent Supervised Persons, including
Access Persons, from violating the Code of Ethics.

The Firm will furnish to the Board of Directors of all mutual funds managed by WCM, a copy of the Code of Ethics and any material changes to the Code of Ethics.

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