# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001133228-25-014223
**Filing Date:** 2025-12
**Character Count:** 1404978
**Document Hash:** 04a4cc1dfad78f667d79a8d3db98f075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014223.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014223

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON FUNDS
- **CENTRAL INDEX KEY:** 0000809593

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 251610459

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EAGLE FUNDS
- **DATE OF NAME CHANGE:** 19890813
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON FUNDS
- **CENTRAL INDEX KEY:** 0000809593

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11387
- **FILM NUMBER:** 251610458

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EAGLE FUNDS
- **DATE OF NAME CHANGE:** 19890813

## Series and Classes Contracts Data

### American Beacon Small Cap Value Fund (Series ID: S000001818)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004768 | R5 Class       | AVFIX           |
| C000004769 | Investor Class | AVPAX           |
| C000004770 | Advisor Class  | AASSX           |
| C000079123 | Y Class        | ABSYX           |
| C000089424 | A Class        | ABSAX           |
| C000092341 | C Class        | ASVCX           |
| C000180103 | R6 Class       | AASRX           |

As filed with the Securities and Exchange Commission on December 29, 2025

1933 Act File No. 033-11387

1940 Act File No. 811-04984

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 438 | ☒ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. 438 | ☒ |
| (Check appropriate box or boxes.) |  |

---

**AMERICAN BEACON FUNDS**

(Exact Name of Registrant as Specified in Charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (817) 391-6100

Gregory J. Stumm, President

220 East Las Colinas Boulevard

Suite 1200

Irving, Texas 75039

(Name and Address of Agent for Service)

With copies to:

Kathy K. Ingber, Esq.

K&L Gates LLP

1601 K Street, NW

Washington, D.C. 20006-1600

**It is proposed that this filing will become effective (check appropriate box)**

☐ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☒ on March 1, 2026 pursuant to paragraph (a)(1)

☐ 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:**

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment. <br>

**The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration** **statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and it is** **not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

---

| |
|:---|
| ![](pr2718img001.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Beacon |

---

**PROSPECTUS**

[XX XX, 2026]

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **A** | **C** | **Y** | **R6** | **Advisor** | **R5** | **Investor** |
| &nbsp;&nbsp; American Beacon Small Cap Value Fund | ABSAX | ASVCX | ABSYX | AASRX | AASSX | AVFIX | AVPAX |

---

*This Prospectus contains important information you should know about investing, including information about risks. Please read it before you invest and keep it for future reference.*

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund Summary](#chapter_2_2718) |  |
| &nbsp;&nbsp; [American Beacon Small Cap Value Fund](#chapter_2-sect1_1_2718) | [1](#chapter_2-sect1_1_2718) |
| [Additional Information About the Fund](#chapter_3_2718) |  |
| &nbsp;&nbsp; [Additional Information About Investment Policies and Strategies](#chapter_3-sect1_1_2718) | [7](#chapter_3-sect1_1_2718) |
| &nbsp;&nbsp; [Additional Information About the Management of the Fund](#chapter_3-sect1_2_2718) | [7](#chapter_3-sect1_2_2718) |
| &nbsp;&nbsp; [Additional Information About Investments](#chapter_3-sect1_3_2718) | [8](#chapter_3-sect1_3_2718) |
| &nbsp;&nbsp; [Additional Information About Risks](#chapter_3-sect1_4_2718) | [9](#chapter_3-sect1_4_2718) |
| &nbsp;&nbsp; [Additional Information About Performance Indices](#chapter_3-sect1_5_2718) | [13](#chapter_3-sect1_5_2718) |
| [Fund Management](#chapter_4_2718) |  |
| &nbsp;&nbsp; [The Manager](#chapter_4-sect1_1_2718) | [14](#chapter_4-sect1_1_2718) |
| &nbsp;&nbsp; [The Sub-Advisors](#chapter_4-sect1_2_2718) | [15](#chapter_4-sect1_2_2718) |
| &nbsp;&nbsp; [Valuation of Shares](#chapter_4-sect1_3_2718) | [17](#chapter_4-sect1_3_2718) |
| [About Your Investment](#chapter_5_2718) |  |
| &nbsp;&nbsp; [Choosing Your Share Class](#chapter_5-sect1_1_2718) | [17](#chapter_5-sect1_1_2718) |
| &nbsp;&nbsp; [Purchase and Redemption of Shares](#chapter_5-sect1_2_2718) | [20](#chapter_5-sect1_2_2718) |
| &nbsp;&nbsp; [General Policies](#chapter_5-sect1_3_2718) | [23](#chapter_5-sect1_3_2718) |
| &nbsp;&nbsp; [Frequent Trading and Market Timing](#chapter_5-sect1_4_2718) | [24](#chapter_5-sect1_4_2718) |
| &nbsp;&nbsp; [Distributions and Taxes](#chapter_5-sect1_5_2718) | [25](#chapter_5-sect1_5_2718) |
| [Additional Information](#chapter_6_2718) |  |
| &nbsp;&nbsp; [Distribution and Service Plans](#chapter_6-sect1_1_2718) | [26](#chapter_6-sect1_1_2718) |
| &nbsp;&nbsp; [Portfolio Holdings](#chapter_6-sect1_2_2718) | [27](#chapter_6-sect1_2_2718) |
| &nbsp;&nbsp; [Delivery of Documents](#chapter_6-sect1_3_2718) | [27](#chapter_6-sect1_3_2718) |
| &nbsp;&nbsp; [Financial Highlights](#chapter_6-sect1_4_2718) | [27](#chapter_6-sect1_4_2718) |
| &nbsp;&nbsp; *Back Cover* |  |
| [Appendix](#chapter_8_2718) |  |
| &nbsp;&nbsp; [Appendix A: Intermediary Sales Charge Discounts, Waivers, and Other Information](#chapter_8-sect1_1_2718) | [A-1](#chapter_8-sect1_1_2718) |
| &nbsp;&nbsp; [Appendix B: Glossary](#chapter_8-sect1_2_2718) | [B-1](#chapter_8-sect1_2_2718) |

---

------

---

| | |
|:---|:---|
| American Beacon<br>Small Cap Value Fund<sup>SM</sup> | ![](pr2718img002.jpg) |

---

Investment Objectives

The Fund's investment objectives are long-term capital appreciation and current income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the 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.** You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis. More information about these and other discounts is available from your financial professional and in "Choosing Your Share Class" on page 17 of the Prospectus and "Additional Purchase and Sale Information for A Class Shares" on page 35 of the Statement of Additional Information ("SAI"). With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in **Appendix A** to the Fund's Prospectus entitled "Intermediary Sales Charge Discounts, Waivers and Other Information."

**Shareholder Fees** (fees paid directly from your investment)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Share Class** | **A** | **C** | **Y** | **R6** | **Advisor** | **R5** | **Investor** |
| Maximum sales charge imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |  |  |  |
| Maximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds) | 0.50%<sup>1</sup> | 1.00% |  |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  | **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)  |
|  **Share Class**  | **A**  | **C**  | **Y**  | **R6**  | **Advisor**  | **R5**  | **Investor**  |
| Management Fees  | 0.70%  | 0.70%  | 0.70%  | 0.70%  | 0.70%  | 0.70%  | 0.70%  |
| Distribution and/or Service (12b-1) Fees  | 0.25%  | 1.00%  | 0.00%  | 0.00%  | 0.25%  | 0.00%  | 0.00%  |
| Other Expenses  | 0.28%  | 0.30%  | 0.18%  | 0.08%  | 0.35%  | 0.11%  | 0.45%  |
| Acquired Fund Fees and Expenses  | 0.01%  | 0.01%  | 0.01%  | 0.01%  | 0.01%  | 0.01%  | 0.01%  |
| **Total Annual Fund Operating Expenses** **<sup>2</sup>**  | **1.24%**  | **2.01%**  | **0.89%**  | **0.79%**  | **1.31%**  | **0.82%**  | **1.16%**  |

---

---

| | |
|:---|:---|
| 1 | Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (''CDSC'') of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase. |

---

---

| | |
|:---|:---|
| 2 | The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund's Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. |

---

**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. C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Share Class**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| A  | $694  | $946  | $1217  | $1989  |
| C  | $304  | $630  | $1083  | $2338  |
| Y  | $91  | $284  | $493  | $1096  |
| R6  | $81  | $252  | $439  | $978  |
| Advisor  | $133  | $415  | $718  | $1579  |
| R5  | $84  | $262  | $455  | $1014  |
| Investor  | $118  | $368  | $638  | $1409  |

---

Assuming no redemption of shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Share Class**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| C  | $204  | $630  | $1083  | $2338  |

---

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 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 75 % of the average value of its portfolio.

**Prospectus** – Fund Summary**1**

------

[Back to **Table of Contents**](#TOC_2718)

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small market capitalization U.S. companies that the Fund considers to have value characteristics.

The Fund considers small market capitalization companies to be those with market capitalizations within the market capitalization range of the companies in the Russell 2000<sup>®</sup> Index. As of December 31, 2025 , the Russell 2000 Index consisted of companies with market capitalizations of $[XX] million to $[XX] billion. The Fund considers a company to be a U.S. company if:

■ the
 company is incorporated in the United States;

■ the
 company's security is primarily listed for trading in a United States market;

■ the
 company is headquartered in the United States; or

■ the
 company has at least half of its assets or derives at least half of its revenues in the United States.

The Fund considers a company to have value characteristics if it has one or more of the following characteristics (relative to the Russell 2000 Index):

■ below-average
 price to earnings ratio,

■ below-average
 price to book value ratio,

■ below-average
 price to cash flow ratio, or

■ below-average
 price to sales ratio.

The Fund may also invest in mid-capitalization and micro-capitalization companies. The Fund's investments principally include common stocks and real estate investment trusts ("REITs"). The Fund's investments in stocks also include dividend-paying stocks.

The Manager allocates the assets of the Fund among different sub-advisors. The Manager believes that this strategy may help the Fund outperform other investment styles over the longer term while reducing volatility and downside risk. Except for Brandywine Global Investment Management, LLC ("Brandywine Global"), each of the sub-advisors determines the earnings growth prospects of companies based upon a combination of internal and external research using fundamental analysis and considering changing economic trends. The process is research driven and takes into consideration items such as a company's tangible assets, sustainability of its cash flows, capital intensity and financial leverage.

Brandywine Global employs a primarily quantitative strategy that focuses on buying stocks deemed to be less expensive based on price to earnings ratio or price to book value ratio and that have positive price momentum.

For each sub-advisor, the decision to sell a stock is typically based on the belief that the company is no longer considered undervalued or shows deteriorating fundamentals, or that better investment opportunities exist in other stocks. The Fund may have significant exposure to the Financials sector. However, as the sector composition of the Fund's portfolio changes over time, the Fund's exposure to the Financials sector may be lower at a future date, and the Fund's exposure to other market sectors may be higher.

The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager also receives a management fee. The Fund may purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs.

The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.

Principal Risks

There is no assurance that the Fund will achieve its investment objectives and you could lose part or all of your investment in the Fund. **The Fund is not designed for investors who need an assured level of current income and is intended to be a long-term investment. The Fund is not a complete investment program and may not be appropriate for all investors. Investors should carefully consider their own investment goals and risk tolerance before investing in the Fund.** The principal risks of investing in the Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Cybersecurity and Operational Risk**<br>Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund's shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

**Dividend Risk**<br>An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.

**Equity Investments Risk**<br>Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to the following additional risks:

■ Common
 Stock Risk. The value
 of a company's common stock may fall as a result of factors affecting the company, companies in the same industry or sector,
 or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company.

■ Real
 Estate Investment Trusts ("REITs") Risk. Investments in REITs are subject to the risks associated with investing in the real estate industry, including, among
 other risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults
 by

**2** **Prospectus** – Fund Summary

------

[Back to **Table of Contents**](#TOC_2718)

mortgagors or other borrowers and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns; casualty or condemnation losses; regulatory limitations on rents and operating expenses; and other governmental actions, such as changes to tax laws, zoning regulations or environmental regulations. REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the region where its properties are located. REITs may not be diversified geographically or by property or tenant type. Domestic REITs could be adversely affected by failure to qualify for tax-free "pass-through" of distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), or to maintain their exemption from registration under the Investment Company Act of 1940, as amended ("Investment Company Act"). REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund's investment in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. The value of REIT common stock may decline when interest rates rise. REITs tend to be small- to mid-capitalization securities and, as such, are subject to the risks of investing in small- to mid-capitalization securities.

**Futures Contracts Risk**<br>Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. The Fund may invest in the following types of futures contracts:

• *Index Futures Contracts Risk.* Futures contracts on indices expose the Fund to volatility in an underlying index.

**Investment Risk**<br>An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer Risk**<br>The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**Market Risk**<br>The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Even when certain securities prices have generally increased over time, there have been periods of price decreases during those times, resulting in losses for investors , which are likely to occur again in the future.

Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters , and cybersecurity incidents, have led, and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities , which may negatively affect the value of your investment.

Policies established by the U.S. government and/or Federal Reserve and economic and political circumstances within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in government leadership, a government's inability to agree on a budget , high public debt , the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, may negatively affect investor and consumer confidence and may negatively impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon public and proprietary data and systems. Data or technology malfunctions and inaccuracies may disrupt markets and lead to negative consequences for market participants like the Fund .

■ Recent
 Market Events Risk. Both U.S. and international
 markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may
 fluctuate significantly. Moreover , during periods of significant volatility , the risks discussed herein associated with an
 investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets,
 which creates the possibility that conditions in one country or region might adversely impact issuers in a different country
 or region. However, the interconnectedness of economies and /or markets may be changing, which may impact such economies and
 markets in ways that cannot be foreseen at this time. <br> Some
 countries, including the  U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers,
 which is a trend that appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks
 of slowing global economic growth, protectionist trade policies, inflationary pressures, limits imposed by international trade and
 security agreements, political or economic dysfunction, poor consumer sentiment, and reduced demand for goods due to fluctuating
 commodity prices and currency values, and these risks may create significant market volatility in ways that cannot be foreseen at
 the present time. These economic risks could have a negative impact on the Fund's investments. <br> The U.S. Federal Reserve and certain foreign central banks have started to lower interest rates, though economic or other factors could
 stop or reverse such changes. It is difficult to accurately predict the various economic and political factors that influence
 the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when
 such changes might stop or again reverse course. Changes in interest rates could lead to an economic slowdown in the U.S.
 and abroad, significant market volatility and reduced liquidity in certain sectors of the market. <br> Tensions,
 war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the
 economies of many nations, including the United States. The duration of ongoing hostilities and sanctions cannot be predicted. Those
 events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments
 or operations could be negatively impacted. <br> Advancements
 in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements
 and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of
 certain issuers and industries may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market
 performance. As a consequence, the Fund's

**Prospectus** – Fund Summary**3**

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holdings and its overall performance could be negatively impacted. <br> Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change in ways that cannot be foreseen . The impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences that may not be foreseen, may negatively impact certain issuers, industries and regions .

**Micro-Capitalization Companies Risk**<br>Micro-capitalization companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their earnings and revenues tend to be less predictable. Since micro-capitalization companies may not have an operating history, product lines, or financial resources, their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

**Mid-Capitalization Companies Risk**<br>Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Multiple Sub-Advisor Risk**<br>The Manager may allocate the Fund's assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund's assets. To a significant extent, the Fund's performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the Fund's assets to sub-advisors. The sub-advisors' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each sub-advisor makes its trading decisions independently, the sub-advisors may purchase or sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses.

**Other Investment Companies Risk**<br>To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those investment companies in addition to the Fund's direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with investments in those companies, including but not limited to the following:

■ Government
 Money Market Funds Risk. Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. Interest
 rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the
 risk that the issuer, guarantor or
 insurer of an obligation, or the  counterparty to a transaction, may fail or become less able or unwilling, to make timely payment
 of interest or principal or
 otherwise honor its obligations, or that it may default completely.

**Quantitative Strategy Risk**<br>The success of the Fund's investment strategy may depend in part on the effectiveness of a sub-advisor's quantitative tools for screening securities. These strategies may incorporate factors that are not predictive of a security's value. The quantitative tools may not react as expected to market events, resulting in losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by a sub-advisor and therefore may also result in losses. The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate the aforementioned risks.

**Redemption Risk**<br>The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Heavy redemptions could hurt the Fund's performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.

**Sector Risk**<br>When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may perform differently, than the broader market. As the Fund's portfolio changes over time, the Fund's exposure to a particular sector may become higher or lower.

■ Financials
 Sector Risk. Companies
 in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial penalties
 and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest
 rates and fees they
 can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their
 size. The impact of
 recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition,
 fiscal, regulatory
 and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets
 may cause an adverse
 impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range of companies in the
 Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused significant losses
 to companies in this sector, which also may negatively impact the Fund.

**Securities Lending Risk**<br>To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund's payment to the borrower of a pre-negotiated fee or "rebate" for the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral.

**4** **Prospectus** – Fund Summary

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**Securities Selection Risk**<br>Securities selected for the Fund may not perform to expectations. This could result in the Fund's underperformance compared to its performance index(es), or other funds with similar investment objectives or strategies.

**Small-Capitalization Companies Risk**<br>Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Value Stocks Risk**<br>Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be inexpensive for long periods of time. The Fund's investments in value stocks seek to limit potential downside price risk over time; however, value stock prices still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund's investment in value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.

Fund Performance

The bar chart and table below provide an indication of risk by showing changes in the Fund's performance over time. The bar chart shows how the Fund's performance has varied from year to year. The table shows how the Fund's average annual total returns compare to a broad-based securities market index, as well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated.

The chart and the table show the performance of the Fund's Investor Class shares for all periods. In the table below, for the period prior to February 28, 2017, the performance of R6 Class shares reflects the returns of the R5 Class shares of the Fund. The R6 Class would have had similar annual returns to the R5 Class shares of the Fund because the shares of each class represent investments in the same portfolio securities. However, as reflected in the table in the "Fees and Expenses of the Fund" section of this Fund Summary, the expenses of the R5 Class shares differ from those of the R6 Class shares, which would affect performance. To the extent that the R5 Class shares may have had lower expenses than the R6 Class shares prior to February 28, 2017, the performance of the R5 Class shares would likely have been higher than the performance the R6 Class shares would have realized during the same period. The performance of the R6 Class shares shown in the table has not been adjusted for differences in operating expenses between the R6 Class shares and R5 Class shares. C Class shares automatically convert to A Class shares 8 years after purchase, if the conversion is available through your financial intermediary. In the table below, the performance for C Class shares reflects the performance as though C Class shares were held for the full 10-year period.

You may obtain updated performance information on the Fund's website at www.americanbeaconfunds.com. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

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| | |
|:---|:---|
| **Calendar year total returns for Investor Class Shares.** Year Ended 12/31 | **Calendar year total returns for Investor Class Shares.** Year Ended 12/31 |
| ![](pr2718img004.jpg)<br>| &nbsp;&nbsp;&nbsp; **Highest Quarterly Return:**<br> **[XX]%** [XX] Quarter 20[XX] <br>01/01/ 2016 through 12/31/ 2025 <br> **Lowest Quarterly Return:**<br> **[XX]%** [XX] Quarter 20[XX] <br>01/01/ 2016 through 12/31/ 2025  |

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**Average annual total returns** for periods ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date of Class**  | **1 Year**  | **5 Years**  | **10 Years**  |
| **Investor Class**  | **02/28/1999**  |  |  |  |
| Returns Before Taxes  |  | [XX]%  | [XX]%  | [XX]%  |
| Returns After Taxes on Distributions  |  | [XX]%  | [XX]%  | [XX]%  |
| Returns After Taxes on Distributions and Sales of Fund Shares  |  | [XX]%  | [XX]%  | [XX]%  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception Date of Class**  | **1 Year**  | **5 Years**  | **10 Years**  |
| **Share Class** (Before Taxes)  |  |  |  |  |
| A  | 05/17/2010  | [XX]%  | [XX]%  | [XX]%  |
| C  | 09/01/2010  | [XX]%  | [XX]%  | [XX]%  |
| Y  | 08/03/2009  | [XX]%  | [XX]%  | [XX]%  |
| R6  | 02/28/2017  | [XX]%  | [XX]%  | [XX]%  |
| Advisor  | 05/01/2003  | [XX]%  | [XX]%  | [XX]%  |
| R5  | 12/31/1998  | [XX]%  | [XX]%  | [XX]%  |

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**Prospectus** – Fund Summary**5**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year**  | **5 Years**  | **10 Years**  |
| **Index** (Reflects no deduction for fees, expenses or taxes)  |  |  |  |
| S&P 500 <sup>®</sup> Index TR  | [XX]%  | [XX]%  | [XX]%  |
| Russell 2000 <sup>®</sup> Value Index  | [XX]%  | [XX]%  | [XX]%  |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account ("IRA") or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.

Management

**The Manager**<br>The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.

**Sub-Advisors**<br>The Fund's assets are currently allocated among the following investment sub-advisors:

■ Barrow,
 Hanley, Mewhinney & Strauss, LLC

■ Brandywine
 Global Investment Management, LLC

■ DePrince,
 Race & Zollo, Inc.

■ Hotchkis
 and Wiley Capital Management, LLC

■ Westwood Management Corp.

Portfolio Managers

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| | | |
|:---|:---|:---|
| **American Beacon Advisors, Inc.**  | **Paul B. Cavazos**<br>Senior Vice President & Chief Investment Officer<br>Since 2016 <br> **Robyn A. Serrano**<br>Portfolio Manager<br>Since 2021  | **Colin J. Hamer**<br>Senior Portfolio Manager<br>Since 2018  |
| **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **DJ Taylor, CFA, CAIA**<br>Portfolio Manager/Managing Director<br>Since 2022  | **W. Coleman Hubbard, CFA**<br>Portfolio Manager/Managing Director<br>Since 2020  |
| **Brandywine Global Investment Management, LLC**  | **Henry F. Otto**<br>Portfolio Manager/Managing Director<br>Since Fund Inception (1998) <br> **Michelle K. Bevan, CFA**<br>Portfolio Manager<br>Since 2022  | **Steven M. Tonkovich**<br>Portfolio Manager/Managing Director<br>Since Fund Inception (1998)  |
| **DePrince, Race & Zollo, Inc.**  | **Gregory Ramsby**<br>Portfolio Manager <br>Since 2022  | **Randy Renfrow**<br>Portfolio Manager <br>Since 2022  |
| **Hotchkis and Wiley Capital Management, LLC**  | **David Green**<br>Principal, Portfolio Manager<br>Since Fund Inception (1998)  | **Jim Miles**<br>Principal, Portfolio Manager<br>Since Fund Inception (1998)  |
| **Westwood Management Corp.**  | **William E. Costello, CFA**<br>Senior Portfolio Manager<br>Since 2025 <br> **Frederic G. Rowsey, CFA**<br>Portfolio Manager<br>Since 2025  | **Matthew R. Lockridge**<br>Senior Portfolio Manager<br>Since 2025 <br> **Jordan Latimer, CFA**<br>Portfolio Manager<br>Since 2025  |

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Purchase and Sale of Fund Shares

You may buy or sell shares of the Fund through a retirement plan, an investment professional, a broker-dealer, or other financial intermediary. You may purchase or redeem shares of the Fund on any day the New York Stock Exchange ("NYSE") is open, at the Fund's net asset value ("NAV") per share next calculated after your order is received in proper form, subject to any applicable sales charge. The Manager may, in its sole discretion, allow certain individuals to invest directly in the Fund. For more information regarding eligibility to invest directly please see "About Your Investment - Purchase and Redemption of Shares." Direct mutual fund account shareholders may buy subsequent shares or sell shares in various ways:

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| | |
|:---|:---|
| **Internet** | **www.americanbeaconfunds.com** |
| **Phone** | **To reach an American Beacon representative call 1-800-658-5811, option 1**<br> **Through the Automated Voice Response Service call 1-800-658-5811, option 2 (Investor Class only)** |

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**6** **Prospectus** – Fund Summary

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| | | |
|:---|:---|:---|
| **Mail**  | **American Beacon Funds** <br> **P.O. Box 219643** <br> **Kansas City, MO 64121-9643**  | **Overnight Delivery:** <br> **American Beacon Funds** <br> **801 Pennsylvania Ave** <br> **Suite 219643** <br> **Kansas City, MO 64105-1307**  |

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| | | | |
|:---|:---|:---|:---|
| | | **Existing Account** | **Existing Account** |
| <br>**Share Class** | **New Account**<br>**Minimum Initial Investment Amount** | **Purchase/Redemption Minimum by** **Check/ACH/Exchange** | **Purchase/Redemption Minimum by** **Wire** |
| C | $1000 | $50 | $250 |
| A, Investor | $2500 | $50 | $250 |
| Advisor | $2500 | $50 |  |
| Y | $100000 | $50 |  |
| R5 | $250000 | $50 |  |
| R6 |  | $50 |  |

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Tax Information

Dividends, capital gains distributions, and other distributions, if any, that you receive as a result of your investment in the Fund are subject to federal income tax and may also be subject to state and local income taxes, unless you are a tax-exempt entity or your account is tax-deferred, such as an individual retirement account ("IRA") or a 401(k) plan (in which case you may be taxed later, upon the withdrawal of your investment from such account or plan).

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund's distributor, Resolute Investment Distributors, Inc., or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

Additional Information About the Fund

To help you better understand the Fund , this section provides a detailed discussion of the Fund's investment policies, its principal strategies, principal risks, and performance indices. However, this Prospectus does not describe all of the Fund's investment practices. **Capitalized terms that are not otherwise defined are defined in Appendix B**. For additional information, please see the Fund's SAI, which is available at www.americanbeaconfunds.com or by contacting us via telephone at 1-800-658-5811, by U.S. mail at P.O. Box 219643, Kansas City, MO 64121-9643, or by e-mail at americanbeaconfunds@ambeacon.com.

Additional Information About Investment Policies and Strategies

**Investment Objectives**

The Fund's investment objectives are long-term capital appreciation and current income .

The Fund's investment objectives are "fundamental," which means that it may be changed only with the approval of Fund shareholders.

**80% Investment Policy** 

■ The American Beacon
 Small Cap Value Fund has a non-fundamental policy to invest under normal circumstances at least 80% of its net assets, plus the amount
 of any borrowings for investment purposes, in equity securities of small market capitalization U.S. companies that the Fund considers
 to have value characteristics.

If the Fund changes its 80% investment policy, a notice will be sent to shareholders at least 60 days in advance of the change and this prospectus will be supplemented.

**Temporary Defensive Policy**

The Fund may depart from its principal investment strategy by taking temporary defensive or interim positions in response to adverse market, economic, political, or other conditions. During these times, the Fund may not achieve its investment objectives .

Additional Information About the Management of the Fund

The Fund has retained American Beacon Advisors, Inc. to serve as its Manager. The Manager may allocate the assets of the Fund among different sub-advisors. The Manager provides or oversees the provision of all administrative, investment advisory and portfolio management services to the Fund . The Manager:

■ develops
 overall investment strategies for the Fund,

■ selects
 and changes sub-advisors,

■ allocates
 assets among sub-advisors,

■ monitors
 and evaluates the sub-advisors' investment performance,

■ monitors
 the sub-advisors' compliance with the Fund's investment objectives, policies and restrictions,

■ oversees
 the Fund's securities lending activities and actions taken by the securities lending agent to the extent applicable,
 and

■ directs
 the investment of the portion of Fund assets that the sub-advisors determine should be allocated to short-term investments .

The Fund's assets are allocated among one or more sub-advisors by the Manager. Each sub-advisor has full discretion to purchase and sell securities for its segment of the Fund's assets in accordance with the Fund's objectives, policies, restrictions and more specific strategies provided by the Manager. The Manager oversees the sub-advisors but does not reassess individual security selections made by the sub-advisors for their portfolios.

In the future, the Manager may allocate the Fund's assets to a different sub-advisor, and/or to one or more additional sub-advisors. The Fund operates in a manager-of-managers structure. The Fund and the Manager have received an exemptive order from the SEC that permits the Fund , subject to certain conditions and approval by the Board, to hire and replace sub-advisors, and materially amend agreements with sub-advisors, that are unaffiliated with the

**Prospectus** – Additional Information About the Fund**7**

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Manager without approval of the shareholders. In the future, the Fund and the Manager may rely on an SEC staff no-action letter, dated July 9, 2019, that would permit the Fund to expand its exemptive relief to hire and replace sub-advisors that are affiliated and unaffiliated with the Manager without shareholder approval, subject to approval by the Board and other conditions. The Manager has ultimate responsibility, subject to oversight by the Board, to oversee sub-advisors and recommend their hiring, termination and replacement.

The SEC order also exempts the Fund from disclosing the advisory fees paid by the Fund to individual sub advisors in a multi-manager fund in various documents filed with the SEC and provided to shareholders. In the future, the Fund may rely on the SEC staff no-action letter to expand its exemptive relief to individual sub-advisors that are affiliated with the Manager. Under that no-action letter, the fees payable to sub-advisors unaffiliated with or partially-owned by the Manager or its parent company would be aggregated, and fees payable to sub-advisors that are wholly-owned by the Manager or its parent company, if any, would be aggregated with fees payable to the Manager. Whenever a sub-advisor change is proposed in reliance on the order, in order for the change to be implemented, the Board, including a majority of its "non-interested" trustees, must approve the change. In addition, the Fund is required to provide shareholders with certain information regarding any new sub-advisor within 90 days of the hiring of any new sub-advisor.

The Fund's assets are allocated among the following investment sub-advisors:

■ Barrow,
 Hanley, Mewhinney & Strauss, LLC

■ Brandywine
 Global Investment Management, LLC

■ DePrince,
 Race & Zollo, Inc

■ Hotchkis
 and Wiley Capital Management, LLC

■ Westwood Management Corp.

As of the date of this Prospectus, the Fund's assets are allocated among the sub-advisors generally on an equal basis. The Manager intends to allocate new assets among the Fund's sub-advisors generally equally, as permitted by their respective capacity commitments to the Fund and other considerations by the Manager.

Additional Information About Investments

This section provides more detailed information regarding certain of the Fund's principal investment strategies as well as information regarding the Fund's strategy with respect to investment of cash balances.

**Cash Management**<br>To gain market exposure on cash balances held in anticipation of liquidity needs or to reduce market exposure in anticipation of liquidity needs, the Fund may utilize the following investments:

■ Futures
 Contracts. To gain market exposure on cash balances
 held in anticipation of liquidity needs or to reduce market exposure in anticipation of liquidity needs, the Fund may purchase
 and sell non-commodity-based index futures contracts on a daily basis that relate to securities in which it may invest directly.
 An index futures contract is a contract to purchase or sell the cash value of an index, at a specified future date at a price agreed
 upon when the contract is made. Upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to
 the difference between the contract price and the closing price of the index at expiration, net of any initial and variation margin
 that was previously paid. As cash balances are invested in securities, the Fund may invest simultaneously those balances in
 index futures contracts until the cash balances are delivered to settle the securities transactions. This exposes the Fund
 to the market risks associated with the purchased securities and the index, so the Fund may have more than 100% of its assets exposed
 to the markets. This can magnify gains and losses in the Fund. The Fund also may have to sell assets at inopportune
 times to satisfy its settlement or margin obligations. The risks associated with the use of index futures contracts also include
 that there may be an imperfect correlation between the changes in market value of the securities held by the Fund and the
 prices of futures contracts or the movement in the prices of futures contracts and the value of their underlying indices and that
 there may not be a liquid secondary market for a futures contract.

■ Government
 Money Market Funds. The Fund may invest cash balances in government money market funds that are registered as investment companies under the Investment Company
 Act, including a government money market fund advised by the Manager, with respect to which the Manager also receives a management
 fee. If the Fund invests in government money market funds, the Fund becomes a shareholder of that investment company. As a
 result, Fund shareholders will bear their proportionate share of the expenses, including, for example, advisory and administrative
 fees of the government money market funds in which the Fund invests, such as advisory fees charged by the Manager to any applicable
 government money market funds advised by the Manager, in addition to the fees and expenses Fund shareholders directly bear in connection
 with the Fund's own operations. Shareholders also would be exposed to the risks associated with government money market
 funds and the portfolio investments of such government money market funds, including the risk that a government money market fund's
 yield will be lower than the return that the Fund would have received from other investments that provide liquidity. Investments
 in government money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government
 agency.

**Equity Investments**<br> The Fund's equity investments may include:

■ Common
 Stock. Common stock
 generally takes the form of shares in a corporation which represent an equity or ownership interest. Holders of common stock
 generally have voting rights in the issuer and are entitled to receive common stock dividends when, as and if declared by the company's
 board of directors.
 Returns on common stock investments consist of any dividends received plus the amount of appreciation or depreciation in the value of
 the stock. Common
 stock normally occupies the most subordinated position in an issuer's capital structure. It ranks below preferred stock and debt
 securities in claims for
 dividends and for assets of the company in a liquidation or bankruptcy. Common stock may be traded via an exchange or over-the-counter. Over-the-counter stock
 may be less liquid than exchange-traded stock.

■ Real
 Estate Investment Trusts ("REITs") .
 Real estate investment trusts ("REITs"), which primarily invest in real estate or real estate-related loans, may issue equity
 or debt securities. Equity REITs own real estate properties, while mortgage REITs hold construction, development and/or long-term mortgage
 loans. Hybrid REITs
 own both. The values of REITs may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of
 the issuer, property
 taxes, interest rates, tax laws and regulatory requirements, such as those relating to the environment. Both types of REITs are dependent upon management skill
 and the cash flows generated by their holdings, the real estate market in general and the possibility of failing to qualify for any applicable
 pass-through tax treatment or failing to maintain any applicable exemptive status afforded under relevant laws.

**Other Investment Companies**<br> The Fund, at times, may invest in shares of other investment companies. The Fund may invest in securities of an investment company advised by the Manager, with respect to which the Manager also receives a management fee. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the Fund's proportionate share of the fees and expenses paid by shareholders of the other investment company,

**8** **Prospectus** – Additional Information About the Fund

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in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. These other fees and expenses, if applicable, are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in this Prospectus. Investment in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

■ Government
 Money Market Funds. The Fund can invest free cash balances in registered open-end investment companies regulated as government money market funds under the
 Investment Company Act to provide liquidity or for defensive purposes. The Fund could invest in government money market funds
 rather than purchasing individual short-term investments. If the Fund invests in government money market funds, shareholders
 will bear their proportionate share of the expenses, including for example, advisory and administrative fees, of the government money
 market funds in which the Fund invests, including advisory fees charged by the Manager to any applicable government money
 market funds advised by the Manager. Although a government money market fund is designed to be a relatively low risk investment,
 it is not free of risk. Despite the short maturities and high credit quality of a government money market fund's investments,
 increases in interest rates and deteriorations in the credit quality of the instruments the government money market fund has purchased
 may reduce the government money market fund's yield and can cause the price of a government money market security to decrease.
 In addition, a government money market fund is subject to the risk that the value of an investment may be eroded over time by inflation.

Additional Information About Risks

The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. The following table identifies the risk factors of each Fund in light of each Fund's respective principal investment strategies. These risk factors are explained following the table. References to "the Fund" and "a Fund" in the risk explanations are intended to refer the Fund(s) identified in the table as having that risk factor. The principal risks of investing in each Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in a Fund, regardless of the order in which it appears.

**Cybersecurity and Operational Risk**<br>Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers, and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund's shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. A cybersecurity incident could, among other things, result in the loss or theft of shareholder data or funds, shareholders or service providers being unable to access electronic systems (also known as "denial of services"), loss or theft of proprietary information or financial data, the inability to process Fund transactions, interference with the Fund's ability to calculate its NAV, impediments to trading, physical damage to a computer or network system, or remediation costs associated with system repairs. The occurrence of any of these problems could result in a loss of information, violations of applicable privacy and other laws, regulatory scrutiny, penalties, fines, reputational damage, additional compliance requirements, and other consequences, any of which could have a material adverse effect on the Fund or its shareholders. Market events also may occur at a pace that overloads current information technology and communication systems and processes of the Fund, its service providers or other market participants, such as third-party distribution platforms, which could impact the ability of the Fund to conduct operations or of shareholders to transact the Fund's shares.

The Manager, through its monitoring and oversight of Fund service providers, endeavors to determine that service providers take appropriate precautions to avoid or mitigate risks that could lead to problems discussed above. While the Manager has established business continuity plans and risk management systems seeking to address these problems, there are inherent limitations in such plans and systems, and it is not possible for the Manager, other Fund service providers, or third-party fund distribution platforms to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Recent geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. The Fund cannot control the cybersecurity plans and systems of its service providers, its counterparties, third-party fund distribution platforms, or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

**Dividend Risk**<br> The Fund's investments in dividend-paying stocks could cause the Fund to underperform funds that invest without consideration of a company's track record of paying dividends. An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. In addition, stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or an economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Securities that pay dividends may be sensitive to changes in interest rates, and as interest rates rise, the prices of such securities may fall. At times, the Fund may not be able to identify dividend-paying stocks that are attractive investments. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay.

**Equity Investments Risk**<br>Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to the following additional risks:

■ Common
 Stock Risk. The value
 of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management
 or decreased demand for the company's products or services. A stock's value may also decline because of factors affecting
 not just the company,
 but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets
 that are relatively
 unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally
 only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock.
 Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common
 stock generally is
 subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. In the event of an issuer's bankruptcy,
 there is substantial
 risk that there will be nothing left to pay common stockholders after payments, if any, to bondholders and preferred stockholders have
 been made.

■ Real
 Estate Investment Trusts ("REITs") Risk. REITs or other real estate-related securities are subject to the risks associated with direct ownership of real estate,
 including, among other risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest
 rates; risks

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related to general and local economic conditions; defaults by mortgagors or other borrowers and tenants; lack of availability of mortgage funds or financing; increases in property taxes and other operating expenses; overbuilding in their sector of the real estate market; fluctuations in rental income; extended vacancies of properties, especially during economic downturns; casualty or condemnation losses; changes in tax and regulatory requirements; losses due to environmental liabilities; and governmental actions, such as changes to tax laws, zoning regulations or environmental regulations. All REITs are dependent on management skills, are subject to heavy cash flow dependency or self-liquidation and generally are not diversified. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the region where its properties are located. Equity REITs are affected by the changes in the value of the properties owned by the trust. Mortgage REITs are affected by the quality of the credit extended. Equity, mortgage and hybrid REITs may not be diversified with regard to the types of tenants, may not be diversified with regard to the geographic locations of the properties, and are subject to cash flow dependency and defaults by borrowers. Any domestic REIT could be adversely affected by failure to qualify for tax-free "pass-through" of distributed net income and net realized gains under the Internal Revenue Code, or to maintain its exemption from registration under the Investment Company Act. REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund's investment in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to indirectly paying Fund expenses. The value of REIT common stock may decline when interest rates rise. REITs tend to be small- to mid-capitalization securities and, as such, are subject to the risks of investing in small- to mid-capitalization securities.

**Futures Contracts Risk**<br>Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of futures contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those futures contracts. There can be no assurance that any strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or index. Futures contracts may experience potentially dramatic price changes and imperfect correlations between the price of the contract and the underlying security, index or currency, which may increase the volatility of the Fund. An abrupt change in the price of an underlying security could render the underlying derivative instrument worthless. Futures contracts may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). There can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts are subject to the risk that an exchange may impose price fluctuation limits, which may make it difficult or impossible for the Fund to close out a position when desired. When the Fund purchases or sells a futures contract, it is subject to daily variation margin calls that could be substantial. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. The Fund may invest in the following types of futures contracts:

**Investment Risk**<br>An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund should not be relied upon as a complete investment program. The share price of the Fund fluctuates, which means that when you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer** **Risk**<br>The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. When the issuer of a security implements strategic initiatives, including mergers, acquisitions and dispositions, there is the risk that the market response to such initiatives will cause the share price of the issuer's securities to fall. An individual security may be more volatile, and may perform differently, than the market as a whole.

**Market Risk**<br> The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Even when securities markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last 10-15 years , but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or geographic region, continue to recur. The value of a security may decline due to adverse issuer-specific conditions or general market conditions unrelated to a particular issuer, such as real or perceived adverse geopolitical, regulatory, market, economic or other developments that may cause broad changes in market value, changes in the general outlook for corporate earnings, changes in interest, currency or inflation rates, lack of liquidity in the markets, public perceptions concerning these developments or adverse market sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents , have led, and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities , which may negatively affect the value of your investment. Such market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, a reduction in the willingness and ability of some lenders to extend credit, difficulties for some borrowers in obtaining financing on attractive terms, if at all, and adverse investor sentiment or publicity. Changes in value may be temporary or may last for extended periods. Adverse market events may also lead to increased shareholder redemptions, which could cause the Fund to sell investments at an inopportune time to meet redemption requests by shareholders and may increase the Fund's portfolio turnover, which could increase the costs that the Fund incurs and lower the Fund's performance.

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Policies established by the U.S. government and/or Federal Reserve and economic and political circumstances within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in government leadership, a government's inability to agree on a budget , high public debt , the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets .

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

■ Recent
 Market Events Risk. Both  U.S. and international
 markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may
 fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an investment
 in  the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which
 creates the possibility that conditions in one country or region might adversely impact issuers in a different country or region.
 However, the interconnectedness of economies and/or markets may be changing, which may impact such economies and markets in ways
 that cannot be foreseen at this time. <br> Some
 countries, including the  U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers,
 which is a trend that appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks
 of slowing global economic growth, protectionist trade policies, inflationary pressures, limits imposed by international trade and
 security agreements, political or economic dysfunction, poor consumer sentiment, and reduced demand for goods due to fluctuating
 commodity prices and currency values, and these risks may create significant market volatility in ways that cannot be foreseen at
 the present time. These economic risks could have a negative impact on  the Fund's investments. The U.S. has imposed
 or threatened to impose tariffs and other trade barriers on imports of certain categories of goods from Canada, Mexico, and European
 countries. The U.S. also has imposed or threatened to impose tariffs and other trade barriers on imports of certain categories of
 goods from China, has restricted sales of certain categories of goods to China, and has established barriers to investments in China.
 These countries have imposed or threatened to impose retaliatory tariffs on U.S. goods. If relations between the U.S. and these and
 other foreign countries do not improve or continue to deteriorate, markets and individual securities may be severely affected both
 regionally and globally, and the value of  the Fund's investments may go down. <br> The
 U.S. Federal Reserve and certain foreign central banks have started to lower interest rates, though economic or other factors could
 stop or reverse such changes. It is difficult to accurately predict the various economic and political factors that influence the
 pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such
 changes might stop or again reverse course. Changes in interest rates could lead to an economic slowdown in the U.S. and abroad,
 significant market volatility and reduced liquidity in certain sectors of the market. Deteriorating economic fundamentals may increase the risk of default or insolvency of particular issuers, negatively impact market
 value, increase market volatility, cause credit spreads to widen, reduce bank balance sheets and cause unexpected changes in interest
 rates. Any of these could cause an increase in market volatility, reduce liquidity across various sectors or markets or decrease
 confidence in the markets. Also, regulators have expressed concern that changes in interest rates may cause investors to sell
 fixed income securities faster than the market can absorb them, contributing to price volatility. Historical patterns of correlation
 among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially
 causing losses. <br> Tensions,
 war or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the
 economies of many nations, including the United States. The duration of ongoing hostilities and sanctions cannot be predicted. Those
 events present material uncertainty and risk with respect to markets globally and the performance of   the Fund and its
 investments or operations could be negatively impacted whether or not  the Fund invests in securities of issuers located
 in or with significant exposure to the countries or regions directly affected. <br> Regulators
 in the U.S. have adopted a number of changes to regulations involving the markets and issuers, some of which apply to  the
 Fund. The full effect of such regulations
 is not currently known , and certain regulatory changes could limit   the Fund's ability to pursue its investment
 strategies or make certain investments, may make it more costly for the Fund to operate, and adversely impact performance.
 Additionally, it is possible such regulations could be further revised or rescinded, which creates material uncertainty regarding
 their impact to the Fund. <br> Further,
 advancements in technology may also adversely impact market movements and liquidity. For example, the advanced development and increased
 regulation of artificial intelligence may impact the economy and the performance of   the Fund. As artificial intelligence
 is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries may
 be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance.
 As a consequence,  the Fund's holdings and its overall performance could be negatively impacted. <br> High
 public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance
 that the U.S. Congress will act to raise the nation's debt ceiling; a failure to do so could cause market turmoil and substantial
 investment risks that cannot be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad
 may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. China's
 economy, which has been sustained through debt-financed spending on housing and infrastructure, appears to be experiencing a significant
 slowdown and growing at a lower rate than prior years. While the Chinese government appears to be taking measures to address these
 issues, due to the size of China's economy, the resolution of these issues could impact a number of other countries. <br> Certain
 illnesses spread rapidly and have the potential to significantly and adversely affect the global economy. The impact of epidemics
 and/or pandemics that may arise in the future could negatively affect the economies of many nations, individual companies and the
 global securities and commodities markets, including their liquidity, in ways that cannot necessarily be foreseen at the present
 time and could last for an extended period of time. <br> Global climate change potentially may affect property and security values. Impacts from climate change may include significant risks
 to global financial assets and economic growth. A rise in sea levels, an increase in powerful storms and/or a climate-driven increase
 in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Certain issuers, industries
 and regions may be adversely affected by the impacts of climate change in ways that cannot be foreseen, including on the demand for
 and the development of goods and services and related production costs, and the impacts of legislation, regulation and international
 accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.
 Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land
 and the viability of industries whose activities or products are seen as accelerating climate change. Losses related to climate change
 could adversely affect, among others, corporate issuers and mortgage lenders, the value of mortgage-backed securities, the bonds
 of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the
 property and/or of corporate, municipal or mortgage-backed securities.

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**Micro-Capitalization Companies Risk**<br>Micro-capitalization companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their earnings and revenues tend to be less predictable. In addition, some companies may experience significant losses. Since micro-capitalization companies may not have an operating history, product lines, or financial resources, their share prices also tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Micro-capitalization companies face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Mid-Capitalization Companies Risk**<br>Investments in mid-capitalization companies generally involve greater risks and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investments in larger, more established companies. Mid-capitalization companies often have narrower commercial markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies. As a result, performance can be more volatile and they may face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company size, the greater these risks. Additionally, mid-capitalization companies may have less market liquidity than large-capitalization companies, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Multiple Sub-Advisor Risk**<br>The Manager may allocate the Fund's assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund's assets. To a significant extent, the Fund's performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the Fund's assets to sub-advisors. The sub-advisors' investment styles may not work together as planned, which could adversely affect the performance of the Fund. Because each sub-advisor manages its allocated portion of the Fund independently from another sub-advisor, 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-advisor 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 certain market conditions, one sub-advisor may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another sub-advisor believes continued exposure to the equity or debt markets is appropriate for its allocated portion of the Fund. Because each sub-advisor directs the trading for its own portion of the Fund, and does not aggregate its transactions with those of the other sub-advisors, the Fund may incur higher brokerage costs than would be the case if a single sub-advisor were managing the entire Fund. In addition, while the Manager seeks to allocate the Fund's assets among the Fund's sub-advisors in a manner that it believes is consistent with achieving the Fund's investment objective(s), the Manager may be subject to potential conflicts of interest in allocating the Fund's assets among sub-advisors, due to factors that could impact the Manager's revenues and profits.

**Other Investment Companies Risk**<br>To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses, including, for example, advisory and administrative fees, charged by those investment companies in addition to the Fund's direct fees and expenses. If the Fund invests in other investment companies, the Fund may receive distributions of taxable gains from portfolio transactions by that investment company and may recognize taxable gains from transactions in shares of that investment company, which could be taxable to the Fund's shareholders when distributed to them. The Fund must rely on the investment company in which it invests to achieve its investment objectives . If the investment company fails to achieve its investment objectives , the value of the Fund's investment may decline, adversely affecting the Fund's performance. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with investments in those companies, including but not limited to the following:

■ Government
 Money Market Funds Risk. Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. Interest
 rate risk is the risk that rising interest rates could cause the Fund's investment to lose value. A decline in short-term interest
 rates or a low interest rate
 environment would lower a government money market fund's yield and the return on the Fund's investment. Credit risk is the
 risk that the issuer, guarantor
 or insurer of an obligation, or the  counterparty to a transaction, may fail or become less able or unwilling, to make timely payment
 of interest or principal
 or otherwise honor its obligations, or that it may default completely. There is the risk that the issuers or guarantors of securities
 owned by a government
 money market fund, including securities issued by U.S. Government agencies, which are not backed by the full faith and credit of the U.S. Government, will default
 on the payment of principal or interest or the obligation to repurchase securities from the government money market fund. This could
 cause the government money market fund's NAV to decline below $1.00 per share, which would cause the Fund's investment to
 lose value.

**Quantitative Strategy Risk**<br>The success of the Fund's investment strategy may depend in part on the effectiveness of a sub-advisor's quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. As a result, a portfolio of securities selected using quantitative analysis may underperform the market as a whole or a portfolio of securities selected using a different investment approach, such as fundamental analysis. A sub-advisor's quantitative tools may use factors that may not be predictive of a security's value, and any changes over time in the factors that affect a security's value may not be reflected in the quantitative model. The quantitative tools may not react as expected to market events, resulting in losses for the Fund. Data for some companies, particularly for non-U.S. companies, may be less available and/or less current than data for other companies. There may also be errors, omissions, imperfections or malfunctions in the computer code for the quantitative model or in the model itself, or issues relating to the computer systems used to screen securities. A sub-advisor's investment selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by a sub-advisor and therefore may also result in losses. No assurance can be given that a model will be successful under all or any market conditions. The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate the aforementioned risks.

**Redemption Risk**<br> The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or a depressed value. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt the Fund's performance. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund, have short investment horizons, or have unpredictable cash flow needs. The risk of loss is also greater if redemption requests are frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to sell are illiquid. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress. During periods of heavy redemptions, the Fund may borrow funds through the interfund credit facility, or from a bank line of credit, which may increase costs. The sale of assets to meet redemption requests may create net capital gains or losses, which could cause the Fund to have to distribute substantial capital gains.

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**Sector Risk**<br>Sector risk is the risk associated with the Fund holding a significant amount of investments in issuers conducting business in a related group of industries within the same economic sector, which may be similarly affected by particular economic or market events. To the extent the Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase and the Fund may perform poorly during a downturn in one or more of the industries within that sector. In addition, when the Fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could ﬂuctuate more widely than if the Fund were invested more evenly across sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react the same way to economic, political or regulatory events. The Fund's performance could also be adversely affected if the sectors do not perform as expected. The lack of exposure to one or more industries within a sector may adversely affect performance. As the Fund's portfolio changes over time, the Fund's exposure to a particular sector may become higher or lower.

■ Financials
 Sector Risk. Companies in the Financials sector
 are subject to extensive governmental regulation and intervention, which may result in financial penalties and limits on the amounts
 and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their
 activities, the prices they can charge and the amount of capital they must maintain, and, potentially, their size. Governmental regulation
 may change frequently and may have significant adverse consequences for companies in the Financials sector, including effects not
 intended by such regulation. The impact of recent or future regulation, including more stringent capital requirements, cannot be
 predicted. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly. In addition,
 fiscal, regulatory and monetary policies, economic conditions, interest rate changes, loan losses, credit rating downgrades, and
 decreased liquidity in the credit markets may cause an adverse impact in a broad range of markets, including U.S. and international
 credit and interbank money markets, thereby affecting a wide range of financial institutions and markets. <br> Securities
 of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in
 the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations.
 Companies in the Financials sector are exposed directly to the credit risk of their borrowers and counterparties, who may be leveraged
 to an unknown degree, including through swaps and other derivatives products. In addition, financial services companies may have
 concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic
 conditions that affect such industries or sectors. Credit losses resulting from financial difficulties of borrowers and financial
 losses associated with investment activities can negatively impact the sector. Cybersecurity incidents and technology malfunctions
 and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which
 may negatively impact the Fund.

**Securities Lending Risk**<br> The Fund may lend its portfolio securities to brokers, dealers and financial institutions in order to obtain additional income. Borrowers of the Fund's securities provide collateral either in the form of cash, which the Fund reinvests in securities or in the form of non-cash collateral consisting of securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities. The Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated government money market fund. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to cover its payment to the borrower of a pre-negotiated fee or "rebate" for the use of that cash collateral in connection with the loan. The Fund could also lose money due to a decline in the value of non-cash collateral. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund's ability to vote proxies or to settle transactions or could result in increased costs. Moreover, if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral. There also is a risk that a borrower may default on its obligation to return loaned securities at a time when the value of the Fund's collateral is inadequate. Although the Fund's securities lending agent may indemnify the Fund against that risk, it is also possible that the securities lending agent will be unable to satisfy its indemnification obligations. In any case in which the loaned securities are not returned to the Fund before an ex-dividend date, whether or not due to a default by the borrower, the payment in lieu of the dividend that the Fund receives from the securities' borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as "qualified dividend income" (as described under "Distributions and Taxes – Taxes" below).

**Securities Selection Risk**<br>Securities selected for the Fund may decline substantially in value or may not perform to expectations. Judgments about the attractiveness, value and anticipated price movements of a security or asset class may be incorrect, and there is no guarantee that securities will perform as anticipated. The value of a security can be more or less volatile than the market as a whole, and the Fund's strategy may fail to produce the intended results. This could result in the Fund's underperformance compared to other funds with similar investment objectives.

**Small-Capitalization Companies Risk**<br>Investments in small-capitalization companies generally involve greater risks and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investments in larger capitalization and more established companies. Small-capitalization companies often have narrower commercial markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies. As a result, performance of small-capitalization companies can be more volatile and these companies may face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company size, the greater these risks. Additionally, small-capitalization companies may have less market liquidity than larger capitalization companies, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Value Stocks Risk**<br>Investments in value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be appropriately priced, or that their prices may decline. This may result in the value stocks' prices remaining undervalued for extended periods of time and they may not ever realize their intrinsic or full value. While the Fund's investments in value stocks seek to limit potential downside price risk over time, value stock prices still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's performance also may be affected adversely if value stocks become unpopular with, or lose favor among, investors. The Fund's value style could cause it to underperform funds that use a growth or non-value approach to investing or have a broader investment style.

Additional Information About Performance Indices

The Fund's performance is compared to the S&P 500<sup>®</sup> Index and the Russell 2000<sup>®</sup> Value Index . Set forth below is additional information regarding the indices to which the Fund's performance is compared.

■ The
 S&P 500 <sup>®</sup> Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

■ The
 Russell 2000 <sup>®</sup> Value Index  is an unmanaged index of those stocks in the Russell 2000 <sup>®</sup> Index with lower price-to-book ratios and lower forecasted growth
 values. The Russell 2000 <sup>®</sup> Index is an unmanaged index comprised of approximately 2,000 smaller-capitalization stocks.

**Prospectus** – Additional Information About the Fund**13**

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**<u>Notices Regarding Index Data</u>**

The S&P 500 Index ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors. and has been licensed for use by the Fund. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of the Index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of the Index or the date included therein.

American Beacon Funds is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investment Group ("Russell"). Russell is not responsible for and has not reviewed the American Beacon Small Cap Value Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell's publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

Fund Management

The Manager

**AMERICAN BEACON ADVISORS, INC. (the "Manager")** serves as the Manager and administrator of the Fund . The Manager, located at 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039, is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which 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.

The Manager was organized in 1986 to provide investment management, advisory, and administrative services. The Manager is registered as an investment adviser under the Advisers Act. The Manager is not registered as a CPO with respect to the Fund in reliance on the delayed compliance date provided by No-Action Letter 12-38 of the Division of Swaps Dealer and Intermediary Oversight ("Division") of the CFTC. Pursuant to this letter, the Manager is not required to register as a CPO, or rely on an exemption from registration, until six months from the date the Division issues revised guidance on the application of the calculation of the de minimis thresholds in the context of the CPO exclusion in CFTC Regulation 4.5. In addition, on behalf of the Fund , the Manager has filed a notice claiming the CFTC Regulation 4.5 exclusion from CPO registration under the Commodity Exchange Act. The Manager is also exempt from registration as a commodity trading advisor under CFTC Regulation 4.14(a)(8) with respect to the Fund .

For the fiscal year ended October 31, 2025, the Fund paid aggregate management fees to the Manager and investment advisory fees to the sub- advisors of 0.70% of the Fund's average daily net assets, net of any waivers and recoupments of the management and sub-advisory fees .

As compensation for services provided by the Manager in connection with securities lending activities conducted by the Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. The SEC has granted exemptive relief that permits the Fund to invest cash collateral received from securities lending transactions in shares of one or more private or registered investment companies managed by the Manager.

As of the date of this Prospectus, the Fund intends to engage in securities lending activities.

A discussion of the Board's consideration and approval of the Management Agreement between the Trust, on behalf of the Fund, and the Manager and the Investment Advisory Agreements among the Trust, on behalf of the Fund, the applicable sub-advisors and the Manager is available in the Fund's Annual Financial Statements as filed on Form N-CSR with the SEC for the fiscal period ended October 31, 2025. A discussion of the Board's consideration and approval of the Investment Advisory Agreement among the Trust, on behalf of the Fund, Westwood and the Manager is available in the Fund's Semi-Annual Financial Statements as filed on Form N-CSRS with the SEC for the fiscal period ended April 30, 2025 .

The American Beacon team members discussed below are jointly and primarily responsible for the day-to-day management oversight of the sub-advisors, including reviewing the sub-advisors' performance, allocating the Fund's assets among the sub-advisors and the Manager, as applicable, and investing the portion of Fund assets that the sub-advisors determine should be allocated to short-term investments.

---

| | |
|:---|:---|
| **American Beacon Funds**  | **Team Members**  |
| American Beacon Small Cap Value Fund  | Paul B. Cavazos, Colin J. Hamer, Robyn A. Serrano  |

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***Paul B. Cavazos,*** Senior Vice President and Chief Investment Officer . Mr. Cavazos became a member of the portfolio management team upon joining the Manager in 2016. Prior to joining the Manager, Mr. Cavazos was Chief Investment Officer and Assistant Treasurer of DTE Energy from 2007 to 2016.

***Colin J. Hamer,*** Senior Portfolio Manager, has served on the portfolio management team since 2018. Mr. Hamer has served on the asset management team since January 2015, is a CFA® Charterholder , and has earned the CAIA designation. Prior to joining the Manager, Mr. Hamer worked at Fidelity Investments in various investment-related roles from 2008 to 2014. Mr. Hamer earned a BBA from Texas Christian University.

***Robyn A. Serrano,*** Portfolio Manager, joined the Manager in 2013. Ms. Serrano has served on the portfolio management team since 2021 and has served on the asset management team since 2018. Prior to joining the Manager, Ms. Serrano worked at Fidelity Investments in various capacities from June 2010 to December 2013. Ms. Serrano has a BS in International Business from Bryant University. Ms. Serrano is a CFA® Charterholder , Certified Investment Management Analyst® (CIMA®) professional, and she holds FINRA Series 7, 63, and 66 licenses

Mr. Cavazos is responsible for recommending sub-advisors to the Funds' Board of Trustees. Messrs. Brown and Hamer and Ms. Serrano oversee the sub-advisors, review the sub-advisors' performance and allocate the Funds' assets among the sub-advisors, as applicable.

**14** **Prospectus** – Fund Management

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The Funds' SAI provides additional information about the members of the portfolio management team, including other accounts they manage, their ownership in the Funds they manage and their compensation.

The Sub-Advisors

Set forth below is a brief description of the sub-advisors and the portfolio managers who are jointly and primarily responsible for the day-to-day management of the Fund . The SAI provides additional information about the portfolio managers, including other accounts they manage, their ownership in the Fund and their compensation.

**BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC (''Barrow Hanley'')**, 2200 Ross Avenue, 31st Floor, Dallas, Texas 75201, is an SEC-registered investment adviser that began conducting business in 1979. Perpetual Limited, an Australian financial services company, holds a 75% interest in Barrow Hanley. As of December 31, 2025 , Barrow Hanley had assets under management of approximately $[XX] billion. Barrow Hanley serves as a sub-advisor to the American Beacon Balanced Fund, American Beacon Large Cap Value Fund, and American Beacon Small Cap Value Fund. Barrow Hanley manages client assets on a team basis for their equity and fixed income strategies. The members of the team for each American Beacon Fund are listed below.

***Mark Giambrone*** joined Barrow Hanley in 1999. Prior to joining Barrow Hanley, Mr. Giambrone served as a portfolio consultant at HOLT Value Associates. During his career, he has also served as a senior auditor/tax specialist for KPMG Peat Marwick and Ernst & Young Kenneth Leventhal. Mr. Giambrone graduated summa cum laude from Indiana University with a BS in Business and received an MBA from the University of Chicago.

***W. Coleman Hubbard, CFA*** joined Barrow Hanley in 2012 as an equity analyst, working with the Small Cap Value team. He was promoted to the portfolio management team in January of 2020. Mr. Hubbard began his investment career as an analyst at Bank of America Merrill Lynch. He graduated from Davidson College, where he earned a BA in Economics. Mr. Hubbard is a CFA Charterholder.

***Justin Martin, CFA*** joined Barrow Hanley in 2004 and has served as a credit analyst in fixed income since 2009. Prior to his work as a credit analyst, Mr. Martin's work at the firm included market and index research and portfolio analysis. Mr. Martin earned a BBA in Finance from Southern Methodist University. He is a CFA Charterholder .

***J. Scott McDonald, CFA*** joined Barrow Hanley in 1995. He was appointed Co-Head of Fixed Income, along with Mark Luchsinger, in 2017. Mr. McDonald also serves as the lead portfolio manager for our Long Duration strategies, specializing in corporate and government bonds. He is a CFA Charterholder . During his investment career, Mr. McDonald previously served as senior vice president and portfolio manager at Life Partners Group, Inc. Prior to that, he was a credit supervisor and lending officer for Chase Bank of Texas. Mr. McDonald received an MBA from the University of Texas and a BBA from Southern Methodist University.

***Deborah A. Petruzzelli*** joined Barrow Hanley in 2003. She serves as our structured securities portfolio manager for mortgage-backed, asset-backed, and commercial mortgage-backed securities. She is also an analyst for structured securities. During her investment career, Ms. Petruzzelli has served as managing director/senior portfolio manager for Victory Capital Management, Inc., where she was responsible for the management of ABS, CMBS, and whole-loan sectors for all client portfolios. She also had an active role in that firm's development of a core strategy, leveraging the firm's convertible equity management strengths. Prior to joining Victory, Ms. Petruzzelli worked for McDonald & Company Securities, Inc., as senior vice president for ABS syndication and traded ABS, CMO, and MBS. She earned a BSBA in Business Administration from Bowling Green State University.

***Matthew Routh, CFA*** joined Barrow Hanley in 2013 and has served as a credit analyst since 2016. Prior to his work as a credit analyst, Mr. Routh's work at the firm included portfolio analysis. Mr. Routh began his investment career in 2008 at Callan Associates, where he worked in fixed income research. He is a CFA Charterholder . Mr. Routh earned a BA in Economics from the University of Texas and an MA in Economics from the University of California, Santa Barbara.

***DJ Taylor, CFA, CAIA*** joined Barrow Hanley in 2016 as an equity analyst, focusing on small cap stocks. Prior to joining Barrow Hanley, he served as a senior analyst at Value Management Group. Mr. Taylor earned a BA in Mathematics and Economics from Williams College, where he was an NCAA All-American and school record-holder for the Ephs swimming and diving team. He is a member of the CAIA Association and is a CFA Charterholder .

All of Barrow Hanley's equity portfolio managers and analysts work as a team for the purposes of generating and researching investment ideas. Portfolio managers have broad research responsibilities, although they focus their efforts on particular sectors. Analysts have specific sector/industry assignments for more specialized, in-depth research.

**BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC ("Brandywine Global'')**, 1735 Market Street, Suite 1800, Philadelphia, PA 19103, is a professional investment advisory firm founded in 1986. Brandywine Global is a wholly owned indirect subsidiary of Franklin Resources, Inc. As of December 31, 2025 , Brandywine Global had assets under management totaling approximately $[XX] billion.

***Michelle K. Bevan*** is a portfolio manager and securities analyst on the Diversified Value Equity team. She contributes to the quantitative and fundamental analysis of securities for the Diversified Value Equity portfolios. She is the lead portfolio manager for the Diversified Mid Cap Value strategies. Michelle joined the firm in 1995. She is a CFA® Charterholder and earned an M.B.A. in Finance and a B.S. in Finance from the University of Delaware, graduating cum laude.

***Henry F. Otto*** is the founder and co-lead portfolio manager of the Diversified Value Equity strategies. Prior to joining Brandywine Global in 1988, he was with Dimensional Fund Advisors, Inc., where he managed and traded small cap portfolios and developed computer systems to structure portfolios and analyze performance (1984-1987), and the Chicago Board of Trade as a financial economist developing financial-based futures and options (1982-1984). Mr. Otto is a member of the firm's Executive Board.

***Steve M. Tonkovich*** is co-lead portfolio manager of the Diversified Value Equity strategies. He plays an integral role in the team's continual refinement of the Diversified Value Equity investment process and the firm's ongoing research into value investing. Prior to joining the firm in 1989, he was with the Wharton School of the University of Pennsylvania as a research analyst in the Finance Department (1987-1989) and the Moore School of Electrical Engineering of the University of Pennsylvania as a research assistant (1986-1987). He is a member of the firm's Executive Board.

**DEPRINCE, RACE & ZOLLO, INC. ("DRZ")**, 250 Park Avenue South, Suite 250, Winter Park, Florida 32789, is a professional investment advisory firm that was founded in 1995. As of December 31, 2025 , DRZ had approximately $[XX] billion in assets under management. DRZ serves as a sub-advisor to the American Beacon Small Cap Value Fund.

***Gregory Ramsby*** joined DRZ in 1996. He is a Managing Partner of the firm and sits on the firm's Management Committee. Mr. Ramsby serves as the Co-Portfolio Manager of the U.S. Small-Cap Value and U.S. Micro-Cap Value disciplines and oversees the portfolio management, research and trading functions of the firm's U.S. Small-Cap Value and U.S. Micro-Cap Value disciplines. Prior to joining DRZ, Mr. Ramsby was employed at First Union Capital Management as an equity analyst and Associate Portfolio Manager. Prior to that, he was an equity analyst at NationsBank Investment Management. Mr. Ramsby received his Bachelor of Science in Finance from Oglethorpe University and Masters of Business Administration from the University of Notre Dame.

**Prospectus** – Fund Management**15**

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***Randy Renfrow*** joined DRZ in 2008, and he is a Partner of the firm. Mr. Renfrow serves as the Co-Portfolio Manager for the firm's U.S. Small-Cap Value, U.S. Micro-Cap Value and U.S. SMID-Cap Value disciplines. Prior to joining DRZ, Mr. Renfrow was employed by Veredus Asset Management where he served as an equity analyst. Prior to that, he was employed by INVESCO, where he also served as an equity analyst. Mr. Renfrow holds the Chartered Financial Analyst designation. He received his Bachelor of Science in Environmental Engineering from Murray State University and Masters of Science in Financial Management from Boston University.

**HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC ("Hotchkis")**, 601 South Figueroa Street, 39th Floor, Los Angeles, California 90017-5704, is a limited liability company, the primary members of which are HWCap Holdings, a limited liability company with members who are current and former employees of Hotchkis, and Stephens-H&W, LLC, a limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. Hotchkis' predecessor entity was organized as an investment advisor in 1980. As of December 31, 2025 , Hotchkis had approximately $[XX] billion in investment company and other portfolio assets under management.

Hotchkis serves as a sub-advisor to the American Beacon Balanced Fund, American Beacon Large Cap Value Fund and the American Beacon Small Cap Value Fund. Hotchkis supervises and arranges the purchase and sale of securities held in its respective portions of the Funds' portfolios.

In addition to the Funds, Hotchkis manages institutional separate accounts and is the advisor and sub-advisor to other mutual funds. The investment process employed is the same for similar accounts, including the Funds and is team-based utilizing primarily in-house, fundamental research. The investment research staff is organized by industry and sector and supports all of the accounts managed in each of Hotchkis' investment strategies. Portfolio managers for each strategy ensure that the best thinking of the investment team is reflected in the ''target portfolios.'' Investment ideas for each Fund are generated by Hotchkis' investment team.

Although portions of the American Beacon Balanced Fund, American Beacon Large Cap Value Fund and American Beacon Small Cap Value Fund are managed by Hotchkis' investment team, Hotchkis has identified the portfolio managers with the most significant responsibility for Hotchkis' portion of each Fund's assets. This list does not include all members of the investment team.

**Hotchkis Portfolio Managers for the American Beacon Small Cap Value Fund**

David Green and Jim Miles participate in the investment research review and decision-making process for the Fund and coordinate the day-to-day management of the Fund.

***David Green***, Principal and Portfolio Manager, joined Hotchkis' investment team in 1997. In his role as portfolio manager, Mr. Green plays an integral part in the investment research review and decision-making process. He coordinates the day-to-day management of small cap value, value opportunities and international value portfolios, represents these strategies to current and prospective clients, as well as provides expertise and insight into Special Situations. Prior to joining the firm, Mr. Green worked as a senior equity analyst with Goldman Sachs Asset Management on the Broad Market Value team. Before joining Goldman Sachs, he worked as an equity analyst with Prudential Investment Corporation where he began his investment career in 1990. Mr. Green's investment experience is focused primarily on analysis of publicly traded equities. Mr. Green, a CFA® Charterholder, received his BA in Economics with honors from the University of California, Berkeley and is a member of Phi Beta Kappa.

***Jim Miles***, Principal and Portfolio Manager, joined Hotchkis' investment team in 1995. Hotchkis' investment team has managed Hotchkis' portion of the Fund since its inception in 1998. In his role as portfolio manager, Mr. Miles plays an integral part in the investment research review and decision-making process. He coordinates the day-to-day management of small cap value portfolios, represents all strategies to current and prospective clients, as well as provides expertise and insight into the consumer and technology sectors. Prior to joining the firm, Mr. Miles was a vice president in corporate finance at BT Securities Corporation, an affiliate of Bankers Trust. He specialized in lending to and arranging debt for highly leveraged companies. Mr. Miles received his BS in Mechanical Engineering and MS in Engineering from Stanford University and MBA from the University of California, Los Angeles.

**WESTWOOD MANAGEMENT CORP. ("Westwood")** Westwood Management Corp., a New York corporation formed in 1983, serves as a sub-advisor to the American Beacon Small Cap Value Fund. Westwood's principal place of business is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201. Westwood is a wholly owned subsidiary of Westwood Holdings Group, Inc., an institutional asset management company. As of December 31, 2025, Westwood had approximately $[XX] billion in assets under management.

***William E. Costello, CFA*** <sup>®</sup> joined Westwood in 2010 and has served as Senior Vice President, Director of Equity Portfolios since 2018. Mr. Costello serves as Senior Portfolio Manager on the SmallCap Value portfolio team. He is also responsible for investment research within the Energy and Utilities sectors and is a member of the Energy/Utilities research group. Mr. Costello began his career with Investors Bank and Trust in 1992 and subsequently joined Delphi Management and The Boston Company. Mr. Costello earned an MBA from Boston University and a BA in Economics from Marietta College. He is a member of the CFA Institute, the Boston Security Analysts Society and the National Association of Petroleum Investment Analysts.

***Matthew R. Lockridge*** joined Westwood in 2010 and has served as Senior Vice President and the Head of the U.S. Value division since 2022. He is a Senior Portfolio Manager on the LargeCap Value and SmallCap Value portfolio teams and is responsible for investment research in the Consumer Staples and Consumer Discretionary sectors. Additionally, Mr. Lockridge is a member of the Executive Committee and the Consumer/Health Care research group at Westwood.Mr. Lockridge began his career at Arthur Andersen, LLP, within their Chicago consulting practice. He served as a senior consultant with Deloitte Consulting, LLP, where he assisted clients with various corporate finance and accounting issues. Mr. Lockridge then served as a managing director and partner at Dearborn Partners, LLC, where he was a member of the Investment Committee and oversaw investments in the Consumer and Industrials sectors. Mr. Lockridge earned his MBA with a concentration in finance and accounting from the University of Chicago Booth School of Business and his BBA in finance from Southern Methodist University.

***Frederic Rowsey, CFA*** <sup>®</sup> joined Westwood in 2010, and has served as Vice President and Research Analyst since 2018. Mr. Rowsey serves as a Portfolio Manager on the SmallCap Value portfolio team and is responsible for investment research in the Consumer Discretionary sector. He is also a member of the Consumer/Health Care research group. Previously, he served as a Research Associate, assisting with research in the Consumer Discretionary, Consumer Staples, Health Care and Energy sectors. Mr. Rowsey graduated from Harvard University with a BA in Economics and a secondary degree in Psychology. Mr. Rowsey is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth.

***Jordan Latimer, CFA*** <sup>®</sup> has served as a Portfolio Manager on the SmallCap Value portfolio team since November 2024. He rejoined Westwood in 2023 as Vice President, Research Analyst where he covers the technology and internet sectors. Before rejoining Westwood, Mr. Latimer served as Impact Officer at LCM Group, a family office focused on both public and private investments. Prior to LCM Group, Mr. Latimer was a member of the investment team at Ballast Asset Management, providing investment analysis and portfolio management to a fundamental, value-oriented small-mid cap equity strategy. Mr. Latimer began his career at Westwood in 2011 as a Research Associate; in 2015, he was promoted to Research Analyst, where he was responsible for coverage, research, and idea generation in the Technology, Industrials, and Consumer Discretionary sectors. Mr. Latimer graduated magna cum laude from Mays Business School at Texas A&M University and earned his Bachelor of Business Administration in Accounting and Master of Science in Finance. Mr. Latimer earned his CFA charter in April of 2015.

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Valuation of Shares

The price of the Fund's shares is based on its NAV. The Fund's NAV per share is computed by adding total assets, subtracting all of the Fund's liabilities, and dividing the result by the total number of shares outstanding.

The NAV per share of each class of the Fund's shares is determined based on a pro rata allocation of the Fund's investment income, expenses and total capital gains and losses. The Fund's NAV per share is determined each business day as of the regular close of trading on the NYSE, which is typically 4:00 p.m. Eastern Time. However, if trading on the NYSE closes at a time other than 4:00 p.m. Eastern Time, the Fund's NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund's portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities and certain derivative instruments that are traded on an exchange are valued based on market value. Certain derivative instruments (other than short-term securities) usually are valued on the basis of prices provided by a pricing service. The price of debt securities generally is determined using pricing services or quotes obtained from broker/dealers who may consider a number of inputs and factors, such as comparable characteristics, yield curve, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flow. Investments in other mutual funds are valued at the closing NAV per share of the mutual funds on the day of valuation. Equity securities, including shares of closed-end funds and ETFs, are valued at the last sale price or official closing price.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade, unless a significant event has occurred. When the Fund holds securities or other assets that are denominated in a foreign currency, the exchange rates as of 4:00 p.m. Eastern Time will normally be used.

Rule 2a-5 under the Investment Company Act establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the Investment Company Act, the threshold for determining whether the Fund must fair value a security.

Among other things, Rule 2a-5 permits the Fund's board to designate the Fund's primary investment adviser as "valuation designee" to perform the Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company's board receives the information it needs to oversee the investment adviser's fair value determinations. The Board has designated the Manager as valuation designee under Rule 2a-5 to perform fair value functions in accordance with the requirements of Rule 2a-5.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager's procedures. For example, fair value pricing will be used when market quotations are not readily available or reliable, as determined by the Manager, such as for fixed-income securities and when: (i) trading for a security is restricted or stopped; (ii) a security's trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security's true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by the Fund occurs after the close of a related exchange but before the determination of the Fund's NAV per share, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger capitalization companies. Securities may be fair valued as a result of significant events occurring after the close of the foreign markets in which the Fund invests. In addition, the Fund may invest in illiquid securities requiring these procedures.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of the Fund's fair valuation procedures. You may view the Fund's most recent NAV per share at www.americanbeaconfunds.com by clicking on ''Quick Links'' and then ''Daily NAVs.''

About Your Investment

Choosing Your Share Class

The Fund offers various classes of shares. Each share class of the Fund represents an investment in the same portfolio of securities for the Fund, but each class has its own expense structure and combination of purchase restrictions, sales charges and ongoing fees, allowing you to choose the class that best fits your situation.

Factors you should consider when choosing a class of shares include:

■ How
 long you expect to own the shares;

■ How
 much you intend to invest;

■ Total
 expenses associated with owning shares of each class;

■ Whether
 you qualify for any reduction or waiver of sales charges;

■ Whether
 you plan to take any distributions in the near future; and

■ Availability
 of share classes.

Each investor's financial considerations are different. You should speak with your financial professional to help you decide which share class is best for you.

*A Class Charges and Waivers*

The table below shows the amount of sales charges you will pay on purchases of A Class shares of the Fund both as a percentage of offering price and as a percentage of the amount you invest. The sales charge differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. If you invest more, the sales charge will be lower.

Any applicable sales charge will be deducted directly from your investment. Because of rounding of the calculation in determining the sales charges, you may pay more or less than what is shown in the table below. Shares acquired through reinvestment of dividends or other distributions are not subject to a front-end sales charge. You may qualify for a reduced sales charge or the sales charge may be waived as described below in ''A Class Sales Charge Reductions and Waivers.''

**Prospectus** – About Your Investment**17**

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**A Class Shares**

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| | | | |
|:---|:---|:---|:---|
| **Amount of Sale/Account Value** | **As a % of Offering Price** | **As a % of Investment** | **Dealer Commission as a % of** **Offering Price** |
| Less than $50,000 | 5.75% | 6.10% | 5.00% |
| $50,000 but less than $100,000 | 4.75% | 4.99% | 4.00% |
| $100,000 but less than $250,000 | 3.75% | 3.90% | 3.00% |
| $250,000 but less than $500,000 | 2.75% | 2.83% | 2.05% |
| $500,000 but less than $1,000,000 | 2.00% | 2.04% | 1.50% |
| $1,000,000 and above | 0.00% | 0.00%<sup>†</sup> | <sup>‡</sup> |

---

† No
 initial sales charge applies on purchases of $1,000,000 or more. A CDSC of 0.50% of the offering price will be charged on purchases of
 $1,000,000 or more that are redeemed
 in whole or in part within eighteen (18) months of purchase

‡ See
 "Dealer Concessions on A Class Purchases Without a Front-End Sales Charge."

The Distributor retains any portion of the commissions that are not paid to financial intermediaries to solely pay distribution-related expenses. This information is available, free of charge, on the Fund's website. Please visit www.americanbeaconfunds.com. You may also call 1-800-658-5811 or consult with your financial professional.

*A Class Sales Charge Reductions and Waivers*

A shareholder may qualify for a waiver or reduction in sales charges under certain circumstances. To receive a waiver or reduction in your A Class sales charge, you must advise the Fund's transfer agent, your broker-dealer or other financial intermediary of your eligibility at the time of purchase. If you, or your financial intermediary, do not let the Fund's transfer agent know that you are eligible for a reduction, you may not receive a sales charge discount to which you are otherwise entitled. This information is available, free of charge, on the Fund's website. Please visit www.americanbeaconfunds.com. You may also call 1-800-658-5811 or consult with your financial professional.

**Waiver of Sales Charges**

There is no front-end sales charge if you invest $1,000,000 or more in A Class shares of the Fund .

Sales charges also may be waived for certain shareholders or transactions, such as:

■ The
 Manager or its affiliates;

■ Present
 and former directors, trustees, officers, employees of the Manager, the Manager's parent company, and the American Beacon Funds
  (and their ''immediate
 family'' as defined in the SAI), and retirement plans established by them for their employees;

■ Registered
 representatives or employees of intermediaries that have selling agreements with the Fund ;

■ Shares
 acquired through merger or acquisition;

■ Insurance
 company separate accounts;

■ Employer-sponsored
 retirement plans;

■ Dividend
 reinvestment programs;

■ Purchases
 through certain fee-based programs under which investors pay advisory fees that may be offered through selected registered investment
 advisers, broker-dealers,
 and other financial intermediaries;

■ Shareholders
 that purchase the Fund through a financial intermediary that offers our A Class shares uniformly on a ''no load''
 (or reduced load) basis to you and all similarly situated customers of the intermediary in accordance with the intermediary's
 prescribed fee schedule for purchases of fund shares;

■ Mutual
 fund shares exchanged from an existing position in the same fund as part of a share class conversion instituted by an intermediary; and

■ Reinvestment
 of proceeds within 90 days of a redemption from A Class account (see Redemption Policies for more information).

The availability of A Class shares sales charge waivers may depend upon the policies, procedures, and trading platform of your financial intermediary.

**Reduced Sales Charges**

Under a "Rights of Accumulation Program," a "Letter of Intent" or through "Concurrent Purchases" you may be eligible to buy A Class shares of the Fund at the reduced sales charge rates that would apply to a larger purchase. The Fund reserves the right to modify or to cease offering these programs at any time.

This information is available, free of charge, on the Fund's website. Please visit www.americanbeaconfunds.com. You may also call 1-800-658-5811 or consult with your financial professional.

**Dealer Concessions on A Class Purchases Without a Front-End Sales Charge**

Brokers who initiate and are responsible for purchases of $1,000,000 or more of A Class shares of the Fund may receive a dealer concession from the Fund's Distributor of 0.50% of the offering price. If a client or broker is unable to provide account verification on purchases of $1,000,000 or more, the dealer concession will be forfeited by the broker and front-end sales loads will apply. Dealer concessions will not be paid on shares purchased by exchange or shares that were previously subject to a front-end sales charge or dealer concession. Dealer concessions will be paid only on eligible purchases where the applicability of the CDSC can be monitored. Purchases eligible for sales charge waivers as described under ''A Class Sales Charge Reductions and Waivers'' are not eligible for dealer concessions on purchases of $1,000,000 or more.

**Rights of Accumulation Program**

Under the Rights of Accumulation Program, you may qualify for a reduced sales charge for A Class shares by aggregating all of your investments held in certain accounts (''Qualified Accounts''). The following Qualified Accounts holding any share class of the American Beacon Funds may be grouped together to qualify for the reduced sales charge under the Rights of Accumulation Program or Letter of Intent:

■ Accounts
 owned by you, your spouse or your minor children under the age of 21, including trust or other fiduciary accounts in which you, your spouse
 or your minor children
 are the beneficiary;

■ UTMAs/UGMAs;

■ IRAs,
 including traditional, Roth, SEP and SIMPLE IRAs; and

■ Coverdell
 Education Savings Accounts or qualified 529 plans.

A fiduciary can apply a right of accumulation to all shares purchased for a trust, estate or other fiduciary account that has multiple accounts.

**18** **Prospectus** – About Your Investment

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You must notify your financial intermediary, or the Fund's transfer agent, in the case of shares held directly with the Fund, at the time of purchase that a purchase qualifies for a reduced sales charge under the Rights of Accumulation Program. In addition, you must provide either a list of account numbers or copies of account statements verifying your qualification. You may combine the historical cost or current market value, as of the day prior to your additional American Beacon Funds' purchase (whichever is higher) of your existing American Beacon Funds mutual fund with the amount of your current purchase in order to take advantage of the reduced sales charge. Historical cost is the price you actually paid for the shares you own, plus your reinvested dividends and other distributions. If you are using historical cost to qualify for a reduced sales charge, you should retain any records to substantiate your historical costs since the Fund, its transfer agent or your financial intermediary may not maintain this information.

If your shares are held through financial intermediaries and/or in a retirement account (such as a 401(k) or employee benefit plan), you may combine the current market value of your existing American Beacon Funds mutual fund investment with the amount of your current purchase in order to take advantage of the reduced sales charge. You or your financial intermediary must notify the Fund's transfer agent at the time of purchase that a purchase qualifies for a reduced sales charge and provide copies of account statements dated within three months of your current purchase verifying your qualification.

Upon receipt of the above referenced supporting documentation, the financial intermediary or the Fund's transfer agent will calculate the combined value of all of your Qualified Accounts to determine if the current purchase is eligible for a reduced sales charge. Purchases made for nominee or street name accounts (securities held in the name of a dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with purchases for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

**Letter of Intent**

If you plan to invest at least $50,000 (excluding any reinvestment of dividends and other distributions) during the next 13 months in any class of the Fund, you may qualify for a reduced sales charge for purchases of A Class shares by completing the Letter of Intent section of your account application.

A Letter of Intent indicates your intent to purchase at least $50,000 in any class of the American Beacon Funds over the next 13 months in exchange for a reduced A Class sales charge indicated on the above tables. The minimum initial investment under a Letter of Intent is $2,500. You are not obligated to purchase additional shares if you complete a Letter of Intent. However, if you do not buy enough shares to qualify for the projected level of sales charge by the end of the 13-month period (or when you sell your shares, if earlier), your sales charge will be recalculated to reflect your actual purchase level. During the term of the Letter of Intent, shares representing 5% of your intended purchase will be held in escrow. If you do not purchase enough shares during the 13-month period to qualify for the projected reduced sales charge, the additional sales charge will be deducted from your account. If you have purchased shares of any American Beacon mutual fund within 90 days prior to signing a Letter of Intent, they may be included as part of your intended purchase, however, previous purchase transactions will not be recalculated with the proposed new breakpoint. You must provide either a list of account numbers or copies of account statements verifying your purchases within the past 90 days.

**Concurrent Purchases**

You may combine simultaneous purchases in shares of any of the American Beacon Funds to qualify for a reduced charge.

*CDSC — A Class Shares*

Unless a waiver applies, investors who purchase $1,000,000 or more of A Class shares of a Fund (and, thus, pay no initial sales charge) will be subject to a 0.50% CDSC if those shares are redeemed within 18 months after they are purchased. The CDSC does not apply if you are otherwise eligible to purchase A Class shares without an initial sales charge or are eligible for one of the waivers described herein or in the SAI.

*CDSC — C Class Shares*

If you redeem C Class shares within 12 months of purchase, you may be charged a CDSC of 1%. The CDSC generally will be deducted from your redemption proceeds. In some circumstances, you may be eligible for one of the waivers described herein or in the SAI. You must advise the transfer agent of your eligibility for a waiver when you place your redemption request.

*How CDSCs will be Calculated*

The amount of the CDSC will be based on the market value of the redeemed shares at the time of the redemption or the original purchase price, whichever is lower. Because of the rounding of the calculation in determining the CDSC, you may pay more or less than the indicated rate. Your CDSC holding period is based upon the date of your purchase. The CDSCs will be deducted from the proceeds of your redemption, not from amounts remaining in your account. A CDSC is not imposed on any increase in NAV per share over the initial purchase price or shares you received through the reinvestment of dividends or other distributions.

To keep your CDSC as low as possible, each time you place a request to sell shares, the Fund will redeem your shares in the following order:

■ shares
 acquired by the reinvestment of dividends or  other distributions;

■ other
 shares that are not subject to the CDSC;

■ shares
 held the longest during the holding period.

*Waiver of CDSCs — A and C Class Shares*

A shareholder may qualify for a CDSC waiver under certain circumstances. To have your CDSC waived, you must advise the Fund's transfer agent, your broker-dealer or other financial intermediary of your eligibility at the time of redemption. If you or your financial intermediary do not let the Fund's transfer agent know that you are eligible for a waiver, you may not receive a waiver to which might otherwise be otherwise entitled.

The CDSC may be waived if:

■ The
 redemption is due to a shareholder's death or post-purchase disability;

■ The
 redemption is from a systematic withdrawal plan and represents no more than 10% of your annual account value;

■ The
 redemption is a benefit payment made from a qualified retirement plan, unless the redemption is due to the termination of the plan or
 the transfer of the
 plan to another financial institution;

■ The
 redemption is for a "required minimum distribution" from a traditional IRA as determined by the Internal Revenue Service;

■ The
 redemption is due to involuntary redemptions by the Fund as a result of your account not meeting the minimum balance requirements,
 the termination and liquidation of the Fund, or other actions;

■ The
 redemption is from accounts for which the broker-dealer of record has entered into a written agreement with the Distributor (or Manager)
 allowing this waiver;

■ The
 redemption is to return excess contributions made to a retirement plan; or

**Prospectus** – About Your Investment**19**

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■ The
 redemption is to return contributions made due to a mistake of fact.

The SAI contains further details about the CDSC and the conditions for waiving the CDSC.

Information regarding CDSC waivers for A and C Class shares is available, free of charge, on the Fund's website. Please visit www.americanbeaconfunds.com. You may also call 1- (800) 658-5811 or consult with your financial professional.

*Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries*

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Different intermediaries may impose different sales charges (including potential reductions in or waivers of sales charges). Such intermediary-specific sales charge variations are described in **Appendix A** to this Prospectus, entitled "Intermediary Sales Charge Discounts, Waivers and Other Information." **Appendix A** is incorporated herein by reference (is legally a part of this Prospectus).

In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders may have to purchase Fund shares through another intermediary to receive these waivers or discounts. This information is available, free of charge, on the Fund's website. Please visit www.americanbeaconfunds.com. You may also call 1-800-658-5811 or consult with your financial professional.

*Conversion of C Class Shares to A Class Shares*

C Class shares convert automatically into A Class shares eight (8) years after the initial date of purchase or, if you acquired your C Class shares through an exchange or conversion from another share class, eight (8) years after the date you acquired your C Class shares, provided the conversion is available through your financial intermediary. When C Class shares that you acquired through a purchase or exchange convert to A Class shares, any other C Class shares that you purchased with reinvested dividends and distributions also will convert into A Class shares on a pro rata basis. A different holding period may also apply depending on your intermediary. Certain financial intermediaries may not make this conversion available to their clients. Please see "**Appendix** **A—Intermediary Sales Charge Discounts, Waivers and Other Information**" in this Prospectus, or contact your financial intermediary for additional information.

Purchase and Redemption of Shares

*Eligibility*

The A Class, C Class, Y Class, Advisor Class, R5 Class, and Investor Class shares offered in this Prospectus are available to eligible investors who meet the minimum initial investment. R6 Class shares are available only to participating 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health savings plans, health savings accounts and funded welfare benefit plans (e.g., Voluntary Employees' Beneficiary Association (VEBA) and Other Post-Employment Benefits (OPEB) plans). R6 Class shares generally are available only to retirement plans where plan level or omnibus accounts are held on the books of a Fund; however, a Fund reserves the right in its sole discretion to waive this requirement. Generally, R6 Class shares are not available to retail non-retirement accounts, Traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and individual 403(b) plans. American Beacon Funds do not accept accounts registered to foreign individuals or entities, including foreign correspondent accounts. The Funds do not conduct operations and are not offered for purchase outside of the United States.

Subject to your eligibility, as described below, you may invest in a Fund directly or through intermediary organizations, such as broker-dealers, insurance companies, plan sponsors, third party administrators, and retirement plans. As described below, the Manager may allow certain individuals to invest directly in a Fund in its sole discretion.

If you are eligible and invest directly with a Fund, the fees and policies with respect to the Fund's shares that are outlined in this Prospectus are set by the Fund. The Manager and the Funds are not responsible for determining the suitability of the Funds or a share class for any investor.

Because in most cases it is more advantageous for investors using an intermediary to purchase A Class shares than C Class shares for amounts of $1,000,000 or more, a Fund will decline a request to purchase C Class shares for $1,000,000 or more.

If you invest through a financial intermediary, most of the information you will need for managing your investment will come from your financial intermediary. This includes information on how to buy, sell and exchange shares of a Fund. If you establish an account through a financial intermediary, the investment minimums described in this section may not apply. Investors investing in a Fund through a financial intermediary should consult with their financial intermediary to ensure they obtain any proper ''breakpoint'' discount and all information regarding the differences between available share classes. Your broker-dealer or financial intermediary also may charge fees that are in addition to those described in this Prospectus. Please contact your intermediary for information regarding investment minimums, how to purchase and redeem shares and applicable fees.

*Minimum Investment Amount by Share Class*

---

| | | | |
|:---|:---|:---|:---|
| | | **Existing Account** | **Existing Account** |
| <br>**Share Class** | **New Account**<br>**Minimum Initial Investment Amount** | **Purchase/Redemption Minimum by** **Check/ACH/Exchange** | **Purchase/Redemption Minimum by** **Wire** |
| C | $1000 | $50 | $250 |
| A, Investor | $2500 | $50 | $250 |
| Advisor | $2500 | $50 |  |
| Y | $100000 | $50 |  |
| R5 | $250000 | $50 |  |
| R6 |  | $50 |  |

---

The Manager may allow a reasonable period of time after opening an account for a Y Class or R5 Class investor to meet the initial investment requirement. In addition, for investors such as trust companies and financial professionals who make investments for a group of clients, the minimum initial investment can be met through aggregated purchase orders for more than one client.

R6 Class shares can only be purchased through a participating retirement plan. R6 Class shares are available only to participating 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health savings plans, health savings accounts and funded welfare benefit plans (e.g., Voluntary Employees' Beneficiary Association (VEBA) and Other

**20** **Prospectus** – About Your Investment

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Post-Employment Benefits (OPEB) plans). R6 Class shares generally are available only to retirement plans where plan level or omnibus accounts are held on the books of the Fund; however, the Fund reserves the right in its sole discretion to waive this requirement. Generally, R6 Class shares are not available to retail non-retirement accounts, Traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and individual 403(b) plans.

*Opening an Account*

You may open an account through a retirement plan, an investment professional, a broker-dealer, or other financial intermediary. Please contact your financial intermediary for more information on how to open an account. Shares you purchase through your broker-dealer will normally be held in your account with that firm.

Direct mutual fund accounts are not available to new shareholders. Existing direct mutual fund account shareholders may continue to buy or sell shares through their existing direct mutual fund accounts, but will not be able to open new direct mutual fund accounts. The Manager may allow the following individuals or entities to open new direct mutual fund accounts in its sole discretion: (i) corporate accounts, (ii) employees of the Manager, or its direct parent company, Resolute Investment Managers, Inc., and its affiliates and subsidiaries, (iii) employees of a sub-advisor to a fund in the American Beacon Funds Complex, (iv) members of the Board, and (v) members of the Manager's Board of Directors.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, you will be asked for information that will allow the Fund or your financial institution to identify you. Non-public corporations and other entities may be required to provide articles of incorporation, trust or partnership agreements, and taxpayer identification numbers on the account or other documentation. The Fund is required by law to reject your new account application if the required identifying information is not provided.

The Fund reserves the right to liquidate a shareholder's account at the current day's NAV per share and remit proceeds via check if the Fund or a financial institution is unable to verify the shareholder's identity within three days of account opening.

*Purchase Policies*

Shares of the Fund are offered and purchase orders are typically accepted until 4:00 p.m. Eastern Time or the close of the NYSE (whichever comes first) on each day on which the NYSE is open for business. If a purchase order is received by the Fund in good order prior to the Fund's deadline, the purchase price will be the NAV per share next determined on that day, plus any applicable sales charges. A purchase order is considered to be received in good order when it complies with all of the Fund's applicable policies. If a purchase order is received in good order after the applicable deadline, the purchase price will be the NAV per share of the following day that the Fund is open for business, plus any applicable sales charges. Shares of the Fund will only be issued against full payment, as described more fully in this Prospectus and SAI.

The Fund has authorized certain third-party financial intermediaries, such as broker-dealers, insurance companies, third-party administrators and trust companies, to receive purchase and redemption orders on behalf of the Fund and to designate other intermediaries to receive purchase and redemption orders on behalf of the Fund. The Fund is deemed to have received such orders when they are received by the financial intermediaries or their designees. Thus, an order to purchase or sell Fund shares will be priced at the Fund's next determined NAV per share after receipt by the financial intermediary or its designee. It is the responsibility of your broker-dealer or financial intermediary to transmit orders that will be received by the Fund in proper form and in a timely manner. The Fund is not responsible for the failure of a broker-dealer or financial intermediary to transmit a purchase order in proper form and in a timely manner.

Fund shares may be purchased only in U.S. States and Territories in which they can be legally sold. Prospective investors should inquire as to whether Fund shares are available for offer and sale in their jurisdiction. The Fund reserves the right to refuse purchases if, in the judgment of the Fund , the transaction would adversely affect the Fund and its shareholders. The Fund has the right to reject any purchase order or cease offering any or all classes of shares at any time. The Fund reserves the right to require payment by wire. Checks to purchase shares are accepted subject to collection at full face value in U.S. funds and must be drawn in U.S. dollars on a U.S. bank. The Fund will not accept ''starter'' checks, credit card checks, money orders, cashier's checks, or third-party checks.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees the Fund or the Manager has incurred. Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted or canceled and the monies may be withheld.

Please refer to the section titled ''Frequent Trading and Market Timing'' for information on the Fund's policies regarding frequent purchases, redemptions, and exchanges.

*Redemption Policies*

If you purchased shares of the Fund through your financial intermediary, please contact your broker-dealer or other financial intermediary to sell shares of the Fund. A sale or redemption of your shares is generally taxable to you. See "Distributions and Taxes - Taxes."

The redemption price will be the NAV per share next determined after a redemption request is received in good order, minus any applicable CDSC. In order to receive the redemption price calculated on a particular business day, redemption requests must be received in good order by 4:00 p.m. Eastern Time or by the close of the NYSE (whichever comes first).

Wire proceeds from redemption requests received in good order by 4:00 p.m. Eastern Time or by the close of the NYSE (whichever comes first) generally are transmitted to shareholders on the next day the Funds are open for business. In any event, proceeds from a redemption request will typically be transmitted to a shareholder by no later than seven days after the receipt of a redemption request in good order. Delivery of proceeds from shares purchased by check, ACH, or pre-authorized automatic investment may be delayed until the funds have cleared, which may take up to ten days.

You may, within 90 days of redemption, reinvest all or part of the proceeds of your redemption of A or C Class shares of a Fund, without incurring any applicable additional sales charge, in the same class of another American Beacon Fund, by sending a written request and a check to your financial intermediary or directly to the Funds. Reinvestment must be into the same account from which you redeemed the shares or received the distribution. Proceeds from a redemption and all dividend payments and other distributions will be reinvested in the same share class from which the original redemption or distribution was made. Reinvestment will be at the NAV per share next calculated after the Funds receive your request. You must notify the Funds and your financial intermediary at the time of investment if you decide to exercise this privilege.

The Funds reserve the right to suspend redemptions or postpone the date of payment for more than seven days (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 a Fund's investments or determination of its NAV per share is not reasonably practicable; or (iv) by order of the SEC for protection of the Funds' shareholders.

**Prospectus** – About Your Investment**21**

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Although the Funds intend to redeem shares by paying out available cash, cash generated by selling portfolio holdings (including cash equivalent portfolio holdings), or funds borrowed through the interfund credit facility, or from a bank line of credit, in stressed market conditions and other appropriate circumstances, the Funds reserve the right to pay the redemption price in whole or in part by borrowing funds from external parties or distributing securities or other assets held by the Funds. To the extent that a Fund redeems its shares in this manner, the shareholder assumes the risk of a subsequent change in the market value of those securities, the cost of liquidating the securities and the possibility of a lack of a liquid market for those securities.

Please refer to the section titled ''Frequent Trading and Market Timing'' for information on the Funds' policies regarding frequent purchases, redemptions, and exchanges.

*Exchange Policies*

If you purchased shares of the Fund through your financial intermediary, please contact your financial intermediary to determine if you may take advantage of the exchange policies described in this section and for the intermediary's policies to effect an exchange.

Shares of any class of the Fund may be exchanged for shares of the same class of another American Beacon Fund under certain limited circumstances. Since an exchange involves a concurrent redemption and purchase, please review the sections titled '' Redemption Policies'' and '' Purchase Policies'' for additional limitations that apply to redemptions and purchases. There is no front-end sales charge on exchanges between A Class shares of the Fund for A Class shares of another fund. Shares otherwise subject to a CDSC will not be charged a CDSC in an exchange to shares of another fund that has a CDSC. However, shares exchanged between funds that impose a CDSC will be charged a CDSC if redeemed within 12 months or 18 months, as applicable, of the purchase of the initial shares.

Before exchanging shares, shareholders should consider how the exchange may affect any CDSC that might be imposed on the subsequent redemption of remaining shares.

If Fund shares were purchased by check, a shareholder must have owned those shares for at least ten days prior to exchanging out of the Fund and into another fund.

The eligibility and minimum investment requirement must be met for the class into which the shareholder is exchanging. Fund shares may be acquired through exchange only in U.S. states and Territories in which they can be legally sold. The Fund reserves the right to charge a fee and to modify or terminate the exchange privilege at any time. The Fund reserves the right to refuse exchange requests if, in the judgment of the Fund, the transaction would adversely affect the Fund and its shareholders. Please refer to the section titled "Frequent Trading and Market Timing" for information on the Fund's policies regarding frequent purchases, redemptions, and exchanges.

Shares of any class of the Fund may be converted to shares of another class of the Fund under certain limited circumstances. For federal income tax purposes, the conversion of shares of one share class of the Fund to shares of a different share class of the Fund will not result in the realization of a capital gain or loss. However, an exchange of shares of the Fund for shares of a different American Beacon Fund generally is considered a redemption and a concurrent purchase, respectively, and thus may result in the realization of a capital gain or loss for those purposes.

**How to Purchase, Redeem or Exchange Shares**

If your account is through a broker-dealer or other financial intermediary, please contact them directly to purchase, redeem or exchange shares of a Fund. Your broker-dealer or financial intermediary can help you open a new account, review your financial needs and formulate long-term investment goals and objectives. Your broker-dealer or financial intermediary will transmit your request to a Fund and may charge you a fee for this service. A Fund will not accept a purchase order of $1,000,000 or more for C Class shares if the purchase is known to be on behalf of a single investor (not including dealer "street name" or omnibus accounts). Dealers, other financial intermediaries or fiduciaries purchasing shares for their customers are responsible for determining the suitability of a particular share class for an investor. You should include the following information with any order:

• Your name/account registration

• Your account number

• Type of transaction requested

• Fund name(s) and fund number(s)

• Dollar amount or number of shares

Transactions for direct shareholders are conducted through:

---

| | | |
|:---|:---|:---|
| **Internet**  | www.americanbeaconfunds.com  | www.americanbeaconfunds.com  |
| **Phone**  | To reach an American Beacon representative call 1-800-658-5811, option 1 <br> Through the Automated Voice Response Service call 1-800-658-5811, option 2 (Investor Class Only)  | To reach an American Beacon representative call 1-800-658-5811, option 1 <br> Through the Automated Voice Response Service call 1-800-658-5811, option 2 (Investor Class Only)  |
| **Mail**  | American Beacon Funds <br> PO Box 219643 <br> Kansas City, MO 64121-9643  | Overnight Delivery: <br> American Beacon Funds <br> 801 Pennsylvania Ave <br> Suite 219643 <br> Kansas City, MO 64105-1307  |

---

*Purchases by Wire:*

Send a bank wire to State Street Bank and Trust Co. with these instructions:

■ ABA#
 0110-0002-8; AC-9905-342-3,

■ Attn:
 American Beacon Funds,

■ the
 fund name and fund number, and

■ shareholder
 account number and registration.

---

| | | | |
|:---|:---|:---|:---|
| | | **Existing Account** | **Existing Account** |
| <br>**Share Class** | **New Account**<br>**Minimum Initial Investment Amount** | **Purchase/Redemption Minimum by** **Check/ACH/Exchange** | **Purchase/Redemption Minimum by** **Wire** |
| C | $1000 | $50 | $250 |

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| | | | |
|:---|:---|:---|:---|
| | | **Existing Account** | **Existing Account** |
| <br>**Share Class** | **New Account**<br>**Minimum Initial Investment Amount** | **Purchase/Redemption Minimum by** **Check/ACH/Exchange** | **Purchase/Redemption Minimum by** **Wire** |
| A, Investor | $2500 | $50 | $250 |
| Advisor | $2500 | $50 |  |
| Y | $100000 | $50 |  |
| R5 | $250000 | $50 |  |
| R6 |  | $50 |  |

---

Redemption proceeds will be mailed to the account of record or transmitted to commercial bank designated on the account application form.

Supporting documents may be required for redemptions by estates, trusts, guardianships, custodians, corporations, and welfare, pension and profit sharing plans. Redemption requests must also include authorized signature(s) of all persons required to sign for the account. Call 1-800-658-5811 for instructions.

To protect the Fund and your account from fraud, a Medallion signature guarantee is required for redemption orders:

■ with
 a request to send the proceeds to an address or commercial bank account other than the address or commercial bank account designated on
 the account application,
 or

■ for
 an account whose address has changed within the last 30 days if proceeds are sent by check.

The Fund only accepts Medallion signature guarantees, which may be obtained at participating banks, broker-dealers and credit unions. A notary public cannot provide a signature guarantee. Call 1-800-658-5811 for instructions and further assistance.

*Payments to Financial Intermediaries*

For certain share classes, the Fund and/or the Manager (and/or the Manager's affiliates), at their own expense, may pay compensation to financial intermediaries for shareholder-related services and, if applicable, distribution-related services, including administrative, sub-transfer agency type, recordkeeping and shareholder communication services. For example, compensation may be paid to make Fund shares available to sales representatives and/or customers of a fund supermarket platform or similar program sponsor or for services provided in connection with such fund supermarket platforms and programs.

The amount of compensation paid to different financial intermediaries may differ. The compensation paid to a financial intermediary may be based on a variety of factors, including average assets under management in accounts distributed and/or serviced by the financial intermediary, gross sales by the financial intermediary and/or the number of accounts serviced by the financial intermediary that invests in the Fund . To the extent that the Fund pays any such compensation, it is designed to compensate the financial intermediary for providing services that would otherwise be provided by the Manager, the Fund or its transfer agent. To the extent the Manager or its affiliates pay such compensation, it would likely include amounts from that party's own resources and constitute what is sometimes referred to as ''revenue sharing.''

Compensation received by a financial intermediary from the Fund, the Manager or an affiliate of the Manager may include payments for marketing and/or training expenses incurred by the financial intermediary, including expenses incurred by the financial intermediary in educating (itself and) its salespersons with respect to Fund shares. For example, such compensation may include reimbursements for expenses incurred in attending educational seminars regarding the Fund , including travel and lodging expenses. It may also cover costs incurred by financial intermediaries in connection with their efforts to sell Fund shares, including costs incurred compensating (registered) sales representatives and preparing, printing and distributing sales literature.

Any compensation received by a financial intermediary, whether from the Fund or the Manager and/or its affiliates, and the prospect of receiving it may provide the financial intermediary with an incentive to recommend the shares of the Fund , or a certain class of shares of the Fund , over other potential investments. Similarly, the compensation may cause financial intermediaries to elevate the prominence of the Fund within its organization by, for example, placing it on a list of preferred funds. You can contact your financial intermediary for details about any such payments it receives from the Manager, its affiliates and/or the Fund , or any other fees, expenses, or commissions your financial intermediary may charge you in addition to those disclosed in this Prospectus.

The Fund will not make any of the payments described in this section with respect to its R6 Class shares.

*Additional Payments with Respect to Y Class Shares*

Y Class shares may also be available on brokerage platforms of firms that have agreements with a Fund's distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Y Class shares in these programs may be required to pay a commission and/or other forms of compensation to the broker. Shares of a Fund are available in other share classes that have different fees and expenses.

General Policies

If a shareholder's account balance falls below the following minimum levels, the shareholder may be asked to increase the balance.

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| | |
|:---|:---|
| **Share Class** | **Account Balance** |
| A | $2500 |
| C | $1000 |
| Y | $25000 |
| R6 | $0 |
| Advisor | $2500 |
| R5 | $75000 |
| Investor | $2500 |

---

If the account balance remains below the applicable minimum account balance after 45 days, the Fund reserves the right, upon 30 days' advance written notice, to close the account and send the proceeds to the shareholder. The Fund reserves the authority to modify minimum account balances in its discretion.

A traditional IRA or Roth IRA invested directly will be charged an annual maintenance fee of $15.00 by the Custodian.

**Prospectus** – About Your Investment**23**

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An ACH privilege allows electronic transfer from a checking or savings account into a direct account with the Fund . The ACH privilege may not be used for initial purchases but may be used for subsequent purchases and redemptions. Purchases of Fund shares by ACH are subject to a limit of $2,000 per Fund per day. The Fund reserves the right to waive such limit in its sole discretion.

ACH privileges must be requested on the account application, or may be established on an existing account by submitting a request in writing to the Fund . Validated signatures from all shareholders of record for the account are required on the written request. See details below regarding signature validations. Such privileges apply unless and until the Fund receives written instructions from all shareholders of record canceling such privileges. Changes of bank account information must also be made in writing with validated signatures. The Fund reserves the right to amend, suspend or discontinue the ACH privilege at any time without prior notice. The ACH privilege does not apply to shares held in broker "street name" accounts or in other omnibus accounts.

When a signature validation is called for, a Medallion signature guarantee or SVP stamp may be required. A Medallion signature guarantee is intended to provide signature validation for transactions considered financial in nature, and an SVP stamp is intended to provide signature validation for transactions non-financial in nature. A Medallion signature guarantee or SVP stamp may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association or other financial institution which is participating in a Medallion program or SVP recognized by the Securities Transfer Association. The Fund may reject a Medallion signature guarantee or SVP stamp. Shareholders should call 1-800-658-5811 for additional details regarding the Fund's signature guarantee requirements.

The following policies apply to instructions you may provide to the Fund by telephone:

■ The
 Fund, its officers, trustees, employees, or agents are not responsible for the authenticity of instructions provided by telephone,
 nor for any loss, liability, cost or expense incurred for acting on them.

■ The
 Fund employs procedures reasonably designed to confirm that instructions communicated by telephone are genuine.

■ Due
 to the volume of calls or other unusual circumstances, telephone redemptions may be difficult to implement during certain time periods.

The Fund reserves the right to:

■ liquidate
 a shareholder's account at the current day's NAV per share and remit proceeds via check if the Fund or a financial
 institution is unable to verify the shareholder's identity within three business days of account opening,

■ seek
 reimbursement from the shareholder for any related loss incurred by the Fund if payment for the purchase of Fund shares by
 check does not clear the shareholder's bank, and

■ reject
 a purchase order and seek reimbursement from the shareholder for any related loss incurred by the Fund if funds are not received
 by the applicable wire deadline.

A shareholder will not be required to pay a CDSC when the registration for A Class or C Class shares is transferred to the name of another person or entity. The transfer may occur by absolute assignment, gift or bequest, as long as it does not involve, directly or indirectly, a public sale of the shares. When A Class or C Class shares are transferred, any applicable CDSC will continue to apply to the transferred shares and will be calculated as if the transferee had acquired the shares in the same manner and at the same time as the transferring shareholder.

*Escheatment*

Please be advised that certain state escheatment laws may require a Fund to turn over your mutual fund account to the state listed in your account registration as abandoned property unless you contact the Funds. Many states have added ''inactivity'' or the absence of **customer-initiated contact** as a component of their rules and guidelines for the escheatment of unclaimed property. These states consider property to be abandoned when there is no **shareholder-initiated activity** on an account for at least three (3) to five (5) years.

Depending on the laws in your jurisdiction, customer-initiated contact might be achieved by one of the following methods:

■ Send
 a letter to American Beacon Funds via the United States Post Office.

■ Speak
 to a Customer Service Representative on the phone after you go through a security verification process. **For residents of certain states, contact** **cannot be made by phone but must be in writing or through the Funds' secure web application.** 

■ Access
 your account through the Funds' secure web application.

■ Cashing
 checks that are received and are made payable to the owner of the account.

The Funds, the Manager, and the transfer agent will not be liable to shareholders or their representatives for good faith compliance with escheatment laws. To learn more about the escheatment rules for your particular state, please contact your attorney or State Treasurer's and/or Controller's Offices. Unless you hold your shares directly with a Fund, you should contact your broker-dealer, retirement plan, or other third-party intermediary regarding applicable state escheatment laws.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. The completed designation form may be mailed to the below address.

Contact information:

American Beacon Funds<br>P.O. Box 219643<br>Kansas City, MO 64121-9643<br>1-800-658-5811 <br>www.americanbeaconfunds.com

Frequent Trading and Market Timing

Frequent trading by Fund shareholders poses risks to other shareholders in the Fund, including: (i) the dilution of the Fund's NAV per share, (ii) an increase in the Fund's expenses, and (iii) interference with the portfolio manager's ability to execute efficient investment strategies. Frequent, short-term trading of Fund shares in an attempt to profit from day-to-day fluctuations in the Fund's NAV per share is known as market timing. The Funds' Board has adopted policies and procedures intended to discourage frequent trading and market timing.

**24** **Prospectus** – About Your Investment

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Shareholders may transact one ''round trip'' in the Fund in any rolling 90-day period. A ''round trip'' is defined as two transactions, each in an opposite direction. A round trip may involve either (i) a purchase or exchange into the Fund followed by a redemption or exchange out of the Fund or (ii) a redemption or exchange out of the Fund followed by a purchase or exchange into the Fund. If the Manager detects that a shareholder has exceeded one round trip in the Fund in any rolling 90-day period, the Manager, without prior notice to the shareholder, may prohibit the shareholder from making further purchases of the Fund. In general, the Fund reserves the right to reject any purchase order, terminate the exchange privilege, or liquidate the account of any shareholder that the Manager determines has engaged in frequent trading or market timing, regardless of whether the shareholder's activity violates any policy stated in this Prospectus. Additionally, the Manager may , in its discretion, reject any purchase or exchange into the Fund from any individual investor, institutional investor, or group whose trading activity could disrupt the management of the Fund or dilute the value of the Fund's shares, including collective trading (e.g. following the advice of an investment newsletter). Such investors may be barred from future purchases of American Beacon Funds.

The round-trip limit does not apply to the following transaction types:

■ shares
 acquired through the reinvestment of dividends and other distributions;

■ systematic
 purchases and redemptions;

■ shares
 redeemed to return excess IRA contributions; or

■ certain
 transactions made within a retirement or employee benefit plan, such as payroll contributions, minimum required distributions, loans,
 and hardship withdrawals,
 or other transactions that are initiated by a party other than the plan participant.

Financial intermediaries that offer Fund shares, such as broker-dealers, third - party administrators of retirement plans, and trust companies, will be asked to enforce the Fund's policies to discourage frequent trading and market timing by investors. However, certain intermediaries that offer Fund shares have informed the Fund that they are currently unable to enforce the Fund's policies on an automated basis. In those instances, the Manager will monitor trading activity of the intermediary in an attempt to detect patterns of activity that indicate frequent trading or market timing by underlying investors. In some cases, intermediaries that offer Fund shares have their own policies to deter frequent trading and market timing that differ from the Fund's policies. The Fund may defer to an intermediary's policies. For more information, please contact the financial intermediary through which you invest in the Fund .

The Manager monitors trading activity in the Fund to attempt to identify shareholders engaged in frequent trading or market timing. The Manager may exclude transactions below a certain dollar amount from monitoring and may change that dollar amount from time to time. The ability of the Manager to detect frequent trading and market timing activity by investors who own shares through an intermediary is dependent upon the intermediary's provision of information necessary to identify transactions by the underlying investors. The Fund has entered into agreements with the intermediaries that service the Fund's investors, pursuant to which the intermediaries agree to provide information on investor transactions to the Fund and to act on the Fund's instructions to restrict transactions by investors who the Manager has identified as having violated the Fund's policies and procedures to deter frequent trading and market timing.

Wrap programs offered by certain intermediaries may be designated ''Qualified Wrap Programs'' by the Fund based on specific criteria established by the Fund and a certification by the intermediary that the criteria have been met. A Qualified Wrap Program is a wrap program whose sponsoring intermediary: (i) certifies that it has investment discretion over $50 million or more in client assets invested in mutual funds at the time of the certification, (ii) certifies that it directs transactions in accounts participating in the wrap program(s) in concert with changes in a model portfolio; (iii) provides the Manager a description of the wrap program(s); and (iv) managed by an intermediary that agrees to provide the Manager sufficient information to identify individual accounts in the intermediary's wrap program(s). For purposes of applying the round-trip limit, transactions initiated by clients invested in a Qualified Wrap Program will not be matched to transactions initiated by the intermediary sponsoring the Qualified Wrap Program. For example, a client's purchase of the Fund followed within 90 days by the intermediary's redemption of the same Fund would not be considered a round trip. However, transactions initiated by a Qualified Wrap Program client are subject to the round-trip limit and will be matched to determine if the client has exceeded the round-trip limit. In addition, the Manager will monitor transactions initiated by Qualified Wrap Program intermediaries to determine whether any intermediary has engaged in frequent trading or market timing. If the Manager determines that an intermediary has engaged in activity that is harmful to the Fund, the Manager will revoke the intermediary's Qualified Wrap Program status. Upon termination of status as a Qualified Wrap Program, all account transactions will be matched for purposes of testing compliance with the Fund's frequent trading and market timing policies.

The Fund reserves the right to modify the frequent trading and market timing policies and procedures and grant or eliminate waivers to such policies and procedures at any time without advance notice to shareholders. There can be no assurance that the Fund's policies and procedures to deter frequent trading and market timing will have the intended effect or that the Manager will be able to detect frequent trading and market timing.

Distributions and Taxes

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income ("dividends ") on an annual basis and distributions of realized net capital gains ("capital gain distributions") and net gains from foreign currency transactions (sometimes referred to below collectively as "other distributions") on an annual basis (and dividends and other distributions are sometimes referred to below collectively as "distributions"). Different tax treatment applies to different types of distributions (as described in the table under "Taxes").

The Fund does not have a fixed dividend rate nor does it guarantee that it will pay any distributions in any particular period. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, but dividends on different classes of shares may be different as a result of the services and/or fees applicable to certain classes of shares.

Options for Receiving Dividends and Other Distributions

When you open your Fund account, you can specify on your application how you want to receive distributions. To change that option, you must notify the transfer agent. Unless you instruct otherwise in your account application, distributions payable to you by the Fund will be reinvested in additional shares of the distributing class of that Fund. There are four payment options available:

■ Reinvest
 All Distributions. You can elect to reinvest all distributions by the Fund in additional shares of the distributing class
 of  that Fund.

■ Reinvest
 Only Some Distributions. You can elect to reinvest some types of distributions by the Fund in additional shares of the distributing
 class of that Fund while receiving the other types of distributions by that Fund by check or having them sent directly to your bank
 account by ACH ("in cash").

■ Receive
 All Distributions in Cash. You can elect to receive all distributions in cash.

■ Reinvest
 Your Distributions in shares of another American Beacon Fund. You can reinvest all of your distributions by the Fund on a
 particular class of shares in shares of the same class of another American Beacon Fund that is available for exchanges. You must
 have an existing account in the same share class of the selected fund.

Distributions of Fund income are generally taxable to you regardless of the manner in which they are received or reinvested.

**Prospectus** – About Your Investment**25**

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If you invest directly with the Fund, any election to receive distributions payable by check will only apply to distributions totaling $10.00 or more. Any distribution by the Fund totaling less than $10.00 will be reinvested in shares of the distributing class of that Fund and will not be paid to you by check.

If you elect to receive a distribution by check and the U.S. Postal Service cannot deliver your check, or if your check remains uncashed for at least six months, the Fund reserves the right to reinvest the amount of your check, and to reinvest all subsequent distributions, in shares of the distributing class of that Fund at the NAV per share on the day of the reinvestment. Interest will not accrue on amounts represented by uncashed distribution or redemption checks.

Shareholders investing in the Fund through a financial intermediary should discuss their options for receiving distributions with the intermediary.

*Taxes*

Fund distributions are taxable to shareholders other than tax-qualified retirement plans and accounts and other tax-exempt investors. However, the portion of the Fund's dividends derived from its investments in U.S. Government obligations, if any, is generally exempt from state and local income taxes. Fund dividends, except those that are "qualified dividend income" (as described below), are subject to federal income tax at the rates for ordinary income contained in the Internal Revenue Code. The following table outlines the typical status of transactions in taxable accounts:

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| | |
|:---|:---|
| **Type of Transaction**  | **Federal Tax Status**  |
| Dividends from net investment income\*  | Ordinary income\*\*  |
| Distributions of the excess of net short-term capital gain over net long-term capital loss\*  | Ordinary income  |
| Distributions of net gains from certain foreign currency transactions\*  | Ordinary income  |
| Distributions of the excess of net long-term capital gain over net short-term capital loss ("net capital gain")\*  | Long-term capital gains  |
| Redemptions or exchanges of shares owned for more than one year  | Long-term capital gains or losses  |
| Redemptions or exchanges of shares owned for one year or less  | Net gains are taxed at the same rate as ordinary income; net losses are subject to special rules  |

---

\* Whether reinvested or taken in cash.

\*\* Except for dividends that are attributable to ''qualified dividend income,'' if any.

To the extent distributions are attributable to net capital gain that the Fund recognizes they are subject to a 15% maximum federal income tax rate for individual and certain other non-corporate shareholders (each, an ''individual'') (20% for individuals with taxable income exceeding certain thresholds, which are indexed for inflation annually), regardless of how long the shareholder held his or her Fund shares. A portion of the dividends the Fund pays to individuals may be QDI and thus eligible for the preferential rates mentioned above , that apply to net capital gain. QDI is the aggregate of dividends the Fund receives on shares of most domestic corporations and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions. To be eligible for those rates, a shareholder must meet similar restrictions with respect to his or her Fund shares.

A portion of the dividends the Fund pays may also be eligible for the dividends-received deduction allowed to corporations, subject to similar holding period and other restrictions, but the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations only.

A shareholder may realize a taxable gain or loss when redeeming or exchanging shares. That gain or loss is treated as a short-term or long-term capital gain or loss, depending on how long the redeemed or exchanged shares were held. Any capital gain an individual shareholder recognizes on a redemption or exchange of Fund shares that have been held for more than one year will qualify for the 15% and 20% tax rates mentioned above.

A shareholder who wants to use an acceptable basis determination method with respect to Fund shares other than the average basis method (the Fund's default method) must elect to do so in writing, which may be electronic. The Fund, or its administrative agent, must report to the IRS and furnish to its shareholders the basis information for dispositions of Fund shares. See "Tax Information" in the SAI for a description of the rules regarding that election and the Fund's reporting obligation.

An individual must pay a 3.8% tax on the lesser of (1) the individual's ''net investment income,'' which generally includes distributions the Fund pays and net gains realized on the redemption or exchange of Fund shares, or (2) the excess of the individual's ''modified adjusted gross income'' over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers). 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 tax may have on their investment in Fund shares.

Each year, the Fund's shareholders will receive tax information regarding Fund distributions and dispositions of Fund shares to assist them in preparing their income tax returns.

The foregoing is only a summary of some of the important federal income tax considerations that may affect Fund shareholders, who should consult their tax advisers regarding specific questions as to the effect of federal, state and local income taxes on an investment in the Fund.

Additional Information

The Fund's Board oversees generally the operations of the Fund . The Trust enters into contractual arrangements with various parties, including among others, the Fund's manager, sub-advisor(s), custodian, transfer agent, and accountants, who provide services to the Fund . 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 Fund that you should consider in determining whether to purchase Fund shares. Neither this Prospectus nor the SAI is intended, or should be read, to be or create an agreement or contract between the Trust or the Fund and any investor, or to create any rights in any shareholder or other person other than any rights under federal or state law that may not be waived. Nothing in this Prospectus, the SAI or the Fund's reports to shareholders is intended to provide investment advice and should not be construed as investment advice.

Distribution and Service Plans

The Funds have adopted separate Distribution Plans for their A Class, C Class, and Advisor Class shares in accordance with Rule 12b-1 under the Investment Company Act, which allows the A Class, C Class and Advisor Class shares to pay distribution and other fees for the sale of Fund shares and for other services provided to shareholders. Each Plan also authorizes the use of any fees received by the Manager in accordance with the Management Agreement, and any

**26** **Prospectus** – Additional Information

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fees received by the sub-advisors pursuant to their Investment Advisory Agreements with the Manager, to be used for the sale and distribution of Fund shares. The Plans provide that the A Class and Advisor Class shares of the Funds will pay up to 0.25% per annum of the average daily net assets attributable to the A Class, and Advisor Class, respectively, and the C Class shares of the Funds will pay up to 1.00% per annum of the average daily net assets attributable to the C Class to the Manager (or another entity approved by the Board). Because these fees are paid out of a Fund's A Class, C Class, and Advisor Class assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The Funds have also adopted a distribution plan under Rule 12b-1 under the Investment Company Act that applies to all share classes of the Funds (the "Fund-Level Distribution Plan"). Currently, the Board has not authorized payments under the Fund-Level Distribution Plan.

The Funds have also adopted a shareholder services plan for their A Class, C Class, Investor Class, and Advisor Class shares for certain non-distribution shareholder services provided by financial intermediaries. The shareholder services plan authorizes annual payment of up to 0.25% of the average daily net assets attributable to the A Class shares, up to 0.25% of the average daily net assets attributable to the C Class shares, up to 0.375% of the average daily net assets attributable to the Investor Class shares, and up to 0.25% of the average daily net assets attributable to the Advisor Class shares. In addition, the Funds may reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries attributable to Y Class and R5 Class shares of the Funds.

R6 Class shares will not reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries.

Portfolio Holdings

A complete list of the Fund's holdings is made available on the Fund's website on a monthly basis approximately twenty days after the end of each month and remains available for six months thereafter. A list of the Fund's ten largest holdings is made available on the Fund's website on a quarterly basis. The ten largest holdings of the Fund are generally posted to the website approximately fifteen days after the end of each calendar quarter and remain available until the next quarter. To access the holdings information, go to www.americanbeaconfunds.com. The Fund's ten largest holdings may also be accessed by selecting the Fund's fact sheet.

A description of the Fund's policies and procedures regarding the disclosure of portfolio holdings is available in the SAI, which you may access on the Fund's website at www.americanbeaconfunds.com or call 1-800-658-5811 to request a free copy.

Delivery of Documents

The summary prospectus , Annual Shareholder Reports and Semi-Annual Shareholder Reports ("Shareholder Reports") are available online at www.americanbeaconfunds.com/reports. If you are interested in electronic delivery of the Fund's summary prospectus or Shareholder Reports , please go to www.americanbeaconfunds.com and click on ''Quick Links'' and then ''Register for E-Delivery.''

To reduce expenses, your financial institution may mail only one copy of the summary prospectus and Shareholder Reports to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your financial institution. Delivery of individual copies will commence thirty days after receiving your request.

Financial Highlights

The financial highlights tables are intended to help you understand the Fund's financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the tables 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).

The information in the financial highlights for the fiscal years ended October 31, 2022, October 31, 2023 , October 31, 2024 and October 31, 2025 has been derived from the Funds' financial statements audited by [XX] , an Independent Registered Public Accounting Firm, whose report, along with the Funds' financial statements, is included in the Funds' annual Form N-CSR, which you may obtain upon request. The information for the fiscal year ended October 31, 2021 was audited by the Funds' prior independent registered public accounting firm.

**Prospectus** – Additional Information**27**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **A Class**  | **A Class**  | **A Class**  | **A Class**  | **A Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $24.27  | $19.98  | $24.87  | $29.12  | $18.47  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.18 <sup>C</sup>  | 0.23  | 0.21  | 0.10  | 0.06  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.01  | 5.19  | (1.26)  | (1.07)  | 10.72  |
| Total income (loss) from investment operations  | 0.19  | 5.42  | (1.05)  | (0.97)  | 10.78  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.30)  | (0.28)  | (0.27)  | (0.12)  | (0.13)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (2.04)  | (1.13)  | (3.84)  | (3.28)  | (0.13)  |
| Net asset value, end of period  | $22.42  | $24.27  | $19.98  | $24.87  | $29.12  |
| Total return <sup>D</sup>  | 0.81%  | 27.50%  | (4.50)%  | (3.88)%  | 58.57%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $46267326  | $51343675  | $37440788  | $48515547  | $63024594  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 1.23%  | 1.21%  | 1.21%  | 1.21%  | 1.24%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.23%  | 1.21%  | 1.21%  | 1.21%  | 1.24%  |
| &nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 0.79%  | 0.82%  | 0.81%  | 0.42%  | 0.21%  |
| &nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments  | 0.79%  | 0.82%  | 0.81%  | 0.42%  | 0.21%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May includeadjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values maydiffer from the net asset value and returns for shareholder transactions.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **C Class**  | **C Class**  | **C Class**  | **C Class**  | **C Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $22.33  | $18.44  | $23.27  | $27.51  | $17.47  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.00 <sup>C,E</sup>  | 0.02 <sup>C</sup>  | 0.02  | (0.14)  | (0.22)  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.01  | 4.82  | (1.14)  | (0.94)  | 10.26  |
| Total income (loss) from investment operations  | 0.01  | 4.84  | (1.12)  | (1.08)  | 10.04  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.11)  | (0.10)  | (0.14)  | -  | -  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (1.85)  | (0.95)  | (3.71)  | (3.16)  | -  |
| Net asset value, end of period  | $20.49  | $22.33  | $18.44  | $23.27  | $27.51  |
| Total return <sup>D</sup>  | (0.02)%  | 26.56%  | (5.23)%  | (4.54)%  | 57.47%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $3416106  | $5955619  | $6883174  | $8859738  | $11261210  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 2.00%  | 1.95%  | 1.93%  | 1.93%  | 1.95%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 2.00%  | 1.95%  | 1.93%  | 1.93%  | 1.95%  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments  | 0.02%  | 0.12%  | 0.09%  | (0.29)%  | (0.50)%  |
| Net investment income (loss), net of reimbursements and/or recoupments  | 0.02%  | 0.12%  | 0.09%  | (0.29)%  | (0.50)%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Per share amounts have been calculated using the average shares method.

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | |
|:---|:---|
| E | Amount represents less than $0.01 per share. |

---

**Prospectus** – Additional Information**29**

------

[Back to **Table of Contents**](#TOC_2718)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **Y Class**  | **Y Class**  | **Y Class**  | **Y Class**  | **Y Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $26.04  | $21.36  | $26.36  | $30.68  | $19.44  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.27 <sup>C</sup>  | 0.29  | 0.30  | 0.22  | 0.16  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.01  | 5.60  | (1.34)  | (1.16)  | 11.28  |
| Total income (loss) from investment operations  | 0.28  | 5.89  | (1.04)  | (0.94)  | 11.44  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.38)  | (0.36)  | (0.39)  | (0.22)  | (0.20)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (2.12)  | (1.21)  | (3.96)  | (3.38)  | (0.20)  |
| Net asset value, end of period  | $24.20  | $26.04  | $21.36  | $26.36  | $30.68  |
| Total return <sup>D</sup>  | 1.13%  | 27.97%  | (4.19)%  | (3.55)%  | 59.15%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $352051679  | $421344447  | $355150002  | $427638978  | $255837301  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 0.88%  | 0.86%  | 0.86%  | 0.86%  | 0.89%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 0.88%  | 0.86%  | 0.86%  | 0.86%  | 0.89%  |
| &nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 1.12%  | 1.18%  | 1.15%  | 0.79%  | 0.56%  |
| &nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments  | 1.12%  | 1.18%  | 1.15%  | 0.79%  | 0.56%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Per share amounts have been calculated using the average shares method.

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

**30** **Prospectus** – Additional Information

------

[Back to **Table of Contents**](#TOC_2718)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **R6 Class**  | **R6 Class**  | **R6 Class**  | **R6 Class**  | **R6 Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $26.64  | $21.83  | $26.85  | $31.19  | $19.75  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.30 <sup>C</sup>  | 0.32  | 0.36  | 0.25  | 0.19  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.01  | 5.72  | (1.40)  | (1.18)  | 11.48  |
| Total income (loss) from investment operations  | 0.31  | 6.04  | (1.04)  | (0.93)  | 11.67  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.41)  | (0.38)  | (0.41)  | (0.25)  | (0.23)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (2.15)  | (1.23)  | (3.98)  | (3.41)  | (0.23)  |
| Net asset value, end of period  | $24.80  | $26.64  | $21.83  | $26.85  | $31.19  |
| Total return <sup>D</sup>  | 1.21%  | 28.10%  | (4.09)%  | (3.45)%  | 59.38%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $1529471682  | $1936104086  | $1583343034  | $1509127442  | $1830192124  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 0.78%  | 0.76%  | 0.76%  | 0.77%  | 0.79%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 0.78%  | 0.76%  | 0.76%  | 0.77%  | 0.79%  |
| &nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 1.23%  | 1.28%  | 1.25%  | 0.86%  | 0.66%  |
| &nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments  | 1.23%  | 1.28%  | 1.25%  | 0.86%  | 0.66%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Per share amounts have been calculated using the average shares method

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

**Prospectus** – Additional Information**31**

------

[Back to **Table of Contents**](#TOC_2718)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **Advisor Class**  | **Advisor Class**  | **Advisor Class**  | **Advisor Class**  | **Advisor Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $24.57  | $20.21  | $25.13  | $29.34  | $18.60  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.16 <sup>C</sup>  | 0.17  | 0.18  | 0.06  | 0.17  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.11  | 5.29  | (1.25)  | (1.07)  | 10.69  |
| Total income (loss) from investment operations  | 0.17  | 5.46  | (1.07)  | (1.01)  | 10.86  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.26)  | (0.25)  | (0.28)  | (0.04)  | (0.12)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (2.00)  | (1.10)  | (3.85)  | (3.20)  | (0.12)  |
| Net asset value, end of period  | $22.74  | $24.57  | $20.21  | $25.13  | $29.34  |
| Total return <sup>D</sup>  | 0.69%  | 27.40%  | (4.57)%  | (3.96)%  | 58.56%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $18793774  | $21248218  | $25580739  | $32662818  | $32801309  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 1.30%  | 1.29%  | 1.28%  | 1.28%  | 1.29%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.30%  | 1.29%  | 1.28%  | 1.28%  | 1.29%  |
| &nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 0.71%  | 0.77%  | 0.75%  | 0.36%  | 0.20%  |
| &nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments  | 0.71%  | 0.77%  | 0.75%  | 0.36%  | 0.20%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Per share amounts have been calculated using the average shares method.

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

**32** **Prospectus** – Additional Information

------

[Back to **Table of Contents**](#TOC_2718)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **R5 Class**  | **R5 Class**  | **R5 Class**  | **R5 Class**  | **R5 Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $26.65  | $21.84  | $26.85  | $31.19  | $19.76  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.30 <sup>C</sup>  | 0.35  | 0.31  | 0.31  | 0.25  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.00 <sup>E</sup>  | 5.69  | (1.35)  | (1.25)  | 11.40  |
| Total income (loss) from investment operations  | 0.30  | 6.04  | (1.04)  | (0.94)  | 11.65  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.40)  | (0.38)  | (0.40)  | (0.24)  | (0.22)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (2.14)  | (1.23)  | (3.97)  | (3.40)  | (0.22)  |
| Net asset value, end of period  | $24.81  | $26.65  | $21.84  | $26.85  | $31.19  |
| Total return <sup>D</sup>  | 1.17%  | 28.05%  | (4.09)%  | (3.49)%  | 59.26%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $1525747025  | $1914739045  | $1851818875  | $2233390067  | $3380005813  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 0.81%  | 0.79%  | 0.79%  | 0.79%  | 0.81%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 0.81%  | 0.79%  | 0.79%  | 0.79%  | 0.81%  |
| &nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 1.20%  | 1.26%  | 1.23%  | 0.84%  | 0.65%  |
| &nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments  | 1.20%  | 1.26%  | 1.23%  | 0.84%  | 0.65%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America, LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Per share amounts have been calculated using the average shares method.

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

---

| | |
|:---|:---|
| E | Amount represents less than $0.01 per share. |

---

**Prospectus** – Additional Information**33**

------

[Back to **Table of Contents**](#TOC_2718)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  | **American Beacon Small Cap Value Fund**  |
| | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
| <br>**For a share outstanding throughout the period:**  | **Year Ended October 31, 2025** **<sup>A</sup>**  | **Year Ended October 31, 2024**  | **Year Ended October 31, 2023**  | **Year Ended October 31, 2022** **<sup>B</sup>**  | **Year Ended October 31, 2021**  |
| **Net asset value, beginning of period**  | $25.03  | $20.57  | $25.51  | $29.78  | $18.88  |
| **Income (loss) from investment operations:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.20 <sup>C</sup>  | 0.30  | 0.18  | 0.19  | 0.20  |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized)  | 0.01  | 5.30  | (1.24)  | (1.17)  | 10.85  |
| Total income (loss) from investment operations  | 0.21  | 5.60  | (1.06)  | (0.98)  | 11.05  |
| **Less distributions:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.31)  | (0.29)  | (0.31)  | (0.13)  | (0.15)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains  | (1.74)  | (0.85)  | (3.57)  | (3.16)  | -  |
| Total distributions  | (2.05)  | (1.14)  | (3.88)  | (3.29)  | (0.15)  |
| Net asset value, end of period  | $23.19  | $25.03  | $20.57  | $25.51  | $29.78  |
| Total return <sup>D</sup>  | 0.85%  | 27.60%  | (4.41)%  | (3.81)%  | 58.74%  |
| **Ratios and supplemental data:**  |  |  |  |  |  |
| Net assets, end of period  | $197336088  | $251989854  | $252350988  | $284880016  | $367726622  |
| Ratios to average net assets:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments  | 1.15%  | 1.14%  | 1.13%  | 1.12%  | 1.15%  |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.15%  | 1.14%  | 1.13%  | 1.12%  | 1.15%  |
| &nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments  | 0.87%  | 0.90%  | 0.89%  | 0.50%  | 0.32%  |
| &nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments  | 0.87%  | 0.90%  | 0.89%  | 0.50%  | 0.32%  |
| Portfolio turnover rate  | 75%  | 52%  | 52%  | 72%  | 48%  |

---

A On March 7, 2025, Newton Investment Management North America , LLC was terminated and ceased managing assets of the Fund. On March 28, 2025,Westwood Management Corp. began managing assets of the Fund.

B On February 8. 2022, Foundry Partners, LLC and Hillcrest Asset Management, LLC, were terminated and ceased managing assets of the Fund. On March 10, 2022, DePrince, Race & Zollo, Inc., began managing assets of the Fund.

C Per share amounts have been calculated using the average shares method.

D Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

**34** **Prospectus** – Additional Information

------

[Back to **Table of Contents**](#TOC_2718)

Additional Information

Additional information about the Fund is found in the documents listed below. Request a free copy of these documents by calling 1-800-658-5811 or you may access them on the Fund's website at www.americanbeaconfunds.com.

**Annual Shareholder Report/Semi-Annual Shareholder Report and Form N-CSR**

The Fund's Annual and Semi-Annual Shareholder Reports and Form N-CSR include additional information about the Fund's investments. The Annual Shareholder Report also includes a discussion by the Manager of market conditions and investment strategies that materially affected the Fund's performance during the reporting period. The Form N-CSR includes the Fund's annual and semi-annual financial statements, as well as the report of the Fund's independent registered public accounting firm in the annual financial statements.

**SAI**

The SAI contains more details about the Fund and its investment policies. The SAI is incorporated in this Prospectus by reference (it is legally part of this Prospectus). A current SAI is on file with the SEC.

**Appendix A to the Prospectus – Intermediary Sales Charge Discounts, Waivers and Other Information**

**Appendix A** contains more information about specific sales charge discounts and waivers available for shareholders who purchase Fund shares through a specific financial intermediary. **Appendix A** is incorporated herein by reference (is legally a part of this Prospectus).

To obtain more information about the Fund , such as the Fund's financial statements, or to request a copy of the documents listed above:

---

| | |
|:---|:---|
| **By Telephone:**  | Call<br>**1-800-658-5811**  |
| **By Mail:**  | American Beacon Funds<br>P.O. Box 219643<br>Kansas City, MO 64121-9643  |
| **By E-mail:**  | americanbeaconfunds@ambeacon.com  |
| **On the Internet:**  | Visit our website at www.americanbeaconfunds.com<br>Visit the SEC website at www.sec.gov  |

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The SAI and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic mail to publicinfo@sec.gov, or by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. The SAI and other information about the Fund may also be reviewed and copied at the SEC's Public Reference Room. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC at (202) 551-8090.

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| American Beacon is a registered service mark of American Beacon Advisors, Inc. The American Beacon Funds and the American Beacon Small Cap Value Fund are service marks of American Beacon Advisors, Inc. | ![](pr2718img001.jpg) |

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SEC File Number 811-04984

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**Appendix A**

**INTERMEDIARY SALES CHARGE DISCOUNTS, WAIVERS AND OTHER INFORMATION**

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Specific intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or CDSC waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive any applicable waivers or discounts. Please see the section entitled "Choosing Your Share Class" for more information on sales charges and waivers available for different classes.

The information in this Appendix is part of, and incorporated into, the Fund's prospectus.

Appendix A: Ameriprise Financial

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

■ Transaction
 size breakpoints, as described in this prospectus or the  SAI.

■ Rights
 of accumulation (ROA), as described in this prospectus or the SAI.

■ Letter
 of intent, as described in this prospectus or the  SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

■ shares
 purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and
 money purchase pension
 plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

■ shares
 purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund
 within the same fund
 family).

■ shares
 exchanged from Class  C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To
 the extent that this
 prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges
 following such shorter
 period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived
 shares, that waiver
 will also apply to such exchanges.

■ shares
 purchased by employees and registered representatives of  Ameriprise Financial or its affiliates and their immediate family members.

■ shares
 purchased by or through qualified accounts (including IRAs,  Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject
 to ERISA and defined
 benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse,
 advisor's lineal ascendant
 (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson,
 granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

■ shares
 purchased from the proceeds of  redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following
 the redemption, (2)
 the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

■ redemptions
 due to death or disability of the shareholder

■ shares
 sold as part of a systematic withdrawal plan as described in this prospectus or the  SAI

■ redemptions
 made in connection with a return of excess contributions from an IRA account

■ shares
 purchased through a Right of Reinstatement (as defined above)

■ redemptions
 made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Appendix A: Baird

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

■ Shares
 purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

■ Shares
 purchased by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

■ Shares
 purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the
 redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known
 as rights of reinstatement)

■ A
 shareholder in the Fund's Investor C shares will have their share converted at net asset value to Investor A shares of the fund
 if the shares are no longer subject
 to CDSC and the conversion is in line with the policies and procedures of Baird

■ Employer-sponsored
 retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored
 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored
 retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**Prospectus** – Appendix**A-1**

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**CDSC Waivers on Investor A and C shares Available at Baird**

■ Shares
 sold due to death or disability of the shareholder

■ Shares
 sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

■ Shares
 bought due to returns of excess contributions from an IRA Account

■ Shares
 sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in
 the Fund's prospectus

■ Shares
 sold to pay Baird fees but only if the transaction is initiated by Baird

■ Shares
 acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

■ Breakpoints
 as described in this prospectus

■ Rights
 of accumulation which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of
 fund family assets
 held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the
 rights of accumulations
 calculation only if the shareholder notifies his or her financial advisor about such assets

■ Letters
 of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period
 of time

Appendix A: Janney Montgomery Scott

Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

**Front-end sales charge\* waivers on Class A shares available at Janney**

■ Shares
 purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not
 any other fund within
 the fund family).

■ Shares
 purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

■ Shares
 purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following
 the redemption, (2)
 the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

■ Employer-sponsored
 retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and
 defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs
 or Keogh plans.

■ Shares
 acquired through a right of reinstatement.

■ Class
 C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant
 to Janney's policies
 and procedures.

**CDSC waivers on Class A and C shares available at Janney**

■ Shares
 sold upon the death or disability of the shareholder.

■ Shares
 sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

■ Shares
 purchased in connection with a return of excess contributions from an IRA account.

■ Shares
 sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as
 described in the fund's
 Prospectus.

■ Shares
 sold to pay Janney fees but only if the transaction is initiated by Janney.

■ Shares
 acquired through a right of reinstatement.

■ Shares
 exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

■ Breakpoints
 as described in the fund's Prospectus.

■ Rights
 of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the
 aggregated holding of fund
 family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be
 included in the ROA calculation
 only if the shareholder notifies his or her financial advisor about such assets.

■ Letters
 of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible
 fund family assets
 not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her
 financial advisor
 about such assets.

\*Also referred to as an "initial sales charge."

Appendix A: J.P. Morgan Securities LLC

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information ("SAI").

**Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC**

■ Shares
 exchanged from Class  C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of
 the same fund pursuant
 to J.P. Morgan Securities LLC's share class exchange policy.

■ Qualified
 employer-sponsored defined contribution and defined benefit retirement plans,  nonqualified deferred compensation plans, other employee benefit plans and
 trusts used to fund those plans. For purposes of this provision, such plans do not include  SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

■ Shares
 of funds purchased through  J.P. Morgan Securities LLC Self-Directed Investing accounts.

**A-2** **Prospectus** – Appendix

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■ Shares
 purchased through rights of reinstatement.

■ Shares
 purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not
 any other fund within
 the fund family).

■ Shares
 purchased by employees and registered representatives of  J.P. Morgan Securities LLC or its affiliates and their spouse or financial
 dependent as defined
 by J.P. Morgan Securities LLC.

**Class C to Class A share conversion**

■ A
 shareholder in the fund's Class  C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares
 (or the appropriate share class) of the
 same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies
 and procedures.

**CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC**

■ Shares
 sold upon the death or disability of the shareholder.

■ Shares
 sold as part of a systematic withdrawal plan as described in the fund's prospectus.

■ Shares
 purchased in connection with a return of excess contributions from an IRA account.

■ Shares
 sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

■ Shares
 acquired through a right of reinstatement.

**Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent**

■ Breakpoints
 as described in the prospectus.

■ Rights
 of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will
 be automatically calculated based
 on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC.
 Eligible fund family assets
 not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only
 if the shareholder
 notifies their financial advisor about such assets.

■ Letters
 of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan
 Securities LLC, over a
 13-month period of time (if applicable).

Appendix A: Merrill Lynch

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers , discounts , and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill**

■ Shares
 of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including
 health savings accounts)
 and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the
 benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs
 or Keogh plans

■ Shares
 purchased through a Merrill investment advisory program

■ Brokerage
 class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

■ Shares
 purchased through the Merrill Edge Self-Directed platform

■ Shares
 purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same
 mutual fund in the
 same account

■ Shares
 exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill  SLWD Supplement

■ Shares
 purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's
 Merrill Household
 (as defined in the Merrill  SLWD Supplement)

■ Shares
 purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees)

■ Shares
 purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within
 the same fund family;
 (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as
 Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically
 sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill**

■ Shares
 sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

■ Shares
 sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill
  SLWD Supplement

■ Shares
 sold due to return of excess contributions from an IRA account

■ Shares
 sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on
 applicable IRS regulation

■ Front-end
 or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs,
 Simple IRAs, SAR-SEPs
 or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual
 fund

**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent**

**Prospectus** – Appendix**A-3**

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■ Breakpoint
 discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed
 to a front-end load
 purchase, as described in the Merrill SLWD Supplement

■ Rights
 of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual
 fund family assets held in accounts in their Merrill Household

■ On
 or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing
 and calculation, please refer to the Merrill SLWD Supplement.

■ Letters
 of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within
 a fund family at Merrill,
 in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

■ On
 or about May 1, 2026, Merrill will no longer accept new  LOIs. For more detail on the timing, please refer to the Merrill SLWD
 Supplement.

Appendix A: Morgan Stanley

Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management**

■ Employer-sponsored
 retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and
 defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs
 or Keogh plans

■ Morgan
 Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

■ Shares
 purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

■ Shares
 purchased through a Morgan Stanley self-directed brokerage account

■ Class
 C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the
 same fund pursuant
 to Morgan Stanley Wealth Management's share class conversion program

■ Shares
 purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the
 redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Appendix A: Oppenheimer & Co. Inc. ("OPCO")

Effective February 26, 2020, shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO**

■ Employer-sponsored
 retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the
 shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

■ Shares
 purchased by or through a 529 Plan

■ Shares
 purchased through an OPCO affiliated investment advisory program

■ Shares
 purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not
 any other fund within
 the fund family)

■ Shares
 purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the
 redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known
 as Rights of Restatement).

■ A
 shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate
 share class) of the Fund if the
 shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

■ Employees
 and registered representatives of OPCO or its affiliates and their family members

■ Directors
 or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**CDSC Waivers on A, B and C Shares available at OPCO**

■ Death
 or disability of the shareholder

■ Shares
 sold as part of a systematic withdrawal plan as described in the Fund's prospectus

■ Return
 of excess contributions from an IRA Account

■ Shares
 sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described
 in the prospectus

■ Shares
 sold to pay OPCO fees but only if the transaction is initiated by OPCO

■ Shares
 acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent**

■ Breakpoints
 as described in this prospectus.

■ Rights
 of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding
 of fund family assets
 held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if
 the shareholder notifies his or her financial advisor about such assets.

Appendix A: Raymond James

Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**A-4** **Prospectus** – Appendix

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***Front-end Sales Charge Waivers on Class A Shares available at Raymond James***

■ Shares
 purchased in an investment advisory program.

■ Shares
 purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

■ Employees
 and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

■ Shares
 purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the
 redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known
 as Rights of Reinstatement).

■ A
 shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate
 share class) of the Fund if the
 shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

***CDSC Waivers on Classes A and C shares available at Raymond James***

■ Death
 or disability of the shareholder.

■ Shares
 sold as part of a systematic withdrawal plan as described in the fund's prospectus.

■ Return
 of excess contributions from an IRA Account.

■ Shares
 sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based
 on applicable IRS
 regulations as described in the fund's prospectus.

■ Shares
 sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

■ Shares
 acquired through a right of reinstatement.

***Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent***

■ Breakpoints
 as described in this Prospectus.

■ Rights
 of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of
 fund family assets
 held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be
 included in the calculation
 of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

■ Letters
 of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible
 fund family assets
 not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial
 advisor about such
 assets.

Appendix A: Stifel

Effective August 27, 2025, shareholders purchasing or holding American Beacon Fund Complex shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**CLASS A SHARES** <br> As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation** <br> Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the American Beacon Funds Complex held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets. The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**<br>• Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.<br>• Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.<br>• Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.<br>• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the American Beacon Funds Complex.<br>• Shares purchased from the proceeds of redeemed shares of American Beacon Funds Complex so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.<br>• Shares from rollovers into Stifel from retirement plans to IRAs.<br>• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.<br>• Purchases of Class 529-A shares through a rollover from another 529 plan.<br>• Purchases of Class 529-A shares made for reinvestment of refunded amounts.<br>• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**<br>• Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.<br>• Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.<br>• Return of excess contributions from an IRA Account.<br>• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

**Prospectus** – Appendix**A-5**

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

• Shares acquired through a right of reinstatement.<br>• Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.<br>• Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**<br>• Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

Appendix A: Wells Fargo

Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

Wells Fargo Advisors Class A share front-end sales charge waivers information.

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

■ Wells
 Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy
 accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward
 employees of affiliate businesses will not be offered  NAV.

■ Shares
 purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.  WellsTrade,
 the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where
 a Class A share is offered without a front-end sales charge.

Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

■ Shares
 purchased through a rollover from another 529 plan.

■ Recontribution(s)
 of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined
 by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

Wells Fargo Advisors Contingent Deferred Sales Charge information.

■ Contingent
 deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

Wells Fargo Advisors Class A front-end load discounts

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

■ Effective
 April 1, 2026,  SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal
 accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

■ Effective
 April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing
 and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID
 and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this
 provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

■ Gift
 of shares will not be considered when determining breakpoint discounts

Effective June 30, 2020, C Class shares will convert automatically into A Class shares on the 25th day of the month (or, if the 25th is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or the financial intermediary through which a shareholder purchased C Class shares has records verifying that the C Class shares have been held for at least eight years. The first conversion of C Class to A Class shares under this new policy would take place on July 25, 2020 for all C Class shares that were held for more than eight years as of June 30, 2020.

**A-6** **Prospectus** – Appendix

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**Appendix B**

**GLOSSARY**

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| | |
|:---|:---|
| **ACH**  | Automated Clearing House  |
| **ADRs**  | American Depositary Receipts  |
| **American Beacon or Manager**  | American Beacon Advisors, Inc.  |
| **Beacon Funds**  | American Beacon Funds  |
| **Board**  | Board of Trustees  |
| **CAIA**  | Chartered Alternative Investment Analyst  |
| **Capital Gains Distributions**  | Distributions of realized net capital gains  |
| **CDSC**  | Contingent Deferred Sales Charge  |
| **CFTC**  | Commodity Futures Trading Commission  |
| **CMO**  | Collateralized Mortgage Obligation  |
| **Denial of Services**  | A cybersecurity incident that results in customers or employees being unable to access electronic systems  |
| **Dividends**  | Distributions of most or all of a Fund's net investment income  |
| **DRD**  | Dividends-received deduction  |
| **Equity REIT**  | Income producing real estate that are owned and often operated by a REIT  |
| **ETF**  | Exchange-Traded Fund  |
| **EU**  | European Union  |
| **Fannie Mae**  | Federal National Mortgage Association  |
| **FFCB**  | Federal Farm Credit Banks  |
| **FHLB**  | Federal Home Loan Bank  |
| **FINRA**  | Financial Industry Regulatory Authority  |
| **Forwards**  | Forward Currency Contracts  |
| **Freddie Mac**  | Federal Home Loan Mortgage Corporation  |
| **GDR**  | Global Depositary Receipts  |
| **Ginnie Mae or GNMA**  | Government National Mortgage Association  |
| **Holdings Policy**  | Policies and Procedures for Disclosure of Portfolio Holdings  |
| **Hybrid REIT**  | The combination of equity REITs and mortgage REITs  |
| **Internal Revenue Code**  | Internal Revenue Code of 1986, as amended  |
| **Investment Company Act**  | Investment Company Act of 1940, as amended  |
| **IPOs**  | Initial Public Offerings  |
| **IRA**  | Individual Retirement Account  |
| **IRS**  | Internal Revenue Service  |
| **Junk Bonds**  | High yield, non-investment grade bonds  |
| **LOI**  | Letter of Intent  |
| **LSEG**  | London Stock Exchange Group  |
| **Management Agreement**  | The Fund's Management Agreement with the Manager  |
| **MLPs**  | Master limited partnerships  |
| **Moody's**  | Moody's Investors Service, Inc.  |
| **Mortgage REIT**  | Mortgage secured by loans on income producing real estate  |
| **NAV**  | Fund's net asset value  |
| **NDF**  | Non-deliverable forward contract  |
| **NYSE**  | New York Stock Exchange  |
| **Other Distributions**  | Distributions of net gains from foreign currency transactions  |
| **OTC**  | Over-the-Counter  |
| **Proxy Policy**  | Proxy Voting Policy and Procedures  |
| **QDI**  | Qualified Dividend Income  |
| **REIT**  | Real Estate Investment Trust  |

---

**Prospectus** – Appendix**B-1**

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---

| | |
|:---|:---|
| **S&P Global**  | S&P Global Ratings  |
| **SAI**  | Statement of Additional Information  |
| **SEC**  | Securities and Exchange Commission  |
| **SOFR**  | Secured Overnight Financing Rate  |
| **State Street**  | State Street Bank and Trust Company  |
| **Subsidiary**  | A wholly owned subsidiary that is organized under the laws of the Cayman Islands  |
| **SVP**  | Signature Validation Program  |
| **Trust**  | American Beacon Funds  |
| **UGMA**  | Uniform gifts to minor  |
| **UK**  | United Kingdom  |

---

**B-2** **Prospectus** – Appendix

**The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

![](sa2719img001.jpg)<br>

**Statement of Additional Information**<br> [XX XX, 2026]

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Share Class** | **Ticker**<br>**A** | <br>**C** | <br>**Y** | <br>**R6** | <br>**Advisor** | <br>**R5** | <br>**Investor** |
| **American Beacon Small Cap Value Fund** | ABSAX | ASVCX | ABSYX | AASRX | AASSX | AVFIX | AVPAX |

---

This Statement of Additional Information ("SAI") should be read in conjunction with the prospectus dated [XX XX, 2026] (the "Prospectus") for the American Beacon Small Cap Value Fund (the " Fund"), a separate series of American Beacon Funds, a Massachusetts business trust. Copies of the Prospectus may be obtained without charge by calling 1-800-658-5811. You also may obtain copies of the Prospectus without charge by visiting the Fund's website at www.americanbeaconfunds.com. This SAI is incorporated by reference into the Fund's Prospectus. In other words, it is legally a part of the Prospectus. This SAI is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the current Prospectus. Capitalized terms in this SAI have the same definition as in the Prospectus, unless otherwise defined. **Capitalized terms that are not otherwise defined in this SAI or the Prospectus are defined in Appendix D.**

The financial statements and accompanying notes appearing in Item 7 of the Fund's Form N-CSR for the fiscal year ended October 31, 2025 are incorporated by reference into this SAI. Copies of the Fund's Annual and Semi-Annual Shareholder Reports, and financial statements and accompanying notes, may be obtained, without charge, upon request by calling 1-800-658-5811 or visiting www.americanbeaconfunds.com.

------

**Table of Contents**

---

| | |
|:---|:---|
| [**Organization and History of the Fund**](#chapter_2-sect1_1_2719)  | [1](#chapter_2-sect1_1_2719)  |
| [**Additional Information About Investment Strategies and Risks**](#chapter_2-sect1_2_2719)  | [1](#chapter_2-sect1_2_2719)  |
| [**Other Investment Strategies and Risks**](#chapter_2-sect1_3_2719)  | [10](#chapter_2-sect1_3_2719)  |
| [**Investment Restrictions**](#chapter_2-sect1_4_2719)  | [10](#chapter_2-sect1_4_2719)  |
| [**Temporary or Defensive Investments**](#chapter_2-sect1_5_2719)  | [12](#chapter_2-sect1_5_2719)  |
| [**Portfolio Turnover**](#chapter_2-sect1_6_2719)  | [12](#chapter_2-sect1_6_2719)  |
| [**Disclosure of Portfolio Holdings**](#chapter_2-sect1_7_2719)  | [12](#chapter_2-sect1_7_2719)  |
| [**Lending of Portfolio Securities**](#chapter_2-sect1_8_2719)  | [15](#chapter_2-sect1_8_2719)  |
| [**Trustees and Officers of the Trust**](#chapter_2-sect1_9_2719)  | [15](#chapter_2-sect1_9_2719)  |
| [**Code of Ethics**](#chapter_2-sect1_10_2719)  | [24](#chapter_2-sect1_10_2719)  |
| [**Proxy Voting Policies**](#chapter_2-sect1_11_2719)  | [24](#chapter_2-sect1_11_2719)  |
| [**Control Persons and 5% Shareholders**](#chapter_2-sect1_12_2719)  | [24](#chapter_2-sect1_12_2719)  |
| [**Investment Advisory Agreements**](#chapter_2-sect1_13_2719)  | [24](#chapter_2-sect1_13_2719)  |
| [**Management, Administrative, Securities Lending, and Distribution Services**](#chapter_2-sect1_14_2719)  | [25](#chapter_2-sect1_14_2719)  |
| [**Other Service Providers**](#chapter_2-sect1_15_2719)  | [28](#chapter_2-sect1_15_2719)  |
| [**Portfolio Managers**](#chapter_2-sect1_16_2719)  | [29](#chapter_2-sect1_16_2719)  |
| [**Portfolio Securities Transactions**](#chapter_2-sect1_17_2719)  | [33](#chapter_2-sect1_17_2719)  |
| [**Additional Purchase and Sale Information for A Class Shares**](#chapter_2-sect1_18_2719)  | [35](#chapter_2-sect1_18_2719)  |
| [**Additional Information Regarding Contingent Deferred Sales Charges**](#chapter_2-sect1_19_2719)  | [37](#chapter_2-sect1_19_2719)  |
| [**Redemptions in Kind**](#chapter_2-sect1_20_2719)  | [37](#chapter_2-sect1_20_2719)  |
| [**Tax Information**](#chapter_2-sect1_21_2719)  | [37](#chapter_2-sect1_21_2719)  |
| [**Description of the Trust**](#chapter_2-sect1_22_2719)  | [43](#chapter_2-sect1_22_2719)  |
| [**Financial Statements**](#chapter_2-sect1_23_2719)  | [43](#chapter_2-sect1_23_2719)  |
| [**Appendix A: Proxy Voting Policy and Procedures for the Trust**](#chapter_2-sect1_24_2719)  | [44](#chapter_2-sect1_24_2719)  |
| [**Appendix B: Proxy Voting Policies for the Fund Sub-Advisors**](#chapter_2-sect1_25_2719)  | [46](#chapter_2-sect1_25_2719)  |
| [**Appendix C: Ratings Definitions**](#chapter_2-sect1_26_2719)  | [66](#chapter_2-sect1_26_2719)  |
| [**Appendix D: Glossary**](#chapter_2-sect1_27_2719)  | [D-1](#chapter_2-sect1_27_2719)  |

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**ORGANIZATION AND HISTORY OF THE FUNDS**

The Fund is a separate series of American Beacon Funds (the "Trust"), an open-end management investment company organized as a Massachusetts business trust on January 16, 1987. The Fund constitutes a separate investment portfolio with a distinct investment objective and distinct purpose and strategy. The Fund is diversified as defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Fund is comprised of multiple classes of shares designed to meet the needs of different groups of investors. This SAI relates to the A Class, C Class, Y Class, R6 Class, Advisor Class, R5 Class, and Investor Class shares of the Fund, as applicable. Prior to February 28, 2020, the R5 Class shares were known as the Institutional Class shares.

**ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RISKS**

The Fund's investment objectives, principal investment strategies and principal risks are described in the Prospectus. This section contains additional information about the Fund's investment policies and risks and types of investments the Fund may purchase. The composition of the Fund's portfolio and the strategies that the Fund may use in selecting investments may vary over time. The Fund is not required to use all of the investment strategies described below in pursuing its investment objectives. It may use some of the investment strategies only at some times or it may not use them at all. Investors should carefully consider their own investment goals and risk tolerance before investing in the Fund .

**Borrowing Risk** — The Fund may borrow money in an amount up to one-third of its total assets (including the amount borrowed) from banks and other financial institutions. The Fund may borrow for temporary purposes. Borrowing may exaggerate changes in the Fund's NAV and in its total return. Interest expense and other fees associated with borrowing may impact the Fund's expenses and reduce its returns. (See "Cover and Asset Segregation" disclosure below.)

**Cash Equivalents and Other Short-Term Investments** — Cash equivalents and other short-term investments in which the Fund may invest include the investments set forth below. Certain of these investments are issued by and provide exposure to banks. The activities of U.S. banks and most foreign banks are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operations and profitability of domestic and foreign banks. Significant developments in the U.S. banking industry have included increased competition from other types of financial institutions, increased acquisition activity and geographic expansion. Banks may be particularly susceptible to certain economic factors, such as interest rate changes and adverse developments in the market for real estate. Fiscal and monetary policy and general economic cycles can affect the availability and cost of funds, loan demand and asset quality and thereby impact the earnings and financial conditions of banks.

■ **Bank Deposit Notes.** Bank deposit notes are obligations of a bank that provide an alternative to certificates of deposit. Similar to certificates of deposit,
 deposit notes represent bank level investment and, therefore, are senior to all holding company corporate debt. Bank deposit notes rank junior to domestic
 deposit liabilities of the bank and pari passu with other senior, unsecured obligations of the bank. Typically, bank deposit notes are not insured by the
 Federal Deposit Insurance Corporation or any other insurer.

■ **Bankers'** **Acceptances.** Bankers' acceptances are short-term credit instruments designed to enable businesses to obtain funds to finance commercial
 transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific
 merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its
 maturity date. The acceptance may then be held by the accepting bank as an earning asset, or it may be sold in the secondary market
 at the going rate of discount for a specific maturity. Most acceptances have maturities of six months or less. Bankers' acceptances
 rank junior to domestic
 deposit liabilities of the bank and pari passu with other senior, unsecured obligations of the bank.

■ **Bearer** **Deposit Notes.** Bearer deposit notes, or bearer bonds, are bonds or debt securities that entitle the holder of the document to ownership or title
 in the deposit. Such notes are typically unregistered, and whoever physically holds the bond is presumed to be the owner of the instrument. Recovery of the value
 of a bearer bond in the event of its loss or destruction usually is impossible. Interest is typically paid upon presentment of an interest
 coupon for payment.

■ **CDs.** CDs are negotiable certificates issued against funds deposited in an eligible bank (including its domestic and foreign branches, subsidiaries
 and agencies) for
 a definite period of time and earning a specified rate of return. U.S. dollar denominated CDs issued by banks abroad are known as Eurodollar
 CDs. CDs issued by foreign branches of U.S. banks are known as Yankee CDs.

■ **Commercial Paper.** Commercial paper is a short-term debt security issued by a corporation, bank, municipality, or other issuer, usually for
 purposes such as financing current operations. The Fund may invest in commercial paper that cannot be resold to the public
 without an effective registration statement under the Securities Act. While some restricted commercial paper normally is deemed illiquid,
 in certain cases it may be deemed liquid.

■ **Eurodollar and Yankee CD Obligations** **.** Eurodollar obligations are U.S. dollar obligations issued outside the United States by domestic or foreign entities,
 while Yankee CDs are U.S. dollar obligations issued inside the United States by foreign entities. There is generally less publicly available information about
 foreign issuers and there may be less governmental regulation and supervision of foreign stock exchanges, brokers and listed companies.
 Foreign issuers may use different accounting and financial standards, and the addition of foreign governmental restrictions may affect adversely the payment
 of principal and interest on foreign investments. In addition, not all foreign branches of United States banks are supervised or examined
 by regulatory authorities as are United States banks, and such branches may not be subject to reserve requirements. Eurodollar (and, to
 a limited extent,
 Yankee dollar) obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital, in the form
 of dollars, from flowing across its borders. Other risks include adverse political and economic developments; the extent and quality
 of government regulation of financial markets and institutions; the imposition of foreign withholding taxes; and the expropriation or nationalization of
 foreign issuers.

■ **Government Money Market Funds.** The Fund may invest cash balances in money market funds that are registered as investment companies
 under the Investment Company Act, including money market funds that are advised by the Manager. Money market funds invest in highly-liquid,
 short-term instruments, which include cash and cash equivalents, and debt securities with high credit ratings and short-term maturities,
 such as U.S. Treasuries. A "government money market fund" is required to invest at least 99.5% of its total assets in
 cash, U.S. government securities, and/or

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repurchase agreements that are fully collateralized by government securities or cash. Government securities include any security issued or guaranteed as to principal or interest by the U.S. government and its agencies or instrumentalities. By investing in a money market fund, the Fund becomes a shareholder of that money market fund. As a result, Fund shareholders indirectly bear their proportionate share of the expenses of the money market funds in which the Fund invests in addition to any fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. These expenses may include, for example, advisory and administrative fees, including advisory fees charged by the Manager to any applicable money market funds advised by the Manager. These other fees and expenses are reflected in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Shareholders also would be exposed to the risks associated with money market funds and the portfolio investments of such money market funds, including that a money market fund's yield will be lower than the return that the Fund would have derived from other investments that would provide liquidity. Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market fund has purchased can cause the price of a money market security to decrease and may reduce the money market fund's yield. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation. Factors that could adversely affect the value of a money market fund's shares include, among other things, a sharp rise in interest rates, an illiquid market for the securities held by the money market fund, a high volume of redemption activity in a money market fund's shares, and a credit event or credit rating downgrade affecting one or more of the issuers of securities held by the money market fund. There can be no assurance that a money market fund will maintain a $1.00 per share net asset value ("NAV") at all times.

■ **Government Obligations.** Government
 obligations may include U.S. Treasury securities, Treasury inflation-protected securities, and other debt instruments
 backed by the full faith and credit of the United States, or debt obligations of U.S. Government-sponsored entities.

■ **Repurchase Agreements.** Repurchase agreements are agreements pursuant to which the Fund purchases securities from a bank that is a
 member of the Federal Reserve System (or a foreign bank or U.S. branch or agency of a foreign bank), or from a securities dealer,
 that agrees to repurchase the securities from the Fund at a higher price on a designated future date. Repurchase agreements
 generally are for a short period of time, usually less than a week. Costs, delays, or losses could result if the selling party to
 a repurchase agreement becomes bankrupt or otherwise defaults.

■ **Short-term** **Corporate Debt Securities.** Short-term
 corporate debt securities are securities and bonds issued by corporations with shorter terms to maturity.
 Corporate securities generally bear a higher risk than U.S. government bonds.

■ **Time Deposits.** Time
 deposits, also referred to as "fixed time deposits," are non-negotiable deposits maintained at a banking institution for a specified period of
 time at a specified interest rate. Time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal
 penalties which vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions
 on the right to transfer a beneficial interest in a time deposit to a third party, although there is no market for such deposits.

**Corporate Actions** — From time to time, the Fund may voluntarily participate in corporate actions (for example, acquisitions, mergers, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as the Fund, and the acquisition is determined to be beneficial to Fund shareholders ("Corporate Actions"). Notwithstanding any percentage investment limitation listed under the "Investment Restrictions" section or any percentage investment limitation of the Investment Company Act or rules thereunder, if the Fund has the opportunity to acquire a permitted security or instrument through a Corporate Action, and by doing so, the Fund would exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, prior to the receipt of the securities or instruments and after announcement of the Corporate Action, the Fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

**Cover and Asset Segregation** — The Fund may borrow money, make investments or employ trading practices that obligate the Fund, on a fixed or contingent basis, to deliver an asset or make a cash payment to another party in the future. The Fund will comply with rules and guidance from the SEC with respect to coverage of certain investments and trading practices. The Fund's approach to asset coverage may vary depending on terms within its agreement with a counterparty. With respect to certain investments under the agreement, the Fund calculates the obligations of the parties to the agreement on a "net basis" (i.e., 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). Under such circumstances, the Fund's current obligations will generally be equal only to the net amount to be paid by the Fund based on the relative values of the positions held by each party to the agreement. Earmarking or otherwise segregating a large percentage of the Fund's assets could impede the management of the Fund's portfolio or the Fund's ability to meet redemption requests or other current obligations, because the Fund may be unable to promptly dispose of those assets.

**Cybersecurity and Operational Risk** — With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Fund, its service providers, third-party fund distribution platforms, and the issuers of the Fund's investments may be prone to operational and information security risks resulting from cybersecurity incidents, including cyber-attacks. In general, cybersecurity incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, stealing or corrupting data maintained online or digitally (e.g., through "hacking," computer viruses or other malicious software coding), the theft and holding for ransom of proprietary or confidential information or data (referred to as "ransomware" attacks), denial of service attacks on websites, "phishing" attempts and other social engineering techniques aimed at personnel or systems, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund , the Manager, a sub-advisor, the Custodian (as defined below), the transfer agent, intermediaries and other third-party service providers may adversely impact the Fund . For instance, cyber-attacks may interfere with the processing of shareholder transactions, result in the loss or theft of shareholder data or funds, impact the Fund's ability to calculate NAV per share, cause the release of private shareholder information or confidential business information, result in violations of applicable privacy and other laws, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. A cyber-attack may also result in shareholders or service providers being unable to access electronic systems (also known as "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. The Fund may also incur additional costs for cybersecurity risk management purposes or corrective measures, and such costs may be ongoing because threats of cyber-attacks are constantly evolving as cyber-attackers become more sophisticated and their techniques become more complex. Similar types of cybersecurity risks are also present for issuers of the Fund's investments, which could result in

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material adverse consequences for such issuers and may cause the Fund to lose value. Adverse consequences also could result from cybersecurity incidents affecting counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchanges and other financial market operators, banks, brokers, dealers, insurance companies, other financial institutions and other parties. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments. The Fund's service providers also may be negatively impacted due to operational risks arising from non-cybersecurity related factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology errors or malfunctions, changes in personnel, and errors caused by Fund service providers or counterparties. In addition, other events or circumstances — whether foreseeable, unforeseeable, or beyond the Fund's control, such as acts of war, other conflicts, terrorism, natural disaster, widespread disease, pandemic or other public health crises may result in, among other things, quarantines and travel restrictions, workforce displacement and loss or reduction in Personnel and other resources. In the above circumstances, the Fund and the Service Providers' operations may be significantly impacted, or even temporarily halted. The Fund's securities market counterparties or vendors may face the same or similar systems failure, cybersecurity breaches and other business disruptions risks. Any of these results could have a substantial adverse impact on the 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 service providers could be unable to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Fund share purchases and redemptions. There are inherent limitations in risk management systems that seek to reduce the risks associated with cybersecurity incidents, including the possibility that risks may not have been adequately identified or prepared for, or that different or unknown threats may emerge in the future. Furthermore, the Fund does not control the cybersecurity systems and plans of the issuers of the Fund's investments, third party service providers, trading counterparties or any other service providers whose operations may affect the Fund or its shareholders. The use of cloud-based service providers could heighten or change these risks. In addition, remote and hybrid work arrangements by the Fund, the Manager or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Fund, the Manager or their service providers susceptible to operational disruptions, any of which could adversely impact their operations.

**Derivatives** — Generally a derivative is a financial instrument the value of which is based on, or "derived" from, a traditional security, asset, currency, or market index (collectively referred to as "reference assets"). The Fund may use derivatives for hedging and efficient portfolio management purposes. Derivative instruments may allow for better management of exposure to certain asset classes, as well as more efficient access to asset classes. There are many different types of derivatives and many different ways to use them. Some forms of derivatives, such as exchange-traded futures, options on securities, commodities, or indices, and certain forward contracts are traded on regulated exchanges. These types of derivatives are standardized contracts that can easily be bought and sold, and whose market values are determined and published daily. Non-standardized derivatives, on the other hand, tend to be more specialized or complex, and may be harder to value. Certain derivative securities are described more accurately as index/structured securities. Index/structured securities are derivative securities whose value or performance is linked to other equity securities (such as depositary receipts), currencies, interest rates, indices or other financial indicators.

Derivatives may involve significant risk. Many derivative instruments often require little or no payment and therefore often create inherent economic leverage. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Derivatives may be illiquid and may be more volatile than other types of investments. The Fund may buy and sell derivatives that are neither centrally cleared nor traded on an exchange. Such derivatives may be subject to heightened counterparty, liquidity and valuation risks.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, Rule 18f-4 under the 1940 Act (the "Derivatives Rule") replaced the asset segregation regime of Investment Company Act Release No. 10666 ("Release 10666") with a new framework for the use of derivatives by registered funds. The SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing the Fund's use of derivatives and began requiring the Fund to satisfy the requirements of the Derivatives Rule. As a result, the Fund is no longer required to engage in "segregation" or "coverage" techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.

The Derivatives Rule mandates that the Fund adopt and/or implement: (i) value-at-risk limitations ("VaR"); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that the Fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case the Fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks. The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, the Fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. In addition, the Fund may invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that: (i) the Fund intends to physically settle the transaction; and (ii) the transaction will settle within 35 days of its trade date.

The enactment of the Dodd-Frank Act and similar global regulations resulted in historic and comprehensive reform relating to derivatives, including the manner in which they are entered into, reported, recorded, executed, and settled or cleared. Pursuant to these regulations, the SEC, CFTC and foreign regulators have promulgated a broad range of regulations and guidance on the use of derivatives, including use by registered investment companies. These include regulations with respect to security-based swaps (e.g., derivatives based on a single security or narrow-based securities index) that are regulated by the SEC in the U.S., and other swaps that are regulated by the CFTC and the markets in which these instruments trade. In addition, regulations adopted by the banking regulators require certain banks to include in a range of financial contracts, including many derivatives contracts, terms delaying or restricting default, termination and other rights in the event that the bank and/or its affiliates become subject to certain types of

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resolution or insolvency proceedings. The regulations could limit the Fund's ability to exercise a range of cross-default rights if its counterparty, or an affiliate of the counterparty, is subject to bankruptcy or similar proceeding. Such regulations could further negatively impact the Fund's use of derivatives. Under CFTC Regulation 4.5, the Fund is excluded from registration as a CPO if its investments in commodity interests (such as futures contracts, options on futures contracts, non-deliverable forwards and swaps), other than those used for bona fide hedging purposes (as defined by the CFTC), are limited, such that the aggregate initial margin and premiums required to establish the positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are "in-the-money" at the time of purchase) do not exceed 5% of the Fund's NAV. Alternatively, the aggregate net notional value of the positions, 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. Further, to qualify for the exclusion in Regulation 4.5, the Fund must satisfy a marketing test, which requires, among other things, that the Fund not hold itself out as a vehicle for trading commodity interests. The Fund's ability to use these instruments also may be limited by federal income tax considerations. See the section entitled "Tax Information."

The Manager is not registered as a CPO with respect to the Fund in reliance on the delayed compliance date provided by CFTC No-Action Letter 12-38. Pursuant to this letter and the conditions set forth therein, the Manager is not required to register as a CPO, or rely on an exemption from registration, until the CFTC issues revised guidance on the application of the calculation of the de minimis thresholds in the context of the CPO exemption in CFTC Regulation 4.5. The Manager, on behalf of the Fund , has filed a notice claiming the CFTC Regulation 4.5 exclusion from CPO registration with respect to the Fund . The Manager is also exempt from registration as a commodity trading advisor under CFTC Regulation 4.14(a)(8) with respect to the Fund.

Further information about the specific types of derivative instruments in which the Fund may invest, including the risks involved in their use, are contained under the description of each of these instruments in this SAI. The Fund may invest in various types of derivatives, including among others:

■ **Futures** **Contracts.** The Fund may enter into futures contracts. Futures contracts are a type of derivative instrument
 that obligate the purchaser to take delivery of, or cash settle a specific amount of, a commodity, security or other obligation
 underlying the contract at a specified time in the future for a specified price. Likewise, the seller incurs an obligation to deliver
 the specified amount of the underlying obligation against receipt of the specified price. Futures are traded on both
 U.S. and foreign commodities exchanges. The purchase of futures can serve as a long hedge, and the sale of futures can serve as
 a short hedge. <br> No
 price is paid upon entering into a futures contract. Instead, at the inception of a futures contract, the Fund is required
 to deposit "initial margin" consisting of cash, U.S. Government securities, suitable money market instruments, or liquid,
 high-grade debt securities in an amount set by the exchange on which the contract is traded and varying based on the volatility of
 the underlying asset. Margin must also be deposited when writing a call or put option on a futures contract, in accordance with applicable
 exchange rules. Unlike margin in securities transactions, initial margin on futures contracts does not represent a borrowing, but
 rather is in the nature of a performance bond or good-faith deposit that is returned to the Fund at the termination of the
 transaction if all contractual obligations have been satisfied. Under certain circumstances, such as periods of high volatility,
 the Fund may be required by a futures exchange to increase the level of its initial margin payment, and initial margin requirements
 might be increased generally in the future by regulatory action. Subsequent "variation margin" payments (sometimes referred
 to as "maintenance margin" payments) are made to and from the futures broker daily as the value of the futures position
 varies, a process known as "marking-to-market." Variation margin does not involve borrowing, but rather represents a
 daily settlement of the Fund's obligations to or from a futures broker. When the Fund purchases or sells a futures
 contract, it is subject to daily, or even intraday, variation margin calls that could be substantial in the event of adverse price
 movements. If the Fund has insufficient cash to meet daily or intraday variation margin requirements, it might need to sell
 securities at a time when such sales are disadvantageous. <br> Purchasers
 and sellers of futures contracts can enter into offsetting closing transactions, by selling or purchasing, respectively, an instrument
 identical to the instrument purchased or sold. Positions in futures contracts may be closed only on a futures exchange or board of
 trade that trades that contract. The Fund intends to enter into futures contracts only on exchanges or boards of trade where
 there appears to be a liquid secondary market. However, there can be no assurance that such a market will exist for a particular
 contract at a particular time. In such event, it may not be possible to close a futures contract. <br> Although
 many futures contracts by their terms call for the actual delivery or acquisition of the underlying asset, in most cases the contractual
 obligation is fulfilled before the date of the contract without having to make or take delivery of the securities or currency. The
 offsetting of a contractual obligation is accomplished by buying (or selling, as appropriate) on a commodities exchange an identical
 futures contract calling for delivery in the same month. Such a transaction, which is effected through a member of an exchange, cancels
 the obligation to make or take delivery of the securities or currency. Since all transactions in the futures market are made, offset
 or fulfilled through a clearinghouse associated with the exchange on which the contracts are traded, the Fund will incur brokerage
 fees when it purchases or sells futures contracts. If an offsetting purchase price is less than the original sale price, the
 Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sell price
 is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital
 loss. The   Fund has no current intent to accept physical delivery in connection with the settlement of futures contracts. <br> Under
 certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from
 the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit.
 Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little
 or no trading, thereby preventing liquidation of unfavorable positions. If the Fund were unable to liquidate a futures contract due
 to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses. The Fund would
 continue to be subject to market risk with respect to the position. In addition, the Fund would continue to be required to
 make daily variation margin payments and might be required to maintain the position being hedged by the futures contract or option
 thereon or to maintain cash or securities in a segregated account. <br> The
 ordinary spreads between prices in the cash and futures markets, due to differences in the nature of those markets, are subject to
 distortions. The liquidity of the futures market depends on participants entering into offsetting transactions rather than making
 or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced,
 thus producing distortion. Third, from the point of view of speculators, the margin deposit requirements in the futures market are
 less onerous than margin requirements in the securities market.

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Therefore, increased participation by speculators in the futures market may cause temporary price distortions. Due to the possibility of distortion, a correct forecast of securities price or currency exchange rate trends by a sub-advisor may still not result in a successful transaction.<br>Futures contracts also entail other risks. Although the use of such contracts may benefit the Fund, if investment judgment about the general direction of, for example, an index is incorrect, the Fund's overall performance would be worse than if it had not entered into any such contract. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. The Fund may invest in the following types of futures contracts:

■ *Index Futures Contracts.* An index futures contract, such as an equity index futures contract or a bond index futures contract,
 is based on the value of an underlying index. Futures contracts on indices expose the Fund to volatility in an underlying
 index.

■ **Warrants.** Warrants are options to purchase an issuer's securities at a stated price during a stated term, usually at a price below the
 initial offering price of the securities and before the securities are offered to the general public. If the market price of the
 underlying common stock does not exceed the warrant's exercise price during the life of the warrant, the warrant will expire
 worthless. As a result, warrants may be considered more speculative than certain other types of investments. Warrants usually have
 no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage
 increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying
 common stock. Warrants may be purchased with values that vary depending on the change in value of one or more specified indices ("index
 warrants"). Index warrants are generally issued by banks or other financial institutions and give the holder the right, at
 any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value
 of the underlying index at the time of the exercise. Warrants are usually freely transferable, but may not be as liquid as exchange-traded
 options, and the market for warrants may be very limited and it may be difficult to sell them promptly at an acceptable price.

**Equity Investments —** The Fund may invest in the following equity securities:

■ **Common Stock.** Common
 stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock
 and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company's
 common stock may fall
 as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company's
 products or services. A stock's value may also decline because of factors affecting not just the company, but also companies in
 the same industry
 or sector. The price of a company's stock may also be affected by changes in financial markets that are relatively unrelated to
 the company, such
 as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do
 so after they invest in their own business and make required payments to bondholders and on other debt, and preferred stock. Therefore,
 the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock
 may be exchange-traded
 or traded over-the-counter. OTC stock may be less liquid than exchange-traded stock.

■ **Depositary Receipts.** The Fund may invest in depositary receipts, which represent ownership interests in securities of foreign
 companies (an "underlying issuer") that have been deposited with a bank or trust and that trade on an exchange or OTC.
 Depositary receipts may not be denominated in the same currency as the securities into which they may be converted, and they are
 subject to the risk of fluctuation in the currency exchange rate. Investing in depositary receipts entails substantially the same
 risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies
 and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition,
 such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from
 a foreign currency), resulting in the Fund's possible inability to convert immediately into U.S. currency proceeds realized
 upon the sale of portfolio securities of the affected foreign companies. In addition, the issuers of unsponsored depositary receipts
 are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of
 unsponsored depositary receipts may not entitle the Fund to the same benefits and rights as ownership of a sponsored depositary
 receipt or the underlying security. Please see "Foreign Securities" below for a description of the risks associated with
 investments in foreign securities. The Fund may invest in the following type of depositary receipts:

■  ***ADRs.*** ADRs are depositary receipts for foreign issuers in registered form, typically issued by a U.S. financial institution, traded in U.S.
 securities markets.

■ **Initial Public Offerings.** The Fund can invest in IPOs. By definition, securities issued in IPOs have not traded publicly until
 the time of their offerings. Special risks associated with IPOs may include, among others, the fact that there may only be a limited
 number of shares available for trading. The market for those securities may be unseasoned. The issuer may have a limited operating
 history. These factors may contribute to price volatility. The limited number of shares available for trading in some IPOs may also
 make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing
 prices. In addition, some companies initially offering their shares publicly are involved in relatively new industries or lines of
 business, which may not be widely understood by investors. Some of the companies involved in new industries may be regarded as developmental
 state companies, without revenues or operating income, or the near-term prospects of them. Many IPOs are by small- or micro-cap companies
 that are undercapitalized. IPOs may adversely impact the Fund's performance. However, the impact of IPOs on the
 Fund's performance will likely decrease as the Fund's asset size increases.

■ **Master Limited Partnerships.** The Fund may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered
 with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners,
 who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and
 severally responsible for the liabilities of the MLP. An MLP also may be an entity similar to a limited partnership, such as an LLC,
 which has one or more managers or managing members and non-managing members (who are like limited partners). The Fund will
 invest in an MLP as a limited partner, and normally would not be liable for the debts of an MLP beyond the amount that the
 Fund has invested therein. However, as a limited partner, the Fund would not be shielded to the same extent that a stockholder
 of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been
 distributed to a limited partner. This right of an MLP's creditors would continue even after the Fund had sold its investment
 in the

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partnership. Holders of MLP units have more limited rights to vote on matters affecting the partnership than owners of common stock. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

**ESG Considerations** — Environmental, social, and/or governance ("ESG") considerations, either quantitative or qualitative, may be utilized as a component of the Fund's investment process to implement its investment strategies. Since ESG considerations are not the only component that may be evaluated by a sub-advisor, the issuers in which the Fund invests may not be considered ESG issuers or have good ESG ratings. To the extent that the Fund utilizes such considerations as a component of the Fund's investment process, the Fund's performance may be affected depending on whether such considerations are in or out of favor and relative to similar funds that do not include such considerations in the investment process. There is no guarantee that the utilization of ESG considerations will be additive to the Fund's performance. ESG considerations may vary across types of investments and issuers, and not every such consideration may be identified, evaluated, or evaluated in the same manner. ESG norms also differ by country and region, and an issuer's ESG practices or a sub-advisor's assessment process of such considerations may change over time. There are significant differences in interpretations of what it means for a company to have good ESG characteristics, and the Fund may underperform other funds that use different considerations and/or a different methodology in evaluating such considerations. Information used by the Fund to evaluate such considerations, including the use of third-party research, if any, may not be readily available, complete or accurate, and may vary across third-party research providers and issuers, which could negatively impact the Fund's ability to accurately assess an issuer. As investors can differ in their views regarding the meaning of ESG considerations, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The regulatory landscape with respect to ESG investing in the United States is still developing, and future rules and regulations may require the Fund to modify or alter its investment process with respect to the use of such considerations.

**Expense Risk** — Fund expenses are subject to a variety of factors, including fluctuations in the Fund's net assets. Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund's net assets decrease due to market declines or redemptions, the Fund's expenses will increase as a percentage of Fund net assets. During periods of high market volatility, these increases in the Fund's expense ratio could be significant.

**Growth Companies** — Growth companies are those that are expected to have the potential for above-average or rapid growth. Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or earnings decrease, the prices of these securities may decline, sometimes sharply, even if earnings showed an absolute increase. The Fund's investments in growth companies may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the prospects for a company's growth is incorrect, then the price of the company's stock may fall or not approach the value placed on it. Growth company securities may lack the dividend yield that can cushion prices in market downturns. Growth companies may have limited operating histories and greater business risks, and their potential for profitability may be dependent on regulatory approval of their products or regulatory developments affecting certain sectors, which could have an adverse impact upon growth companies' future growth and profitability. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's growth style could cause it to underperform funds that use a value or non-growth approach to investing or have a broader investment style.

**Illiquid and Restricted Securities** — Generally, an illiquid asset is an asset that the 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. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days.

Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Such securities include those sold in private placement offerings made in reliance on the "private placement" exemption from registration afforded by Section 4(a)(2) of the Securities Act, and resold to qualified institutional buyers pursuant to Rule 144A under the Securities Act ("Section 4(a)(2) securities"). Such securities are restricted as to disposition under the federal securities laws, and generally, are sold to institutional investors, such as the Fund, that agree they are purchasing the securities for investment and not with an intention to distribute to the public. These securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration.

A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Section 4(a)(2) securities normally are resold to other institutional investors through or with the assistance of the issuer or dealers that make a market in the Section 4(a)(2) securities, thus providing liquidity. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. Rule 144A under the Securities Act is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers are uninterested in purchasing restricted securities, the Fund's investment in such securities could have the effect of reducing the Fund's liquidity. A determination could be made that certain securities qualified for trading under Rule 144A are liquid.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and the Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity. In addition, the Fund may get only limited information about an issuer of such a security, so it may be less able to predict a loss. The Fund also might have to register such restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, also may make it difficult to determine a fair value for certain securities for purposes of computing the Fund's NAV.

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**Interfund Lending** — Pursuant to an order issued by the SEC, the Fund may participate in a credit facility whereby the Fund, under certain conditions, is permitted to lend money directly to and borrow directly from other funds under the Manager's management for temporary purposes. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting departments, who report on credit facility activities to the Board. The credit facility can 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 the Fund has insufficient cash on hand to satisfy such redemptions, or when sales of securities do not settle as expected, resulting in a cash shortfall for the Fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. Although the credit facility may reduce the Fund's need to borrow from banks, the Fund remains free to establish and utilize lines of credit or other borrowing arrangements with banks.

**Issuer Risk** — The value of an investment may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**Micro-Capitalization Companies Risk** — Micro-capitalization companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their earnings and revenues tend to be less predictable. In addition, some companies may experience significant losses. Since micro-capitalization companies may not have an operating history, product lines, or financial resources, their share prices also tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Micro-capitalization companies face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Mid-Capitalization Companies Risk** — Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility than investing in more established companies with larger capitalization. Since mid-capitalization companies may have limited operating history, product lines and financial resources, the securities of these companies may lack sufficient market liquidity and can be sensitive to expected changes in interest rates, borrowing costs and earnings.

**Model and Data Risk** — The sub-advisor relies on proprietary mathematical quantitative models (each, a "Model") and data developed both by the sub-advisor and those supplied by third parties (collectively, "Data"). In combination, Models and Data are used to screen for potential investments and construct investment decisions. Models and Data are known to have errors, omissions, imperfections and malfunctions (collectively, "System Events").

The sub-advisor seeks to reduce the incidence and impact of System Events, to the extent feasible, through safeguards in the overall portfolio management process. Despite such safeguards, System Events will result in, among other things, the failure to properly gather and organize available data, which may have materially adverse effects on a Fund. System Events in third-party provided Data are generally entirely outside of the control of the sub-advisor. The research and modeling processes engaged in by the sub-advisor on behalf of a Fund are extremely complex and involve the use of financial, economic, econometric and statistical theories, research and modeling; the results of this investment approach must then be translated into computer code. Although the sub-advisor seeks to hire individuals skilled in each of these functions and to provide appropriate levels of oversight and employ other mitigating measures and processes, the complexity of the individual tasks, the difficulty of integrating such tasks, and the limited ability to perform "real world" testing of the end product, even with simulations and similar methodologies, raise the chances that Model code may contain one or more coding errors, thus potentially resulting in a System Event and further, one or more of such coding errors could adversely affect a Fund's investment performance.

Models rely heavily on appropriate Data inputs. However, it is impossible and impracticable to factor all relevant, available Data into forecasts, investment decisions and other parameters of the Models. The sub-advisor will use its discretion to determine what Data to gather with respect to each investment strategy and what subset of that Data the Models take into account to produce forecasts which may have an impact on ultimate investment decisions. In addition, due to the automated nature of Data gathering, the volume and depth of Data available, the complexity and often manual nature of Data cleaning, and the fact that the substantial majority of Data comes from third-party sources, it is inevitable that not all desired and/or relevant Data will be available to, or processed by, the sub-advisor at all times. Irrespective of the merit, value and/or strength of a particular Model, it will not perform as designed if incorrect Data is fed into it which may lead to a System Event potentially subjecting a Fund to a loss. Further, even if Data is input correctly, "model prices" anticipated by the Data through the Models may differ substantially from market prices. Where incorrect or incomplete Data is available, the sub-advisor may, and often will, continue to generate forecasts and make investment decisions based on the Data available to it. Additionally, the sub-advisor may determine that certain available Data, while potentially useful in generating forecasts and/or making investment decisions, is not cost effective to gather due to, among other factors, the technology costs or third-party vendor costs and, in such cases, the sub-advisor will not utilize such Data. The sub-advisor has full discretion to select the Data it utilizes. The sub-advisor may elect to use or may refrain from using any specific Data or type of Data in generating forecasts or making trading decisions with respect to the Models. The Data utilized in generating forecasts or making trading decisions underlying the Models may not be (i) the most accurate data available or (ii) free of errors. The Data set used in connection with the Models is limited. The foregoing risks associated with gathering, cleaning, culling and analysis of large amounts of Data are an inherent part of investing with a quantitative, process-driven, systematic adviser such as the sub-advisor.

When Models and Data prove to be incorrect, misleading or incomplete, any decisions made in reliance thereon expose a Fund to potential losses and such losses may be compounded over time. For example, by relying on Models and Data, the sub-advisor may be induced to buy certain investments at prices that are too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. In addition, Models may incorrectly forecast future behavior, leading to potential losses. Furthermore, in unforeseen or certain low-probability scenarios (often involving a market event or disruption of some kind), Models may produce unexpected results which may or may not be System Events. Errors in Models and Data are often extremely difficult to detect, and, in the case of Models, the difficulty of detecting System Events may be exacerbated by the lack of design documents or specifications. Regardless of how difficult their detection appears in retrospect, some System Events may go undetected for long periods of time and some may never be detected. When a System Event is detected, a review and analysis of the circumstances that may have caused a

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reported System Event will be completed. Following this review, the sub-advisor in its sole discretion may choose not to address or fix such System Event, and the third party software will lead to System Events known to the sub-advisor that it chooses, in its sole discretion, not to address or fix. The degradation or impact caused by these System Events can compound over time. When a System Event is detected, the sub-advisor generally will not, as part of the review of circumstances leading to the System Event, perform a materiality analysis on the potential impact of a System Event. The sub-advisor believes that the testing and monitoring performed on Models and the controls adopted to ensure processes are undertaken with care will enable the sub-advisor to identify and address those System Events that a prudent person managing a quantitative, systematic and computerized investment program would identify and address by correcting the underlying issue(s) giving rise to the System Events, but there is no guarantee of the success of such processes. Investors should assume that System Events and their ensuing risks and impact are an inherent part of investing with a process-driven, systematic investment manager such as the sub-advisor. Accordingly, the sub-advisor does not expect to disclose discovered System Events to the Fund or to shareholders.

**Other Investment Company Securities and Exchange-Traded Products** — Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the Fund's proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. Any such fees and expenses are reflected in the Fees and Expenses Table for the Fund in its Prospectus. To the extent the Fund invests in investment company securities advised by the Manager, shareholders could pay fees charged by the Manager to such investment company. The Fund's investment in securities of other investment companies, except for money market funds, is generally limited to (i) 3% of the total voting stock of any one investment company, (ii) 5% of the Fund's total assets with respect to any one investment company and (iii) 10% of the Fund's total assets in all investment companies in the aggregate. In addition, the Fund is generally limited to selling 3% of its total voting stock to an investment company. However, the Fund may exceed these limits in reliance on a statutory exemption , the terms and conditions of an exemptive order from the SEC , or Rule 12d1-4 under the Investment Company Act . In each case, such investments are subject to various conditions, including limits on control and voting of acquired fund shares, required evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. When the Fund is an acquired fund relying on one of the aforementioned exemptions, it will be limited in its ability to invest in other investment companies (i.e., a three-tier fund structure).

The Fund at times may invest in shares of other investment companies and exchange-traded products, which, in addition to the general risks of investments in other investment companies described above, include the following risks:

■ **ETFs.** The Fund may purchase shares of ETFs. ETFs trade like a common stock and passive ETFs usually represent a fixed portfolio
 of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. Typically,   the
 Fund would purchase passive ETF shares to obtain exposure to all or a portion of the stock or bond market. As a shareholder of an
 ETF, the Fund would be subject to its ratable share of the ETF's expenses, including its advisory and administration
 expenses. An investment in an ETF generally presents the same primary risks as an investment in a conventional mutual fund (i.e.,
 one that is not exchange traded) that has the same investment objectives , strategies, and policies. The price of an  ETF
 can fluctuate within a wide range, and   the Fund could lose money investing in an ETF if the prices of the securities
 owned by the ETF decline in value. In addition, ETFs are subject to the following risks that do not apply to conventional mutual
 funds: (1) the market price of the ETF's shares may trade at a discount or premium to their NAV per share; (2) an active trading
 market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing
 exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide
 "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

■ **Money Market Funds.** The Fund can invest free cash balances in registered open-end investment companies regulated as money
 market funds under the Investment Company Act, to provide liquidity or for defensive purposes.   The  Fund would
 invest in money market funds rather than purchasing individual short-term investments. Although a money market fund is designed to
 be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market
 fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market
 fund has purchased may reduce the money market fund's yield and can cause the price of a money market security to decrease.
 In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation. If
 the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions
 (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund, or impose
 a fee of up to 2% on amounts redeemed from the money market fund.

**Real Estate Related Investments** — The Fund may gain exposure to the real estate sector by investing in real estate-linked derivatives, REITs, and securities of corporate issuers in real estate-related industries. Adverse economic, business or political developments affecting real estate could have an effect on the value of the Fund's investments. Investing in securities issued by real estate and real estate-related companies may subject the Fund to risks associated with the direct ownership of real estate, including the cyclical nature of real estate values, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, demographic trends and variations in rental income, changes in zoning laws, casualty or condemnation losses, environmental risks, regulatory limitations on rents, changes in neighborhood values, changes in the appeal of properties to tenants and extended vacancies of properties, increases in interest rates, the financial condition of tenants, buyers and sellers, the quality of maintenance, insurance, and management services, and other real estate capital market influences. Changes in interest rates, debt leverage ratios, debt maturity schedules, and the availability of credit to real estate companies may also affect the value of the Fund's investment in real estate securities. Real estate securities are dependent upon specialized management skills at the operating company level. Such securities also have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of properties. Real estate securities are subject to heavy cash flow dependency and defaults by borrowers. An economic downturn could have an adverse effect on the real estate markets and real estate companies. In addition, if a real estate company's properties do not generate sufficient income to meet operating expenses, including debt service, ground lease payments, tenant improvements, third party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of any interest and principal on its debt securities will be adversely affected. In addition, real property may be subject to the quality of credit extended and defaults by borrowers and tenants. The financial results of

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major local employers also may have an impact on the cash flow and value of certain properties. In addition, certain real estate investments are relatively illiquid and, therefore, the ability of real estate companies to vary their portfolios promptly in response to changes in economic or other conditions is limited. A real estate company may also have joint venture investments in certain of its properties and, consequently, its ability to control decisions relating to such properties may be limited.

**Small-Capitalization Companies Risk** — Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investing in larger capitalization and more established companies, since smaller companies may have limited operating history, product lines, and financial resources. The securities of these companies may lack sufficient market liquidity and they can be particularly sensitive to expected changes in overall economic conditions, interest rates, borrowing costs and earnings.

**U.S. Government Agency Securities** — U.S. Government agency securities are issued or guaranteed by the U.S. Government or its agencies or instrumentalities or sponsored enterprises. Some obligations issued by U.S. Government agencies and instrumentalities, such as those of the Government National Mortgage Association ("GNMA"), are supported by the full faith and credit of the U.S. Treasury; others, such as those of the Federal Home Loan Bank ("FHLB") or the Federal Farm Credit Bank ("FFCB"), by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association (''Fannie Mae''), Federal Home Loan Mortgage Corporation (''Freddie Mac''), by the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others, such as those of the Federal Farm Credit Bureau, only by the credit of the agency or instrumentality. U.S. Government securities bear fixed, floating or variable rates of interest. The market prices of U.S. government agency securities are not guaranteed by the U.S. Government. While the U.S. Government currently provides financial support to certain U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law. U.S. Government securities include U.S. Treasury bills, notes and bonds, obligations of GNMA, FHLB, FFCB, Fannie Mae, Freddie Mac, the Federal Farm Credit Bureau, other U.S. Government agency obligations and repurchase agreements secured thereby. U.S. Government agency securities are subject to credit risk, interest rate risk and market risk.

**U.S. Treasury Obligations** — U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics, and include bills (initial maturities of one year or less), notes (initial maturities between two and ten years), and bonds (initial maturities over ten years) issued by the U.S. Treasury, separately traded registered interest and principal component parts of such obligations (known as "STRIPS"), which are traded independently, and Treasury inflation-protected securities, whose principal value is periodically adjusted according to the rate of inflation. The prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates and credit ratings. U.S. Treasury obligations are subject to credit risk and interest rate risk. The total amount of debt the Treasury is authorized to incur is subject to a statutory limit. Once the Treasury reaches the debt limit, Congress must raise, extend or otherwise modify the limit to enable the Treasury to incur additional debt to pay the obligations of the U.S. government, including principal and interest payments on certain U.S. Treasury obligations (such as Treasury bills, notes and bonds). Failure to, or potential failure to, increase the statutory debt limit could: increase the risk that the U.S. government defaults on payments on certain U.S. Treasury obligations; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher debt servicing payments by the U.S. government; reduce prices of Treasury securities; and/or increase the costs of certain kinds of debt. Treasury inflation-indexed securities are U.S. Government securities whose principal value is periodically adjusted according to the rate of inflation (by reference to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is calculated by the Bureau of Labor Statistics a part of the Department of Labor). The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPI-U or any non-U.S. inflation index will accurately measure the real rate of inflation in the prices of goods and services. The three-month lag in calculating the CPI-U for purposes of adjusting the principal value of U.S. TIPS may give rise to risks under certain circumstances. The interest rate on TIPS is fixed at issuance, but over the life of the security this interest may be paid on an increasing or decreasing principal value that has been adjusted for inflation (but not below par value). Although repayment of the original principal upon maturity is guaranteed, the market value of TIPS is not guaranteed and will fluctuate. The values of TIPS generally fluctuate in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of TIPS. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of TIPS. If inflation is lower than expected during the period the Fund holds TIPS, the Fund may earn less on the TIPS than on a conventional bond. Because the coupon rate on TIPS is lower than fixed-rate Treasury Department securities, the CPI-U would have to rise at least to the amount of the difference between the coupon rate of the fixed-rate Treasury Department issues and the coupon rate of the TIPS, assuming all other factors are equal, in order for such securities to match the performance of the fixed-rate Treasury Department securities. If interest rates rise due to reasons other than inflation, (for example, due to changes in the currency exchange rates), investors in TIPS may not be protected to the extent that the increase is not reflected in the bonds' inflation measure. In periods of deflation when the inflation rate is declining, the principal value of an inflation-indexed security will be adjusted downward. This will result in a decrease in the interest payments thereon, but holders at maturity receive no less than par value. However, if the Fund purchases inflation-indexed securities in the secondary market whose principal values have been adjusted upward due to inflation since issuance, the Fund may experience a loss if there is a subsequent period of deflation. Any increase in principal value of TIPS caused by an increase in the CPI is taxable in the year the increase occurs, even though the holder will not receive cash representing the increase at that time. As a result, the Fund could be required at times to liquidate other investments, including when it is not advantageous to do so, in order to satisfy its distribution requirements as a "regulated investment company." See "Tax Information." If the Fund invests in TIPS, it will be required to treat as original issue discount ("OID") any increase in the principal amount of the securities that occurs during the course of its taxable year. If the Fund purchases such securities that are issued in stripped form either as stripped bonds or coupons, it will be treated as if it had purchased a newly issued debt instrument having OID. Because the Fund is required to distribute substantially all of its net investment income (including accrued OID), its investment in either zero coupon bonds or TIPS may require it to distribute to shareholders an amount greater than the total cash income it actually receives. Accordingly, in order to make the required distributions, the Fund may be required to borrow or liquidate securities.

**Value Companies Risk** — Value companies are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be appropriately priced, or that their prices may go down. While the Fund's investments in value stocks may limit its downside risk over time, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Different

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investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's investments in value stocks may underperform growth or non-value stocks that have a broader investment style.

**OTHER INVESTMENT STRATEGIES AND RISKS**

In addition to the investment strategies and risks described in the Prospectus, the American Beacon Small Cap Value Fund may:

Invest up to 20% of its total assets in debt securities that are investment grade at the time of purchase, including obligations of the U.S. Government, its agencies and instrumentalities, corporate debt securities, mortgage-backed securities, asset-backed securities, master-demand notes, Yankee and Eurodollar bank certificates of deposit, time deposits, bankers' acceptances, commercial paper and other notes, inflation-indexed securities, and other debt securities. Investment grade securities include securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities, as well as securities rated in one of the four highest rating categories by at least two rating organizations rating that security, such as S&P Global Ratings ("S&P Global"), Fitch, Inc. ("Fitch") or Moody's Investors Service, Inc. ("Moody's"), or rated in one of the four highest rating categories by one rating organization if it is the only rating organization rating that security. Obligations rated in the fourth highest rating category are limited to 25% of each of these Funds' debt allocations. These Funds, at the discretion of the Manager, or the applicable sub-advisor, may retain a debt security that has been downgraded below the initial investment criteria.

In addition to the investment strategies and risks described in the Prospectus, the Fund may (except where otherwise indicated):

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| **1** | Engage in dollar rolls or purchase or sell securities on a when-issued or forward commitment basis. The purchase or sale of when-issued securities enables an investor to hedge against anticipated changes in interest rates and prices by locking in an attractive price or yield. The price of when-issued securities is fixed at the time the commitment to purchase or sell is made, but delivery and payment for the when-issued securities takes place at a later date, normally one to two months after the date of purchase. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest accrues to the purchaser. Such transactions therefore involve a risk of loss if the value of the security to be purchased declines prior to the settlement date or if the value of the security to be sold increases prior to the settlement date. A sale of a when-issued security also involves the risk that the other party will be unable to settle the transaction. Dollar rolls are a type of forward commitment transaction. Purchases and sales of securities on a forward commitment basis involve a commitment to purchase or sell securities with payment and delivery to take place at some future date, normally one to two months after the date of the transaction. As with when-issued securities, these transactions involve certain risks, but they also enable an investor to hedge against anticipated changes in interest rates and prices. Forward commitment transactions are executed for existing obligations, whereas in a when-issued transaction, the obligations have not yet been issued. |

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| **2** | Invest in other investment companies (including affiliated investment companies) to the extent permitted by the Investment Company Act, or exemptive relief granted by the SEC. |

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| **3** | Loan securities to broker-dealers or other institutional investors. Securities loans will not be made if, as a result, the aggregate amount of all outstanding securities loans by the Fund exceeds 33¹/<sub>3</sub>% of its total assets (including the market value of collateral received). For purposes of complying with the Fund's investment policies and restrictions, collateral received in connection with securities loans is deemed an asset of the Fund to the extent required by law. |

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| **4** | Enter into repurchase agreements. A repurchase agreement is an agreement under which securities are acquired by the Fund from a securities dealer or bank subject to resale at an agreed upon price on a later date. The acquiring Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. However, the Manager or the sub-advisors, as applicable, attempt to minimize this risk by entering into repurchase agreements only with financial institutions that are deemed to be of good financial standing. |

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| **5** | Purchase securities sold in private placement offerings made in reliance on the "private placement" exemption from registration afforded by Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A under the Securities Act. The Fund will not invest more than 15% of its net assets in Section 4(a)(2) securities and illiquid securities unless the Manager or the sub- advisors , as applicable, determines that any Section 4(a)(2) securities held by the Fund in excess of this level are liquid. |

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**INVESTMENT RESTRICTIONS**

**Fundamental Policies**. The Fund has the following fundamental investment policy that enables it to invest in another investment company or series thereof that has substantially similar investment objectives and policies:

Notwithstanding any other limitation, the Fund may invest all of its investable assets in an open-end management investment company with substantially the same investment objectives, policies and limitations as the Fund. For this purpose, "all of the Fund's investable assets" means that the only investment securities that will be held by the Fund will be the Fund's interest in the investment company.

The Fund has no current intention to convert to a master-feeder structure, as permitted by the foregoing policy.

**Fundamental Investment Restrictions**. The following discusses the investment policies of the Fund.

The following restrictions have been adopted by the Fund and may be changed with respect to any such Fund only by the majority vote of that Fund's outstanding voting securities. "Majority of the outstanding voting securities" under the Investment Company Act and as used herein means, with respect to the Fund, the lesser of (a) 67% of the shares of the Fund present at the meeting if the holders of more than 50% of the shares are present and represented at the shareholders' meeting or (b) more than 50% of the shares of the Fund.

The Fund may not:

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| **1** | Purchase or sell real estate or real estate limited partnership interests, provided, however, that the Fund may invest in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein when consistent with the other policies and limitations described in the Prospectus. |

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| **2** | Invest in physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling foreign currency, options, futures contracts, options on futures contracts, forward contracts, swaps, caps, floors, collars, securities on a forward-commitment or delayed-delivery basis, and other similar financial instruments). |

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| **3** | Engage in the business of underwriting securities issued by others, except to the extent that, in connection with the disposition of securities, the Fund may be deemed an underwriter under federal securities law. |

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| **4** | Lend any security or make any other loan except (i) as otherwise permitted under the Investment Company Act, (ii) pursuant to a rule, order or interpretation issued by the SEC or its staff, (iii) through the purchase of a portion of an issue of debt securities in accordance with the Fund's investment objective, policies and limitations, or (iv) by engaging in repurchase agreements with respect to portfolio securities . |

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| **5** | Issue any senior security except as otherwise permitted (i) under the Investment Company Act or (ii) pursuant to a rule, order or interpretation issued by the SEC or its staff. |

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| **6** | Borrow money, except as otherwise permitted under the Investment Company Act or pursuant to a rule, order or interpretation issued by the SEC or its staff, including (i) as a temporary measure, (ii) by entering into reverse repurchase agreements, and (iii) by lending portfolio securities as collateral. For purposes of this investment limitation, the purchase or sale of options, futures contracts, options on futures contracts, forward contracts, swaps, caps, floors, collars and other similar financial instruments shall not constitute borrowing. |

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| **7** | Invest more than 5% of its total assets (taken at market value) in securities of any one issuer, other than obligations issued by the U.S. Government, its agencies and instrumentalities, or purchase more than 10% of the voting securities of any one issuer, with respect to 75% of the Fund's total assets. |

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| **8** | Invest more than 25% of its total assets in the securities of companies primarily engaged in any one industry provided that: (i) this limitation does not apply to obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities; and (ii) municipalities and their agencies and authorities are not deemed to be industries. For purposes of this restriction, the Fund will regard only tax-exempt securities issued by municipalities and their agencies not to be an industry. |

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The above percentage limits (except the limitation on borrowings) are based upon asset values at the time of the applicable transaction; accordingly, a subsequent change in asset values will not affect a transaction that was in compliance with the investment restrictions at the time such transaction was effected. For purposes of each Fund's policy relating to making loans set forth in (4) above, securities loans will not be made if, as a result, the aggregate amount of all outstanding securities loans by a Fund exceeds 33¹/<sub>3</sub>% of its total assets (including the market value of collateral received).

For purposes of the Fund's policy relating to issuing senior securities set forth in (5) above, "senior securities" are defined as Fund obligations that have a priority over the Fund's shares with respect to the payment of dividends or the distribution of Fund assets. The Investment Company Act prohibits the Fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the Fund is permitted to borrow from a bank so long as, immediately after such borrowings, there is an asset coverage of at least 300% for all borrowings of the Fund (not including borrowings for temporary purposes in an amount not exceeding 5% of the value of the Fund's total assets). In the event that such asset coverage falls below this percentage, the Fund is required to reduce the amount of its borrowings within three days (not including Sundays and holidays) so that the asset coverage is restored to at least 300%. Consistent with guidance issued by the SEC and its staff, the requisite asset coverage may vary among different types of instruments. The policy in (5) above will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin.

For purposes of the Fund's industry concentration policy set forth above, the Manager may analyze the characteristics of a particular issuer and instrument and may assign an industry classification consistent with those characteristics. The Manager may, but need not, consider industry classifications provided by third parties, and the classifications applied to Fund investments will be informed by applicable law. A large economic or market sector shall not be construed as a single industry or group of industries. The Manager currently considers securities issued by a foreign government (but not the U.S. Government or its agencies or instrumentalities) to be an "industry" subject to the 25% limitation. Thus, not more than 25% of the Fund's total assets will be invested in securities issued by any one foreign government or supranational organization. The Fund might invest in certain securities issued by companies in a particular industry whose obligations are guaranteed by a foreign government. The Manager could consider such a company to be within the particular industry and, therefore, the Fund will invest in the securities of such a company only if it can do so under its industry concentration policy.

**Non-Fundamental Investment Restrictions**. The following non-fundamental investment restrictions apply to the Fund (except where noted otherwise) and may be changed with respect to the Fund by a vote of a majority of the Board. The Fund may not :

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| **1** | Invest more than 15% of its net assets in illiquid securities, including time deposits and repurchase agreements that mature in more than seven days or |

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| **2** | Purchase securities on margin, except that (1) the Fund may obtain such short - term credits as necessary for the clearance of transactions, and (2) the Fund may make margin payments in connection with foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars, securities purchased or sold on a forward-commitment or delayed-delivery basis or other financial instruments. |

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All percentage limitations on investments will apply at the time of the making of an investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Except for the investment restrictions listed above as fundamental or to the extent designated as such in the Prospectus, the other investment policies described in this SAI are not fundamental and may be changed by approval of the Trustees.

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**TEMPORARY OR DEFENSIVE INVESTMENTS**

In times of unstable or adverse market, economic, political or other conditions, where the Manager or the sub-advisor believes it is appropriate , and in the Fund's best interest, the Fund can invest up to 100% in cash and other types of securities for defensive or temporary purposes. It can also hold cash or purchase these types of securities for liquidity purposes to meet cash needs due to redemptions of Fund shares, or to hold while waiting to invest cash received from purchases of Fund shares or the sale of other portfolio securities.

These temporary investments can include: (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; (ii) commercial paper rated in the highest short-term category by a rating organization; (iii) domestic, Yankee and Eurodollar certificates of deposit or bankers' acceptances of banks rated in the highest short-term category by a rating organization; (iv) any of the foregoing securities that mature in one year or less (generally known as "cash equivalents"); (v) other short-term corporate debt obligations; (vi) repurchase agreements; (vii) futures; or (viii) shares of money market funds, including funds advised by the Manager or the sub-advisor.

**PORTFOLIO TURNOVER**

Portfolio turnover is a measure of trading activity in a portfolio of securities, usually calculated over a period of one year. The rate is calculated by dividing the lesser amount of purchases or sales of securities by the average amount of securities held over the period. A portfolio turnover rate of 100% would indicate that the Fund sold and replaced the entire value of its securities holdings during the period. High portfolio turnover can increase the Fund's transaction costs and generate additional capital gains or losses.

Portfolio turnover may vary significantly from year to year due to a variety of factors, including fluctuating volume of shareholder purchase and redemption orders, market conditions, investment strategy changes, and/or changes in a sub-advisor's investment outlook.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Fund publicly discloses portfolio holdings information as follows:

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| **1** | a complete list of holdings for each Fund on an annual and semi-annual basis within seventy days of the end of each fiscal semi-annual period in publicly available filings of Form N-CSR with the SEC (available on the SEC's website at www.sec.gov) and on the Fund's website (www.americanbeaconfunds.com); |

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| **2** | a complete list of holdings for each Fund as of the end of each fiscal quarter in publicly available filings of Form N-PORT with the SEC within sixty days of the end of the fiscal quarter (available on the SEC's website at www.sec.gov); |

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| **3** | a complete list of holdings for each Fund as of the end of each month on the Funds' website (www.americanbeaconfunds.com) approximately twenty days after the end of the month; and |

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| **4** | the ten largest holdings for each Fund as of the end of each calendar quarter on the Funds' website (www.americanbeaconfunds.com) and in sales materials approximately fifteen days after the end of the calendar quarter. |

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Public disclosure of a Fund's holdings on the website and in sales materials may be delayed when an investment manager informs a Fund that such disclosure could be harmful to the Fund. In addition, individual holdings may be omitted from website and sales material disclosure, when such omission is deemed to be in a Fund's best interest. Disclosure of a Fund's ten largest holdings may exclude U.S. Treasury securities and cash equivalent assets, although such holdings will be included in each Fund's complete list of holdings.

**Disclosure of Nonpublic Holdings**

Occasionally, certain interested parties — including individual investors, institutional investors, intermediaries that distribute shares of the Fund , third-party service providers, rating and ranking organizations, and others — may request portfolio holdings information that has not yet been publicly disclosed by the Fund . The Fund's policy is to control the disclosure of nonpublic portfolio holdings information in an attempt to prevent parties from utilizing such information to engage in trading activity harmful to Fund shareholders. To this end, the Board has adopted a Holdings Policy. The purpose of the Holdings Policy is to define those interested parties who are authorized to receive nonpublic portfolio holdings information on a selective basis and to set forth conditions upon which such information may be provided. In general, nonpublic portfolio holdings may be disclosed on a selective basis only when it is determined that: (i) there is a legitimate business purpose for the information; (ii) recipients are subject to a duty of confidentiality, including a duty not to trade on the nonpublic information; and (iii) disclosure is in the best interests of Fund shareholders. The Holdings Policy does not restrict the Fund from disclosing that a particular security is not a holding of the Fund. The Holdings Policy is summarized below.

A variety of third - party service providers require access to Fund holdings to provide services to the Fund or to assist the Manager and the sub- advisors in managing the Fund ("service providers"). The service providers have a duty to keep the Fund's nonpublic information confidential either through written contractual arrangements with the Fund (or another Fund service provider) or by the nature of their role with respect to the Fund (or the service provider). The Fund has determined that disclosure of nonpublic holdings information to service providers fulfills a legitimate business purpose and is in the best interest of shareholders. In addition, the Fund has determined that disclosure of nonpublic holdings information to members of the Board fulfills a legitimate business purpose, is in the best interest of Fund shareholders, and each Trustee is subject to a duty of confidentiality.

The Fund has ongoing arrangements to provide nonpublic holdings information to the following service providers, whose affiliates may also have access to such information:

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| **Service Provider**  | **Service**  | **Holdings Access**  |
| Manager  | Investment management and administrator  | Complete list on intraday basis with no lag  |
| Sub-Advisor  | Investment management  | Holdings under sub-advisor's management on intraday basis with no lag  |
| State Street Bank and Trust Co. ("State Street") and its designated foreign sub-custodians  | Securities lending agent for Funds that participate in securities lending, Fund's custodian and foreign custody manager, sub-administrator, Fund administration service provider, and foreign sub-custodian  | Complete list on intraday basis with no lag  |
| [XX]  | Fund's independent registered public accounting firm  | Complete list on annual basis with no lag  |
| Abel Noser Solutions LLC  | Trade execution analysis for a sub-advisor  | Complete list on daily basis with no lag  |
| ACA Performance Services  | GIPS verification firm for a sub-advisor  | Complete list on a monthly basis with lag  |
| Advent/Tamale  | Research management system for a sub-advisor  | Complete list on a daily basis with lag  |
| Archer IMS  | Portfolio Accounting and Trade Settlement for a sub-advisor  | Complete list on daily basis with lag  |
| Ashland Partners  | Performance verification for a sub-advisor  | Complete list on periodic basis with lag  |
| BBH Infomediary  | SWIFT messaging service provider for a sub-advisor  | Complete list on daily basis with no lag  |
| BizAnalytica, LLC  | Consulting Service  | Complete list on daily basis with no lag  |
| Bloomberg, L.P.  | Performance and portfolio analytics reporting  | Complete list on daily basis with no lag  |
| BondEdge  | Financial analytic database  | Partial list on a daily basis with lag  |
| Broadridge/ProxyEdge  | Proxy voting research provider for a sub-advisor  | Complete list on a daily basis with lag  |
| Brown Brothers Harriman  | Corporate Action Management for a sub-advisor  | Complete List on a daily basis with no lag  |
| Charles River Systems  | Trade order management for certain sub-advisors  | Complete list on daily basis with no lag  |
| Chicago Clearing  | Class Actions  | Complete list on a quarterly basis with no lag  |
| Confluence Technologies Inc.  | Regulatory monitoring and reporting requirements for a sub-advisor  | Complete list on a daily basis with no lag  |
| Commcise  | Transaction cost analysis, trade execution analysis for a sub-advisor  | Partial list on daily basis with no lag  |
| DTCC  | Trade settlement services for a sub-advisor  | Partial list on daily basis with no lag  |
| Eagle Investment Systems Corp.  | Portfolio accounting system for a sub-advisor  | Complete list on a daily basis with no lag  |
| Eze Castle  | Trade order management for certain sub-advisors  | Complete list on a daily basis with no lag  |
| FactSet Research Systems, Inc.  | Performance and portfolio analytics reporting for the Manager and the sub-advisors  | Complete list on daily basis with no lag  |
| FIS  | Portfolio Accounting for a sub-advisor  | Complete list on daily basis with no lag  |
| Fiserv  | Portfolio Accounting  | Complete list on daily basis with no lag  |
| FX Transparency  | Trade Execution Assessment  | Complete list on weekly basis with no lag  |
| Glass Lewis & Co  | Proxy voting services for a sub-advisor  | Partial list on a periodic basis with lag  |
| Gresham's Control (f/k/a) Electra Reconciliation  | Reconciliation System for certain sub-advisors  | Complete list on daily basis with no lag  |
| IEX Data Analytics LLC (IEX Astral)  | Analytical and reporting tool for a sub-advisor  | Partial list on daily basis with no lag  |
| Institutional Shareholder Services ("ISS")  | Proxy voting research provider to sub-advisors, and share recall services provider to the Manager  | Complete list on daily basis with no lag  |
| Investment Technology Group, Inc.  | Fair valuation of portfolio securities for Funds with significant foreign securities holdings; transaction cost analysis for sub-advisor  | Complete list on daily basis with no lag and more frequently when the Manager seeks advice with respect to certain holdings  |
| KPMG International  | Service provider to State Street  | Complete list on annual basis with lag  |
| Kurtosys  | Service Provider to the Manager  | Partial list on a periodic basis with lag  |
| LexisNexis  | OFAC compliance service for a sub-advisor  | Complete list on a weekly basis with lag  |
| Linedata  | Trade Order Management for a sub-advisor  | Complete list on daily basis with no lag  |
| MSCI Barra, Inc.  | Analytics platform to support portfolio risk management for a sub-advisor  | Complete list on daily basis with no lag  |

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| | | |
|:---|:---|:---|
| **Service Provider**  | **Service**  | **Holdings Access**  |
| Northern Trust  | Back Office Operation for a sub-advisor  | Complete list on a daily basis with no lag  |
| Omgeo LLC  | Automated trade matching service for sub-advisors  | Partial list on a daily basis with no lag  |
| Portfolio BI  | Compliance management system for Sub-Advisor  | Complete list on daily basis with lag  |
| Parametric Portfolio Associates LLC  | Provides certain administrative services related to the equitization of cash balances for certain Funds  | Partial list on a daily basis with no lag  |
| Portia  | Portfolio Accounting for a sub-advisor  | Complete list on a daily basis with no lag  |
| Russell  | Ratings Agency  | Complete list on a daily basis with lag  |
| SS&C Advent  | Portfolio Accounting for a sub-advisor  | Complete list on a daily basis with lag  |
| SS&C Eze  | Trading and Order Management for a sub-advisor  | Complete list on a daily basis with no lag  |
| SS&C Vision FI  | Client and investor reporting system for a sub-advisor  | Complete list on a daily basis with no lag  |
| Street Account  | Investment research for a sub-advisor  | Partial list on a periodic basis with lag  |
| Trading Technologies International, Inc.  | Trade execution analysis for a sub-advisor  | Complete list on daily basis with no lag  |
| Varden Technologies, Inc.  | Client and investor reporting system  | Complete list on a daily basis with no lag  |
| Virtu ITG LLC  | Transaction cost analysis Trade execution analysis for a sub-advisor  | Partial list on a daily basis with lag  |

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Certain third parties are provided with nonpublic holdings information (either complete or partial lists) by the Manager or another service provider on an ad hoc basis in the ordinary course of business. These third parties include : broker-dealers, prospective sub-advisors, borrowers of the Fund's portfolio securities, pricing services, legal counsel, and issuers (or their agents). Broker-dealers utilized by the Fund in the process of purchasing and selling portfolio securities or providing market quotations receive limited holdings information on a current basis with no lag. The Manager provides current holdings to investment managers being considered for appointment as a sub-advisor to the Fund . If the Fund participates in securities lending activities, potential borrowers of the Fund's securities receive information pertaining to the Fund's securities available for loan. Such information is provided on a current basis with no lag. The Fund utilizes various pricing services to supply market quotations and evaluated prices to State Street. State Street and the Manager may disclose current nonpublic holdings to those pricing services. The Manager or sub-advisor may provide holdings information to legal counsel when seeking advice regarding those holdings. From time to time, an issuer (or its agent) may contact the Fund requesting confirmation of ownership of the issuer's securities. Such holdings information is provided to the issuer (or its agent) as of the date requested. The Fund does not have written contractual arrangements with these third parties regarding the confidentiality of the holdings information. However, the Fund would not continue to utilize a third party that the Manager determined to have misused nonpublic holdings information.

The Fund has ongoing arrangements to provide periodic holdings information to certain organizations that publish ratings and/or rankings for the Fund or that redistribute the Fund's holdings to financial intermediaries to facilitate their analysis of the Fund. The Fund has determined that disclosure of holdings information to such organizations fulfills a legitimate business purpose and is in the best interest of shareholders, as it provides existing and potential shareholders with an independent basis for evaluating the Fund in comparison to other mutual funds. As of the date of this SAI, all such organizations receive holdings information after it has been made public on the Fund's website.

No compensation or other consideration may be paid to the Fund , the Fund's service providers, or any other party in connection with the disclosure of portfolio holdings information.

Under the Holdings Policy, disclosure of nonpublic portfolio holdings information to parties other than those discussed above must meet all of the following conditions:

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| **1** | Recipients of portfolio holdings information must agree in writing to keep the information confidential until it has been posted to the Fund's website and not to trade based on the information; |

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| **2** | Holdings may only be disclosed as of a month-end date; |

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| **3** | No compensation may be paid to the Fund , the Manager or any other party in connection with the disclosure of information about portfolio securities; and |

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| **4** | A member of the Manager's Compliance staff must approve requests for nonpublic holdings information. |

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In determining whether to approve a request for portfolio holdings disclosure by the Manager, Compliance staff generally considers the type of requestor and its relationship to the Fund , the stated reason for the request, any historical pattern of requests from that same individual or entity, the style and strategy of the Fund for which holdings have been requested (e.g., passive versus active management), whether the Fund is managed by one or multiple investment managers, and any other factors it deems relevant. Any potential conflicts between shareholders and affiliated persons of the Fund that arise as a result of a request for portfolio holdings information shall be decided by the Manager in the best interests of shareholders. However, if a conflict exists between the interests of shareholders and the Manager, the Manager may present the details of the request to the Board for a determination to either approve or deny the request. On a quarterly basis, the Manager will prepare a report for the Board outlining any instances

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of disclosures of nonpublic holdings during the period that did not comply with the Holdings Policy. The Compliance staff generally determines whether a historical pattern of requests by the same individual or entity constitutes an "ongoing arrangement" and should be disclosed in the Fund's SAI.

The Manager and the sub- advisor(s) to the Fund may manage substantially similar portfolios for clients other than the Fund . Those other clients may receive and publicly disclose their portfolio holdings information prior to public disclosure by the Fund . The Holdings Policy is not intended to limit the Manager or the sub- advisor(s) from making such disclosures to their clients.

**LENDING OF PORTFOLIO SECURITIES**

The Fund may lend securities from its portfolio to brokers, dealers and other financial institutions needing to borrow securities to complete certain transactions. In connection with such loans, the Fund remains the beneficial owner of the loaned securities and continues to be entitled to payments in amounts approximately equal to the interest, dividends or other distributions payable on the loaned securities. The Fund also has the right to terminate a loan at any time. The Fund does not have the right to vote on securities while they are on loan. However, it is the Fund's policy to attempt to terminate loans in time to vote those proxies that the Fund determines are material to its interests. Loans of portfolio securities may not exceed 33¹/<sub>3</sub>% of the value of the Fund's total assets (including the value of all assets received as collateral for the loan). The Fund will receive collateral consisting of cash in the form of cash or cash equivalents, securities of the U.S. Government and its agencies and instrumentalities, approved bank letters of credit, or other forms of collateral that are permitted by the SEC for registered investment companies, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. If the collateral consists of cash, the Fund will reinvest the cash and may pay the borrower a pre-negotiated fee or "rebate" for the use of that cash collateral. Under the terms of the securities loan agreement between the Fund and State Street, its securities lending agent, State Street indemnifies the Fund for certain losses resulting from a borrower default. However, should the borrower of the securities fail financially, the Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. In a loan transaction, the Fund will also bear the risk of any decline in value of securities acquired with cash collateral. The Fund seeks to minimize this risk by normally limiting the investment of cash collateral to registered money market funds, including money market funds advised by the Manager that invest in U.S. Government and agency securities.

For all funds that engage in securities lending, the Manager receives compensation for administrative and oversight functions with respect to securities lending, including oversight of the securities lending agent. The amount of such compensation depends on the income generated by the loan of the securities.

As of the date of this SAI, the Fund intends to engage in securities lending activities.

**TRUSTEES AND OFFICERS OF THE TRUST**

**The Board of Trustees**

The Trust is governed by its Board of Trustees. The Board is responsible for and oversees the overall management and operations of the Trust and the Fund , which includes the general oversight and review of the Fund's investment activities, in accordance with federal law and the law of the Commonwealth of Massachusetts as well as the stated policies of the Fund . The Board oversees the Trust's officers and service providers, including American Beacon, which is responsible for the management of the day-to-day operations of the Fund based on policies and agreements reviewed and approved by the Board. In carrying out these responsibilities, the Board regularly interacts with and receives reports from senior personnel of service providers, including American Beacon's investment personnel and the Trust's CCO. The Board also is assisted by the Trust's independent registered public accounting firm (which reports directly to the Trust's Audit and Compliance Committee), independent counsel and other experts as appropriate, all of whom are selected by the Board.

*Risk Oversight*

Consistent with its responsibility for oversight of the Trust and the Fund , the Board oversees the management of risks relating to the administration and operation of the Trust and the Fund . American Beacon, as part of its responsibilities for the day-to-day operations of the Fund , is responsible for day-to-day risk management for the Fund . The Board, in the exercise of its reasonable business judgment, also separately considers potential risks that may impact the Fund . The Board performs this risk management oversight directly and, as to certain matters, through its committees (described below) and through the Board members who are not "interested persons" of the Trust as defined in Section 2(a)(19) of the Investment Company Act ("Independent Trustees"). The following provides an overview of the principal, but not all, aspects of the Board's oversight of risk management for the Trust and the Fund .

In general, the Fund's risks include, among others, investment risk, credit risk, liquidity risk, securities selection risk and valuation risk. The Board has adopted, and periodically reviews, policies and procedures designed to address these and other risks to the Trust and the Fund . In addition, under the general oversight of the Board, American Beacon, the Fund's investment adviser, and other service providers to the Fund have themselves adopted a variety of policies, procedures and controls designed to address particular risks to the Fund . Different processes, procedures and controls are employed with respect to different types of risks. Further, American Beacon as manager of the Fund oversees and regularly monitors the investments, operations and compliance of the Fund's investment advisers.

The Board also oversees risk management for the Trust and the Fund through review of regular reports, presentations and other information from officers of the Trust and other persons. Senior officers of the Trust, senior officers of American Beacon, and the Fund's CCO regularly report to the Board on a range of matters, including those relating to risk management. The Board and the Investment Committee also regularly receive reports from American Beacon with respect to the investments, securities trading and securities lending activities of the Fund , as applicable. In addition to regular reports from American Beacon, the Board also receives reports regarding other service providers to the Trust, either directly or through American Beacon or the Fund's CCO, on a periodic or regular basis. At least annually, the Board receives a report from the Fund's CCO regarding the effectiveness of the Fund's compliance program. Also, typically on an annual basis, the Board receives reports, presentations and other information

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from American Beacon in connection with the Board's consideration of the renewal of each of the Trust's agreements with American Beacon and the Trust's distribution plans under Rule 12b-1 under the Investment Company Act.

Senior officers of the Trust and American Beacon also report regularly to the Audit and Compliance Committee on Fund valuation matters and on the Trust's internal controls and accounting and financial reporting policies and practices. In addition, the Audit and Compliance Committee receives regular reports from the Trust's independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the Audit and Compliance Committee meets with the Fund's CCO to discuss matters relating to the Fund's compliance program.

*Board Structure and Related Matters*

All but one member of the Board are Independent Trustees. Douglas A. Lindgren, an Independent Trustee, serves as Chair of the Board. The Chair's responsibilities include: setting an agenda for each meeting of the Board; presiding at all meetings of the Board and Independent Trustees; and serving as a liaison with other Trustees, the Trust's officers and other management personnel, and counsel to the Fund . The Chair shall perform such other duties as the Board may from time to time determine.

The Trustees discharge their responsibilities collectively as a Board, as well as through standing Board committees, each of which operates pursuant to a charter approved by the Board that delineates the responsibilities of that committee. The Board has established three standing committees: the Audit and Compliance Committee, the Investment Committee and the Nominating and Governance Committee. For example, the Investment Committee is responsible for oversight of the process, typically performed annually, by which the Board considers whether to approve the Fund's management agreement with the Manager and, as applicable, its investment advisory agreement (s) with its investment advisor(s) , while specific matters related to oversight of the Fund's independent auditors have been delegated by the Board to its Audit and Compliance Committee. The members and responsibilities of each Board committee are summarized below.

The Board periodically evaluates its structure and composition as well as various aspects of its operations. The Board believes that its leadership structure, including its Chair position and its committees, is appropriate for the Trust in light of, among other factors, the asset size and nature of the funds in the Trust, the number of series of the American Beacon Funds Complex overseen by the Board, the arrangements for the conduct of the Fund's operations, the number of Trustees, and the Board's responsibilities. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, whether the Board and its committees are functioning effectively and whether, given the size and composition of the Board and each of its committees, the Trustees are able to oversee effectively the number of Funds in the complex.

The Trust is part of the American Beacon Funds Complex, which is comprised of 27 series within the American Beacon Funds, 1 series within the American Beacon Institutional Funds Trust, and 4 series within the American Beacon Select Funds. The same persons who constitute the Board of the Trust also constitute the Board of the American Beacon Institutional Funds Trust and the American Beacon Select Funds and each Trustee oversees the Trusts' combined 32 series.

The Board holds five (5) regularly scheduled meetings each year. The Board may hold special meetings, as needed, either in person or by videoconference or telephone, to address matters arising between regular meetings. The Independent Trustees also conduct executive sessions without the presence of management personnel, including at least quarterly in a session at which no Trustees who are interested persons or management are present and may hold special meetings, as needed, either in person or by videoconference or telephone.

The Trustees of the Trust are identified in the tables below, which provide information as to their principal business occupations and directorships held during the last five years and certain other information. Subject to the Trustee Retirement Plan described below, a Trustee serves until his or her successor is elected and qualified or until his or her earlier death, resignation or removal. The address of each Trustee listed below is 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039 , and shareholders may contact them directly, individually or collectively as a Board, at such address . Each Trustee serves for an indefinite term or until his or her removal, resignation, or retirement.\*

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|:---|:---|:---|:---|
| **Name and Year of Birth** **<sup>\*</sup>**  | **Position and Length of Time Served on the American Beacon Funds and American Beacon Select Funds**  | **Position and Length of Time Served on the American Beacon Institutional Funds Trust**  | **Principal Occupation(s) and Directorships During Past 5 Years**  |
| **INTERESTED TRUSTEE**  |  |  |  |
| Eugene J. Duffy<br>(1954) <sup>\*\*</sup>  | Trustee since 2008  | Trustee since 2017  | **Capital Formation and Currency Solutions, Mesirow Financial Administrative Corporation:** Managing Director (2016-Present); <br> **American Beacon Sound Point Enhanced Income Fund:** Trustee (2018–2021); <br> **American Beacon Apollo Total Return Fund:** Trustee (2018–2021)  |
| **NON-INTERESTED TRUSTEES**  |  |  |  |

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|:---|:---|:---|:---|
| **Name and Year of Birth** **<sup>\*</sup>**  | **Position and Length of Time Served on the American Beacon Funds and American Beacon Select Funds**  | **Position and Length of Time Served on the American Beacon Institutional Funds Trust**  | **Principal Occupation(s) and Directorships During Past 5 Years**  |
| Gilbert G. Alvarado<br>(1969)  | Trustee since 2015  | Trustee since 2017  | **The Conrad Prebys Foundation:** Chief Financial Officer (2022-Present); <br> **Sierra Health Foundation** (health conversion private foundation): Executive Vice President & CCO (2022); Senior Vice President & CFO (2012-2022); CFO (2006-2011); <br> **Sierra Health Foundation - Center for Health Program Management** (California public benefit corporation): Senior Vice President & CFO (2012- 2022); <br> **SJVIIF, LLC (impact investment fund):** President (2018-2022); <br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021); <br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021).  |
| Gerard J. Arpey<br>(1958)  | Trustee since 2012  | Trustee since 2017  | **Emerald Creek Group** (private equity firm): Partner (2011-Present); <br> **S.C. Johnson & Son, Inc.** (privately held company): Director (2008-present); <br> **The Home Depot, Inc.**: Director (2015-Present); <br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021); <br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021).  |
| Claudia A. Holz<br>(1957)  | Trustee since 2018  | Trustee since 2018  | **Blue Owl Capital, Inc.**: Independent Director (2021-Present); <br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021); <br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021)  |
| Douglas A. Lindgren<br>(1961)  | Chair since 2025<br>Trustee since 2018  | Chair since 2025<br>Trustee since 2018  | **JLL Income Property Trust**: Director (2022-Present); <br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021); <br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021).  |
| Janet C. Smith <sup>\*\*\*</sup><br>(1965)  | Trustee since 2025  | Trustee since 2025  | **Putnam Investments, LLC and Putnam Management:** Head of Fund Administration Services (2011–2024); <br> **Putnam Funds Complex (Approximately 105 Funds):** Vice President, Principal Financial Officer (2016-2024), Principal Accounting Officer and Assistant Treasurer (2008-2024), Putnam Ombudsman (2016-2024).  |
| Paul Zemsky<br>(1962)  | Trustee since 2025  | Trustee since 2025  | **Focus Consulting Group:** Consulting Partner: (2024-Present); <br> **ML Tech (Crypto Fund-of-Funds)**: Strategic Advisor: (2024-Present); <br> **Voya Investment Management:** Senior Managing Director, Chief Investment Officer, Multi-Asset Strategies and Solutions (2007–2023); Head of Derivative Strategy and Risk Management, General Account (2005-2006).  |

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\* The Board has adopted a retirement policy that requires Trustees to retire no later than the last day of the calendar year in which they reach the age of 75.

\*\* Mr. Duffy is deemed to be an "interested person" of the Trust, as defined by the Investment Company Act of 1940, as amended, by virtue of his position with Mesirow Financial, Inc., a broker-dealer.

\*\*\* Prior to July 1, 2024, Ms. Smith served as an officer of certain affiliates of Putnam Investment Management, LLC ("Putnam"), and as Vice President, Principal Financial Officer, Principal Accounting Officer and Assistant Treasurer of various registered open-end investment companies for which Putnam serves as investment adviser ("Putnam Funds Complex"). On January 1, 2024, Putnam was acquired (the "Putnam Acquisition") by Franklin Resources, Inc. ("Franklin"), following which it is under common control with Brandywine Global Investment Management, LLC ("Brandywine"), an investment adviser to certain series of the Trust. In addition, Jane E. Trust has served on the Boards of Trustees of the Putnam Funds Complex since January 2024 and Ms. Smith served as an officer of the Putnam Funds Complex prior to July 1, 2024, during which period Ms. Trust held positions at the following entities, which are under common control with Brandywine. Based on publicly available information, Ms. Trust has served as Senior Vice President, Fund Board Management at Franklin Templeton since 2020; as President and Chief Executive Officer of Franklin Templeton Fund Advisor, LLC, and officer and/or trustee/director of its associated funds since 2015; as Senior Managing Director of Legg Mason & Co., LLC ("Legg Mason") from 2018 to 2020; as Managing Director of Legg Mason from 2016 to 2018; and as Senior Vice President of Franklin Templeton Fund Advisor, LLC in 2015. In connection with the Putnam Acquisition, Ms. Smith sold her Class B shares of a Putnam affiliate, with a value of approximately $683,000, to a subsidiary of Franklin. In connection with this sale, Ms. Smith may be entitled to certain contingent premium payments depending on the achievement of certain financial metrics, in an amount not to exceed approximately $186,000. Ms. Smith is a participant in a Deferred Executive Compensation Plan relating to her time at Putnam, pursuant to which she will receive approximately $520,000, which will be paid over time by a Franklin affiliate as a result of the Putnam Acquisition.

In addition to the information set forth in the table above and other relevant qualifications, experience, attributes or skills applicable to a particular Trustee, the following provides further information about the qualifications and experience of each Trustee.

Gilbert G. Alvarado: Mr. Alvarado has extensive organizational management and financial experience as executive vice president and chief financial officer in public charities and private foundations, service as director of private companies and non-profit organizations, service as president of nonprofit institutional investment fund, an adjunct professor for a non-profit school of management at University of San Francisco, and multiple years of service as a Trustee.

Gerard J. Arpey: Mr. Arpey has extensive organizational management, financial and international experience serving as chairman, chief executive officer, and chief financial officer of one of the largest global airlines, service as a director of public and private companies, service to several charitable organizations, and multiple years of service as a Trustee.

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Eugene J. Duffy: Mr. Duffy has extensive experience in the investment management business and organizational management experience as a member of senior management, service as a director of a bank, service as a chairman of a charitable fund and as a trustee to an association, service on the board of a private university and non-profit organization, service as chair to a financial services industry association, and multiple years of service as a Trustee.

Claudia A. Holz: Ms. Holz has extensive financial audit and organizational management experience obtained as an audit partner with a major public accounting firm for over 27 years , where she led audits of large public investment company complexes and held several management roles in the firm's New York and national offices , and has since had multiple years of service as a Trustee .

Douglas A. Lindgren: Mr. Lindgren has extensive senior management experience in the asset management industry, having overseen several organizations and numerous fund structures , serving as an Adjunct Professor of Finance at Columbia Business School , and with multiple years of service as a Trustee .

Janet C. Smith : Ms. Smith has extensive experience in the investment management industry, organizational management experience as a member of senior management, service as a senior officer of an investment manager, and as an officer of registered investment companies.

Paul Zemsky: Mr. Zemsky has extensive experience in the investment management industry, organizational management experience as a member of senior management, service as a director and chief investment officer of an investment manager, and as a portfolio manager to registered investment companies .

*Committees of the Board*

The Trust has an Audit and Compliance Committee ("Audit Committee"). The Audit Committee consists of Mses . Holz (Chair) and Smith and Mr. Arpey , each of whom are Independent Trustees . Mr. Lindgren, as Chair of the Board, serves on the Audit Committee in an ex-officio non-voting capacity. As set forth in its charter, the primary purposes of the Trust's Audit Committee are: (a) to oversee the accounting and financial reporting processes of the Trust and the Fund and their internal controls and, as the Audit Committee deems appropriate, to inquire into the internal controls of certain third-party service providers; (b) to oversee the quality and integrity of the Trust's financial statements and the independent audit thereof; (c) to approve, prior to appointment, the engagement (and related fee arrangements) of the Trust's independent auditors to perform annual audit services for the Fund and certain non-audit services for the Fund or certain affiliated parties and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Trust's independent auditors; (d) to oversee the Trust's compliance with all regulatory obligations arising under applicable federal securities laws, rules and regulations and oversee management's implementation and enforcement of the Trust's compliance policies and procedures ("Compliance Program"); (e) to coordinate the Board's oversight of the Trust's CCO in connection with his or her implementation of the Trust's Compliance Program; and (f) to assist the Board with the aspects of risk oversight of the Trust that are relevant to the Audit Committee, including, but not limited to, valuation, operational, and compliance risks. The Audit Committee met four (4) times during the fiscal year ended October 31, 2025 .

The Trust has a Nominating and Governance Committee ("Nominating Committee") that is comprised of Messrs. Arpey (Chair) and Lindgren , each of whom are Independent Trustees . As set forth in its charter, the Nominating Committee's primary purposes are: (a) to make recommendations regarding the nomination of Trustees to the Board; (b) to make recommendations regarding the appointment of an Independent Trustee as Chair of the Board; (c) to evaluate qualifications of potential "interested" members of the Board and Trust officers; (d) to review shareholder recommendations for nominations to fill vacancies on the Board; (e) to make recommendations to the Board for nomination for membership on all committees of the Board and of the chairs of such committees ; (f) to consider and evaluate the structure, composition and operation of the Board; (g) to review shareholder recommendations for proposals to be submitted for consideration during a meeting of Fund shareholders; (h) to consider and make recommendations relating to the compensation of Independent Trustees; (i) to assist the Board with the aspects of risk oversight of the Trusts that are relevant to the Nominating Committee, including, but not limited to, the stewardship and overall reputation of the Trusts; (j) to coordinate and supervise an annual self-evaluation by the Board of the performance of the Board and its various committees; (k) to assist the Board in monitoring and, as it deems appropriate, implementing practices that are designed to promote diversity and inclusion within the Board's membership and within the workforces of the Trusts' primary service providers and vendors; and (l) to assist the Board in coordinating with legal counsel to the Trusts and their independent Board members with respect to staffing matters, including, when applicable, succession planning with respect to senior attorneys engaged in these representations. Shareholder recommendations for Trustee candidates may be mailed in writing, including a comprehensive resume and any supporting documentation, to the Nominating Committee in care of the Secretary of the Fund , and must otherwise comply with the Declaration of Trust and By-Laws of the Trust and any procedures set forth therein . The Nominating and Governance Committee met four (4) times during the fiscal year ended October 31, 2025.

The Trust has an Investment Committee that is comprised of Messrs. Alvarado (Chair), Duffy and Zemsky . Mr. Lindgren, as Chair of the Board, serves on the Investment Committee in an ex-officio non-voting capacity. As set forth in its charter, the Investment Committee's primary purposes are: (a) to review the short- and long-term investment performance of the Manager and each of the designated sub-advisors to the Fund ; (b) to review recommendations by the Manager regarding the hiring or removal of designated sub-advisors to the Fund ; (c) to review material changes recommended by the Manager to the allocation of Fund assets to a sub-advisor; (d) to review proposed changes recommended by the Manager to the investment objective or principal investment strategies of the Fund ; (e) to review proposed changes recommended by the Manager to the material provisions of the advisory agreement with a sub-advisor, including, but not limited to, changes to the provision regarding compensation; and (f) to assist the Board with the aspects of risk oversight of the Trust that are relevant to the Investment Committee, including, but not limited to counterparty, investment , liquidity and derivatives risks. The Investment Committee met four (4) times during the fiscal year ended October 31, 2025 .

*Trustee Ownership in the Funds*

The following tables show the amount of equity securities owned in the Funds and all series of the American Beacon Funds Complex by the Trustees as of the calendar year ended December 31, 2025. Ms. Smith and Mr. Zemsky became Trustees on August 18, 2025 .

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| | |
|:---|:---|
| **INTERESTED TRUSTEE**  | **INTERESTED TRUSTEE**  |
| **American Beacon Fund**  | **Duffy**  |
| American Beacon Small Cap Value Fund  | [None]  |
| **Aggregate Dollar Range of Equity Securities in all Trusts (30 Funds as of December 31, 2025)**  | [Over $100,000]  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NON-INTERESTED TRUSTEES**  | **NON-INTERESTED TRUSTEES**  | **NON-INTERESTED TRUSTEES**  | **NON-INTERESTED TRUSTEES**  | **NON-INTERESTED TRUSTEES**  | **NON-INTERESTED TRUSTEES**  | **NON-INTERESTED TRUSTEES**  |
| **American Beacon Fund**  | **Alvarado**  | **Arpey**  | **Holz**  | **Lindgren**  | **Smith**  | **Zemsky**  |
| American Beacon Small Cap Value Fund  | [None]  | [None]  | [$10,001- $50,000]  | [None]  | [None]  | [None]  |
| **Aggregate Dollar Range of Equity Securities in all Trusts (30 Funds as of December 31, 2025)**  | [Over $100,000]  | [Over $100,000]  | [Over $100,000]  | [Over $100,000]  | [None]  | [None]  |

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*Trustee Compensation*

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $165,000 ; (2) meeting attendance fee (for attendance in person or via electronic means) of (a) $12,000 for in-person attendance, or $5,000 for attendance by electronic means , by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special Board meeting held by electronic means ; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by videoconference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time.

For his service as Board Chair, Mr. Lindgren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit Committee and Investment Committee meetings. The chairpersons of the Audit Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

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| | | |
|:---|:---|:---|
| The following table shows total compensation (excluding reimbursements) paid by the Trusts to each Trustee for the fiscal year ended October 31, 2025.  | The following table shows total compensation (excluding reimbursements) paid by the Trusts to each Trustee for the fiscal year ended October 31, 2025.  | The following table shows total compensation (excluding reimbursements) paid by the Trusts to each Trustee for the fiscal year ended October 31, 2025.  |
| **Name of Trustee**  | **Aggregate Compensation from the Trust**  | **Total Compensation from the Trusts**  |
| **INTERESTED TRUSTEE**  |  |  |
| Eugene J. Duffy  | $202314  | $217500  |
| **NON-INTERESTED TRUSTEES**  |  |  |
| Gilbert G. Alvarado  | $219755  | $236250  |
| Joseph B. Armes <sup>\*</sup>  | $159061  | $171000  |
| Gerard J. Arpey  | $213011  | $229000  |
| Brenda A. Cline <sup>\*\*</sup>  | $58601  | $63000  |
| Claudia A. Holz  | $225568  | $242500  |
| Douglas A. Lindgren  | $245800  | $264250  |
| Barbara J. McKenna <sup>\*\*\*</sup>  | $203244  | $218500  |
| Janet C. Smith <sup>\*\*\*\*</sup>  | $48369  | $52000  |
| Paul Zemsky <sup>\*\*\*\*</sup>  | $48369  | $52000  |

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\* Mr. Armes received compensation from the Trusts up to his retirement from the Board on June 5, 2025. Mr. Armes was not eligible for the benefits afforded to Eligible Trustees who served on the Board prior to September 12, 2008 as described below.

\*\* Ms. Cline received compensation from the Trusts up to her retirement from the Board on December 31, 2024. Upon her retirement from the Board, Ms. Cline became eligible for the benefits afforded to Eligible Trustees who served on the Boards prior to September 12, 2008 as described below.

\*\*\* Ms. McKenna received compensation from the Trusts up to her retirement from the Board on December 31, 2025. Ms. McKenna was not eligible for the benefits afforded to Eligible Trustees who served on the Board prior to September 12, 2008 as described below.

\*\*\*\* Ms. Smith and Mr. Zemsky became Trustees on August 18, 2025. Therefore, Ms. Smith and Mr. Zemsky did not receive any compensation during the fiscal year ended June 30, 2025.

The Boards have adopted a Trustee Retirement Plan. The Trustee Retirement Plan provides that a Trustee who has served on the Boards prior to September 12, 2008, and who has reached a mandatory retirement age established by the Board (currently 75) is eligible to elect Trustee Emeritus status ("Eligible Trustees"). The Board has determined that, other than the Trustee Retirement Plan established for Eligible Trustees, no other retirement benefits will accrue for current or future Trustees. None of the current Trustees are Eligible Trustees.

Each Eligible Trustee and his or her spouse (or designated companion) may receive annual flight benefits from the Trusts of up to $40,000 combined, on a tax-grossed up basis, on American Airlines (a subsidiary of the Manager's former parent company) for a maximum period of 10 years, depending

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upon length of service prior to September 12, 2008. Eligible Trustees may opt to receive instead an annual retainer of $20,000 from the Trusts in lieu of flight benefits. No retirement benefits are accrued for Board service after September 12, 2008.

A Trustee Emeritus must be reasonably available to provide advice, counseling and assistance to the Trustees and American Beacon as needed, as agreed to from time to time by the parties involved; however, a Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Fund . Currently, four individuals who retired from the Board and accrued retirement benefits for periods prior to September 12, 2008, have assumed Trustee Emeritus status. Three individuals and their spouses receive annual flight benefits of up to $40,000 combined, on a tax-grossed up basis, on American Airlines. One individual receives an annual retainer of $20,000 from the Trusts in lieu of flight benefits.

**Principal Officers of the Trust**

The Officers of the Trust conduct and supervise its daily business. As of the date of this SAI, the Officers of the Trust, their ages, their business address and their principal occupations and directorships during the past five years are as set forth below. The address of each Officer is 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039. Each Officer serves for a term of one year or until his or her resignation, retirement, or removal. Each Officer has and continues to hold the same position with the American Beacon Funds, the American Beacon Select Funds, and the American Beacon Institutional Funds Trust.

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position and Length of Time Served on the American Beacon Funds and American Beacon Select Funds**  | **Position and Length of Time Served on the American Beacon Institutional Funds Trust**  | **Principal Occupation(s) and Directorships During Past 5 Years**  |
| **OFFICERS**  |  |  |  |
| Gregory Stumm<br>(1981)  | President<br>since June 2024 <br> Vice President<br>2022-2024  | President<br>since June 2024 <br> Vice President<br>2022-2024  | **American Beacon Advisors, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024) <br> **National Investment Services of America, LLC:** Director (2024-Present) <br> **Resolute Acquisition, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024) <br> **Resolute Topco, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present) <br> **Resolute Investment Managers, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024 - Present), Senior Vice President (2022-2024) <br> **Resolute Investment Services, Inc.:** Director (June 2024-2025), President (June 2024-2025), Chief Executive Officer (June 2024-2025), Senior Vice President, (2022-2024) <br> **Resolute Investment Distributors, Inc.:** President (2024-Present), Chief Executive Officer (2024-Present), Director (2022-Present), Senior Vice President (2022-2024) <br> **RSW Investments Holdings LLC:** Director (2024-Present) <br> **Shapiro Capital Management, LLC:** Director (2024-Present) <br> **SSI Investment Management, LLC:** Director (2024-Present)  |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position and Length of Time Served on the American Beacon Funds and American Beacon Select Funds**  | **Position and Length of Time Served on the American Beacon Institutional Funds Trust**  | **Principal Occupation(s) and Directorships During Past 5 Years**  |
| Rosemary K. Behan<br>(1959)  | Vice President, Secretary and Chief Legal Officer<br>since 2006  | Vice President, Secretary and Chief Legal Officer<br>since 2017  | **Alpha Quant Advisors, LLC:** Secretary and General Counsel (2016-2020) <br> **American Beacon Advisors, Inc.:** Senior Vice President (2021-Present), Vice President (2006-2021), Secretary and General Counsel (2006-Present) <br> **American Beacon Apollo Total Return Fund:** Vice President, Secretary, and Chief Legal Officer (2018-2021) <br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Secretary (2014-Present) <br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Secretary (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd:** Secretary (2018-Present) <br> **American Beacon Cayman Trend Company, Ltd.:** Secretary (2023-Present) <br> **American Beacon Sound Point Enhanced Income Fund:** Vice President, Secretary, and Chief Legal Officer (2018-2021) <br> **American Private Equity Management, LLC:** Secretary (2008-2024) <br> **Continuous Capital, LLC:** Vice President and Secretary (2018-2022) <br> **Green Harvest Asset Management, LLC:** Secretary (2019-2021) <br> **Resolute Acquisition, Inc.:** Secretary (2015-Present) <br> **Resolute Investment Distributors, Inc.:** Secretary (2017-Present) <br> **Resolute Investment Holdings, LLC:** Secretary (2015-2025) <br> **Resolute Investment Managers, Inc.:** Senior Vice President (2021-Present), Vice President (2015-2021), Secretary and General Counsel (2015-Present) <br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-2025), Vice President (2017-2025), Secretary and General Counsel (2017-2025) <br> **Resolute Topco, Inc.:** Secretary (2015-Present)  |
| Paul B. Cavazos<br>(1969)  | Vice President<br>since 2016  | Vice President<br>since 2017  | **American Beacon Advisors, Inc.:** Chief Investment Officer and Senior Vice President (2016-Present) <br> **American Beacon Apollo Total Return Fund:** Vice President (2018-2021) <br> **American Beacon Sound Point Enhanced Income Fund:** Vice President (2018-2021) <br> **American Private Equity Management, L.L.C.:** Vice President (2017-2024)  |
| Rebecca L. Harris<br>(1966)  | Vice President<br>2022-May 2024, June 2024-Present <br> President<br>May 2024-June 2024 <br> Assistant Secretary<br>2010-2022  | Vice President<br>2022-2024, June 2024-Present <br> President<br>May 2024-June 2024 <br> Assistant Secretary<br>2017-2022  | **Alpha Quant Advisors, LLC.:** Vice President (2016-2020) <br> **American Beacon Advisors, Inc.:** Chief Operating Officer (June 2024-Present), Senior Vice President (2021-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024), Vice President (2011-2021) <br> **American Beacon Apollo Total Return Fund:** Assistant Secretary (2018-2021) <br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Secretary (2018-2021) <br> **Continuous Capital, LLC:** Vice President (2018-2022), Director (2022) <br> **National Investment Services of America, LLC:** Director (2022-Present) <br> **Resolute Acquisition, Inc.:** Senior Vice President (January 2024-May 2024, June 2024-Present), Director (May 2024-June 2024), President May 2024-June 2024), Chief Executive Officer (May 2024-June 2024) <br> **Resolute Investment Managers, Inc.:** Chief Operating Officer (June 2024-Present), Senior Vice President (2021-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024), Vice President (2017-2021) <br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-May 2024, June 2024-2025), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024), Vice President (2017-2021) <br> **Resolute Topco, Inc.:** Senior Vice President (January 2024-May 2024, June 2024-Present), Director (May 2024-June 2024), President (May 2024-June 2024), Chief Executive Officer (May 2024-June 2024) <br> **RSW Investments Holdings LLC:** Director (2022-Present) <br> **Shapiro Capital Management LLC:** Director (2022-Present) <br> **SSI Investment Management LLC:** Director (2022-Present)  |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position and Length of Time Served on the American Beacon Funds and American Beacon Select Funds**  | **Position and Length of Time Served on the American Beacon Institutional Funds Trust**  | **Principal Occupation(s) and Directorships During Past 5 Years**  |
| Melinda G. Heika<br>(1961)  | Vice President<br>since 2021 <br> Principal Accounting Officer and Treasurer 2010-2021 and since 2026  | Vice President<br>since 2021 <br> Principal Accounting Officer and Treasurer 2017-2021 and since 2026  | **Alpha Quant Advisors, LLC:** Treasurer and CFO (2016-2020) <br> **American Beacon Advisors, Inc.:** Senior Vice President (2021-Present), Treasurer and CFO (2010-Present) <br> **American Beacon Apollo Total Return Fund:** Principal Accounting Officer and Treasurer (2018-2021), Vice President (2021) <br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Director (2014-Present), Vice President (2022-Present) and Treasurer (2014-2022), <br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Director and Vice President (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd.:** Director and Vice President (2022-Present), and Treasurer (2018-2022) <br> **American Beacon Cayman Trend Company, Ltd.:** Director and Vice President (2023-Present) <br> **American Beacon Funds:** Principal Accounting Officer and Treasurer (2010-2021) <br> **American Beacon Institutional Funds Trust:** Principal Accounting Officer and Treasurer (2017-2021, 2026-Present) <br> **American Beacon Select Funds:** Principal Accounting Officer and Treasurer (2010-2021, 2026-Present) <br> **American Beacon Sound Point Enhanced Income Fund:** Principal Accounting Officer and Treasurer (2018-2021), Vice President (2021) <br> **American Private Equity Management, L.L.C.:** Treasurer (2012-2024) <br> **Continuous Capital, LLC:** Treasurer (2018-2022) <br> **Resolute Acquisition, Inc.:** Treasurer (2015-Present) <br> **Resolute Investment Holdings, LLC:** Treasurer (2015-2025) <br> **Resolute Investment Managers, Inc.:** Senior Vice President (2021-Present), Treasurer and CFO (2017-Present) <br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-2025), Treasurer and CFO (2017-2025) <br> **Resolute Topco, Inc.:** Treasurer (2015-Present)  |
| Terri L. McKinney<br>(1963)  | Vice President<br>since 2010  | Vice President<br>since 2017  | **Alpha Quant Advisors, LLC:** Vice President (2016-2020) <br> **American Beacon Advisors, Inc.:** Senior Vice President, (2021-Present) Vice President, (2009-2021) <br> **American Beacon Apollo Total Return Fund:** Vice President (2018-2021) <br> **American Beacon Sound Point Enhanced Income Fund:** Vice President (2018-2021) <br> **Continuous Capital, LLC**: Vice President (2018-2022) <br> **Resolute Investment Managers, Inc.:** Senior Vice President (2021-Present), Vice President (2017-2021) <br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-2025), Vice President (2018-2025) <br> **Resolute Investment Distributors, Inc.:** Director (2024-Present), Vice President (2024-Present)  |
| Samuel J. Silver<br>(1963)  | Vice President<br>since 2011  | Vice President<br>since 2017  | **American Beacon Advisors, Inc.:** Vice President (2011-Present), Chief Fixed Income Officer (2016-Present) <br> **American Beacon Apollo Total Return Fund:** Vice President (2018-2021) <br> **American Beacon Sound Point Enhanced Income Fund:** Vice President (2018-2021)  |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position and Length of Time Served on the American Beacon Funds and American Beacon Select Funds**  | **Position and Length of Time Served on the American Beacon Institutional Funds Trust**  | **Principal Occupation(s) and Directorships During Past 5 Years**  |
| Christina E. Sears<br>(1971)  | Chief Compliance Officer<br>since 2004<br>Assistant Secretary<br>since 1999  | Chief Compliance Officer and Assistant Secretary<br>since 2017  | **Alpha Quant Advisors, LLC:** Chief Compliance Officer (2016-2019), Vice President (2016-2020) <br> **American Beacon Advisors, Inc.:** Chief Compliance Officer (2004-Present), Vice President (2019-Present) <br> **American Beacon Apollo Total Return Fund:** Chief Compliance Officer and Assistant Secretary (2018-2021) <br> **American Beacon Sound Point Enhanced Income Fund:** Chief Compliance Officer and Assistant Secretary (2018-2021) <br> **American Private Equity Management, LLC:** Chief Compliance Officer (2012-2024) <br> **Continuous Capital, LLC.:** Chief Compliance Officer (2018-2019), Vice President (2018-2022) <br> **Green Harvest Asset Management, LLC:** Chief Compliance Officer (2019-2021) <br> **Resolute Investment Distributors, Inc.:** Vice President (2017-Present) <br> **Resolute Investment Managers, Inc.:** Vice President (2017-Present) <br> **Resolute Investment Services, Inc.:** Vice President (2019-2025) <br> **RSW Investments Holdings, LLC:** Chief Compliance Officer (2019-Present) <br> **Shapiro Capital Management LLC**: Chief Compliance Officer (2024-Present)  |
| Shelley D. Abrahams<br>(1974)  | Assistant Secretary<br>since 2008  | Assistant Secretary<br>since 2017  | **American Beacon Advisors, Inc.:** Assistant Secretary (April 2024-Present) <br> **American Beacon Apollo Total Return Fund:** Assistant Secretary (2018-2021) <br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Assistant Secretary (2022-Present) <br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Assistant Secretary (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd:** Assistant Secretary (2022-Present) <br> **American Beacon Cayman Trend Company, Ltd.:** Assistant Secretary (2023-Present) <br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Secretary (2018-2021) <br> **Resolute Investment Managers, Inc.:** Assistant Secretary (April 2024-Present) <br> **Resolute Investment Services, Inc.:** Corporate Governance Manager (2023-2025), Assistant Secretary (2024-2025), Senior Corporate Governance & Regulatory Specialist (2020-2023), Corporate Governance & Regulatory Specialist (2017-2020)  |
| Shelley L. Dyson<br>(1969)  | Assistant Treasurer<br>since 2021  | Assistant Treasurer<br>since 2021  | **American Beacon Apollo Total Return Fund:** Assistant Treasurer (2021) <br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Assistant Treasurer (2022-Present) <br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Assistant Treasurer (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd:** Assistant Treasurer (2022-Present) <br> **American Beacon Cayman Trend Company, Ltd.:** Assistant Treasurer (2023-Present) <br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Treasurer (2021) <br> **Resolute Investment Services, Inc.:** Fund Tax Director (2024-2025), Fund Tax Manager (2020-2024), Manager, Tax (2014-2020)  |
| Teresa A. Oxford<br>(1958)  | Assistant Secretary<br>since 2015  | Assistant Secretary<br>since 2017  | **Alpha Quant Advisors, LLC:** Assistant Secretary (2016-2020) <br> **American Beacon Advisors, Inc.:** Deputy General Counsel (2024-Present), Assistant Secretary (2015-Present), Associate General Counsel (2015-2024) <br> **American Beacon Apollo Total Return Fund:** Assistant Secretary (2018-2021) <br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Secretary (2018-2021) <br> **Continuous Capital, LLC.:** Assistant Secretary (2020-2022) <br> **Resolute Investment Distributors, Inc.:** Assistant Secretary (2018-2021), (2024-Present) <br> **Resolute Investment Managers, Inc.:** Deputy General Counsel (2024-Present), Assistant Secretary (2017-Present), Associate General Counsel (2017-2024) <br> **Resolute Investment Services, Inc:** Deputy General Counsel (2024-2025), Assistant Secretary (2018-2025), Associate General Counsel (2018-2024)  |

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**CODE OF ETHICS**

The Manager, the Trust, the Distributor, and the sub-advisors each have adopted a Code of Ethics under Rule 17j-1 of the Investment Company Act. Each Code of Ethics significantly restricts the personal trading of all employees with access to non-public portfolio information. For example, each Code of Ethics generally requires pre-clearance of all personal securities trades (with limited exceptions) and prohibits employees from purchasing or selling a security that is being purchased or sold or being considered for purchase (with limited exceptions) or sale by any Fund. In addition, the Manager's and the Trust's Code of Ethics requires employees to report trades in shares of the Trusts. Each Code of Ethics is on public file with, and may be obtained from, the SEC.

**PROXY VOTING POLICIES**

From time to time, the Fund may own a security whose issuer solicits a proxy vote on certain matters. The Board seeks to ensure that proxies are voted in the best interests of the Fund's shareholders and has delegated proxy voting authority to the Manager. The Manager in turn has delegated proxy voting authority to the sub-advisor with respect to the Fund's assets under the sub-advisor's management. The Trust has adopted a Proxy Policy that governs proxy voting by the Manager and sub- advisor , including procedures to address potential conflicts of interest between the Fund's shareholders and the Manager, the sub- advisor or their affiliates. The Board has approved the Manager's proxy voting policies and procedures with respect to Fund assets under the Manager's management. Please see **Appendix A** for a copy of the Proxy Policy. The sub- advisor's proxy voting policy and procedures are summarized (or included in their entirety) in **Appendix B**. The Fund's proxy voting record for the most recent year ended June 30 will be available as of August 31 of each year without charge on the Fund's website, on the SEC's website at http://www.sec.gov or upon request by calling 1-800-967-9009. The proxy voting record can be found in Form N-PX on the SEC's website.

**CONTROL PERSONS AND 5% SHAREHOLDERS**

A principal shareholder is any person who owns of record or beneficially 5% or more of any class of the Fund's outstanding shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund. The actions of an entity or person that controls the Fund could have an effect on other shareholders. For instance, a control person may have effective voting control over the Fund or large redemptions by a control person could cause the Fund's other shareholders to pay a higher pro rata portion of the Fund's expenses.

Set forth below are entities or persons that own 5% or more of the outstanding shares of a class of the Fund as of January 31, 2026. [ The Trustees and officers of the Trusts, as a group, owned less than 1% of all classes of the Fund's shares outstanding as of that date .]

**American Beacon Small Cap Value Fund**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Address**  | **Fund Percentage (listed if over 25%)**  | **A CLASS**  | **C CLASS**  | **Y CLASS**  | **R6 CLASS**  | **Advisor CLASS**  | **R5 CLASS**  | **Investor CLASS**  |
| [XX] <sup>\*</sup>  | [XX%]  | [XX%]  | [XX%]  | [XX%]  | [XX%]  | [XX%]  | [XX%]  | [XX%]  |

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\* Denotes record owner of Fund shares only

**INVESTMENT ADVISORY AGREEMENTS**

The Fund's sub-advisors are listed below with information regarding their controlling persons or entities. According to the Investment Company Act, a person or entity with control with respect to an investment advisor has "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." Persons and entities affiliated with the sub- advisors are considered affiliates of the Fund.

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| | | |
|:---|:---|:---|
| **Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow")**  |  |  |
| **Controlling Person/Entity**  | **Basis of Control**  | **Nature of Controlling Person/Entity Business**  |
| Perpetual Limited  | Parent Company  | Financial Services  |

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| | | |
|:---|:---|:---|
| **Brandywine Global Investment Management, LLC ("Brandywine Global")**  | **Brandywine Global Investment Management, LLC ("Brandywine Global")**  | **Brandywine Global Investment Management, LLC ("Brandywine Global")**  |
| **Controlling Person/Entity**  | **Basis of Control**  | **Nature of Controlling Person/Entity Business**  |
| Legg Mason, Inc.  | Direct Owner  | Financial Services  |
| Franklin Resources, Inc.  | Indirect Owner  | Financial Services  |

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| | | |
|:---|:---|:---|
| **DePrince, Race & Zollo, Inc. ("DRZ")**  | **DePrince, Race & Zollo, Inc. ("DRZ")**  | **DePrince, Race & Zollo, Inc. ("DRZ")**  |
| **Controlling Person/Entity**  | **Basis of Control**  | **Nature of Controlling Person/Entity Business**  |
| Victor A. Zollo, Jr.  | <sup>\*</sup> Indirect Majority Shareholder / Officer  | Individual  |
| John D. Race  | <sup>\*</sup> Indirect Majority Shareholder / Officer  | Individual  |
| Kelly W. Carbone  | <sup>\*</sup> Indirect Minority Shareholder / Management Committee  | Individual  |

---

**24**

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---

| | | |
|:---|:---|:---|
| **DePrince, Race & Zollo, Inc. ("DRZ")**  | **DePrince, Race & Zollo, Inc. ("DRZ")**  | **DePrince, Race & Zollo, Inc. ("DRZ")**  |
| **Controlling Person/Entity**  | **Basis of Control**  | **Nature of Controlling Person/Entity Business**  |
| Gregory T. Ramsby  | <sup>\*</sup> Indirect Minority Shareholder / Management Committee  | Individual  |
| Angela Johnston  | Indirect Minority Shareholder / Chief Financial Officer  | Individual  |
| Adelbert Sanchez  | Chief Compliance Officer  | Individual  |

---

\* This individual's respective equity ownership of DePrince, Race & Zollo, Inc. is directly held by a trust, wholly owned and controlled by the individual.

---

| | | |
|:---|:---|:---|
| **Hotchkis and Wiley Capital Management, LLC ("Hotchkis")**  |  |  |
| **Controlling Person/Entity**  | **Basis of Control**  | **Nature of Controlling Person/Entity Business**  |
| HWCap Holdings, LLC  | Majority Owner  | Financial Services  |
| Stephens-H&W, LLC  | Minority Owner  | Financial Services  |

---

---

| | | |
|:---|:---|:---|
| **Westwood Management Corp. ("Westwood")**  |  |  |
| **Controlling Person/Entity**  | **Basis of Control**  | **Nature of Controlling Person/Entity's Business**  |
| Westwood Holdings Group, Inc.  | Parent Company  | Financial Services  |

---

The Trust, on behalf of the Fund, and the Manager have entered into an Investment Advisory Agreement with a sub-advisor pursuant to which the Fund has agreed to pay its sub-advisor an annualized sub-advisory fee that is calculated and accrued daily based on a percentage of the applicable Fund's average daily net assets.

**MANAGEMENT, ADMINISTRATIVE, SECURITIES LENDING, AND DISTRIBUTION SERVICES**

**The Manager**

The Manager, located at 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039, is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM"). RIM is, in turn, a wholly-owned subsidiary of Resolute Acquisition, Inc., a 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 more than 25% of the outstanding equity or voting interests of Topco. The address of Topco is 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039.

Listed below are individuals and entities that may be deemed control persons of the Manager.

---

| | | |
|:---|:---|:---|
| **Controlling Person/Entity** | **Basis of Control** | **Nature of Controlling Person/Entity's Business** |
| Resolute Topco, Inc. | Ultimate Parent Company | Holding Company – Founded in 2015 |

---

The Manager is paid a management fee as compensation for providing each Fund with management and administrative services. The expenses are allocated daily to each class of shares of a Fund based upon the relative proportion of net assets represented by such class. The Management Agreement provides for the Manager to receive an annualized management fee based on a percentage of a Fund's average daily net assets that is calculated and accrued daily according to the following schedule:

---

| | |
|:---|:---|
| First $15 billion | 0.35% |
| Next $15 billion | 0.325% |
| Over $30 billion | 0.30% |

---

Operating expenses directly attributable to a specific class are charged against the assets of that class. Pursuant to the Management Agreement, the Manager provides the Trust with office space, office equipment and personnel necessary to manage and administer the Trust's operations. This includes:

■ complying
 with reporting requirements;

■ corresponding
 with shareholders;

■ maintaining
 internal bookkeeping, accounting and auditing services and records;

■ supervising
 the provision of services to the Trust by third parties; and

■ administering
 the Fund's interfund lending facility and lines of credit, if applicable.

In addition to its oversight of the sub- advisor , the Manager may invest the portion of the Fund's assets that the sub-advisor determines to be allocated to short-term investments.

The Fund is responsible for expenses not otherwise assumed by the Manager, including the following: audits by independent auditors; transfer agency, custodian, dividend disbursing agent and shareholder recordkeeping services; taxes, if any, and the preparation of the Fund's tax returns; interest; costs of Trustee and shareholder meetings; preparing, printing and mailing prospectuses and reports to existing shareholders; fees for filing reports with regulatory bodies and the maintenance of the Fund's existence; legal fees; fees to federal and state authorities for the registration of shares; fees and

**25** 

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expenses of Trustees; insurance and fidelity bond premiums; fees paid to service providers providing reports regarding adherence by the sub- advisor to the investment style of the Fund; fees paid for brokerage commission analysis for the purpose of monitoring best execution practices of the sub- advisor ; and any extraordinary expenses of a nonrecurring nature.

The Manager may contractually agree from time to time to waive fees and/or reimburse expenses for the Fund in order to maintain competitive expense ratios for the Fund. The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund's Board of Trustees. The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager may also, from time to time, voluntarily waive fees and/or reimburse expenses of the Fund. The Board approved a policy whereby the Manager may seek repayment for such fee waivers and expense reimbursements. Under the policy, the Manager can be reimbursed by the Fund for any contractual or voluntary fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager's waiver/reimbursement and (b) does not cause the Fund's Total Annual Fund Operating Expenses to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of recoupment.

The following tables show the total management fees paid to the Manager for management and administrative services and the investment advisory fees paid to each sub-advisor based on the Fund's average daily net assets for the Fund's three most recent fiscal years ended October 31. The following tables also show the management fees waived or recouped by the Manager and the sub-advisory fees waived by the sub-advisors, if applicable. The fees paid to the Manager were equal to 0.35% of the Fund's average daily net assets. In the tables below, the fees paid to the sub-advisors are expressed both as a dollar amount and percentage of the Fund's average daily net assets.

---

| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid to American Beacon Advisors, Inc. (Gross)**  | **Management Fees Paid to American Beacon Advisors, Inc. (Gross)**  | **Management Fees Paid to American Beacon Advisors, Inc. (Gross)**  | **Management Fees Paid to American Beacon Advisors, Inc. (Gross)**  |
| **Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $15897278  | $16274900  | $14207121  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Advisor Fees (Gross)**  | **Sub-Advisor Fees (Gross)**  | **Sub-Advisor Fees (Gross)**  | **Sub-Advisor Fees (Gross)**  |
| **Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund <sup>\*</sup>  | $15888739  | $16168165  | $14190100  |
|  | 0.35%  | 0.35%  | 0.35%  |

---

\* Sub-Advisor Fees includes fees paid to Newton Investment Management North America , LLC (" NIMNA"), formerly a sub-advisor of the American Beacon Small Cap Value Fund ("Small Cap Value Fund"), for the fiscal years ended October 31, 2023, October 31, 2024, and October 31, 2025. On March 7, 2025, NIMNA was terminated as a sub-advisor to the Small Cap Value Fund. On March 28, 2025, Westwood Management Corp. began managing a portion of the assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Management Fees (Waived)/Recouped** **<sup>\*</sup>**  | **Management Fees (Waived)/Recouped** **<sup>\*</sup>**  | **Management Fees (Waived)/Recouped** **<sup>\*</sup>**  | **Management Fees (Waived)/Recouped** **<sup>\*</sup>**  |
| **Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $0  | $0  | $0  |

---

\* The sub-advisors for the Fund have not waived fees during the three most recent fiscal years ended October 31.

Certain sub-advisors of the Fund or other series of the American Beacon Funds Complex contribute to the Manager to support the American Beacon Funds' distribution activities.

**Distribution Fees**

The Manager (or another entity approved by the Board) under a distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act, is paid up to 0.25% per annum of the average daily net assets of the A Class shares and Advisor Class shares, and up to 1.00% per annum of the average daily net assets of the C Class shares of the Fund for distribution and shareholder servicing related services, including expenses relating to selling efforts of various broker-dealers, shareholder servicing fees and the preparation and distribution of A Class, C Class, and Advisor Class advertising material and sales literature. The Manager will receive Rule 12b-1 fees from the A Class, C Class, and Advisor Class regardless of the amount of the Manager's actual expenses related to distribution and shareholder servicing efforts on behalf of each Class. Thus, the Manager may realize a profit or a loss based upon its actual distribution and shareholder servicing related expenditures for the A Class, C Class, and Advisor Class shares. The Manager anticipates that the Rule 12b-1 plan will benefit shareholders by providing broader access to the Fund through broker-dealers and other financial intermediaries who require compensation for their expenses in order to offer shares of the Fund . The Board has not authorized Y Class, R5 Class, R6 Class, or Investor Class shares of the Fund to pay any fees pursuant to a distribution plan. Distribution fees pursuant to Rule 12b-1 under the Investment Company Act for the fiscal year ended October 31, 2025 were:

---

| | |
|:---|:---|
| **A Class** <br>**Fund**  | <br>**Distribution Fee**  |
| American Beacon Small Cap Value Fund  | $122217  |

---

---

| | |
|:---|:---|
| **C Class** <br>**Fund**  | <br>**Distribution Fee**  |
| American Beacon Small Cap Value Fund  | $44237  |

---

**26**

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---

| | |
|:---|:---|
| **Advisor Class** <br>**Fund**  | <br>**Distribution Fee**  |
| American Beacon Small Cap Value Fund  | $48428  |

---

**Service Plan Fees**

The A Class, C Class, Advisor Class, and Investor Class have each adopted a Service Plan (collectively, the "Service Plans"). The Service Plans authorize the payment to the Manager (or another entity approved by the Board) of up to 0.375% per annum of the average daily net assets of the Investor Class shares and up to 0.25% per annum of the average daily net assets of the A Class shares, C Class shares, and Advisor Class shares. In addition, the Fund may reimburse the Manager for certain non-distribution shareholder services provided by financial intermediaries attributable to Y Class and R5 Class shares, but not R6 Class shares. The Manager or other approved entities may spend such amounts on any activities or expenses primarily intended to result in or relate to the servicing of A Class, C Class, Y Class, R5 Class, Advisor Class, and Investor Class shares including, but not limited to, payment of shareholder service fees and transfer agency or sub-transfer agency expenses. The fees, which are included as part of the Fund's "Other Expenses" in the Table of Fees and Expenses in the Prospectus, will be payable monthly in arrears. The primary non-distribution shareholder fees paid to financial intermediaries, such as plan sponsors and broker-dealers, generally include shareholder servicing, record keeping and servicing fees.

Service Plan fees paid by the A Class, C Class, Advisor Class and Investor Class shares of the Fund pursuant to the applicable Service Plan for the three most recent fiscal years ended October 31 are set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **A Class** <br>**Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $80529  | $89969  | $91255  |

---

---

| | | | |
|:---|:---|:---|:---|
| **C Class** <br>**Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $9725  | $8009  | $5778  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Advisor Class** <br>**Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $75523  | $61608  | $48453  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investor Class** <br>**Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $996291  | $976487  | $809856  |

---

**Securities Lending Fees** <br>As compensation for services provided by the Manager in connection with securities lending activities conducted by the Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs.

As of the date of this SAI, the Fund intends to engage in securities lending activities.

Fees received by the Manager from securities lending for the last three fiscal years ended October 31 were approximately as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $14838  | $109218  | $[XX]  |

---

State Street serves as securities lending agent for the Fund and, in that role, administers the Fund's securities lending program pursuant to the terms of a securities lending authorization agreement entered into between the Fund and State Street ("Securities Lending Agreement").

As securities lending agent, State Street is responsible for the implementation and administration of the Fund's securities lending program. State Street's responsibilities include: (1) lending available securities to approved borrowers; (2) continually monitoring the creditworthiness of approved borrowers and potential borrowers; (3) determining whether a loan shall be made and negotiating the terms and conditions of the loan with the borrower, provided that such terms and conditions are consistent with the terms and conditions of the Securities Lending Agreement; (4) receiving and holding, on the Fund's behalf, or transferring to a fund account, upon instruction by the Fund, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities; (5) marking loaned securities and collateral to their market value each business day; (6) obtaining additional collateral, as needed, to maintain the value of the collateral relative to the market value of the loaned securities at the levels required by the Securities Lending Agreement; (7) returning the collateral to the borrower, at the termination of the loan, upon the return of the loaned securities; (8) investing cash collateral in permitted investments, including the American Beacon U.S. Government Money Market Select Fund;

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and (9) establishing and maintaining records related to the Fund's securities lending activities. Additionally, State Street has indemnified the Fund for borrower default as it relates to the securities lending program administered by State Street.

State Street is compensated for the above-described services from its securities lending revenue split, as provided in the Securities Lending Agreement. The table below shows the income the Fund earned and the fees and compensation it paid to service providers (including fees paid to State Street as securities lending agent and the Manager for administrative and oversight functions) in connection with its securities lending activities during its most recent fiscal year.

---

| | |
|:---|:---|
|  | **American Beacon Small Cap Value Fund**  |
| **Gross income earned by the fund from securities lending activities**  | **$xx**  |
| Fees and/or compensation paid by the fund for securities lending activities and related services:  |  |
| &nbsp;&nbsp;&nbsp; *Fees paid to securities lending agent from a revenue split*  | $xx  |
| &nbsp;&nbsp;&nbsp; *Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split*  | $xx  |
| &nbsp;&nbsp;&nbsp; *Administrative fees not included in revenue split*  | $xx  |
| &nbsp;&nbsp;&nbsp; *Indemnification fee not included in revenue split*  | $xx  |
| &nbsp;&nbsp;&nbsp; *Rebate (paid to borrower)*  | $xx  |
| &nbsp;&nbsp;&nbsp; *Other fees not included in revenue split (administrative and oversight functions provided by the Manager)*  | $xx  |
| **Aggregate fees/compensation paid by the fund for securities lending activities**  | **$xx**  |
| **Net income from securities lending activities**  | **$xx**  |

---

The SEC has granted exemptive relief that permits the Fund to invest cash collateral received from securities lending transactions in shares of one or more private or registered investment companies managed by the Manager.

**The Distributor**

Resolute Investment Distributors, Inc. ("RID" or "Distributor") is the Fund's distributor and principal underwriter of the Fund's shares.

RID, located at 220 East Las Colinas Blvd., Suite 1200, Irving, Texas 75039, is a registered broker-dealer and is a member of FINRA. The Distributor is affiliated with the Manager through common ownership. Under a Distribution Agreement with the Trust, the Distributor acts as the distributor and principal underwriter of the Trust in connection with the continuous offering of shares of the Fund . The Distributor continually distributes shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of the Fund's shares. Pursuant to the Distribution Agreement, to the extent applicable, the Distributor receives, and may re-allow to broker-dealers, all or a portion of the sales charge paid by the purchasers of A Class and C Class shares. For A Class and C Class shares, the Distributor receives commission revenue consisting of the portion of the A Class and C Class sales charge remaining after the allowances by the Distributor to the broker-dealers. The Distributor retains any portion of the commission fees that are not paid to the broker-dealers for use solely to pay distribution related expenses.

The aggregate sales charges paid to, or retained by, the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares during each of the Fund's three most recent fiscal years ended October 31 are shown in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Fund**  |  | **Sales Charge Revenue**  | **Sales Charge Revenue**  | **Deferred Sales Charge Revenue**  | **Deferred Sales Charge Revenue**  |
|  | Fiscal Year  | Amount Paid to Distributor  | Amount Retained by Distributor  | Amount Paid to Distributor  | Amount Retained by Distributor  |
| American Beacon Small Cap Value Fund  | 2025  | $14105  | $2149  | $426  | -  |
|  | 2024  | $16805  | $2289  | $127  | -  |
|  | 2023  | $11215  | $1294  | $109  | -  |

---

RID does not receive compensation on redemptions and repurchases, brokerage commissions, or other compensation. However, as shown in a separate chart, RID may receive distribution fees (i.e., Rule 12b-1 fees) from certain share classes of the Fund .

**OTHER SERVICE PROVIDERS**

State Street, located at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, serves as custodian ("Custodian") for the Fund . State Street also serves as the Fund's Foreign Custody Manager pursuant to rules adopted under the Investment Company Act, whereby it selects and monitors eligible foreign sub-custodians. The Manager also has entered into a sub-administration agreement with State Street. Under the sub-administration agreement, State Street provides the Fund with certain financial reporting and tax services.

**28**

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Pursuant to an administrative services agreement among the Manager, the Trust, American Beacon Institutional Funds Trust, and Parametric Portfolio Associates LLC ("Parametric"), located at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, Parametric provides certain administrative services related to the equitization of cash balances for certain series of the American Beacon Funds Complex.

SS&C GIDS, Inc., located at 2000 Crown Colony Drive, Quincy, Massachusetts 02169 is the transfer agent and dividend paying agent for the Trust and provides these services to Fund shareholders.

The Fund's independent registered public accounting firm is [XX] , which is located at [XX] .

K&L Gates LLP, 1601 K Street, NW, Washington, D.C. 20006, serves as legal counsel to the Fund .

**PORTFOLIO MANAGERS**

The portfolio managers to each Fund (the "Portfolio Managers") have responsibility for the day-to-day management of accounts other than the respective Fund. Information regarding these other accounts has been provided by the sub-advisor and is set forth below. The number of accounts and assets is shown as of October 31, 2025 .

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  |
| <br>**Name of Investment Advisor and Portfolio Manager**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  |
| **American Beacon Advisors, Inc.**  | **American Beacon Advisors, Inc.**  |  |  |  |  |  |
| Paul B. Cavazos  | [XX] ($[XX] bil)  | [XX] ($[XX] bil)  | [XX] ($[XX] bil)  | None  | None  | None  |
| Colin J. Hamer  | [XX] ($[XX] bil)  | [XX] ($[XX] bil)  | [XX] ($[XX] bil)  | None  | None  | None  |
| Robyn A. Serrano  | [XX] ($[XX] bil)  | [XX] ($[XX] bil)  | [XX] ($[XX] bil)  | None  | None  | None  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  |
| <br>**Name of Investment Advisor and Portfolio Manager**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  |
| **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  |
| Mark Giambrone  | 7 ($4.3 bil)  | 2 ($327.7 mil)  | 43 ($8.1 bil)  |  |  |  |
| W. Coleman Hubbard  |  | 1 ($98.1 mil)  | 12 (646 mil)  |  |  |  |
| DJ Taylor  |  | 1 ($98.1 mil)  | 12 (646 mil)  |  |  |  |
| Deborah A. Petruzzelli  | 1 ($79.9 mil)  | 1 ($20.5 mil)  | 10 (683 mil)  |  |  |  |
| J. Scott McDonald  | 1 ($86.9 mil)  | 1 ($20.5 mil)  | 16 (1.4 bil)  |  |  |  |
| Matthew Routh  | 1 ($86.9 mil)  | 1 ($20.5 mil)  | 16 (1.4 bil)  |  |  |  |
| Justin Martin  | 1 ($86.9 mil)  | 1 ($20.5 mil)  | 16 (1.4 bil)  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  |
| <br>**Name of Investment Advisor and Portfolio Manager**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  |
| **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  |
| Michelle K. Bevan  |  | 3 ($212 mil)  | 1 ($200 mil)  |  |  |  |
| Henry F. Otto  | 8 ($6.3 bil)  | 7 ($284 mil)  | 30 ($930 mil)  |  |  | 2 ($1.6 bil)  |
| Steven M. Tonkovich  | 8 ($6.3 bil)  | 7 ($284 mil)  | 30 ($930 mil)  |  |  | 2 ($1.6 bil)  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  |
| <br>**Name of Investment Advisor and Portfolio Manager**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  |
| **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  |
| Gregory Ramsby  |  | 2 ($212 mil)  | 24 ($992 mil)  |  |  | 4 ($340 mil)  |
| Randy Renfrow  |  | 2 ($212 mil)  | 34 ($1,848 mil)  |  |  | 4 ($340 mil)  |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  |
| <br>**Name of Investment Advisor and Portfolio Manager**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  |
| **Hotchkis and Wiley Capital Management, LLC**  | **Hotchkis and Wiley Capital Management, LLC**  | **Hotchkis and Wiley Capital Management, LLC**  | **Hotchkis and Wiley Capital Management, LLC**  | **Hotchkis and Wiley Capital Management, LLC**  | **Hotchkis and Wiley Capital Management, LLC**  | **Hotchkis and Wiley Capital Management, LLC**  |
| George Davis  | 22 ($21.0 bil)  | 18 ($3.7 bil)  | 49 ($6.6 bil)  | 2 ($15.9 bil)  | 2 ($322.6 mil)  | 3 ($679.0 mil)  |
| Scott McBride  | 22 ($21.0 bil)  | 18 ($3.7 bil)  | 49 ($6.6 bil)  | 2 ($15.9 bil)  | 2 ($322.6 mil)  | 3 ($679.0 mil)  |
| Patricia McKenna  | 22 ($21.0 bil)  | 18 ($3.7 bil)  | 49 ($6.6 bil)  | 2 ($15.9 bil)  | 2 ($322.6 mil)  | 3 ($679.0 mil)  |
| Doug Campbell  | 22 ($21.0 bil)  | 18 ($3.7 bil)  | 49 ($6.6 bil)  | 2 ($15.9 bil)  | 2 ($322.6 mil)  | 3 ($679.0 mil)  |
| David Green  | 22 ($21.0 bil)  | 18 ($3.7 bil)  | 49 ($6.6 bil)  | 2 ($15.9 bil)  | 2 ($322.6 mil)  | 3 ($679.0 mil)  |
| Jim Miles  | 22 ($21.0 bil)  | 18 ($3.7 bil)  | 49 ($6.6 bil)  | 2 ($15.9 bil)  | 2 ($322.6 mil)  | 3 ($679.0 mil)  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Other Accounts Managed and Assets by Account Type**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  | **Number of Accounts and Assets for which Advisory Fee is Performance-Based**  |
| <br>**Name of Investment Advisor and Portfolio Manager**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  | **Registered Investment Companies**  | **Other Pooled Investment Vehicles**  | **Other Accounts**  |
| **Westwood Management Corp.**  | **Westwood Management Corp.**  | **Westwood Management Corp.**  | **Westwood Management Corp.**  | **Westwood Management Corp.**  | **Westwood Management Corp.**  | **Westwood Management Corp.**  |
| William E. Costello, CFA  | 3 ($1.2 bil)  | 7 ($946 mil)  | 31 ($2.1 bil)  |  |  |  |
| Matthew R. Lockridge  | 7 ($2.1 bil)  | 8 ($550 mil)  | 54 ($3.0 bil)  |  |  | 1 ($0.15 mil)  |
| Frederic G. Rowsey, CFA  | 2 ($1.1 bil)  | 4 ($166 mil)  | 20 ($1.6 bil)  |  |  |  |
| Jordan Latimer, CFA  | 2 ($1.1 bil)  | 4 ($166 mil)  | 27 ($1.6 bil)  |  |  |  |

---

**Conflicts of Interest**

As noted in the table above, the Portfolio Managers manage accounts other than the Fund . This side-by-side management may present potential conflicts between a Portfolio Manager's management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other hand. Set forth below is a description by the Manager and each sub-advisor of any foreseeable material conflicts of interest that may arise from the concurrent management of the Fund and other accounts. The information regarding potential conflicts of interest of a sub-advisor was provided by the sub-advisors as of October 31, 2025 .

**<u>The Manager</u>** The Manager's Portfolio Managers are responsible for managing the Funds and other accounts, including separate accounts and unregistered funds. The Manager typically assigns Funds and accounts with similar investment strategies to the same Portfolio Manager to mitigate the potentially conflicting investment strategies of accounts. Other than potential conflicts between investment strategies, the side-by-side management of both the Funds and other accounts may raise potential conflicts of interest due to the interest held by the Manager or one of its affiliates in an account and certain trading practices used by the Portfolio Managers (e.g., cross trades between a Fund and another account and allocation of aggregated trades). The Manager has developed policies and procedures reasonably designed to mitigate those conflicts. In particular, the Manager has adopted policies limiting the ability of Portfolio Managers to cross securities between a Fund and a separate account and policies designed to ensure the fair allocation of securities purchased on an aggregated basis.

Portfolio Managers of the Manager with responsibility for oversight of Fund sub-advisors are also responsible for overseeing sub-advisors selected by the Manager to manage other client accounts. In some cases, the same investment process and overall investment strategy are used for both a Fund and another client account. When a sub-advisor has a limited capacity for managing assets, these Portfolio Managers may have an incentive to allocate the capacity disproportionately among clients. Certain Portfolio Managers oversee fixed income assets managed internally by the Manager as well as equity and fixed income assets managed externally by sub-advisors. Potential conflicts of interest may occur when the Manager's Portfolio Managers allocate Fund assets to internal fixed income Portfolio Managers rather than external Portfolio Managers, since the Manager has the potential to earn more fees under this scenario. These potential conflicts of interest are disclosed to the Board in connection with the process of approving the Manager as an investment advisor to the Funds.

***<u>Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley")</u>*** Actual or potential conflicts of interest may arise when a Portfolio Manager has management responsibilities for more than one account including mutual fund, CLO, or Private Fund accounts. When one Client has a relationship or fee arrangement with the adviser that is more valuable or could accelerate the fees due to the adviser than another Client's, the adviser might have an incentive to favor that Client when allocating investment opportunities among multiple Client accounts. Barrow Hanley manages potential conflicts between funds, CLOs, and/or types of accounts through trade allocation policies and procedures, internal review processes, and oversight by the CCO, directors, and independent third parties. The Firm's investment management and trading policies are designed to address potential conflicts in situations where two or more funds, CLOs, or accounts participate in investment decisions involving the same securities or issuer.

***<u>Brandywine Global Investment Management, LLC ("Brandywine Global")</u>*** Brandywine Global does not foresee any potentially material conflicts of interest as a result of concurrent management of the American Beacon Small Cap Value Fund and other accounts. Brandywine Global follows the same buy and sell discipline for all positions across all portfolios, subject to client-specific restrictions. Portfolios may differ in a strategy slightly due to differences in available cash, contributions and withdrawals.

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***<u>DePrince, Race & Zollo, Inc. ("DRZ")</u>*** DRZ manages several accounts in accordance with its small cap value investment strategy. There are varying fee structures across the managed accounts, including performance/incentive fee structures. Performance fee arrangements have the possibility of substantially increasing DRZ's compensation and therefore may create an incentive for the portfolio manager to allocate investments with favorable return characteristics to clients paying higher fees.

As a matter of policy, DRZ's investment professionals are prohibited from considering performance fees, management fees and/or the status of performance hurdles when allocating investment opportunities. In order to mitigate these conflicts, DRZ's investment allocation process is pre-set and is automated via the firm's order management system. Executed orders are allocated on a prorated basis to all eligible accounts. Investment teams do not have access to change the allocation process within the system.

<u>***<u>Hotchkis and Wiley Capital Management, LLC ("Hotchkis")</u>***</u> The Portfolio is managed by Hotchkis' investment team ("Investment Team"). The Investment Team also manages institutional accounts and other mutual funds in several different investment strategies. The portfolios within an investment strategy are managed using a target portfolio; however, each portfolio may have different restrictions, cash flows, tax and other relevant considerations which may preclude a portfolio from participating in certain transactions for that investment strategy. Consequently, the performance of portfolios may vary due to these different considerations. The Investment Team may place transactions for one investment strategy that are directly or indirectly contrary to investment decisions made on behalf of another investment strategy. Hotchkis also provides model portfolio investment recommendations to sponsors without trade execution or additional services. The timing of model delivery recommendations will vary depending on the contractual arrangement with the program Sponsor. As a result, depending on the program arrangement and circumstances surrounding a trade order, Hotchkis' discretionary clients may receive prices that are more favorable than those received by a client of a program Sponsor or vice versa. Hotchkis may be restricted from purchasing more than a limited percentage of the outstanding shares of a company or otherwise restricted from trading in a company's securities due to other regulatory limitations. If a company is a viable investment for more than one investment strategy, Hotchkis has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably. Additionally, potential and actual conflicts of interest may also arise as a result of Hotchkis' other business activities and Hotchkis' possession of material non-public information about an issuer, which may have an adverse impact on one group of clients while benefiting another group. In certain situations, Hotchkis will purchase different classes of securities of the same company (e.g. senior debt, subordinated debt, and or equity) in different investment strategies which can give rise to conflicts where Hotchkis may advocate for the benefit of one class of security which may be adverse to another security that is held by clients of a different strategy. Hotchkis seeks to mitigate the impact of these conflicts on a case by case basis. Hotchkis utilizes soft dollars to obtain brokerage and research services, which may create a conflict of interest in allocating clients' brokerage business. Research services may be used in servicing any or all of Hotchkis' clients (including model portfolio delivery clients) across all of the firm's investment strategies, and may benefit certain client accounts more than others. Certain discretionary client accounts may also pay a less proportionate amount of commissions for research services. If a research product provides both a research and a non-research function, Hotchkis will make a reasonable allocation of the use and pay for the non-research portion with hard dollars. Hotchkis will make decisions involving soft dollars in a manner that satisfies the requirements of Section 28(e) of the Securities Exchange Act of 1934. Different types of accounts and investment strategies may have different fee structures. Additionally, certain accounts pay Hotchkis performance-based fees, which may vary depending on how well the account performs compared to a benchmark. Because such fee arrangements have the potential to create an incentive for Hotchkis to favor such accounts in making investment decisions and allocations, Hotchkis has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably, including in respect of allocation decisions, such as initial public offerings. Since accounts are managed to a target portfolio by the Investment Team, adequate time and resources are consistently applied to all accounts in the same investment strategy. Investment personnel of the firm or its affiliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conflicts of interest from such involvement would be monitored for compliance with the firm's Code of Ethics.

***<u>Westwood Management Corp. ("Westwood")</u>*** The portfolio managers' management of other registered investment companies, other pooled investment vehicles, and other accounts (collectively referred to as "other accounts") may give rise to potential conflicts of interest in connection with their management of the Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Funds. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a portfolio manager could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Funds. However, Westwood has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated. Westwood's trade allocation policy is to aggregate client transactions, including the Fund's, where possible when it is believed that such aggregation may facilitate Westwood's duty of best execution. Client accounts for which orders are aggregated receive the average price of such transaction. Any transaction costs incurred in the transaction are shared pro-rata based on each client's participation in the transaction. Westwood generally allocates securities among client accounts according to each account's pre-determined participation in the transaction. Westwood's policy prohibits any allocation of trades that would favor any proprietary accounts, affiliated accounts, or any particular client(s) or group of clients more over any other account(s).

**Compensation** 

The following is a description provided by the Manager and each investment sub-advisor regarding the structure of and criteria for determining the compensation of each Portfolio Manager as of October 31, 2025 .

**<u>The Manager</u>** Compensation of the Manager's Portfolio Managers is comprised of base salary and annual cash bonus. Each Portfolio Manager's base annual salary is fixed. The Manager determines base salary based upon comparison to industry salary data. In addition, all Portfolio Managers participate in the Manager's annual cash bonus plan. The amount of the total bonus pool is based upon the profitability of the Manager. Each Portfolio Manager has a target bonus award expressed as a percentage of base salary, which is determined by the Portfolio Manager's level of responsibility. Additionally, the Portfolio Managers may participate in the Manager's equity incentive plan.

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***<u>Barrow Hanley</u>*** The compensation for our investment professionals is closely tied to their overall contribution to the success of our 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. The portfolio managers' investment performance is measured relative to the strategy's benchmark. 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 interests in the firm'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.

***<u>Brandywine Global</u>*** All portfolio managers, research analysts and traders earn a base salary and bonus tied to investment performance. The performance bonus is awarded based on performance compared to a proprietary performance universe created for each team on a one-quarter, one-year, three-year and five-year basis. The performance calculation is weighted to place more emphasis on longer-term outperformance, and less emphasis on the short-term. Investment professionals also receive a second quarterly bonus based on the profitability of their product group. Each investment team at Brandywine Global manages its own P&L and retains the bulk of its profits at the end of each quarter. The portion that is not retained is shared with the other investment teams in an effort to smooth income and to promote cross-team fertilization and cooperation. Brandywine Global has found that this form of compensation aligns the interests of investment professionals and clients and leads to accountability and low-turnover among Brandywine Global's staff. In essence, the portfolio management teams own all of the residual profits of the Firm, which Brandywine Global believes leads to responsibility, accountability, and low turnover of people.

The percentage of compensation derived from each of the above components changes over time. In general, the larger the percentage of total compensation that will result from incentive pay will be paid to the more senior and successful group.

Brandywine Global believes that its compensation structure allows its investment team members to focus on generating premium returns and building lasting client relationships in which its interests are properly aligned with its clients' interests.

***<u>DRZ</u>*** The compensation structure consists of a base salary and participation in a bonus program. Bonus compensation is determined by the firm's profitability, the investment strategies' relative performance and relative rankings versus our peers, as well as individual contributions to portfolio construction. In addition, the firm's professionals are eligible to own equity in the firm.

***<u>Hotchkis</u>*** The Investment Team, including portfolio managers, is compensated in various forms, which may include one or more of the following: (i) a base salary, (ii) bonus, (iii) profit sharing and (iv) equity ownership. Compensation is used to reward, attract and retain high quality investment professionals. The Investment Team is evaluated and accountable at three levels. The first level is individual contribution to the research and decision-making process, including the quality and quantity of work achieved. The second level is teamwork, generally evaluated through contribution within sector teams. The third level pertains to overall portfolio and firm performance. Fixed salaries and discretionary bonuses for investment professionals are determined by the Chief Executive Officer of Hotchkis using tools which may include annual evaluations, compensation surveys, feedback from other employees and advice from members of the firm's Executive and Compensation Committees. The amount of the bonus is determined by the total amount of the firm's bonus pool available for the year, which is generally a function of revenues. No investment professional receives a bonus that is a pre-determined percentage of revenues or net income. Compensation is thus subjective rather than formulaic. The portfolio managers of the Funds own equity in Hotchkis. Hotchkis believes that the employee ownership structure of the firm will be a significant factor in ensuring a motivated and stable employee base going forward. Hotchkis believes that the combination of competitive compensation levels and equity ownership provides Hotchkis with a demonstrable advantage in the retention and motivation of employees. Portfolio managers who own equity in Hotchkis receive their pro rata share of Hotchkis' profits. Investment professionals may also receive contributions under Hotchkis' profit sharing/401(k) plan.

***<u>Westwood</u>*** Westwood compensates the Fund's portfolio managers for their management of the Fund. Each of the Fund's portfolio manager's compensation consists of a base salary, participation in an incentive compensation plan, and a full benefits package. Base salary levels are maintained at levels that Westwood's compensation committee deems to be commensurate with similar companies in the asset management industry based on industry compensation surveys. Incentive compensation is based on a percentage of revenue earned by Westwood or investment strategies managed by the respective portfolio managers. Incentive awards under the plan may be paid in a combination of cash, deferred cash and/or restricted stock of Westwood's parent company, Westwood Holdings Group, Inc. In determining incentive compensation and annual merit-based salary increases, employees on the investment team are evaluated according to a combination of quantitative and qualitative factors . Other benefits such as profit sharing, health insurance, life insurance, short and long-term disability insurance, and a 401(k) plan with employer matching, are also provided.

**<u>Ownership of the Fund</u>**

A Portfolio Manager's beneficial ownership of the Fund is defined as the Portfolio Manager having the opportunity to share in any profit from transactions in the Fund, either directly or indirectly, as the result of any contract, understanding, arrangement, relationship or otherwise. Therefore, ownership of Fund shares by members of the Portfolio Manager's immediate family or by a trust of which the Portfolio Manager is a trustee could be considered ownership by the Portfolio Manager. The tables below set forth each Portfolio Manager's beneficial ownership of the Fund as of October 31, 2025 as provided by the Manager and the Fund's sub-advisors.

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers**  | **American Beacon Small Cap Value Fund**  |
| **American Beacon Advisors, Inc.**  | **American Beacon Advisors, Inc.**  |
| Paul B. Cavazos  | $100001- $500000  |
| Colin J. Hamer  | $50001- $100000  |
| Robyn A. Serrano  | $10001-$50000  |

---

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers**  | **American Beacon Small Cap Value Fund**  |
| **Barrow, Hanley, Mewhinney & Strauss, LLC**  | **Barrow, Hanley, Mewhinney & Strauss, LLC**  |
| W. Coleman Hubbard  |  |
| DJ Taylor  | $1-$10000  |

---

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers**  | **American Beacon Small Cap Value Fund**  |
| **Brandywine Global Investment Management, LLC**  | **Brandywine Global Investment Management, LLC**  |
| Michelle K. Bevan  |  |
| Henry F. Otto  | Over $1,000,000  |
| Steven M. Tonkovich  | $100001 - $500000  |

---

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers**  | **American Beacon Small Cap Value Fund**  |
| **DePrince, Race & Zollo, Inc.**  | **DePrince, Race & Zollo, Inc.**  |
| Gregory Ramsby  | $100001-$500000  |
| Randy Renfrow  |  |

---

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers**  | **American Beacon Small Cap Value Fund**  |
| **Hotchkis and Wiley Capital Management, LLC**  |  |
| David Green  | None  |
| Jim Miles  | None  |

---

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers**  | **American Beacon Small Cap Value Fund**  |
| **Westwood Management Corp.**  |  |
| William E. Costello, CFA  | None  |
| Matthew R. Lockridge  | None  |
| Frederic G. Rowsey, CFA  | None  |
| Jordan Latimer, CFA  | None  |

---

**PORTFOLIO SECURITIES TRANSACTIONS**

In selecting brokers or dealers to execute particular transactions, the Manager and the sub-advisors are authorized to consider "brokerage and research services" (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended), provision of statistical quotations (including the quotations necessary to determine the Fund's NAV), and other information provided to the Fund, to the Manager and/or to the sub-advisors (or their affiliates), provided, however, that the Manager or the sub- advisors must always seek best execution. Research and brokerage services may include information on portfolio companies, economic analyses, and other investment research services. The Trust does not allow the Manager or sub-advisors to enter arrangements to direct transactions to broker-dealers as compensation for the promotion or sale of Trust shares by those broker-dealers. The Manager and the sub-advisors are also authorized to cause the Fund to pay a commission (as defined in SEC interpretations) to a broker or dealer who provides such brokerage and research services for executing a portfolio transaction which is in excess of the amount of the commission another broker or dealer would have charged for effecting that transaction. The Manager or the sub-advisors, as appropriate, must determine in good faith, however, that such commission was reasonable in relation to the value of the brokerage and research services provided,

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viewed in terms of that particular transaction or in terms of all the accounts over which the Manager or the sub- advisors exercise investment discretion. The fees of the sub-advisors are not reduced by reason of receipt of such brokerage and research services. However, with disclosure to and pursuant to written guidelines approved by the Board, as applicable, the Manager, or the sub-advisors (or a broker-dealer affiliated with them) may execute portfolio transactions and receive usual and customary brokerage commissions (within the meaning of Rule 17e-1 under the Investment Company Act) for doing so. Brokerage and research services obtained with Fund commissions might be used by the Manager and/or the sub-advisors, as applicable, to benefit their other accounts under management.

The Manager and each sub-advisor will place its own orders to execute securities transactions that are designed to implement the Fund's investment objective and policies. In placing such orders, each sub-advisor will seek best execution. The full range and quality of services offered by the executing broker or dealer will be considered when making these determinations. Pursuant to written guidelines approved by the Board, as appropriate, a sub-advisor of the Fund, or its affiliated broker-dealer, may execute portfolio transactions and receive usual and customary brokerage commissions (within the meaning of Rule 17e-1 of the Investment Company Act) for doing so. The Fund's turnover rate, or the frequency of portfolio transactions, will vary from year to year depending on market conditions and the Fund's cash flows. High portfolio turnover increases the Fund's transaction costs, including brokerage commissions, and may result in a greater amount of recognized capital gains.

The Investment Advisory Agreements provide, in substance, that in executing portfolio transactions and selecting brokers or dealers, the principal objective of each sub-advisor is to seek best execution. In assessing available execution venues, each sub-advisor shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the value of any eligible research, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. Transactions with respect to the securities of small and emerging growth companies in which the Fund may invest may involve specialized services on the part of the broker or dealer and thereby may entail higher commissions or spreads than would be the case with transactions involving more widely traded securities.

The Fund may establish brokerage commission recapture arrangements with certain brokers or dealers. If a sub-advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. Neither the Manager nor any of the sub-advisors receive any benefits from the commission recapture program. The sub- advisors' participation in the brokerage commission recapture program is optional. Each sub-advisor retains full discretion in selecting brokerage firms for securities transactions and is instructed to use the commission recapture program for a transaction only if it is consistent with the sub-advisor's obligation to seek the best execution available.

**Commission Recapture**

For the fiscal year ended October 31, 2025 , the Fund received the amounts shown below as a result of participation in the commission recapture program:

---

| | |
|:---|:---|
| **American Beacon Fund**  | **Amount Received (in thousands)**  |
| American Beacon Small Cap Value Fund  | $69099  |

---

**Brokerage Commissions**

For the three most recent fiscal years ended October 31, the following brokerage commissions were paid by the Fund . Fluctuations in brokerage commissions from year to year were primarily due to increases or decreases in Fund assets resulting in increased trading. Shareholders of the Fund bear only their pro-rata portion of such expenses.

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| | | | |
|:---|:---|:---|:---|
| **American Beacon Fund**  | **2023**  | **2024**  | **2025**  |
| American Beacon Small Cap Value Fund  | $4603699  | $4566767  | $[XX]  |

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**Soft Dollars**

The table below reflects the amount of transactions the Fund directed to brokers in part because of research services provided and the amount paid in commissions on such transactions for the fiscal year ended October 31, 2025 .

---

| | | |
|:---|:---|:---|
| **American Beacon Fund**  | **Amounts Directed**  | **Amounts Paid in Commissions**  |
| American Beacon Small Cap Value Fund  | $2062591157  | $2076906  |

---

**Affiliated Broker Commissions**

During the three most recent fiscal years ended October 31, the following commissions were paid to affiliated brokers:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Fund**  | **Broker**  | **Affiliated With**  | **2023 Commissions**  | **2024 Commissions**  | **2025 Commissions**  |
| American Beacon Small Cap Value Fund  | Keybanc Capital Markets (cleared with affiliate Pershing)  | Newton Investment Management North America <sup>\*</sup>  | $53206  | $79631  | $[XX]  |
| American Beacon Small Cap Value Fund  | Leerink Partners LLC (cleared with affiliate Pershing)  | Newton Investment Management North America\*  | $3408  | $10725  | $[XX]  |
| American Beacon Small Cap Value Fund  | Needham & Company (cleared with affiliate Pershing)  | Newton Investment Management North America\*  | $0  | $0  | $[XX]  |
| American Beacon Small Cap Value Fund  | Berenberg Capital Markets (cleared with affiliate Pershing)  | Newton Investment Management North America\*  | $0  | $0  | $[XX]  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Beacon Fund**  | **Broker**  | **Affiliated With**  | **2023 Commissions**  | **2024 Commissions**  | **2025 Commissions**  |
| American Beacon Small Cap Value Fund  | Piper Jaffray Ltd. (cleared with affiliate Pershing)  | Newton Investment Management North America\*  | $92901  | $85856  | $[XX]  |
| American Beacon Small Cap Value Fund  | Stephens, Inc. (cleared with affiliate Pershing)  | Newton Investment Management North America\*  | $0  | $5554  | $[XX]  |

---

\* On March 7, 2025, Newton Investment Management North America was terminated as a sub-advisor to the Fund.

The percentage of total commissions of the American Beacon Small Cap Value Fund paid to affiliated brokers in fiscal year 2023 was 3.26%. The transactions represented 2.91% of the American Beacon Small Cap Value Fund's total dollar value of portfolio transactions for the fiscal year ended October 31, 2023

The percentage of total commissions of the American Beacon Small Cap Value Fund paid to affiliated brokers in fiscal year 2024 was 3.98%. The transactions represented 4.20% of the American Beacon Small Cap Value Fund's total dollar value of portfolio transactions for the fiscal year ended October 31, 2024.

The percentage of total commissions of the American Beacon Small Cap Value Fund paid to affiliated brokers in fiscal year 2025 was [XX]%. The transactions represented [XX]% of the American Beacon Small Cap Value Fund's total dollar value of portfolio transactions for the fiscal year ended October 31, 2025.

**Securities Issued by Top 10 Brokers**

The following table lists each Fund that as of the fiscal year ended October 31, 2025 held securities issued by a broker-dealer (or by its parent) that was one of the top ten brokers or dealers through which a Fund executed transactions or sold shares.

---

| | | |
|:---|:---|:---|
| **American Beacon Fund**  | **Regular Broker-Dealers**  | **Aggregate Value of Securities**  |
| American Beacon Small Cap Value Fund  | Stifel Financial Corp  | $[XX]  |

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**ADDITIONAL PURCHASE AND SALE INFORMATION FOR A CLASS SHARES**

**<u>Sales Charge Reductions and Waivers</u>**

As described in the Prospectus, there are various ways to reduce your sales charge when purchasing A Class shares. Additional information about A Class sales charge reductions is provided below.

<u>LOI</u>. The LOI may be revised upward at any time during the 13-month period of the LOI ("LOI Period"), and such a revision will be treated as a new LOI, except that the LOI Period during which the purchases must be made will remain unchanged. Purchases made from the date of revision will receive the reduced sales charge, if any, resulting from the revised LOI. The LOI will be considered completed if the shareholder dies within the 13-month LOI Period. Commissions to dealers will not be adjusted or paid on the difference between the LOI amount and the amount invested before the shareholder's death.

All dividends and other distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified LOI Period, the purchaser may be required to remit to the transfer agent the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the LOI Period will receive a corresponding commission adjustment if appropriate. If the difference is not paid by the close of the LOI Period, the appropriate number of shares held in escrow will be redeemed to pay such difference. If the proceeds from this redemption are inadequate, the purchaser may be liable to the Fund for the balance still outstanding.

<u>Rights of Accumulation</u>. Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in any class of the American Beacon Funds to determine your sales charge for A Class shares on investments in accounts eligible to be aggregated. If you make a gift of A Class shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your investments in any class of the American Beacon Funds.

<u>Aggregation</u>. Qualifying investments for aggregation include those made by you and your "immediate family" as defined in the Prospectus, if all parties are purchasing shares for their own accounts and/or:

■ individual-type
 employee benefit plans, such as an IRA, individual 403(b) plan or single-participant Keogh-type plan;

■ business
 accounts solely controlled by you or your immediate family (for example, you own the entire business);

■ trust
 accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death
 the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon
 the trustor's death the trustees of the trust may instruct the Fund's transfer agent to establish separate trust
 accounts for each primary beneficiary; each primary beneficiary's separate trust account may then be aggregated with such beneficiary's
 own accounts);

■ endowments
 or foundations established and controlled by you or your immediate family; or

■ 529
 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

■ for
 a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

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■ made
 for two or more employee benefit plans of a single employer or of affiliated employers as defined in the Investment Company Act, excluding the individual-type
 employee benefit plans described above;

■ for
 nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations,
 or any employer-sponsored
 retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations; or

■ for
 individually established participant accounts of a 403(b) plan that is treated similarly to an employer-sponsored plan for sales charge
 purposes (see "Purchases
 by certain 403(b) plans" under "Sales Charges" above), or made for two or more such 403(b) plans that are treated similarly
 to employer-sponsored
 plans for sales charge purposes, in each case of a single employer or affiliated employers as defined in the Investment Company Act.
 Purchases made for nominee or street name accounts (securities held in the name of a broker-dealer or another nominee such as a bank trust department instead
 of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or
 street name accounts unless otherwise qualified as described above.

<u>Concurrent Purchases</u>. As described in the Prospectus, you may reduce your A Class sales charge by combining simultaneous purchases in any of the American Beacon Funds.

<u>Other Purchases</u>. Pursuant to a determination of eligibility by the Manager, A Class shares of the Fund may be sold at NAV (without the imposition of a front-end sales charge) to:

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|:---|:---|
| **1** | current or retired trustees, and officers of the American Beacon Funds family, current or retired employees and directors of the Manager and its affiliated companies, certain family members and employees of the above persons, and trusts or plans primarily for such persons; |

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|:---|:---|
| **2** | currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, "Eligible Persons") (and their spouses, and children, including children in step and adoptive relationships, sons-in-law and daughters-in-law, if the Eligible Persons or the spouses or children of the Eligible Persons are listed in the account registration with the spouse or parent) of broker-dealers who have sales agreements with the Distributor (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses and/or children; |

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|:---|:---|
| **3** | companies exchanging securities with the Fund through a merger, acquisition or exchange offer; |

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|:---|:---|
| **4** | insurance company separate accounts; |

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|:---|:---|
| **5** | accounts managed by the Manager, a sub-advisor to the Fund and its affiliated companies; |

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|:---|:---|
| **6** | the Manager or a sub-advisor to the Fund and its affiliated companies; |

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| | |
|:---|:---|
| **7** | an individual or entity with a substantial business relationship with, which may include the officers and employees of the Fund's Custodian or transfer agent, the Manager or a sub-advisor to the Fund and its affiliated companies, or an individual or entity related or relating to such individual or entity; |

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|:---|:---|
| **8** | full-time employees of banks that have sales agreements with the Distributor, who are solely dedicated to directly supporting the sale of mutual funds; |

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| | |
|:---|:---|
| **9** | directors, officers and employees of financial institutions that have a selling group agreement with the Distributor; |

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| | |
|:---|:---|
| **10** | banks, broker-dealers and other financial institutions (including registered investment advisors and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing shares on behalf of clients participating in the fund supermarket or in a wrap program, asset allocation program or other program in which the clients pay an asset-based fee; |

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|:---|:---|
| **11** | clients of authorized dealers purchasing shares in fixed or flat fee brokerage accounts; |

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| | |
|:---|:---|
| **12** | Employer-sponsored defined contribution - type plans, including 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, and IRA rollovers involving retirement plan assets invested in a fund in the American Beacon Funds fund family; and |

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| | |
|:---|:---|
| **13** | Employee benefit and retirement plans for the Manager and its affiliates. |

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Shares are offered at NAV per share to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this NAV per share privilege, additional investments can be made at NAV per share for the life of the account.

It is possible that a broker-dealer may not be able to offer one or more of these waiver categories. If this situation occurs, it is possible that the investor would need to invest through another broker-dealer in order to take advantage of these waiver categories. The Fund may terminate or amend the terms of these sales charge waivers at any time.

<u>Moving Between Accounts</u>. Investments in certain account types may be moved to other account types without incurring additional A Class sales charges. These transactions include, for example:

■ redemption
 proceeds from a non-retirement account (for example, a joint tenant account) used to purchase Fund shares in an IRA or other individual-type
 retirement account;

■ "required
 minimum distributions" (as described in Section 401(a)(9) of the Internal Revenue Code) from  an IRA or other individual-type
 retirement account
 used to purchase Fund shares in a non-retirement account; and

■ death
 distributions paid to a beneficiary's account that are used by the beneficiary to purchase Fund shares in a different account.

It is possible that a broker-dealer may not be able to offer the ability to move between accounts. If this situation occurs, it is possible that the investor would need to invest through another broker-dealer in order to take advantage of this privilege. Please contact your financial intermediary for additional information.

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**ADDITIONAL INFORMATION REGARDING CONTINGENT DEFERRED SALES CHARGES**

As discussed in the Prospectus, the redemption of C Class shares may be subject to a CDSC if you redeem your shares within 12 months of purchase. If you purchased $1,000,000 or more of A Class shares of a Fund (and therefore paid no initial sales charges) and subsequently redeem your shares within 18 months of your purchase, you may be charged a CDSC upon redemption. In determining whether the CDSC is payable, it is assumed that shares not subject to the CDSC are the first redeemed followed by other shares held for the longest period of time. The CDSC will not be imposed upon shares representing reinvested dividends or other distributions, or upon amounts representing share appreciation. As described in the Prospectus, there are various circumstances under which the CDSC will be waived. Additional information about CDSC waivers is provided below.

The CDSC is waived under the following circumstances:

■ Any
 partial or complete redemption following death or "disability" (as defined in the Internal Revenue Code) of a shareholder
 (including one who owns
 the shares with his or her spouse as a joint tenant with rights of survivorship) from an account in which the deceased or disabled is
 named. The Manager
 or a Fund's transfer agent may require documentation prior to waiver of the charge, including death certificates, physicians' certificates, etc.

■ Redemptions
 from a systematic withdrawal plan. If the systematic withdrawal plan is based on a fixed dollar amount or number of shares, systematic withdrawal redemptions
 are limited to no more than 10% of your account value or number of shares per year, as of the date the Manager or a Fund's
 transfer agent receives your request. If the systematic withdrawal plan is based on a fixed percentage of your account value, each redemption is limited to an amount
 that would not exceed 10% of your annual account value at the time of withdrawal.

■ Redemptions
 from retirement plans qualified under Section 401 of the Internal Revenue Code. The CDSC will be waived for benefit payments made by
 American Beacon Funds directly to plan participants. Benefit payments include, but are not limited to, payments resulting from death,
 "disability," "retirement,"
 "separation from service" (each as defined in the Internal Revenue Code), "required minimum distributions" (as
 described in Section 401(a)(9)
 of the Internal Revenue Code), in-service distributions, hardships, loans and qualified domestic relations orders. The CDSC waiver will
 not apply in the event
 of termination of the plan or transfer of the plan to another financial institution.

■ Redemptions
 that are required minimum distributions from a traditional IRA as required by the Internal Revenue Service.

■ Involuntary
 redemptions as a result of your account not meeting the minimum balance requirements, the termination and liquidation of the Fund, or other actions by the
 Fund.

■ Distributions
 from accounts for which the broker-dealer of record has entered into a written agreement with the Distributor (or Manager) allowing this
 waiver.

■ To
 return excess contributions made to a retirement plan.

■ To
 return contributions made due to a mistake of fact.

The following example illustrates the operation of the CDSC. Assume that you open an account and purchase 1,000 shares at $10 per share and that six months later the NAV per share is $12 and, during such time, you have acquired 50 additional shares through reinvestment of distributions. If at such time you should redeem 450 shares (proceeds of $5,400), 50 shares will not be subject to the charge because of dividend reinvestment. With respect to the remaining 400 shares, the charge is applied only to the original cost of $10 per share and not to the increase in NAV of $2 per share. Therefore, $4,000 of the $5,400 redemption proceeds will pay the charge. At the rate of 1.00%, the CDSC would be $40 for redemptions of C Class shares. In determining whether an amount is available for redemption without incurring a deferred sales charge, the purchase payments made for all shares in your account are aggregated.

**REDEMPTIONS IN KIND**

Although the Fund intends to redeem shares in cash, the Fund reserves the right to pay the redemption price in whole or in part by a distribution of securities or other assets. However, shareholders always will be entitled to redeem shares for cash up to the lesser of $250,000 or 1% of the Fund's net asset value during any 90-day period. Redemption in kind is not as liquid as a cash redemption. In addition, to the extent the Fund redeems its shares in this manner, the shareholder assumes the risk of a subsequent change in the market value of those securities, the cost of liquidating the securities and the possibility of a lack of a liquid market for those securities.

**TAX INFORMATION**

The tax information in the Prospectus and in this section relates solely to the federal income tax law and assumes that the Fund will continue to qualify each taxable year as a "regulated investment company" ("RIC") under the Internal Revenue Code (as discussed below). The tax information in this section is only a summary of certain key federal tax considerations affecting the Fund and its shareholders and is in addition to the tax information provided in the Prospectus. No attempt has been made to present a complete explanation of the federal income tax treatment of the Fund or the tax implications to its shareholders. The discussions here and in the Prospectus are not intended as substitutes for careful tax planning. The tax information is based on the Internal Revenue Code and applicable regulations in effect, and administrative pronouncements and judicial decisions publicly available, on the date of this SAI. Future legislative, regulatory or administrative changes or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

**<u>Taxation of the Fund</u>**

The Fund intends to continue to qualify each taxable year for treatment as a RIC under Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code. To so qualify, the Fund (which is treated as a separate corporation for these purposes) must, among other requirements:

■ Derive
 at least 90% of its gross income each taxable year from (1) dividends, interest, payments with respect to securities loans and gains from
 the sale or other
 disposition of securities or foreign currencies (together with Qualifying Other Income (as defined below), "Qualifying Income"),
 or other income, including
 gains from options, futures or forward contracts, derived with respect to its business of investing in securities or those currencies

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("Qualifying Other Income") and (2) net income derived from an interest in a "qualified publicly traded partnership" ("QPTP") ("Gross Income Requirement"). A QPTP is a "publicly traded partnership" (that is, a partnership the interests in which are "traded on an established securities market" or "readily tradable on a secondary market (or the substantial equivalent thereof") (a "PTP")) that meets certain qualifying income requirements other than a partnership at least 90% of the gross income of which is Qualifying Income;

■ Diversify
 its investments so that, at the close of each quarter of its taxable year, (1) at least 50% of the value of its total assets is represented
 by cash and cash items, Government securities, securities of other RICs, and other securities, with those other securities limited,
 in respect of any one issuer, to an amount that does not exceed 5% of the value of the  Fund's total assets and
 that does not represent more than 10% of the issuer's outstanding voting securities (equity securities of  QPTPs being
 considered voting securities for these purposes), and (2) not more than 25% of the value of its total assets is invested in (a) the
 securities (other than Government securities or securities of other RICs) of any one issuer, (b) the securities (other than securities
 of other RICs) of two or more issuers the  Fund controls (by owning 20% or more of their voting power) that are determined
 to be engaged in the same, similar or related trades or businesses, or (c) the securities of one or more QPTPs  ("Diversification
 Requirements"); and

■ Distribute
 annually to its shareholders at least the sum of 90% of its investment company taxable income (generally, net investment income, the excess
 (if any) of net short-term capital gain over net long-term capital loss, and net gains and losses (if any) from certain foreign currency transactions, all
 determined without regard to any deduction for dividends paid) and 90% of its net exempt interest income ("Distribution Requirement").

By qualifying for treatment as a RIC, the Fund (but not its shareholders) will be relieved of federal income tax on the part of its investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) that it distributes to its shareholders. If for any taxable year the Fund does not qualify for that treatment — either (1) by failing to satisfy the Distribution Requirement, even if it satisfies the Gross Income and Diversification Requirements ("Other Requirements"), or (2) by failing to satisfy any of the Other Requirements and is unable to, or determines not to, avail itself of Internal Revenue Code provisions that enable a RIC to cure a failure to satisfy any of the Other Requirements as long as the failure "is due to reasonable cause and not due to willful neglect" and the RIC pays a deductible tax calculated in accordance with those provisions and meets certain other requirements — then for federal tax purposes, all of its taxable income (including its net capital gain) would be subject to tax at the regular corporate rate without any deduction for dividends paid to its shareholders, and the dividends it pays would be taxable to its shareholders as ordinary income (or possibly, (a) for individual and certain other non-corporate shareholders (each an "individual"), as "qualified dividend income" (as described in the Prospectus) ("QDI"), and/or (b) in the case of corporate shareholders that meet certain holding period and other requirements regarding their Fund shares, as eligible for the dividends-received deduction ("DRD")) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify for RIC treatment would therefore have a negative impact on the Fund's income and performance. Furthermore, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for RIC treatment. It is possible that the Fund will not qualify as a RIC in any given taxable year.

The Fund will be subject to a nondeductible 4% federal excise tax ("Excise Tax") to the extent it fails to distribute by the end of any calendar year substantially all of its ordinary income for that year and substantially all of its "capital gain net income" for the one-year period ending on October 31 of that year, plus certain other amounts. The Fund intends to make sufficient distributions by the end of each calendar year to avoid liability for the Excise Tax.

**<u>Taxation of Certain Investments and Strategies</u>**

Hedging strategies, such as entering into forward contracts and selling (writing) and purchasing options and futures contracts, involve complex rules that will determine for federal income tax purposes the amount, character and timing of recognition of gains and losses a Fund may realize in connection therewith. In general, a Fund's (1) gains from the disposition of foreign currencies and (2) gains from such contracts will be treated as Qualifying Income under the Gross Income Requirement.

Dividends and interest a Fund receives, and gains it realizes, on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions (collectively, "foreign taxes") that would reduce the yield and/or total return on its 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 realized on investments by foreign investors. It is impossible to determine the effective rate of any Fund's foreign tax in advance, since the amount of its assets to be invested in various countries is not known.

Each Fund may invest in the stock of "passive foreign investment companies" ("PFICs"). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests for a taxable year: (1) at least 75% of its gross income is passive; or (2) an average of at least 50% of the value (or adjusted tax basis, if elected) 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 PFIC stock 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 a 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 to be treated as QDI or for the DRD.

If a Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" ("QEF"), then in lieu of incurring 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 QEF did not distribute those earnings and gain to the Fund. In most instances, however, it will be very difficult, if not impossible, to make this election because of certain requirements thereof.

Alternatively, each Fund may elect to "mark to market" any stock in a PFIC it owns at the end of its taxable year, in which event it likely would be required to distribute to its shareholders any resulting gains to satisfy the Distribution Requirement and avoid imposition of the Excise Tax. "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

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market value of the stock over a Fund's adjusted basis therein (including any net mark-to-market gain or loss for each prior taxable year for which an election was in effect) 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.

Investors 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 stock, to ascertain whether the corporation is a PFIC and a foreign corporation may become a PFIC after the Fund acquires stock therein. While each Fund generally will seek to minimize its investment in PFIC stock, 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 each Fund reserves the right to make those investments as a matter of its investment policy.

A Fund may invest in one or more LLCs and limited partnerships ("LPs") that will be classified for federal tax purposes as partnerships (and, except as expressly stated below, this discussion assumes that classification). LLCs and LPs in which a Fund may invest may include a "publicly traded partnership" (that is, a partnership the interests in which are "traded on an established securities market" or "readily tradable on a secondary market (or the substantial equivalent thereof)") (a "PTP"), which may be a QPTP, which satisfies certain qualifying income requirements as describe above, or a non-QPTP, which does not satisfy those income requirements.

If an LLC or LP in which a Fund invests is a QPTP, all its net income (regardless of source) will be Qualifying Income for the Fund under the Gross Income Requirement. A Fund's investment in QPTPs, together with certain other investments, however, may not exceed 25% of the value of its total assets at the end of each quarter of its taxable year in order to satisfy one of the Diversification Requirements.

With respect to non-QPTPs, (1) if an LLC or LP (including a PTP) is treated for federal tax purposes as a corporation, distributions from it to a Fund might be treated as QDI and eligible for the DRD and disposition of the Fund's interest therein would generate gain or loss from the disposition of a security, or (2) if such an LLC or LP is not treated for those purposes as a corporation, the Fund would be treated as having earned its proportionate share of each item of income the LLC or LP earned. In the latter case, the Fund would be able to treat its share of the entity's income as Qualifying Income under the Gross Income Requirement only to the extent that income would be such if realized directly by the Fund in the same manner as realized by the LLC or LP. Certain LLCs and LPs (e.g., private funds) in which a Fund may invest may generate income and gains that are not such Qualifying Income. Each Fund will monitor its investments in LLCs and LPs to assure its compliance with the requirements for continued qualification as a RIC.

Some futures contracts, foreign currency contracts, and "non-equity" options (i.e., certain listed options, such as those on a "broad-based" securities index) - except any "securities futures contract" that is not a "dealer securities futures contract" (both as defined in the Internal Revenue 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 Internal Revenue Code section 1256 (collectively, "Section 1256 contracts"). Any Section 1256 contract a Fund holds at the end of its taxable year must be "marked-to-market" (that is, treated as having been sold at that time for its 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 realized 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 also may 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 it.

Under Internal Revenue Code section 988, a gain or loss (1) from the disposition of foreign currencies, (2) except in certain circumstances, from options, futures, and forward contracts on foreign currencies (and on financial instruments involving foreign currencies) and from notional principal contracts (e.g., swaps, caps, floors, and collars) involving payments denominated in foreign currencies, (3) on the disposition of each foreign-currency-denominated debt security that is attributable to fluctuations in the value of the foreign currency between the dates of acquisition and disposition of the security, and (4) that is attributable to exchange rate fluctuations between the time a Fund accrues interest, dividends, or other receivables or expenses or other liabilities denominated in a foreign currency and the time it actually collects the receivables or pays the liabilities generally will be treated as ordinary income or loss. These gains or losses will increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders as ordinary income, rather than affecting the amount of its net capital gain. If a Fund's section 988 losses exceed its other investment company taxable income for a taxable year, the Fund would not be able to distribute any dividends, and any distributions made during that year (including those made before the losses were realized) would be characterized as a non-taxable "return of capital" to shareholders, rather than as a dividend, thereby reducing each shareholder's basis in his or her Fund shares and treating any part of such distribution exceeding that basis as gain from the disposition of those shares.

Offsetting positions a Fund enters into or holds in any actively traded option, futures 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) losses 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) a 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, which may mitigate the effects of the straddle rules, particularly with respect to a "mixed straddle" (i.e., a straddle at least one, but not all, positions of which are Section 1256 contracts).

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When a covered call 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. When a Fund terminates its obligations under such 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. When 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 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, any position (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 of 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).

Certain aspects of the tax treatment of derivative instruments are currently unclear and may be affected by changes in legislation, regulations, administrative rules, and/or other legally binding authority that could affect the treatment of income from those instruments and the character, timing of recognition and amount of a Fund's taxable income or net realized gains and distributions. If the Internal Revenue Service ("IRS") were to assert successfully that income a Fund derives from those investments does not constitute Qualifying Income, the Fund might cease to qualify as a RIC (with the consequences described above under "Taxation of the Funds") or might be required to reduce its exposure to such investments.

A Fund may acquire zero coupon or other securities issued with original issue discount ("OID") (such as STRIPS). As a holder of those securities, a Fund must include in its gross income the OID that accrues on them during the taxable year, even if it receives no corresponding payment on them during the year. Similarly, a Fund must include in its gross income each taxable year securities it receives as interest on pay-in-kind securities. Because a Fund annually must distribute substantially all of its investment company taxable income, including any accrued OID and other non-cash income (such as that interest), to satisfy the Distribution Requirement and avoid imposition of the Excise Tax, it may be required in a particular taxable year to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. Those distributions will be made from a Fund's cash assets or from the proceeds of sales of its portfolio securities, if necessary. A Fund may realize capital gains or losses from those sales, which would increase or decrease its investment company taxable income and/or net capital gain.

**<u>Taxation of the Fund's Shareholders</u>**

**General** - For United States federal income tax purposes, distributions paid out of a Fund's current or accumulated earnings and profits will, except in the case of distributions of qualified dividend income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by a Fund (whether paid in cash or reinvested in additional Fund shares) to individual taxpayers are taxed at rates applicable to net long-term capital gains (currently 20%, 15% or 0%, depending on an individual's tax bracket). This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the Fund itself. There can be no assurance as to what portion of a Fund's dividend distributions will qualify as qualified dividend income.

Distributions of net capital gain, if any, reported as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund shares. (Net capital gain is the excess (if any) of net long-term capital gain over net short-term capital loss, and investment company taxable income is all taxable income and capital gains, other than those gains and losses included in computing net capital gain, after reduction by deductible expenses.) A Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will: (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain; (ii) receive a refundable tax credit for his pro rata share of tax paid by the Fund on the gain; and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

Dividends and other distributions by a Fund are generally treated under the Internal Revenue Code as received by the shareholders at the time the dividend or distribution is made.

Dividends and other distributions the Fund declares in the last quarter of any calendar year that are payable to shareholders of record on a date in that quarter will be deemed to have been paid by the Fund and received by those shareholders on December 31 of that year if the Fund pays the distributions during the following January. Accordingly, those distributions will be reportable by, and taxed to, those shareholders for the taxable year in which that December 31 falls.

If a Fund makes a "return of capital" distribution to its shareholders – i.e., a distribution in excess of its current and accumulated earnings and profits – the excess will (a) reduce each shareholder's tax basis in its shares (thus reducing any loss or increasing any gain on a shareholder's subsequent taxable disposition of the shares) and (b) if for any shareholder the excess is greater than that basis, be treated as realized capital gain.

Selling shareholders will generally recognize gain or loss in an amount equal to the difference between the shareholder's adjusted tax basis in the shares sold and the sale proceeds. If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. The maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is: (i) the same as the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less; or (ii) 20% for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain distributions) (15% or 0% for individuals in certain tax brackets).

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If Fund shares are redeemed at a loss after being held for six months or less, the loss will be treated as long-term, instead of short-term, capital loss to the extent of any capital gain distributions received on those shares. In addition, any loss a shareholder realizes on a redemption of Fund shares will be disallowed to the extent the shares are replaced within a 61-day period beginning 30 days before and ending 30 days after the redemption; in that case, the basis in the acquired shares will be adjusted to reflect the disallowed loss. Investors also should be aware that the price of Fund shares at any time may reflect the amount of a forthcoming dividend or other distribution, so if they purchase Fund shares shortly before the record date for a distribution, they will pay full price for the shares and receive some part of the price back as a taxable distribution, even though it represents a partial return of invested capital.

For U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly, a 3.8% Medicare contribution tax will apply on all or a portion of their "net investment income," including interest, dividends, and capital gains, which generally includes taxable distributions received from a Fund and taxable gains on the disposition of shares of a Fund. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

An investor also should be aware that the benefits of the reduced tax rate applicable to long-term capital gains may be impacted by the application of the alternative minimum tax to individual shareholders.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisor to determine the suitability of shares of a Fund as an investment through such plans.

If more than 50% of the value of the Fund's total assets at the close of any taxable year consists of securities of foreign corporations, it will be eligible to file an election for that year with the IRS that would enable its shareholders to benefit from any foreign tax credit or deduction available with respect to any foreign taxes it pays. Pursuant to the election, the Fund would treat those taxes as dividends paid to its shareholders and each shareholder (1) would be required to include in gross income, and treat as paid by the shareholder, the shareholder's proportionate share of those taxes, (2) would be required to treat that share of those taxes and of any dividend the Fund paid that represents income from foreign or U.S. possessions sources ("foreign-source income") as the shareholder's own income from those sources, and (3) could either use the foregoing information in calculating the foreign tax credit against the shareholder's federal income tax or, alternatively, deduct the foreign taxes deemed paid by the shareholder in computing taxable income. If the Fund makes this election for a taxable year, it will report to its shareholders shortly after that year their respective shares of the foreign taxes it paid and its foreign-source income for that year.

An individual shareholder of the Fund who, for a taxable year, has no more than $300 ($600 for married persons filing jointly) of creditable foreign taxes included on IRS Forms 1099 and all of whose foreign-source income is "qualified passive income" may elect for that year to be exempt from the extremely complicated foreign tax credit limitation for federal income tax purposes (about which shareholders may wish to consult their tax advisers), in which event the shareholder would be able to claim a foreign tax credit without having to file the detailed Form 1116 that otherwise is required. A shareholder will not be entitled to credit or deduct its portion of foreign taxes the Fund paid that is allocable to Fund shares the shareholder has not held for at least 16 days during the 31-day period beginning 15 days before the ex-distribution date for those shares. The minimum holding period will be extended if the shareholder's risk of loss with respect to those shares is reduced by reason of holding an offsetting position. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. A foreign shareholder may not deduct or claim a credit for foreign taxes in determining its federal income tax liability unless the Fund dividends paid to it are effectively connected with the shareholder's conduct of a U.S. trade or business.

**Backup Withholding** - The Fund is required to withhold and remit to the U.S. Treasury 24% of dividends, capital gain distributions, and redemption proceeds (regardless of the extent to which gain or loss may be realized) otherwise payable to any individual who fails to certify that the taxpayer identification number furnished to the Fund is correct or who furnishes an incorrect number (together with the withholding described in the next sentence, "backup withholding"). Withholding at that rate also is required from the Fund's dividends and capital gain distributions otherwise payable to such a shareholder who (1) is subject to backup withholding for failure to report the receipt of interest or dividend income properly or (2) fails to certify to the Fund that he or she is not subject to backup withholding or that it is a corporation or other "exempt recipient". Backup withholding is not an additional tax; rather, any amounts so withheld may be credited against the shareholder's federal income tax liability or refunded if proper documentation is submitted to the IRS.

**Non-U.S. Shareholders -** Dividends the Fund pays to a shareholder who is a non-resident alien individual or foreign entity (each a "non-U.S. shareholder") — other than (1) dividends paid to a non-U.S. shareholder whose ownership of the Fund's shares is "effectively-connected" with a trade or business within the United States the shareholder conducts and (2) capital gain distributions paid to a non-resident alien individual who is physically present in the United States for no more than 182 days during the taxable year -- generally are subject to 30% federal withholding tax (unless a reduced rate of withholding or a withholding exemption is provided under an applicable treaty). However, two categories of dividends the Fund might pay, "short-term capital gain dividends" and "interest-related dividends," to non-U.S. shareholders (with certain exceptions) and reported by it in writing to its shareholders are exempt from that tax. "Short-term capital gain dividends" are dividends that are attributable to net short-term gain, computed with certain adjustments. "Interest-related dividends" are dividends that are attributable to "qualified net interest income" (i.e., "qualified interest income," which generally consists of certain OID, interest on obligations "in registered form," and interest on deposits, less allocable deductions) from sources within the United States. Non-U.S. shareholders are urged to consult their own tax advisers concerning the applicability of that withholding tax.

**Foreign Account Tax Compliance Act ("FATCA")** - Under FATCA, "foreign financial institutions" ("FFIs") and "non-financial foreign entities" ("NFFEs") that are Fund shareholders may be subject to a generally nonrefundable 30% withholding tax on income dividends the Fund pays. As discussed more fully below, the FATCA withholding tax generally can be avoided (a) by an FFI, if it reports certain information regarding direct and indirect ownership of financial accounts U.S. persons hold with the FFI, and (b) by an NFFE that certifies its status as such and, in certain circumstances, information regarding substantial U.S. owners. Proposed regulations (having current effect) have been issued to eliminate certain FATCA withholding taxes, including the withholding tax on investment sale proceeds that was scheduled to begin in 2019, and to defer the effective date of other taxes.

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The U.S. Treasury has negotiated intergovernmental agreements ("IGAs") with certain countries and is in various stages of negotiations with other foreign countries with respect to alternative approaches to implement FATCA. An entity in one of those countries may be required to comply with the terms of the IGA instead of U.S. Treasury regulations. An FFI resident in a country that has entered into a Model I IGA with the United States must report to that country's government (pursuant to the terms of the applicable IGA and applicable law), which will, in turn, report to the IRS. An FFI resident in a Model II IGA country generally must comply with U.S. regulatory requirements, with certain exceptions, including the treatment of recalcitrant accountholders. An FFI resident in one of those countries that complies with whichever of the foregoing applies will be exempt from FATCA withholding.

An FFI can avoid FATCA withholding by becoming a "participating FFI," which requires the FFI to enter into a tax compliance agreement with the IRS under the Internal Revenue Code. Under such an agreement, a participating FFI agrees to (1) verify and document whether it has U.S. accountholders, (2) report certain information regarding their accounts to the IRS, and (3) meet certain other specified requirements.

An NFFE that is the beneficial owner of a payment from the Fund can avoid FATCA withholding generally by certifying its status as such and, in certain circumstances, either that (1) it does not have any substantial U.S. owners or (2) it does have one or more such owners and reports the name, address, and taxpayer identification number of each such owner. The NFFE will report to the Fund or other applicable withholding agent, which may, in turn, report information to the IRS.

Those foreign shareholders also may fall into certain exempt, excepted, or deemed compliant categories established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide it with documentation properly certifying the entity's status under FATCA to avoid FATCA withholding. The requirements imposed by FATCA are different from, and in addition to, the tax certification rules to avoid backup withholding described above. Foreign investors are urged to consult their tax advisers regarding the application of these requirements to their own situation and the impact thereof on their investment in the Fund.

**Income from Investments in REITs and MLPs -** 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" (as defined in the Internal Revenue Code) in which a Fund invests may trigger special tax consequences to the Fund's non-U.S. shareholders, who are urged to consult their tax advisers regarding those consequences.

A Fund may invest in REITs that (1) hold residual interests in "real estate mortgage investment conduits" ("REMICs") 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 Internal Revenue 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 highest federal income tax rate imposed on corporations, currently 21%) 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 of the excess inclusion income allocated to its shareholders that 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 have made during that year, which would result at that time in a Fund, if it held shares in such a REIT during that year, also having to re-categorize some of the distributions it made to its shareholders. These changes would be reflected in annual Forms 1099 sent to the Fund's shareholders, together with other tax information. Those forms generally will be distributed to shareholders in February of each year, although the 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 shareholders on a single form (rather than having to send shareholders an amended form).

Effective for taxable years beginning after December 31, 2017 and before January 1, 2026, the Internal Revenue Code generally allows individuals and certain other non-corporate entities a deduction for 20% of (1) "qualified REIT dividends" and (2) "qualified publicly traded partnership income" (such as income from MLPs). Treasury regulations permit a RIC to pass the character of its qualified REIT dividends through to its shareholders provided certain holding period requirements are met. As a result, a shareholder in the Fund that invests in REITs will be eligible to receive the benefit of the same 20% deduction with respect to the Fund's REIT-based dividends as is available to an investor who directly invests in REITs. There currently is no similar pass-through of the 20% deduction with respect to a RIC's qualified publicly traded partnership income.

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**Basis Election and Reporting** - A Fund shareholder who wants to use an acceptable method for basis determination with respect to Fund shares that the shareholder acquired or acquires after 2011 ("Covered Shares"), other than the average basis method (the Fund's default method) must elect to do so in writing, which may be electronic. The basis determination method a Fund shareholder elects may not be changed with respect to a redemption (including a redemption that is part of an exchange) of Covered Shares after the settlement date of the redemption.

In addition to the requirement to report the gross proceeds from redemptions of Fund shares, the Fund (or its administrative agent) must report to the IRS and furnish to its shareholders the basis information for Fund shares that are redeemed or exchanged and indicate whether they had a short-term (one year or less) or long-term (more than one year) holding period. 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 law applies to them. Fund shareholders who acquire and hold Fund shares through a financial intermediary should contact their financial intermediary for information related to the basis election and reporting.

**Other Taxes** - Statutory rules and regulations regarding state and local taxation of ordinary income dividends, QDI dividends and net capital and foreign currency gain distributions may differ from the federal income taxation rules described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's situation.

Investors should consult their own tax advisors with respect to the tax consequences to them of an investment in the Fund based on their particular circumstances. The Fund does not expect to receive a ruling from any tax authority or an opinion of tax counsel with respect to its treatment of any tax positions. Tax consequences of transactions are not the primary consideration of the Fund in implementing its investment strategy.

**DESCRIPTION OF THE TRUST**

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for its obligations. However, the Trust's Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides for indemnification and reimbursement of expenses out of Trust property for any shareholder held personally liable for the obligations of the Trust. The Declaration of Trust also provides that the Trust may maintain appropriate insurance (e.g., fidelity bonding) for the protection of the Trust, its shareholders, Trustees, officers, employees and agents to cover possible tort and other liabilities. Thus, the risk of a shareholder incurring financial loss due to shareholder liability is limited to circumstances in which both inadequate insurance existed and the Trust itself was unable to meet its obligations. The Trust has not engaged in any other business.

The Trust was originally created to manage money for large institutional investors. The following individuals (and members of that individual's "immediate family") are eligible to purchase shares of the R5 Class with an initial investment of less than $250,000: (i) employees of the Manager, or its parent company, Resolute Investment Managers, Inc. ("RIM"), (ii) employees of a sub-advisor for Funds where it serves as sub-advisor, (iii) members of the Board, and (iv) members of the Manager's Board of Directors. The term "immediate family" refers to one's spouse, children, grandchildren, grandparents, parents, parents-in-law, brothers and sisters, sons- and daughters-in-law, a sibling's spouse, a spouse's sibling, aunts, uncles, nieces and nephews; relatives by virtue of remarriage (step-children, step-parents, etc.) are included. Any shareholders that the Manager transfers to the R5 Class upon termination of the class of shares in which the shareholders were originally invested is also eligible for purchasing shares of the R5 Class with an initial investment of less than $250,000.

The Investor Class was created to give individuals and other smaller investors an opportunity to invest in the American Beacon Funds. The Advisor Class was created for individuals and other smaller investors investing in the Fund through third party intermediaries. The R5 and Y Classes were created to manage money for large institutional investors, including pension and 401(k) plans. The A Class and C Class were created for investors investing in the American Beacon Funds through their broker-dealers or other financial intermediaries. The R6 Class was created to provide third party intermediaries an investment option for the large 401(k) plans that does not charge 12b-1 or sub-transfer agency fees.

**FINANCIAL STATEMENTS**

The Fund's independent registered public accounting firm, [XX] audits and reports on the Fund's annual financial statements. The audited financial statements include the schedule of investments, statement of assets and liabilities, statement of operations, statements of changes in net assets, financial highlights, notes and report of independent registered public accounting firm. The audited financial statements are incorporated by reference to Item 7 of the Fund's Form N-CSR for the fiscal year ended October 31, 2025. The information in the financial highlights for the fiscal year ended October 31, 2021 was audited by the Fund's prior independent registered public accounting firm.

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**APPENDIX A**

**AMERICAN BEACON ADVISORS, INC.**<br>**SUMMARY OF PROXY VOTING POLICY AND PROCEDURES**

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to secure the best long-term interests of the advisory clients of American Beacon Advisors, Inc. ("AmBeacon"). AmBeacon's proxy voting policies and procedures are designed to implement AmBeacon's duty to vote proxies in clients' best interests. Given that AmBeacon manages portfolios that invest solely in fixed-income securities, the only securities for which we expect to receive proxies are money market mutual funds. As such, the proxy voting policies and procedures set forth voting guidelines for the proxy issues and proposals common to money market funds.

For routine proposals that will not change the structure, bylaws or operations of the money market fund, AmBeacon's policy is to support management; however, each proposal will be considered individually focusing on the financial interests of the client portfolio. Non-routine proposals, such as board elections, advisory contract and distribution plan approvals, investment objective changes, and mergers, will generally be reviewed on a case-by-case basis with AmBeacon first and foremost considering the effect of the proposal on the portfolio.

Items to be evaluated on a case-by-case basis and proposals not contemplated in the policies set forth above will be assessed by AmBeacon. In these situations, AmBeacon will use its judgment to vote in the best interest of the client portfolio. For all proposals, especially controversial or case-by-case evaluations, AmBeacon will be responsible for individually identifying significant issues that could impact the investment performance of the portfolio.

AmBeacon manages portfolios for the American Beacon Funds, the American Beacon Select Funds, and the American Beacon Institutional Funds Trust (collectively, the "Funds"). AmBeacon may invest a Fund in shares of the American Beacon U.S. Government Money Market Select Fund. If the American Beacon U.S. Government Money Market Select Fund solicits a proxy for which another Fund is entitled to vote, AmBeacon's interests as manager of the American Beacon U.S. Government Money Market Select Fund might appear to conflict with the interests of the shareholders of the other Fund. In these cases, AmBeacon will vote the Fund's shares in accordance with the Select Funds' Board of Trustees' recommendations in the proxy statement.

**AMERICAN BEACON FUNDS**<br>**AMERICAN BEACON SELECT FUNDS**<br>**AMERICAN BEACON INSTITUTIONAL FUNDS TRUST**

**<u>PROXY VOTING POLICY AND PROCEDURES</u>**<br>**Last Amended August 28, 2023** 

**<u>Preface</u>**

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion to secure the best long-term interests of shareholders of the American Beacon Funds, the American Beacon Select Funds ("Select Funds"), and the American Beacon Institutional Funds Trust (collectively, the "Funds"). Therefore, this Proxy Voting Policy and Procedures (the "Policy") have been adopted by the Funds.

The Funds are managed by American Beacon Advisors, Inc. (the "Manager"). The Manager may allocate discrete portions of the Funds among sub-advisors, and the Manager may directly manage all or a portion of the assets of certain Funds. The Funds' respective Boards of Trustees have delegated proxy voting authority to the Manager. The Manager has in turn delegated proxy voting authority to each sub-advisor with respect to the sub-advisor's respective portion of the Fund(s) under management, but the Manager has retained the authority to override a proposed proxy voting decision by a sub-advisor. For the securities held in their respective portion of each Fund, the Manager and the sub-advisors make voting decisions pursuant to their own proxy voting policies and procedures.

**<u>Conflicts of Interest</u>**

The Board of Trustees seeks to ensure that proxies are voted in the best interests of Fund shareholders. For certain proxy proposals, the interests of the Manager, the sub-advisors and/or their affiliates may differ from Fund shareholders' interests. To avoid the appearance of impropriety and to fulfill their fiduciary responsibility to shareholders in these circumstances, the Manager and the sub-advisors are required to establish procedures that are reasonably designed to address material conflicts between their interests and those of the Funds.

When a sub-advisor deems that it is conflicted with respect to a voting matter, its policy may call for it to seek voting instructions from the client. The Manager is authorized by the Boards of Trustees to consider any such matters and provide voting instructions to the sub-advisor, unless the Manager has determined that its interests are conflicted with Fund shareholders with respect to the voting matter. In those instances, the Manager will instruct the sub-advisor to vote in accordance with the recommendation of a third-party proxy voting advisory service.

Each Fund can invest in the shares of the American Beacon U.S. Government Money Market Select Fund. If the American Beacon U.S. Government Money Market Select Fund issues a proxy for which another Fund is entitled to vote, the Manager's interests regarding the American Beacon U.S. Government Money Market Select Fund might appear to conflict with the interests of the shareholders of the other Fund. In these cases, the Manager will vote in accordance with the Select Funds' Board of Trustees' recommendations in the proxy statement.

If the methods for addressing conflicts of interest, as described above, are deemed by the Manager to be unreasonable due to cost, timing or other factors, then the Manager may decline to vote in those instances.

**<u>Securities on Loan</u>**

With respect to the Funds that engage in securities lending, the Manager shall engage a proxy voting service to notify the Manager before the record date about the occurrence of future shareholder meetings, as feasible. The Manager will determine whether or not to recall shares of the applicable security that are on loan with the intent of the Manager or the sub-advisor, as applicable, voting such shares. The Manager's determination shall be

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based on factors which may include the nature of the meeting (i.e., annual or special), the percentage of the proxy issuer's outstanding securities on loan, any other information regarding the proxy proposals of which the Manager may be aware, and the loss of securities lending income to a Fund as a result of recalling the shares on loan.

**<u>Recordkeeping</u>**

The Manager and the sub-advisors shall maintain records of all votes cast on behalf of the Funds. Such documentation will include the firm's proxy voting policies and procedures, company reports provided by proxy voting advisory services, additional information gathered by the Manager or sub-advisor that was material to reaching a voting decision, and communications to the Manager regarding any identified conflicts. The Manager and the sub-advisors shall maintain voting records in a manner to facilitate the Funds' production of the Form N-PX filing on an annual basis.

**<u>Disclosure</u>**

The Manager will coordinate the compilation of the Funds' proxy voting record for each year ended June 30 and file the required information with the SEC via Form N-PX by August 31. The Manager will include a summary of the Policy and the proxy voting policies and procedures of the Manager and the sub-advisors, as applicable, in each Fund's Statement of Additional Information ("SAI"). In each Fund's annual and semi-annual reports to shareholders, the Manager will disclose that a description of the Policy and the proxy voting policies and procedures of the Manager and the sub-advisors, as applicable, is a) available upon request, without charge, by toll-free telephone request, b) on the Funds' website (if applicable), and c) on the SEC's website in the SAI. The SAI and shareholder reports will also disclose that the Funds' proxy voting record is available by toll-free telephone request (or on the Funds' website) and on the SEC's website by way of the Form N-PX. Within three business days of receiving a request, the Manager will send a copy of the policy description or voting record by first-class mail.

**<u>Manager Oversight</u>**

The Manager shall review a sub-advisor's proxy voting policies and procedures for compliance with this Policy and applicable laws and regulations prior to initial delegation of proxy voting authority and on at least an annual basis thereafter.

**<u>Board Reporting</u>**

On at least an annual basis, the Manager will present a summary of the voting records of the Funds to the Boards of Trustees for their review. The Manager will notify the Boards of Trustees of any material changes to its proxy voting policies and procedures.

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**APPENDIX B**

**PROXY VOTING POLICIES FOR THE SUB-ADVISORS**

**BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC**<br>**Proxy Voting Policy and Guidelines**

Barrow Hanley has accepted authority to vote proxies for our clients who have delegated this responsibility to us. It is the Firm's policy to vote our clients' proxies in the best economic interests of our clients, the beneficial owners of the shares. The Firm has adopted this Proxy Voting Policy for handling research, voting, reporting, and disclosing proxy votes, and this set of Proxy Voting Guidelines ("Guidelines") that provide a framework for assessing proxy proposals.

Barrow Hanley votes all clients' proxies the same based on the Firm's policy and Guidelines. If or when additional costs for voting proxies are identified, the Firm will determine whether such costs exceed the expected economic benefit of voting the proxy and may abstain from voting proxies for ERISA Plan clients. However, if/when such voting costs are borne by Barrow Hanley and not by the client, all proxies will be voted for all clients.

Disclosure information about the Firm's Proxy Voting Policy and Guidelines is provided in the Firm's Form ADV Part 2.

To assist in the proxy voting process, at its own expense, Barrow Hanley retains Glass Lewis & Co. ("Glass Lewis") as proxy service provider. Glass Lewis provides:

■ Research
 on corporate governance, financial statements, business, legal, and accounting risks.

■ Proxy
 voting recommendations, including environmental, social, and governance voting Guidelines.

■ Portfolio
 accounting and reconciliation of  shareholdings for voting purposes.

■ Proxy
 voting execution, record keeping, and reporting services.

**Proxy Oversight Committee, Proxy Coordinators, and Proxy Voting Committee** 

■ Barrow
  Hanley's Proxy Oversight Committee is responsible for implementing and monitoring this Proxy Voting Policy, procedures, disclosures,
 and recordkeeping.

■ The
 Proxy Oversight Committee conducts periodic reviews of proxy votes to ensure that the policy is observed, implemented properly, and amended or updated, as appropriate.

■ The
 Proxy Oversight Committee is comprised of the Responsible Investing Committee Lead (chair), the  CCO, the Head of Investment Operations,
 an At-Large Portfolio
 Manager, and another rotating member of the investment team.

■ Research
 Analysts are responsible to review and evaluate proposals and make recommendations to the Proxy Voting Committee to ensure that votes are consistent with
 the Firm's analysis.

■ Equity
 Portfolio Managers are members of the Proxy Voting Committee.

■ Equity
 Portfolio Managers vote proposals based on our Guidelines, internal research recommendations, and the research from Glass Lewis. Proxy votes must be approved
 by the Proxy Voting Committee before submitting to Glass Lewis.

■ Proxy
 Coordinators oversee the proxy voting process, assisting Research Analysts and the Proxy Voting Committee as needed.

■ Proxies
 for the Diversified Small Cap Value accounts are voted in accordance with Glass Lewis' recommendations for the following reasons:

■ Investment
 selection is based on a quantitative model

■ The
 holding period is too short to justify the time for analysis necessary to vote.

**Conflicts of Interest**

Potential conflicts may arise when:

■ Clients
 elect to participate in securities lending arrangements; in such cases, the votes follow the shares. Barrow Hanley is not a party to the
 client's lending
 arrangement and typically does not have information about shares on loan. Under these circumstances the proxies for those shares may not be voted.

■ If/when
 a proxy voting issue is determined to be financially material, the Firm makes a best-efforts attempt to alert clients and their custodial
 bank to recall shares
 from loan to be voted. In this context, Barrow Hanley defines a financially material issue to be issues deemed by our investment team
 to have significant
 economic impact. The ultimate decision on whether to recall shares is the responsibility of the client.

■ Barrow
 Hanley invests in equity securities of corporations who are also clients of the Firm. In such cases, the Firm seeks to mitigate potential
 conflicts by:

■ Making
 voting decisions for the benefit of the shareholder(s), our clients, o Uniformly voting every proxy based on Barrow Hanley's internal research and consideration
 of Glass Lewis' recommendations, and

■ Documenting
 the votes of companies who are also clients of the Firm.

■ If
 a material conflict of interest exists, members from the Proxy Voting and Proxy Oversight Committees will determine if the affected clients
 should have an opportunity
 to vote their proxies themselves, or whether Barrow Hanley will address the specific voting issue through other objective means, such
 as voting the proxies in a manner consistent with a predetermined Proxy Voting Policy or accepting the voting recommendation of Glass
 Lewis. Other Policies
 and Procedures

■ A
 proxy card or voting instruction form contains a list of voting options, including For, Against, Abstain, and/or Withhold. A vote to Abstain
 or Withhold is effectively
 a vote against the proposal. Barrow Hanley assesses each vote, the intended impact of our vote, and the rule(s) that apply to the
 vote and may select any of these options when casting the vote. Barrow Hanley sends a daily electronic transfer of equity positions to
 Glass Lewis.

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■ Glass
 Lewis identifies accounts eligible to vote for each security and posts the proposals and research on its secure, proprietary online system.

■ Barrow
 Hanley sends a proxy report to clients at least annually and/or as requested by client, listing the number of shares voted and disclosing
 how proxies were voted.

■ Barrow
 Hanley retains voting records in accordance with the Firm's Books and Records Policy. Glass Lewis retains the Firm's voting
 records for seven years.

■ Proxy
 Coordinators are responsible for retaining the following proxy records:

■ These
 policies, procedures, and amendments.

■ Proxy
 statements regarding our clients' securities.

■ A
 record of each proxy voted.

■ Proxy
 voting reports that are sent to clients annually.

■ Internal
 documents related to voting decisions; and

■ Records
 of clients' requests for proxy voting information and/or correspondence about votes.

**Voting Debt and/or Bank Loan Securities** <br>Barrow Hanley's proxy voting responsibilities may include voting on proposals, amendments, consents, or resolutions solicited by or in respect to securities related to bank loan investments.

**Exceptions**<br>Limited exceptions to this policy may be permitted based on a client's circumstances, such as, foreign regulations that create a conflict with U.S. practices, expenses to facilitate voting when the costs outweigh the benefit of voting the proxies, or other circumstances.

**Proxy Voting Guidelines**<br>Barrow Hanley's set of Guidelines is a framework for assessing proposals. Each proposal is evaluated based on its facts and circumstances. The Firm reviews and considers ESG issues along with other financially material factors to assess the financially material impact on the long-term value of the shares. Our Guidelines address the following issues:

■ Board
 of Directors

■ Independent
 Auditors

■ Compensation
 Issues

■ Corporate
 Structure and Shareholder Rights

■ Shareholder
 Proposals and ESG Issues

■ Voting
 of  Non-U.S./Foreign Shares

Issues that do not conform to these Guidelines are evaluated by the Proxy Voting Committee and voted in the best interest of our clients. Board of Directors Election of Directors Barrow Hanley believes that good corporate governance begins with a board of majority-independent directors and committees, including independent directors who serve on Audit, Compensation, and Nominating committees. Barrow Hanley will generally approve:

■ A
 slate of nominees comprised of a two-thirds majority of independent directors.

■ Nominees
 for Audit, Compensation and/or Nominating committees who are independent of management.

■ Nominees
 who we believe have the required skills and diverse backgrounds to make informed judgments about the subject matter for which the committee
 is responsible.

■ We
 attempt to target board diversity of at least 30%.

Barrow Hanley will generally not approve:

■ A
 slate of nominees that results in a majority non-independent directors.

■ Nominees
 for Audit, Compensation and/or Nominating committees who are not independent of management.

■ Incumbent
 board members who failed to attend at least 75% of board and applicable committee meetings.

■ Nominees
 who have served on boards or as executives of companies with records of poor performance, inadequate risk oversight, excessive compensation,
 audit, or accounting-related problems and/or other indicators of mismanagement or actions against the interests of shareholders.

■ Nominees
 whose actions on other committees demonstrate serious failures of governance, which may include acting to significantly reduce shareholder
 rights, or failure to respond to previous vote requests for directors and shareholder proposals.

■ An
 independent director who has in the past three years, had a material financial, familial, or other relationship with the company or its
 executives.

■ Members
 of a Nominating committee where the board has an average tenure of over ten years and has not appointed a new member to the board in
 at least five years

■ Members
 of a Nominating committee where the board lacks diversity.

*Combined Chairman / CEO Role*<br>When the roles of a board's chair and CEO are combined a strong lead independent director is necessary. If a lead director is not appointed, Barrow Hanley supports proposals to separate the roles.

*Contested Elections of Directors*<br>Barrow Hanley evaluates a nominee's qualifications, the incumbent board's performance, and the rationale behind dissident campaigns, and votes based on maximizing shareholder value.

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*Classified Boards*<br>Barrow Hanley supports proposals to declassify existing boards, whether proposed by management or shareholders. In most cases we vote against proposals for classified board structures where only part of the board is elected each year.

If a board does not have a committee responsible for governance oversight and the board has not implemented a proposal that received the requisite support, we vote against the entire board. If a proposal requests the board adopt a declassified structure, we vote against all directors and nominees up for election.

*Board Diversity*<br>Barrow Hanley supports boards with diverse backgrounds and nominees with relevant experience. Nominating and governance committees should consider diversity within the context of the company and industry. Shareholders are best served when boards make an effort to ensure a constituency that is not only reasonably diverse based on age, race, gender, and ethnicity, but also based on geographic knowledge, industry experience, board tenure and culture. Board diversity is one of many factors considered on a case-by-case basis when reviewing board elections.

*Board Tenure*<br>Barrow Hanley believes that independent directors are an important part of good governance. Long term service diminishes a member's independence. Directors serving on a board for 10 years or more are not considered to be independent.

We recognize that in some cases, a director's tenure and experience on the board is beneficial to shareholders. Nominees' tenure on the board is evaluated to determine independence.

*Overboarding*<br>Barrow Hanley reviews a nominee's board commitments on a case-by-case basis and generally votes against nominees who are executives of public company while serving on three or more public boards or a non-executive who sits on four or more public boards.

*Proxy Access*<br>Shareholders' participation in electing directors enhances a board's accountability and responsiveness. Long-term investors can benefit from shareholder rights to nominate directors. Such rights should require a minimum percentage ownership (at least 5%) of outstanding shares held for a minimum period (at least three years) to nominate a maximum percentage of (up to 20%) for the board.

**Approval of Independent Auditors**<br>Independent auditors are a critical element of good governance. A company's relationship with its independent auditor should be limited to its audit. Auditor's fees should be limited to the audit work. Other, closely related activities that do not appear to impair the auditor's independence may be approved. Barrow Hanley evaluates the circumstances of auditors who have a substantial non-auditing relationship with the company on a case-by-case basis.

**Compensation Issues**<br>Compensation Plans should align the interests of long-term shareholders with the interests of management, employees, and directors.

*Stock-Based Compensation Plans*<br>Stock-based compensation plans should be administered by an independent committee of the board and approved by shareholders. Barrow Hanley opposes compensation plans that substantially dilute a shareholder's ownership interest, provides participants with excessive awards, and/or have other objectionable features. Compensation proposals are evaluated on a case-by-case basis using the following factors:

■ The
 company's industry group, market capitalization, and competitors' compensation plans.

■ Requirements
 for senior executives to hold a minimum amount/percentage of company stock.

■ Requirements
 for minimum holding periods for stock acquired through equity awards.

■ Performance-vesting
 awards, indexed options, and/or other grants linked to the company's performance.

■ Requirements
 that limit the concentration of equity grants to senior executives and provide for a broad-based plan.

■ Requirements
 for stock-based compensation plans as a substitute for cash compensation to deliver market-competitive total compensation.

*Bonus Plans*<br>Bonus based compensation plans should include the following features:

■ Periodic
 shareholder approval to properly qualify for deductions under Internal Revenue Code Section 162(m).

■ Performance
 measures relating to key value drivers of the company's business.

■ Maximum
 award amounts expressed in dollar amounts. Bonus plans should not include excessive awards in both absolute and relative terms.

*Executive Compensation Plans (Say on Pay)*<br>Say on Pay type of executive compensation programs can effectively link pay and performance and provide competitive compensation opportunities. Say on Pay type plans should state the amount of compensation at risk and the amount of equity-based compensation linked to the company's performance and include adequate disclosure about the overall compensation structure. Say on Pay type plans should not include significant compensation guarantees and/or compensation that is not sufficiently linked to performance.

Recoupment Provisions (Clawbacks)<br>Executive compensation programs should be clearly tied to performance and include the following:

■ Detailed
 bonus recoupment policies to prevent executives from retaining performance-based awards that were not truly earned.

■ Clawback
 triggers in the event of a restatement of financial results or similar revision of performance indicators upon which bonuses were based.

■ Policies
 allowing board reviews of performance-related bonuses and awards paid to senior executives during the period covered by a restatement that allows the company
 to recoup such bonuses if performance goals were not actually achieved.

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■ Clawback
 policies that limit discretion and ensure the integrity of such policies.

*Executive Severance Agreement (Golden Parachutes)*<br>Executive compensation should be designed as an incentive for continued employment and include reasonable severance benefits, and the executive's termination should be limited to three times salary and bonus, referred to as double-trigger plans.

Guaranteed severance benefits that exceed three times salary and bonus should be disclosed and should require shareholder approval.

Barrow Hanley does not support guaranteed severance benefits without a change in control or arrangements that does not require the executive's termination, referred to as single-trigger plans.

*Employee Stock Purchase Plans*<br>Employee stock purchase plans are effective ways to increase employees' ownership in the company's stock. Such plans should not allow for purchases below 85% of current market value and should limit shares reserved under the plan to 5% or less of the outstanding shares of the company.

**Corporate Structure and Shareholder Rights** <br>Barrow Hanley supports market-based corporate control functions without undue interference from artificial barriers. Shareholders' rights are a fundamental privilege of equity ownership and should be proportional to economic ownership. Appropriate limits include a shareholder's ability to act by corporate charter, bylaw provisions, or adoption of certain takeover provisions.

*Shareholder Right Plans (Poison Pills)*<br>Poison pill plans can erode shareholder value by limiting a potential acquirer's ability to purchase a controlling interest in the company without the approval of its board of directors, and/or can serve to entrench incumbent management and directors.

Shareholder rights plans should be designed to enables the board to take appropriate to defensive actions, and should require the following:

■ Shareholder
 approval within a year of its adoption.

■ Timing
 limited to 3-5 years.

■ Requirement
 for shareholder approval for renewal.

■ Reviews
 by a committee of independent directors at least every three years, referred to as TIDE provisions.

■ Permitted
 bid or qualified offer features requiring shareholder votes under specific conditions referred to as chewable pills.

■ Reasonable
 ownership triggers of 15-20%.

■ Highly
 independent, non-classified boards.

Shareholder rights plans should avoid the following:

■ Long-term
 defensive features of 5 or more years.

■ Automatic
 renewals without shareholder approval.

■ Ownership
 triggers of less than 15%.

■ Classified
 boards.

■ Boards
 with limited independence.

*Political Contributions and Lobbying*<br>Barrow Hanley evaluates an issuer's policy and procedures governing political spending and lobbying. Proposals demonstrating insufficient or absent policies and disclosure are opposed. An Increase in Authorized Shares Proposals for increases in authorized share amounts should not expose shareholders to excessive dilution and should be limited to increases of up to 20% of the current share authorization.

*Cumulative Voting*<br>Cumulative voting should be proportional to the shareholders' economic investment in the company.

*Supermajority Vote Requirements*<br>Shareholders' rights to approve or reject proposals should be based on a simple majority. Confidential Voting Shareholder voting should be conducted in a confidential manner.

*Dual Classes of Stock*<br>Barrow Hanley opposes dual-class capitalization structures that provide disparate voting rights to shareholders with similar economic interests. Proposals to create separate share classes with different voting rights are opposed. Proposals to dissolve separate share classes are approved.

**Shareholder Proposals and ESG Issues**<br>Proposals relating to ESG issues are usually initiated by shareholders seeking disclosure about certain business practices or amendments to certain policies. Barrow Hanley's policy and Guidelines are designed to provide a framework for assessing the financial materiality of corporate governance, environmental, and social issues. Barrow Hanley supports proposals that improve transparency on issues that can be clearly tied to sustainable resource development, environmental compliance, and workplace safety.

Barrow Hanley subscribes to third party ESG research and scoring databases, including MSCI, Sustainalytics, and IFRS as a tool for rating the financial materiality of ESG factors to support our internal research. Some investments may have a low corporate ranking based on a third party's profile. Investment in low ranked companies is based on our belief that shareholder engagement is the best way to engage with management and use our influence toward sustainable improvements. Our fundamental analysis identifies areas and issues for engagement with management to improve policies and disclosure.

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Barrow Hanley evaluates climate risk and disclosure standards for the companies and industries most exposed to climate change and engages with management and boards to understand the company's risks and opportunities and where necessary, seeks additional disclosure.

Barrow Hanley considers issues related to human capital to be a company's most significant risks and opportunities. Boards should disclose and communicate plans to instill inclusive, attractive, and high-retention environments in the company. Barrow Hanley supports inclusive working environments and diversity among employees and supports shareholder proposals that contain comprehensive equal opportunity and anti-discrimination provisions, and reporting on gender-based discrepancies in compensation.

**Voting of Non-U.S./Foreign Shares**<br>Although corporate governance standards, disclosure requirements, and voting mechanisms vary greatly among the markets outside the U.S., proposals are evaluated under these Guidelines and consideration of the local market's standards and best practices.

**Exceptions**<br> Glass Lewis is configured to vote consistent with Barrow Hanley's Guidelines , however, the Proxy Voting Committee permits reasonable exceptions based on the facts, circumstances, and best economic interests of our clients. Exceptions are documented and retained in the Firm's proxy voting records.

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**BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC**<br>**PROXY VOTING**

**Responsibility to Vote Proxies**

As an investment adviser, Brandywine Global owes its clients a duty of care and loyalty with respect to services undertaken on their behalf, including proxy voting. Rule 206(4)-6 under the Investment Advisers Act of 1940 requires an investment adviser who exercises voting authority with respect to client securities to adopt and implement written policies and procedures that are reasonably designed to ensure that the investment adviser votes proxies in the best interest of its clients.

**Client Accounts for which Brandywine Global Votes Proxies**

Brandywine Global votes proxies for each client account for which the client has specifically delegated to Brandywine Global the power to vote proxies in the applicable investment management agreement or other written document, or in instances where the client has assigned Brandywine Global investment discretion over their account. Brandywine Global also votes proxies for any employee benefit plan client subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), unless the applicable investment management agreement specifically reserves the responsibility for voting proxies to the plan trustees or other named fiduciary.

At or prior to the inception of each client account, Brandywine Global will determine whether it has proxy voting authority over such account. In instances where the client has retained proxy voting responsibility, Brandywine Global will have no involvement in the proxy voting process for that client.

**General Principles**

In exercising discretion to vote proxies for securities held in client accounts, Brandywine Global is guided by general fiduciary principles. Brandywine Global's goal in voting proxies is to act prudently and solely in the best economic interest of its clients. In furtherance of such goal, Brandywine Global will vote proxies in a manner that Brandywine Global believes will be consistent with efforts to maximize shareholder value and to protect shareholder interests. Brandywine Global does not exercise its proxy voting discretion to further policy, political or other issues that have no connection to enhancing the economic value of a client's investment. As part of its fiduciary duty, Brandywine Global does consider environmental, social, and governance issues that may impact the value of an investment, through introducing opportunity or by creating risk, or both.

**How Brandywine Global Votes Proxies**

Appendix A sets forth general guidelines considered by Brandywine Global in voting common proxy items.

In the case of a proxy issue for which there is a stated position set forth in Appendix A, Brandywine Global generally votes in accordance with the stated position. In the case of a proxy issue for which there is no stated position set forth in Appendix A, Brandywine Global votes on a case-by-case basis in accordance with the General Principles.

The general guidelines set forth in Appendix A are not binding on Brandywine Global, but rather are intended to provide an analytical framework for the review and assessment of common proxy issues. Such guidelines can always be superseded based on an assessment of the proxy issue and determination that a vote that is contrary to such general guidelines is in the best economic interests of client accounts. Different portfolio management teams within Brandywine Global may vote differently on the same issue based on their respective assessments of the proxy issue and determinations as to what is in the best economic interests of client accounts for which they are responsible. Use of an Independent Proxy Service Firm Brandywine Global may contract with an independent proxy service firm to provide Brandywine Global with certain services, including but not limited to, information or recommendations with regard to proxy votes or other administrative support. Brandywine Global is not required to follow any recommendation furnished by such service provider. The use of an independent proxy service firm to provide proxy voting information or recommendations does not relieve Brandywine Global of its responsibility for any proxy votes. With respect to any independent proxy service firm engaged by Brandywine Global to provide Brandywine Global with information or recommendations with regard to proxy votes, Brandywine Global will periodically review and assess such firm's policies, procedures and practices including those with respect to the disclosure and handling of conflicts of interest.

**Conflict of Interest Procedures**

In furtherance of Brandywine Global's goal to vote proxies in the best interests of clients, Brandywine Global follows procedures designed to identify and address material conflicts that may arise between the interests of Brandywine Global and its employees and those of its clients before voting proxies on behalf of such clients. Conflicts of interest may arise as a result of the firm's business or as a result of an employee's personal relationships or circumstances.

**A. Procedures for Identifying Conflicts of Interest**

Brandywine Global relies on the procedures set forth below to seek to identify conflicts of interest with respect to proxy voting.

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|:---|:---|
| **1** | Brandywine Global's Compliance Department annually requires each Brandywine Global employee to complete a questionnaire designed to elicit information that may reveal potential conflicts between the employee's interests and those of Brandywine Global clients. |

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|:---|:---|
| **2** | Brandywine Global treats client relationships as creating a material conflict of interest for Brandywine Global in voting proxies with respect to securities issued by such client or its known affiliates. |

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| | |
|:---|:---|
| **3** | As a general matter, Brandywine Global takes the position that relationships between a non-Brandywine Global Franklin Resources business unit and an issuer (e.g., investment management relationship between an issuer and a non-Brandywine Global Franklin Resources-owned asset manager) do not present a conflict of interest for Brandywine Global in voting proxies with respect to such issuer because Brandywine Global operates as an independent business unit from other Franklin Resources business units and because of the existence of informational barriers between Brandywine Global and certain other Franklin Resources business units. |

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

**B. Procedures for Assessing Materiality of Conflicts of Interes**t

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|:---|:---|
| **1** | All potential conflicts of interest identified must be brought to the attention of the Investment Committee for resolution. |

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| | |
|:---|:---|
| **2** | The Investment Committee determines whether a conflict of interest is material. A conflict of interest will be considered material to the extent that it is determined that such conflict is likely to influence, or appear to influence, Brandywine Global's decision-making in voting the proxy. All materiality determinations will be based on an assessment of the particular facts and circumstances. A written record of all materiality determinations made by the Investment Committee will be maintained. |

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|:---|:---|
| **3** | If it is determined by the Investment Committee that a conflict of interest is not material, Brandywine Global may vote proxies following normal processes notwithstanding the existence of the conflict. |

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**C. Procedures for Addressing Material Conflicts of Interest**

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| | |
|:---|:---|
| **1** | With the exception of those material conflicts identified in A.2. which will be voted in accordance with paragraph C.1.b. below, if it is determined by the Investment Committee that a conflict of interest is material, the Investment Committee will determine an appropriate method or combination of methods to resolve such conflict of interest before the proxy affected by the conflict of interest is voted by Brandywine Global. Such determination will be based on the particular facts and circumstances, including the importance of the proxy issue, the nature of the conflict of interest, etc. Such methods may include:<br>a. confirming that the proxy will be voted in accordance with the recommendations of an independent proxy service firm retained by Brandywine Global;<br>b. in the case of a conflict of interest resulting from a particular employee's personal relationships or circumstances, removing such employee from the decision-making process with respect to such proxy vote; or<br>c. such other method as is deemed appropriate given the particular facts and circumstances. |

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**2.** A
 written record of the method used to resolve a material conflict of interest will be maintained.

**Other Considerations**

In certain situations, Brandywine Global may decide not to vote proxies on behalf of a client account for which it has discretionary voting authority because Brandywine Global believes that the expected benefit to the client account of voting shares is outweighed by countervailing considerations (excluding the existence of a potential conflict of interest). Examples of situations in which Brandywine Global may determine not to vote proxies are set forth below.

**A. Share Blocking**

Proxy voting in certain countries requires "share blocking." This means that shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (e.g. one week) with a designated depositary. During the blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares have been returned to client accounts by the designated depositary. In deciding whether to vote shares subject to share blocking, Brandywine Global may consider and weigh, based on the particular facts and circumstances, the expected benefit to client accounts of voting in relation to the potential detriment to clients of not being able to sell such shares during the applicable period.

**B. Securities on Loan**

Certain clients of Brandywine Global, such as an institutional client or a registered investment company for which Brandywine Global acts as a sub-adviser, may engage in securities lending with respect to the securities in their accounts. Brandywine Global typically does not direct or oversee such securities lending activities. To the extent feasible and practical under the circumstances, Brandywine Global may request that the client recall shares that are on loan so that such shares can be voted if Brandywine Global believes that the expected benefit to the client of voting such shares outweighs the detriment to the client of recalling such shares (e.g., foregone income). The ability to timely recall shares for proxy voting purposes typically is not entirely within the control of Brandywine Global and requires the cooperation of the client and its other service providers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates and administrative considerations.

**Proxy Voting-Related Disclosures**

**A. Proxy Voting Independence and Intent**

Brandywine Global exercises its proxy voting authority independently of other Franklin Resources-owned asset managers. Brandywine Global and its employees will not consult with or enter into any formal or informal agreements with Brandywine Global's ultimate parent, Franklin Resources, Inc., any other Franklin Resources business unit, or any of their respective officers, directors or employees, regarding the voting of any securities by Brandywine Global on behalf of its clients.

Brandywine Global and its employees may not disclose to any person outside of Brandywine Global, including without limitation another investment management firm (affiliated or unaffiliated) how Brandywine Global intends to vote a proxy without prior approval from Brandywine Global's Chief Compliance Officer. Prior approval is not required in instances where Brandywine Global discloses directly to representatives of an issuer how Brandywine Global intends to vote a proxy so long as the disclosure is made solely to representatives of the issuer and Brandywine Global believes that the disclosure is in the best interests of its clients.

If a Brandywine Global employee receives a request to disclose Brandywine Global's proxy voting intentions to another person outside of Brandywine Global (including an employee of another Franklin Resources business unit) in connection with an upcoming proxy voting matter, the employee should immediately notify Brandywine Global's Chief Compliance Officer.

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If a Brandywine Global portfolio manager wants to take a public stance with regards to a proxy, the portfolio manager must consult with and obtain the approval of Brandywine Global's Chief Compliance Officer before making or issuing a public statement.

**B. Disclosure of Proxy Votes and Policy and Procedures**

Upon Brandywine Global's receipt of any oral or written client request for information on how Brandywine Global voted proxies for that client's account, Brandywine Global will promptly provide the client with such requested information in writing.

Brandywine Global will deliver to each client, for which it has proxy voting authority, no later than the time it accepts such authority, a written summary of this Proxy Voting policy and procedures. This summary must include information on how clients may obtain information about how Brandywine Global has voted proxies for their accounts and must also state that a copy of Brandywine Global's Proxy Voting policy and procedures is available upon request.

Brandywine Global must create and maintain a record of each written client request for proxy voting information. Such record must be created promptly after receipt of the request and must include the date the request was received, the content of the request, and the date of Brandywine Global's response. Brandywine Global must also maintain copies of written client requests and copies of all responses to such requests.

**C. Delegation of Duties**

Brandywine Global may delegate to non-investment personnel the responsibility to vote proxies in accordance with the guidelines set forth in Appendix A. Such delegation of duties will only be made to employees deemed to be reasonably capable of performing this function in a satisfactory manner.

**Proxy Engagement and Certain Non-Proxy Voting Matters**

Brandywine Global may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders regarding certain matters on a company's proxy statement from time to time, if and to the extent that Brandywine Global determines that doing so is consistent with law and applicable general fiduciary principles. A company or shareholder may also seek to engage with Brandywine Global in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain proposals.

Absent a specific contrary written agreement with a client or other legal obligation, Brandywine Global does not (1) render any advice to, or take any action on behalf of, clients with respect to any legal proceedings, including bankruptcies and shareholder litigation, to which any securities or other investments held in client accounts, or the issuers thereof, become subject, or (2) initiate or pursue legal proceedings, including without limitation shareholder litigation, on behalf of clients with respect to transactions or securities or other investments held in client accounts, or the issuers thereof. Except as otherwise agreed to in writing with a particular client, the right to take any action with respect to any legal proceeding, including without limitation bankruptcies and shareholder litigation, and the right to initiate or pursue any legal proceedings, including without limitation shareholder litigation, with respect to transactions or securities or other investments held in a client account is expressly reserved to the client.

**Recordkeeping**

In addition to all other records required by this Policy and Procedures, Brandywine Global will maintain the following records relating to proxy voting:

A. a copy of this Policy and Procedures, including any and all amendments that may be adopted;

B. a copy of each proxy statement that Brandywine Global receives regarding client securities;

C. a record of each vote cast by Brandywine Global on behalf of a client;

D. documentation relating to the identification and resolution of conflicts of interest;

F. a copy of each written client request for information on how Brandywine Global voted proxies on behalf of the client, and a copy of any written response by Brandywine Global to any (written or oral) client request for information on how Brandywine Global voted proxies on behalf of the requesting client; and

G. records showing whether or not Brandywine Global has proxy voting authority for each client account.

All required records will be maintained and preserved in an easily accessible place for a period of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years in an appropriate office of Brandywine Global. Brandywine Global also will maintain a copy of any proxy voting policies and procedures that were in effect at any time within the last five years.

To the extent that Brandywine Global is authorized to vote proxies for a United States registered investment company, Brandywine Global will maintain such records as are necessary to allow such fund to comply with its recordkeeping, reporting and disclosure obligations under applicable laws, rules and regulations.

In lieu of keeping copies of proxy statements, Brandywine Global may rely on proxy statements filed on the EDGAR system as well as on third party records of proxy statements if the third party provides an undertaking to provide copies of such proxy statements promptly upon request. Brandywine Global may rely on a third party to make and retain, on Brandywine Global's behalf, records of votes cast by Brandywine Global on behalf of clients if the third party provides an undertaking to provide a copy of such records promptly upon request.

**Appendix A**<br>**<u>Proxy Voting Guidelines</u>**

**Brandywine Global Diversified Portfolio Management Team**<br>**Proxy Voting Guidelines**

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Below are proxy voting guidelines that Brandywine Global generally follows when voting proxies for securities held in client accounts. One or more portfolio management teams may decide to deviate from these guidelines with respect to any one or more particular proxy votes, subject in all cases to the duty to act solely in the best interest of client accounts holding the applicable security.

**I. Compensation**

A. We vote for non-employee director stock options, unless we consider the number of shares available for issue excessive.

B. We vote for employee stock purchase programs.

C. We vote for compensation plans that are tied to the company achieving set profitability hurdles.

D. We vote against attempts to re-price options. Also, we vote against the re-election of incumbent Directors in the event of such a re-pricing proposal.

E. We vote against attempts to increase incentive stock options available if they are excessive, either in total or for one individual. F. We vote against stock option plans allowing for stock options with exercise prices less than 100% of the stock's price at the time of the option grant. G. We vote for measures that give shareholders a vote on executive compensation.

**II. Governance**

A. We vote for proposals to separate the Chief Executive Officer and Chairman of the Board positions.

B. We vote against "catch-all" authorizations permitting proxy holders to conduct unspecified business that arises during shareholder meetings.

**III. Anti-Takeover**

We vote against anti-takeover measures, including without limitation:

A. Staggered Boards of Directors (for example, where 1/3 of a company's Board is elected each year rather than the entire Board each year).

B. Super-Majority Voting Measures (for example, requiring a greater than 50% vote to approve takeovers or make certain changes).

C. Poison Pills, which are special stock rights that go into effect upon a takeover offer or an outsider acquiring more than a specified percentage of a company's outstanding shares.

**IV. Capital Structure**

We vote against attempts to increase authorized shares by more than twice the number of outstanding shares unless there is a specific purpose for such increase given, such as a pending stock split or a corporate purchase using shares, and we determine that increasing authorized shares for such purpose is appropriate.

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**DEPRINCE, RACE & ZOLLO, INC.**<br>**PROXY VOTING POLICY**

**I. Introduction**

DePrince, Race & Zollo, Inc. ("DRZ") votes proxies for a majority of its clients, and therefore has adopted and implemented this Proxy Voting Policy and Procedures. to comply with Rule 206(4)-6 (the "Rule"). DRZ has elected to retain an independent third party proxy administrator ("Proxy Administrator") to assist in the proxy gathering, voting, and record keeping process. Any questions about this document should be directed to our Chief Compliance Officer ("CCO") or Compliance Associate ("CA").

**II. Regulatory Background**

(A) The Need to Implement a Proxy Voting Policy and Procedures

The SEC has determined that the rule applies to all registered investment advisers that exercise proxy voting authority over client securities. The SEC has also indicated that advisers with implicit as well as explicit voting authority must comply with the rule. In particular, the rule applies when the advisory contract is silent but the adviser's voting authority is implied by an overall delegation of discretionary authority.

(B) Voting Client Proxies

The SEC has interpreted the duty of care to require an adviser with voting authority to monitor shareholder meeting dates and to vote client proxies. However, the scope of an adviser's responsibilities with respect to voting proxies would ordinarily be determined by the adviser's contracts with its clients, the disclosures it has made to its clients, and the investment policies and objectives of its clients. The rule does not necessitate an adviser to become a "shareholder activist," but more practically, allows an adviser to determine whether the costs and expected benefits to clients warrant such activism. Additionally, the failure to vote every proxy should not necessarily be construed as a violation of an adviser's fiduciary obligations. The SEC has noted times when refraining from voting a proxy may be in the client's best interest, such as when the analysis noted above yields results that indicate the cost of voting the proxy exceeds the expected benefit to the client. Nevertheless, an adviser must be aware that it may not ignore or be negligent in fulfilling the obligation it has assumed to vote client proxies.

(C) Implementing Policies and Procedures to Resolve Conflicts of Interest

A challenging aspect to Rule 206(4)-6 has been an adviser's identification of material conflicts of interest that may influence the manner in which it votes proxies. Although the SEC has not listed all conflicts of interest that an adviser may encounter when voting clients' proxies, it has provided guidance with respect to ways in which the policies and procedures may mitigate any existing conflicts of interest. An adviser could also suggest that the client engage another party to determine how the proxies should be voted, which would relieve the adviser of the responsibility to vote the proxies.

(D) Disclosure Requirements

■ An
 investment adviser must disclose to clients how they can obtain information on how client proxies were voted.

■ A
 concise summation of the proxy voting process, rather than a reiteration of the adviser's proxy voting policy and procedures must
 also be disclosed and
 that upon client request, the adviser will provide a copy of the policies and procedures.

(E) Recordkeeping Requirements

Amended Rule 204-2 under the Advisers Act requires investments advisers to retain the following documents:

■ Proxy
 Voting Policies and Procedures;

■ Proxy
 Statements Received Regarding Client Securities;

■ Records
 of Votes Cast on Behalf of Clients;

■ Records
 of Client Requests for Proxy Voting Information; and

■ Any
 Documents Prepared by the Adviser that were Material to Making a Decision how to Vote, or that were Prepared by the Adviser to Memorialize the Basis for the
 Decision.

**III. Risks**

In developing this policy and procedures, DRZ considered numerous risks associated with its voting of client proxies. This analysis includes risks such as:

■ DRZ
 does not maintain a written proxy voting policy as required by Rule 206(4)-6.

■ Proxies
 are not voted in clients' best interests.

■ Proxies
 are not identified and voted in a timely manner.

■ Conflicts
 between DRZ's interests and the client are not identified; therefore, proxies are not voted appropriately.

■ Proxy
 voting records and client requests to review proxy votes are not maintained. DRZ has established the following guidelines as an attempt
 to mitigate these
 risks.

**IV. Policy**

It is DRZ's policy to vote client proxies in the interest of maximizing shareholder value. To that end, DRZ will vote in a way that it believes is consistent with its fiduciary duty and will cause the value of the issue to increase the most or decline the least. Consideration will be given to both the short and long term implications of the proposal to be voted when considering the optimal vote.

Any general or specific proxy voting guidelines provided by an advisory client or its designated agent in writing will supersede this policy. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent that is not part of the services provided by DRZ. Clients must notify DRZ of their specific proxy voting instructions, if any. Generally, all such client instructions must be in writing. DRZ's client service staff will generally be the responsible for ensuring that all client mandates are initially communicated to the firm's compliance and operations staff.

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**V. Procedures for Identification and Voting of Proxies**

These proxy voting procedures are designed to enable DRZ to resolve material conflicts of interest with clients before voting their proxies in the interest of shareholder value.

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| **1** | DRZ shall maintain a list of all clients for which it votes proxies. The list will be maintained electronically and will be updated by the Compliance department who will obtain proxy voting information from client agreements. Notice of new accounts to be added to the proxy service must be sent to the Proxy Administrator no later than ten (10) days from the date a new account starts trading. Alternatively, DRZ's Operations Department, as part of the account opening procedure, will inform the Proxy Administrator that DRZ will vote proxies for the new client. |

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| **2** | DRZ shall work with the client to ensure that the Proxy Administrator is the designated party to receive proxy voting materials from companies or intermediaries. To that end, new account forms of broker- dealers/custodians will state that the Proxy Administrator should receive this documentation. The designation may also be made by telephoning contacts and/or Client Service Representatives at broker- dealers/custodians. These intermediaries will be informed to direct all proxy materials to DRZ's designated Proxy Administrator. |

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|:---|:---|
| **3** | DRZ shall work with the Proxy Administrator to ensure that the Proxy Administrator is properly instructed on the manner and direction to vote each client's account based upon the type of client and specific voting instructions received from the client, if any. DRZ has established proxy voting policies with the Proxy Administrator in the interest of maximizing shareholder value. However, DRZ has instructed the Proxy Administrator to alert DRZ to certain issues that DRZ believes require an additional level of consideration. |

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| **4** | The Proxy Administrator shall receive all proxy voting materials and will be responsible for ensuring that proxies are voted and submitted in a timely manner. DRZ's Compliance Department shall receive and review current proxy information from the Proxy Administrator on a routine basis to ensure that all proxies are being received and voted. |

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| **5** | The Proxy Administrator will review the list of clients and compare the record date of the proxies with a security holdings list for the security or company soliciting the proxy vote. For any client who has provided specific voting instructions, the Proxy Administrator shall vote that client's proxy in accordance with the client's written instructions. Proxies received for client's who have elected to have their proxies voted by a third party outside of the proxy voting services DRZ provides, and whose proxies were received by DRZ, shall be forwarded back to the client for voting and submission. Proxies received after the termination date of a client relationship will not be voted. Such proxies should be delivered to the last known address of the former client or to the intermediary who distributed the proxy with a written or oral statement indicating that the advisory relationship has been terminated and that the proxies should be forwarded to the last known address of the former client. The statement should further indicate that future proxies for the named former client should not be delivered to DRZ or to the Proxy Administrator, but directly to the former client. |

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|:---|:---|
| **6** | Proxy issues not covered by DRZ's guidelines will be forwarded to the appropriate DRZ investment team for consideration and submission of a vote. |

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|:---|:---|
| **7** | It is DRZ's policy to abstain from voting proxy ballots over which the issuer has implemented a share blocking policy. Share blocking policies are generally implemented by issuers whose securities are traded in limited markets outside the United States. Under a "share blocking policy" voting any proxies on the ballot would prohibit trading shares of the issuer for a pre-determined period of time. DRZ typically invests in securities that have unrestricted liquidity and therefore DRZ will generally choose to avoid circumstances that would hinder DRZ's ability to manage portfolio positions. DRZ will document exceptions or deviations from this policy. |

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|:---|:---|
| **8** | DRZ shall compare the cost of voting the proxy to the benefit to the client. In the event that the costs of voting appear to outweigh the benefits, DRZ shall document such rationale and maintain the documentation in the permanent file (for example, voting a foreign security may require additional costs that overshadow the benefits) in accordance with DRZ's record retention policy. |

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| **9** | The Proxy Administrator and/or the CCO or CA will reasonably try to assess any material conflicts between DRZ's interests and those of its clients with respect to proxy voting by considering the situations identified in the Conflicts of Interest section of this document. |

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| **10** | So long as there is no material conflicts of interest identified, the Proxy Administrator will vote proxies according to the guidelines set forth above. DRZ may also elect to abstain from voting if it deems such abstinence in its clients' best interests. The rationale for the occurrence of voting that deviates from the guidelines will be documented and the documentation will be maintained in the permanent file in accordance with DRZ's record retention policy. |

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| **11** | If the Proxy Administrator, the CCO or the CA (interchangeably referred to as the "Compliance Officer") detects a conflict of interest, the following process will be followed: |

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a. In cases where the Proxy Administrator is the party identifying the conflict, they have been instructed to contact DRZ's CCO or CA as soon as reasonably practicable.

b. The CCO and a member of the DRZ Proxy Voting Committee (the "Committee") will determine the appropriate method of resolution considering the nature of the conflict of interest, the proxy voting deadline, the number of clients involved and other material information related to the matter.

c. The CCO will either (i) with the assistance of the appropriate investment personnel, contact the client(s) directly for discussion of the matter and determine if the client(s) desire to vote the proxy directly or provide its vote to DRZ to vote on their behalf, or (ii) will convene the Committee, as appropriate.

d. If the CCO elects to contact the client(s) directly and the client(s) desire to vote the proxy or provide DRZ with their vote, the CCO and the Proxy Administrator will provide the client(s) with the proxy and related information to enable the client(s) to make an informed decision.

e. Alternatively, if the CCO concludes the matter should go before the Committee, they will immediately convene the Committee. Members of the Committee include the persons listed on Attachment A. A majority of the Committee members shall constitute a quorum at a meeting of the Committee, but in no event shall a quorum consist of less than one-third of the Committee. The CCO will serve as chairperson. The CCO, at inception of the Committee meeting, will appoint a Secretary, whose role it will be to keep careful and detailed minutes.

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

f. The CCO will identify for the Committee the issuer and proposal to be considered. The CCO will also identify the conflict of interest that has been detected.

g. The members of the Committee will then consider the proposal by reviewing the proxy voting materials and any additional documentation a member(s) feels necessary in determining the appropriate vote. Members of the Committee may wish to consider the following questions:

■ Whether
 adoption of the proposal would have a positive or negative impact on the issuer's short term or long-term value.

■ Whether
 the issuer has already responded in some appropriate manner to the request embodied in a proposal.

■ Whether
 the proposal itself is well framed and reasonable.

■ Whether
 implementation of the proposal would achieve the objectives sought in the proposal.

■ Whether
 the issues presented would best be handled through government or issuer-specific action.

h. Upon the provision of a reasonable amount of time to consider the proposal, each member of the Committee will in turn announce to the Committee their decision on whether DRZ will vote for or against the proposal. Attending members of the Committee are prohibited from abstaining from the Committee vote and are prohibited from recommending that DRZ refrain from voting on the proposal, although "abstain" votes are permitted. The Secretary of the Committee will record each member's vote and the rationale for their decision.

i. After each member of the Committee has announced their vote, the Secretary will tally the votes. The tally will result in one of the following two outcomes:

■ If
 all members of the Committee have voted in the same direction on the proposal, all of DRZ's proxies for that proposal will be voted
 in such direction.
 The CCO will document the unanimous vote and all notes of the meeting, if created, will be maintained in the permanent file in accordance
 with the DRZ's proxy recordkeeping policy described herein.

■ If
 a unanimous decision cannot be reached by the Committee, DRZ will, at its expense, engage the services of an outside proxy voting service
 or consultant who
 will provide an independent recommendation on the direction in which DRZ should vote on the proposal. The proxy voting service's
 or consultant's determination will be binding on DRZ.

12. The Proxy Administrator shall be informed of the results and shall collect and submit the proxy votes in a timely manner.

13. All proxy votes will be recorded by the Proxy Administrator. The following information will be maintained:

a. The name of the issuer of the portfolio security;

b. The exchange ticker symbol of the portfolio security;

c. The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

d. The shareholder meeting date;

e. The number of shares DRZ is voting on firm-wide;

f. A brief identification of the matter voted on;

g. Whether the matter was proposed by the issuer or by a security holder;

h. Whether or not DRZ cast its vote on the matter;

i. How DRZ cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors);

j. Whether DRZ cast its vote with or against management; and

k. Whether any client requested an alternative vote of its proxy.

There may be instances where DRZ votes the same proxy in different directions for different clients if a client requires DRZ to vote a certain way on an issue, while DRZ deems it beneficial to vote in the opposite direction for its other clients.

**VI. Conflicts of Interest**

The following is a non-exhaustive list of potential conflicts. DRZ continually monitors these potential conflicts to determine if they exist:

■  ***<u>Conflict</u>*** :
 DRZ retains an institutional client, or is in the process of retaining an institutional client, that is affiliated with an issuer that
 is held in DRZ's client
 portfolios. For example, DRZ may be retained to manage XYZ's pension fund. XYZ is a public company and DRZ client accounts hold
 shares of XYZ. This
 type of relationship may influence DRZ to vote with management on proxies to gain favor with management. Such favor may influence XYZ's
 decision to continue its advisory relationship with DRZ.

■  ***<u>Conflict</u>*** :
 DRZ retains a client, or is in the process of retaining a client, that is an officer or director of an issuer that is held in DRZ's
 client portfolios. The
 similar conflicts of interest exist in this relationship as discussed above.

■  ***<u>Conflict</u>*** :
 DRZ's employees maintain a personal and/or business relationship (not an advisory relationship) with issuers or individuals that
 serve as officers
 or directors of issuers. For example, the spouse of a DRZ employee may be a high-level executive of an issuer that is held in DRZ's
 client portfolios.
 The spouse could attempt to influence DRZ to vote in favor of management.

■  ***<u>Conflict</u>*** :
 DRZ or an employee(s) personally owns a significant number of an issuer's securities that are also held in DRZ's client portfolios.
 For any number of
 reasons, an employee(s) may seek to vote proxies in a different direction for his/her personal holdings than would otherwise be warranted by the proxy voting
 policy. The employee(s) could oppose voting the proxies according to the policy and successfully influence the Proxy Administrator
 to vote proxies in contradiction to the policy.

■  ***<u>Conflict</u>*** :
 DRZ or its affiliates has a financial interest in the outcome of a vote, such as when DRZ receives distribution fees (i.e., Rule 12b-1
 fees) from mutual
 funds that are maintained in client accounts and the proxy relates to an increase in 12b-1 fees.

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***<u>Resolution</u>***: Upon the detection of a material conflict of interest, the procedure described above in the Procedures for Identification and Voting of Proxies section will be followed.

DRZ realizes that due to the difficulty of predicting and identifying all material conflicts, DRZ must rely on its employees to notify the CCO of any material conflict that may impair DRZ's ability to vote proxies in an objective manner.

In addition, the CCO will document any attempts by others within DRZ to influence the voting of client proxies in a manner that is inconsistent with the proxy voting policy. The CCO should report the attempt to DRZ's Board of Directors or outside counsel.

**VII. Recordkeeping**

DRZ must maintain the documentation described in the following section for a period of not less than five (5) years from the date of the vote, the first two (2) years at its principal place of business. The CCO will be responsible for the following procedures and for ensuring that the required documentation is retained.

*<u>Client request to review proxy votes:</u>*

■ Any
 request, whether written (including e-mail) or oral, received by any employee of DRZ, must be promptly reported to the CCO. All written requests must be retained
 in the permanent file in accordance with DRZ's record retention policy.

■ The
 CCO will record the identity of the client, the date of the request, and the disposition (e.g., provided a written or oral response to
 client's request,
 referred to third party, not a proxy voting client, other dispositions, etc.).

■ DRZ
 will make every effort to fulfill each individual client request for Proxy Voting information in the client's prescribed format.

■ Furnish
 the information requested, free of charge, to the client within a reasonable time period (within 10 business days). Maintain a copy of
 the written record
 provided in response to client's written or oral request. The written response should be attached and maintained with the client's written request, if
 applicable, and maintained in the permanent file in accordance with the recordkeeping policy.

■ Clients
 are permitted to request any and all proxy voting records that have been retained in accordance with DRZ's record retention policy.

*<u>Proxy Voting Policy and Procedures:</u>*

■ This
 Proxy Voting Policy and Procedures and previous versions of DRZ's adopted Proxy Voting Policy and Procedures, if any, in accordance
 with DRZ's record
 retention policies.

■ DRZ's
 annual Form ADV Part 2A containing a concise summary of Proxy Policy and Procedures and offer of the record to clients.

*<u>Proxy statements received regarding client securities:</u>*

■ DRZ's
 Proxy Administrator receives proxies directly from the clients' custodians. In the event DRZ receives a proxy that is not reflected
 on the Proxy Administrator's
 system, DRZ will copy or print a sample of the proxy statement or card and maintain the copy in a central file. DRZ will vote the proxy in accordance with
 these policies. Documentation of the process will be maintained in accordance with DRZ's proxy recordkeeping policies.

Note: DRZ is permitted to rely on proxy statements filed on the SEC's EDGAR system instead of keeping its own copies.

*<u>Proxy voting records:</u>*

■ DRZ
 Proxy Voting Record. The proxy ballot, date, issuer, and vote cast, if applicable.

■ Documentation
 or notes or any communications received from third parties, other industry analysts, third party service providers, company's management
 discussions, etc., that were material in the basis for the decision.

**VIII. Disclosure**

■ DRZ
 will ensure that Form ADV, Part 2A is updated as necessary to reflect: (i) all material changes to DRZ's Proxy Voting Policy and
 Procedures; and (ii) regulatory
 requirements.

**X. Proxy Solicitation**

As a matter of practice, it is DRZ's policy to not reveal or disclose to any client how DRZ may have voted (or intends to vote) on a particular proxy until after such proxies have been counted at a shareholder's meeting. DRZ will never disclose such information to unrelated third parties, except as required by law. The CCO is to be promptly informed of the receipt of any solicitation from any person to vote proxies on behalf of clients. At no time may any employee accept any remuneration in the solicitation of proxies. The CCO shall handle all responses to such solicitations.

**XI. Class Actions**

As a matter of policy DRZ does not instruct, recommend, or assist clients with decisions of whether or not to participate in class actions regarding securities of issuers currently or previously held in the clients' portfolios. DRZ employees are prohibited from making legal elections or determinations on behalf of clients. If requested, DRZ shall assist clients with account information required for their analysis of the class action notice; however, it is each client's responsibility to respond to the class action notice. DRZ's policy with regards to Class Actions shall be included in Form ADV Part 2A which is annually distributed to all clients.

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**ATTACHMENT A**

**DEPRINCE, RACE & ZOLLO, INC.**

**LIST OF PROXY VOTING COMMITTEE MEMBERS**

The following is a current list of the members of DRZ's proxy voting committee:

Chairperson Adelbert R. Sanchez

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Member 1 John D. Race

Member 2 Victor A. Zollo, Jr.

Member 3 Harry Radovich

Member 4 Gregory T. Ramsby

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**HOTCHKIS & WILEY** <br>**PROXY POLICY** 

**OUR MANDATE**<br>Our primary responsibility is to act as a fiduciary for our clients when voting proxies. We evaluate and vote each proposed proxy in a manner that encourages sustainable business practices which in turn maximizes long-term shareholder value. There are instances such as unique client guidelines, regulatory requirements, share blocking, securities lending, or other technical limitations where we are unable to vote a particular proxy. In those instances where we do not have voting responsibility, we will generally forward our recommendation to such person our client designates.

**OUR PROCESS**

**Analyst Role**<br>To the extent we are asked to vote a client's proxy, our investment analysts are given the final authority on how to vote a particular proposal as these analysts' understanding of the company makes them the best person to apply our policy to a particular company's proxy ballot.

**Voting Resources**<br>To assist our analysts in their voting, we provide them with a report that compares the company's board of directors' recommendation against H&W's proxy policy guideline recommendation and with third-party proxy research (Institutional Shareholder Services "ISS" sustainability and climate benchmarks) and third-party ESG analysis (Morgan Stanley Capital International "MSCI").

**Engagement**<br>As part of our normal due diligence and monitoring of investments, we engage management, board members, or their representatives on material business issues including environmental, social, and governance ("ESG") matters. Each proxy to be voted is an opportunity to give company management and board members formal feedback on these important matters.

If our policy recommendation is contrary to management's recommendation, our analyst is expected, but not required, to engage management. If the ballot issue is a materially important issue (i.e., the issue impacts the intrinsic value of the company), the analyst is required to engage with the company. Based on the engagement and the analyst's investment judgment, the analyst will submit a vote instruction to the Managing Director of Portfolio Services via email.

**Collaboration**<br>We are not "activists" and we do not form "groups" as defined by the SEC. However, we do engage with other institutional shareholders on important ESG proxy matters.

**Exceptions To Policy**<br>Any deviation from the H&W policy recommendation requires a written statement from the analyst that summarizes their decision to deviate from policy. Typical rationales include the issue raised is not material, the proposal is moot (e.g., the company already complies with proposal), the company has a credible plan to improve, policy does not fit unique circumstances of company, analyst's assessment of the issue is in-line with intent of policy, or the proposal usurps management's role in managing the company.

Exceptions to policy are reviewed annually by the ESG Investment Oversight Group.

**Administration**<br>The Managing Director of Portfolio Services coordinates the solicitation of analysts' votes, the collection of exception rationales, and the implementation of those votes by our third-party proxy advisor, ISS.

**CONFLICTS OF INTEREST**<br>All conflicts of interest are adjudicated based on what is deemed to be in the best interest of our clients and their beneficiaries. Our Proxy Oversight Committee ("POC") is responsible for reviewing proxies voted by the firm to determine that the vote was consistent with established guidelines in situations where potential conflicts of interests may exist when voting proxies. In general, when a conflict presents itself, we will follow the recommendation of our third-party proxy advisor, ISS.

**OVERSIGHT AND ROLES**<br>**ESG Investment Oversight Group**<br>The ESG Investment Oversight Group is responsible for overseeing all ESG investment related issues. This mandate includes oversight of proxy voting policies and procedures as they relate to investment activity including the monitoring of proxy engagements, review of proxy voting exceptions and rationales, assessment of proxy voting issues, determination of ESG proxy goals, and education of investment staff on proxy matters. The group is staffed by members of the investment team and reports to the firm's Chief Executive Officer.

**Proxy Oversight Committee**<br>The Proxy Oversight Committee is responsible for overseeing proxy administration and conflicts of interest issues. The committee is comprised of the Chief Operating Officer, Chief Compliance Officer, the chair of the ESG Investment Oversight Group, and Managing Director of Portfolio Services. This group oversees H&W's proxy voting policies and procedures by providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws. This committee manages our third-party proxy advisory relationship.

**Investment Analyst**<br>The investment analyst is responsible for analyzing and voting all proxies. The investment analyst has the final authority on individual proxy votes. The ESG Investment Oversight Group has final authority on creating and amending the proxy policy.

**VOTING GUIDELINES**<br>This section summarizes our stance on important issues that are commonly found on proxy ballots, though each vote is unique and there will be

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occasional exceptions to these guidelines. The purpose of our proxy guidelines is to ensure decision making is consistent with our responsibilities as a fiduciary. These guidelines are divided into seven categories based on issues that frequently appear on proxy ballots.

■ Boards
 and Directors

■ Environmental
 and Social Matters

■ Auditors
 and Related Matters

■ Shareholder
 Rights

■ Capital
 and Restructuring

■ Executive
 and Board Compensation

■ Routine
 and Miscellaneous Matters

**Boards and Directors**<br>*<u>Board Independence</u>*<br>We believe an independent board is crucial to protecting and serving the interests of public shareholders. We will generally withhold from or vote against any insiders when such insider sits on the audit, compensation, or nominating committees; or if independent directors comprise less than 50% of the board. Insiders are non- independent directors who may have inherent conflicts of interest that could prevent them from acting in the best interest of shareholders. Examples of non-independent directors include current and former company executives, persons with personal or professional relationships with the company and or its executives, and shareholders with large ownership positions.

*<u>Board Composition</u>*<br>We believe directors should attend meetings, be focused on the company, be responsive to shareholders, and be accountable for their decisions.

We will generally withhold from or vote against directors who attend less than 75% of meetings held during their tenure without just cause, sit on more than 5 public company boards (for CEOs only 2 outside boards), support measures that limit shareholder rights, or fail to act on shareholder proposals that passed with a majority of votes.

*<u>Board Diversity</u>*<br>Boards should consider diversity when nominating new candidates, including gender, race, ethnicity, age, and professional experience. We encourage, but do not require, companies to have at least one female and one diverse (e.g., race, ethnicity) director or have a plan to do so.

*<u>Board Size</u>*<br>We do not see a standard number of directors that is ideal for all companies. In general, we do not want to see board sizes changed without shareholder approval as changing board size can be abused in the context of a takeover battle.

*<u>Board Tenure</u>*<br>In general, we will evaluate on a case-by-case basis whether the board is adequately refreshed with new talent and the proposed changes are not designed to reduce board independence.

*<u>Classified Boards</u>*<br>We oppose classified boards because, among other things, it can make change in control more difficult to achieve and limit shareholder rights by reducing board accountability.

*<u>Cumulative Voting</u>*<br>Generally, we oppose cumulative voting because we believe that economic interests and voting interests should be aligned in most circumstances.

*<u>Independent Board Chair</u>*<br>Generally, we favor a separate independent chair that is not filled by an insider. If the CEO is also the board chair, we require 2/3 of the board to be independent, a strong independent director (i.e., has formal input on board agendas and can call/preside over meetings of independent directors), and the CEO cannot serve on the nominating or compensation committees.

*<u>Proxy Contests</u>*<br>Proxy contests are unusual events that require a case-by-case assessment of the unique facts and circumstances of each contested proxy campaign. Our policy is to defer to the judgement of our analysts on what best serves our clients' interests. Our analysts will evaluate the validity of the dissident's concerns, the likelihood that the dissident plan will improve shareholder value, the qualifications of the dissident's candidates, and management's historical record of creating or destroying shareholder value.

*<u>Risk Oversight</u>*<br>Generally, companies should have established processes for managing material threats to their businesses, including ESG risks. We encourage transparency and vote to improve transparency to help facilitate appropriate risk oversight.

**Environmental and Social Matters**<br>We believe the oversight of ESG risks is an important responsibility of the board of directors and is a prerequisite for a well-managed company. Transparent disclosures are necessary to identify and evaluate environmental and social risks and opportunities. A lack of transparency will increase the likelihood that environmental and social risks are not being sufficiently managed/limited/mitigated. In general, we will engage companies with substandard disclosure to encourage them to provide adequate disclosure on E&S risks that typically align with Sustainability Accounting Standards Board ("SASB") recommendations. In general, we support proposals that encourage disclosure of risks provided they are not overly burdensome or disclose sensitive competitive information balanced against the materiality of the risk. We also consider whether the proposal is more effectively addressed through other means, like legislation or regulation.

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**Environmental Issues**<br>*<u>Climate Change and Green House Gas Emissions</u>*<br>Climate change has become an important factor in companies' long-term sustainability. Understanding a company's strategy in managing these risks and opportunities is necessary in evaluating an investment's prospects. We support disclosures related to the risks and/or opportunities a company faces related to climate change, including information on how the company identifies and manages such risks/opportunities.

*<u>Energy Efficiency</u>*<br>We generally support proposals requesting that a company report on its energy efficiency policies. Exceptions may include a request that is overly burdensome or provides unrealistic deadlines.

*<u>Renewable Energy</u>*<br>We support requests for reports on renewable energy accomplishments and future plans. Exceptions may include duplicative, irrelevant, or otherwise unreasonable requests.

**Social Issues**<br>*<u>Equal Opportunity</u>*<br>We support proposals requesting disclosures of companies' policies and/or future initiatives related to diversity, including current data regarding the diversity of its workforce.

*<u>Gender Identity and Sexual Orientation</u>*<br>We support proposals to revise diversity policies to prohibit discrimination based on sexual orientation and/or gender identity.

*<u>Human Rights Proposals</u>*<br>We support proposals requesting disclosure related to labor and/or human rights policies.

*<u>Political Activities</u>*<br>We support the disclosure of a company's policies and procedures related to political contributions and lobbying activities.

*<u>Sexual Harassment</u>*<br>We vote on a case-by-case basis regarding proposals seeking reports on company actions related to sexual harassment. We evaluate the company's current policies, oversight, and disclosures. We also consider the company's history and any related litigation or regulatory actions related to sexual harassment, and support proposals we believe will prevent such behavior when systemic issues are suspected.

**Auditors and Related Matters**<br>Generally, we will support the board's recommendation of auditors provided that the auditors are independent, non-audit fees are less than the sum of all audit and tax related fees, and there are no indications of fraud or misleading audit opinions. Shareholder Rights We do not support proposals that limit shareholder rights. When a company chronically underperforms minimal expectations due to poor execution, poor strategic decisions, or poor capital allocation, there may arise the need for shareholders to effect change at the board level. Proposals that have the effect of entrenching boards or managements, thwarting the will of the majority of shareholders, or advantaging one class of shareholders at the expense of other shareholders will not be supported.

*<u>Amendment to Charter/Articles/Bylaws</u>*<br>We do not support proposals that give the board exclusive authority to amend the bylaws. We believe amendments to charter/articles/bylaws should be approved by a vote of the majority of shareholders.

*<u>One Share, One Vote</u>*<br>Generally, we do not support proposals to create dual class voting structures that give one set of shareholders super voting rights that are disproportionate from their economic interest in the company. Generally, we will support proposals to eliminate dual class structures.

*<u>Poison Pills</u>*<br>In general, we do not support anti-takeover measures such as poison pills. Such actions can lead to outcomes that are not in shareholders' bests interests and impede maximum shareholder returns. It can also lead to management entrenchment. We may support poison pills intended to protect NOL assets.

*<u>Proxy Access</u>*<br>Generally, we support proposals that enable shareholders with an ownership level of 3% for a period of three years or more, or an ownership level of 10% and a holding period of one year or more.

*<u>Right</u>* *<u>to Act by Written Consent</u>*<br>We believe that shareholders should have the right to solicit votes by written consent in certain circumstances. These circumstances generally include but are not limited to situations where more than a narrow group of shareholders support the cause to avoid unnecessary resource waste, the proposal does not exclude minority shareholders to the benefit of a large/majority shareholder, and shareholders receive more than 50% support to set up action by written consent.

*<u>Special Meetings</u>*<br>Generally, we support proposals that enable shareholders to call a special meeting provided shareholders own at least 15% of the outstanding shares.

*<u>Virtual Meetings</u>*<br>We believe shareholders should have the opportunity to participate in the annual and special meetings, as current communications technology such as video conferencing is broadly available to facilitate such interactions. This improves shareholders' ability to hear directly from management and the board of the directors, and to provide feedback as needed.

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**Capital and Restructuring Events**<br>such as takeover offers, buyouts, mergers, asset purchases and sales, corporate restructuring, recapitalizations, dilutive equity issuance, or other major corporate events are considered by our analysts on a case-by-case basis. Our policy is to vote for transactions that maximize the long-term risk adjusted return to shareholders considering management's historical record of creating shareholder value, the likelihood of success, and the risk of not supporting the proposal.

*<u>Dual Class Shares</u>*<br>We do not support dual class shares unless the economic and voting interests are equal.

*<u>Issuance of Common Stock</u>*<br>In general, we will consider the issuance of additional shares in light of the stated purpose, the magnitude of the increase, the company's historical shareholder value creation, and historical use of shares. We are less likely to support issuance when discounts or re-pricing of options has been an issue in the past.

**Executive and Board Compensation**<br>We expect the board of directors to design, implement, and monitor pay practices that promote pay-for-performance, alignment of interest with long-term shareholder value creation, retention and attraction of key employees. In general, we will evaluate executive compensation in light of historical value creation, peer group pay practices, and our view on management's stewardship of the company.

We expect the board of directors to maintain an independent and effective compensation committee that has members with the appropriate skills, knowledge, experience, and ability to access third-party advice.

We expect the board of directors to provide shareholders with clear and understandable compensation disclosures that enable shareholders to evaluate the effectiveness and fairness of executive pay packages.

And finally, we expect the board of directors' own compensation to be reasonable and not set at a level that undermines their independence from management.

*<u>Golden Parachutes</u>*<br>Golden parachutes can serve as encouragement to management to consider transactions that benefit shareholders; however, substantial payouts may present a conflict of interest where management is incentivized to support a suboptimal deal. We view cash severance greater than 3x base salary and bonus to be excessive unless approved by a majority of shareholders in a say-on-pay advisory vote.

*<u>Incentive Options and Repricing</u>*<br>We generally support long-term incentive programs tied to pay-for-performance. In general, we believe 50% or more of top executive pay should be tied to long-term performance goals and that those goals should be tied to shareholder value creation metrics. We do not support plans that reset when management fails to attain goals or require more than 10% of outstanding shares to be issued. In general, we do not support the exchange or repricing of options.

*<u>Say-on-Pay</u>*<br>We believe annual say-on-pay votes are an effective mechanism to provide feedback to the board on executive pay and performance. We support non-binding proposals that are worded in a manner such that the actual implementation of the plan is not restricted. In general, we will vote against plans where there is a serious misalignment of CEO pay and performance or the company maintains problematic pay practices. In general, we will withhold votes from members of the compensation committee if there is no say-on-pay on the ballot, the board fails to respond to a previous say-on-pay proposal that received less than 70% support, the company has implemented problematic pay practices such as repricing options or its pay plans are egregious.

**Routine and Miscellaneous Matters**<br>We generally support routine board proposals such as updating bylaws (provided they are of a housekeeping nature), change of the corporate name or change of the time or location of the annual meeting.

*<u>Adjournment of Meeting</u>*<br>We do not support proposals that give management the authority to adjourn a special meeting absent compelling reasons to support the proposal.

*<u>Amend Quorum Requirements</u>*<br>We do not support proposals to reduce quorum requirements for shareholder meetings without support from a majority of the shares outstanding without compelling justification.

*<u>Other Business</u>*<br>We do not support proposals on matters where we have not been provided sufficient opportunity to review the matters at hand.

**April 2025**

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**WESTWOOD** **MANAGEMENT CORP.** <br>**PROXY VOTING**<br> **POLICIES & PROCEDURES**

**PROXY VOTING<br>Policy** <br> Westwood, as a matter of policy and as a fiduciary to our clients, has a responsibility for voting proxies for portfolio securities in a manner that is consistent with the best economic interests of the clients. Our Firm maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy policies and practices. Our policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest. In addition, our policy and practice is to make information available to clients about the voting of proxies for their portfolio securities and to maintain relevant and required records.

**Firm Specific Policy** <br> Westwood has engaged Broadridge for assistance with the proxy voting process for our clients. Broadridge is a leading provider of full-service proxy voting services to the global financial industry. Westwood has also engaged Glass Lewis for assistance with proxy research and analysis. Glass Lewis provides complete analysis and voting recommendations on all proposals and is designed to assist investors in mitigating risk and improving long-term value. In most cases, Westwood agrees with Glass Lewis's recommendations; however, ballots are reviewed bimonthly by our analysts, and we may choose to vote differently than Glass Lewis if we believe it to be in the client's best interest. In addition, Westwood will implement "echo voting" (voting pro rata with all other shareholders) for investment company clients relying on Investment Company Act §12(d)(1)(F) and Rule 12d1-3 in order to allow certain purchases of other investment companies in excess of limits that would otherwise apply.

**Responsibility** <br> Westwood's Operations Team has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**Background** <br> Proxy voting is an important right of shareholders, and reasonable care and diligence must be taken to ensure that such rights are properly and timely exercised. SCV-030725-SAI Investment advisers who are registered with the SEC, and who exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients, (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities, (c) describe a summary of its proxy voting policies and procedures and, upon request, to furnish a copy to its clients, and (d) to maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

**Procedure** <br> Westwood has adopted the following procedures to implement the Firm's proxy voting policy, in addition to adopting the Glass Lewis Proxy Voting Guidelines (general guidelines attached as Exhibit H, guidelines specific to Taft-Hartley are attached as Exhibit J). Westwood conducts reviews to monitor and ensure the Firm's policy is observed, implemented properly and amended or updated, as appropriate.

**Proxy Voting Records** <br> With respect to proxy record keeping, the Operations Team maintains complete files for all clients. These files include a listing of all proxy materials sent on behalf of our clients along with individual copies of each response. Client access to these files can be arranged upon request. A voting summary will be furnished upon request.

**Voting Procedures** <br> a. All employees forward proxy materials received on behalf of clients to Broadridge. Westwood has engaged Broadridge for assistance with the proxy voting process for our clients and Glass Lewis provides voting recommendations; Broadridge has access to holders' records and determines which client accounts hold the security to which the proxy relates;

Absent material conflicts, Broadridge, with the vote recommendations from Glass Lewis, determines how Westwood should vote the proxy in accordance with applicable voting guidelines;

Westwood's analysts review the Glass Lewis proxy voting recommendations on a bi-monthly basis. The analysts may choose to vote differently than Glass Lewis if they believe it is in the best interest of the client or where a different vote is warranted in light of the respective investment strategy;

If Westwood chooses to vote differently than Glass Lewis, then Westwood overwrites the Glass Lewis recommendation on the ProxyEdge platform. If Westwood agrees with the Glass Lewis recommendations, no action is necessary; and, Broadridge completes the proxy in a timely and appropriate manner.

For certain investment companies managed by Westwood and approved by the CCO (each a "Westwood 12d1F Fund"), Westwood will implement echo voting for shares of other investment companies (each an "Acquired Fund") held by a Westwood 12d1F Fund. The Data Management Team will override any Glass Lewis proxy voting recommendations with respect to shares of an Acquired Funds held by a Westwood 12d1F Fund, and will instead, vote all such Acquired Fund shares pro rata with all other shareholders of each respective Acquired Fund. The Data Management Team will record any votes made with echo voting as overrides to the Glass Lewis recommendations.

**Disclosure** <br> a. Westwood provides required disclosures in Form ADV Part 2A, which summarizes these proxy voting policies and procedures and includes information whereby clients may request information regarding how Westwood voted the client's proxies;

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

b. Westwood's disclosure summary includes a description of how clients may obtain a copy of the Firm's proxy voting policies and procedures. Westwood's proxy voting practice is disclosed in the Firm's advisory agreements.

**Client Requests for Information** <br> All client requests for information regarding proxy votes, or regarding policies and procedures that are received by any supervised person should be forwarded to the Operations Team; and

In response to any request, the Data Management Team prepares a written response with the information requested, and as applicable, includes the name of the issuer, the proposal voted upon, and how Westwood voted the client's proxy with respect to each proposal about which the client inquired.

**Voting Guidelines** <br> Westwood has engaged Broadridge and Glass Lewis for assistance with the proxy voting process for our clients; The Glass Lewis Proxy Voting Guidelines are attached as Exhibit H (general) and Exhibit J (Taft Hartley); and Westwood analysts review the Glass Lewis proxy voting recommendations using the following guidelines: In the absence of specific voting guidelines from the client, Westwood votes proxies in the best interests of each client; Westwood's policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions or other mandates from a client;

■ Clients
 are permitted to place reasonable restrictions and mandates on  Westwood's voting authority in the same manner that they
 may place such restrictions on the actual selection of account securities;

■ Westwood
 generally votes in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors
 absent conflicts of interest raised by an auditor's non-audit services;

■ Westwood
 generally votes against proposals that cause board members to become entrenched or cause unequal voting rights; and

■ In
 reviewing proposals, Westwood further considers the opinion of management, the effect on management, and the effect on shareholder
 value and the issuer's business practices.

**Conflicts of Interest**

■ Westwood
 attempts to identify any conflicts that exist between the interests of the Firm and the client by (i) reviewing the relationship
 of Westwood with the issuer of each security, and (ii) determining if Westwood or any of its supervised persons has any financial,
 business or personal relationship with the issuer;

■ If
 a material conflict of interest exists,  Westwood will determine whether it is appropriate to disclose the conflict to the
 affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other
 objective means, such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party
 voting recommendation; and

■ Westwood
 will maintain a record of the voting resolution of any conflict of interest.

**Recordkeeping**<br> The Operations Team retains the following proxy records in accordance with the SEC's five year retention requirement:

■ These
 policies and procedures and any amendments;

■ Each
 proxy statement that Westwood receives;

■ A
 record of each vote that  Westwood casts;

■ Any
 document  Westwood created that was material to making a decision how to vote proxies, or that memorializes that decision,
 including periodic reports to the Data Management Team or proxy committee, if applicable;

■ A
 copy of each written request from a client for information on how  Westwood voted such client's proxies and a copy of
 any written response;

■ Copies
 of materials used in conduct due diligence on proxy voting service providers; and

■ Records
 documenting audits and other periodic reviews of proxy voting recommendations.

**Proxy Voting Vendor Oversight** <br> Westwood conducts initial and ongoing oversight of proxy voting vendors with participation by the Client Service, Compliance, Operations, and Investment teams. In addition to conducting initial due diligence, Westwood monitors and reviews all third- party proxy services to evaluate any conflicts of interest, consistency of voting with guidelines, fees and disclosures, and technical and operational capabilities, among other things. At least annually, Westwood audits on a sampling basis the recommendations received from Glass Lewis to assess the consistency of its recommendations with Glass Lewis' published guidelines.

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**APPENDIX C**

**Ratings Definitions**

Below are summaries of the ratings definitions used by some of the rating organizations. Those ratings represent the opinion of the rating organizations as to the credit quality of the issues that they rate. The summaries are based upon publicly available information provided by the rating organizations.

<u>Ratings of Long-Term Obligations and Preferred Stocks</u> — The Fund utilizes ratings provided by rating organizations in order to determine eligibility of long-term obligations. The ratings described in this section may also be used for evaluating the credit quality for preferred stocks.

Credit ratings typically evaluate the safety of principal and interest payments, not the market value risk of bonds. The rating organizations may fail to update a credit rating on a timely basis to reflect changes in economic or financial conditions that may affect the market value of the security. For these reasons, credit ratings may not be an accurate indicator of the market value of a bond.

The four highest Moody's ratings for long-term obligations (or issuers thereof) are Aaa, Aa, A and Baa. Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and, as such, may possess certain speculative characteristics.

Moody's ratings of Ba, B, Caa, Ca and C are considered below investment grade. Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. Obligations rated B are considered speculative and are subject to high credit risk. Obligations rated Caa are judged to be speculative, of poor standing and subject to very high credit risk. Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. 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 indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

The four highest S&P Global ratings for long-term obligations are AAA, AA, A and BBB. An obligation rated AAA has the highest rating assigned by S&P Global and indicates that the obligor's capacity to meet its financial commitments on the obligation is extremely strong. 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. 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. 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.

S&P Global ratings of 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. 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. 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. 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. 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 expects default to be a virtual certainty, regardless of the anticipated time to default. 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 with obligations that are rated higher. 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 believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 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. An SD (selective default) rating is assigned when S&P Global believes that the obligor has selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

The four highest ratings for long-term obligations by Fitch Ratings are AAA, AA, A and BBB. Obligations rated AAA are deemed to be of the highest credit quality. AAA ratings denote the lowest expectation of credit 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. Obligations rated AA are deemed to be of very high credit quality. AA ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. Obligations rated A are deemed to be of high credit quality. An A rating denotes expectations of low credit 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. Obligations rated BBB are deemed to be of good credit

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quality. BBB ratings indicate that expectations of credit 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. This is the lowest investment grade category.

Fitch's ratings of BB, B, CCC, CC, C, RD and D are considered below investment grade or speculative grade. Obligations rated BB are deemed to be speculative. BB ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met. Obligations rated B are deemed to be highly speculative. B ratings indicate that material credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, the capacity for continued payment is vulnerable to deterioration in the business and economic environment. CCC ratings indicate that substantial credit risk is present. CC ratings indicate very high levels of credit risk. C indicates exceptionally high levels of credit risk Obligations rated C indicate a default or default-like process had begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Ratings in the categories of 'CCC', 'CC', and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only. 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 formal announcement by the issuer or their agent of a distressed debt exchange; or (c) 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. Obligations rated RD indicate an issuer that, in Fitch Ratings' opinion, has experienced an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating. This would include: (a) the selective payment default on a specific class or currency of debt; or (b) the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation. Obligations rated D indicate an issuer that, in Fitch Ratings' opinion, has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding . 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. 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 obligation rating category, or to corporate finance obligation ratings in the categories below CCC.

<u>Ratings of Municipal Obligations</u> — Moody's ratings for short-term investment-grade municipal obligations are designated Municipal Investment Grade (MIG or VMIG in the case of variable rate demand obligations) and are divided into three levels — MIG/VMIG 1, MIG/VMIG 2, and MIG/VMIG 3. For the MIG scale, the MIG 1 designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. The MIG 2 designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. The MIG 3 designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. An SG designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. For the VMIG scale, the VMIG 1 designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections. The VMIG 2 designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections. The VMIG 3 designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections. An SG designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

S&P Global uses SP-1, SP-2, SP-3, and D to rate short-term municipal obligations. A rating of SP-1 denotes a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. A rating of SP-2 denotes a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. A rating of SP-3 denotes a speculative capacity to pay principal and interest. A rating of D is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or 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.

<u>Ratings of Short-Term Obligations</u> — Moody's short-term ratings, designated as P-1, P-2, P-3, or NP, are opinions of the ability of issuers to honor short-term financial obligations that generally have an original maturity not exceeding thirteen months. The rating P-1 (Prime-1) is the highest short-term rating assigned by Moody's and it denotes an issuer (or supporting institution) that has a superior ability to repay short-term obligations. The rating P-2 (Prime-2) denotes an issuer (or supporting institution) that has a strong ability to repay short-term obligations. The rating P-3 (Prime-3) denotes an issuer (or supporting institution) that has an acceptable ability to repay short-term obligations. The rating NP (Not Prime) denotes an issuer (or supporting institution) that does not fall within any of the Prime rating categories.

S&P Global short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that typically means obligations with an original maturity of no more than 365 days. A short-term obligation rated A-1 is rated in the highest category by S&P Global and indicates that 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 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. A short-term obligation rated A-3 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. 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;

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however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments. 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. 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 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 a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to D if it is subject to a distressed debt restructuring. An SD rating is assigned when S&P Global believes that the obligor has selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.

Fitch Rating's 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 a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. 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. A rating of F1 denotes an obligation of the highest short-term credit quality. It indicates the strongest intrinsic capacity for timely payment of financial commitments and may have an added "+" to denote any exceptionally strong credit feature. A rating of F2 denotes good short-term credit quality. It indicates a good intrinsic capacity for timely payment of financial commitments. A rating of F3 denotes fair short-term credit quality. It indicates that the intrinsic capacity for timely payment of financial commitments is adequate. A rating of B denotes an obligation that is of speculative short-term credit quality, indicating minimal capacity for timely payment of financial commitments as well as heightened vulnerability to near term adverse changes in financial and economic conditions. A rating of C denotes a high short-term default risk, and indicates that default is a real possibility. A rating of RD indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. RD is typically applicable to entity ratings only. A rating of D indicates a broad-based default event for an entity, or the default of a short-term obligation.

**69**

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**APPENDIX D**

**GLOSSARY**

---

| | |
|:---|:---|
| **ADRs**  | American Depositary Receipts  |
| **Advisers Act**  | Investment Advisers Act of 1940, as amended.  |
| **American Beacon or the Manager**  | American Beacon Advisors, Inc.  |
| **BDCs**  | Business Development Companies  |
| **Beacon Funds**  | American Beacon Funds  |
| **Board**  | Board of Trustees  |
| **CCO**  | Chief Compliance Officer  |
| **CD**  | Certificate of Deposit  |
| **CDSC**  | Contingent Deferred Sales Charge  |
| **CFTC**  | Commodity Futures Trading Commission  |
| **Denial of Services**  | A cybersecurity incident that results in customers or employees being unable to access electronic systems.  |
| **Dividends**  | A Fund's distributions from net investment income.  |
| **Dodd-Frank Act**  | Dodd-Frank Wall Street Reform and Consumer Protection Act  |
| **DRD**  | Dividends-received deduction.  |
| **EMU**  | The European Union's Economic and Monetary Union  |
| **ETF**  | Exchange-Traded Fund  |
| **EU**  | European Union  |
| **Fannie Mae**  | Federal National Mortgage Association  |
| **FHFA**  | Federal Housing Finance Agency  |
| **FHLMC**  | Federal Home Loan Mortgage Corporation  |
| **FINRA**  | Financial Industry Regulatory Authority, Inc.  |
| **Floaters**  | Floating rate debt instruments  |
| **FNMA**  | Federal National Mortgage Association  |
| **Forwards**  | Forward Currency Contracts  |
| **Freddie Mac**  | Federal Home Loan Mortgage Corporation  |
| **GDR**  | Global Depositary Receipt  |
| **Ginnie Mae**  | Government National Mortgage Association  |
| **GNMA**  | Government National Mortgage Association  |
| **Holdings Policy**  | Policies and Procedures for Disclosure of Portfolio Holdings  |
| **Internal Revenue Code**  | Internal Revenue Code of 1986, as amended  |
| **Investment Company Act**  | Investment Company Act of 1940, as amended  |
| **IPO**  | Initial Public Offering  |
| **IRA**  | Individual Retirement Account  |
| **IRS**  | Internal Revenue Service  |
| **ISS**  | Institutional Shareholder Services  |
| **LLC**  | Limited Liability Company  |
| **LOI**  | Letter of Intent  |
| **Management Agreement**  | The Fund's Management Agreement with the Manager.  |
| **Manager**  | American Beacon Advisors, Inc.  |
| **MLP**  | Master Limited Partnership  |
| **Moody's**  | Moody's Investors Service, Inc.  |
| **NAV**  | Net asset value  |
| **NDF**  | Non-deliverable forward contracts  |

---

**D-1** 

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---

| | |
|:---|:---|
| **NYSE**  | New York Stock Exchange  |
| **OTC**  | Over-the-Counter  |
| **Proxy Policy**  | Proxy Voting Policy and Procedures  |
| **QDI**  | Qualified Dividend Income  |
| **REIT**  | Real Estate Investment Trust  |
| **REMICs**  | Real Estate Mortgage Investment Conduits  |
| **RIC**  | Regulated Investment Company  |
| **S&P Global**  | S&P Global Ratings  |
| **SAI**  | Statement of Additional Information  |
| **SEC**  | Securities and Exchange Commission  |
| **Securities Act**  | Securities Act of 1933, as amended  |
| **State Street**  | State Street Bank and Trust Co.  |
| **STRIPS**  | Separately traded registered interest and principal securities  |
| **TBA**  | To be announced security  |
| **Trust**  | American Beacon Funds  |
| **Trustee Retirement Plan**  | Trustee Retirement and Trustee Emeritus and Retirement Plan  |
| **UK**  | United Kingdom  |
| **UMBS**  | Uniform mortgage-backed security  |
| **Voluntary Action**  | When the Fund voluntarily participates in corporate actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as the Fund, and the acquisition is determined to be beneficial to Fund shareholders.  |

---

**D-2**

**PART C**<br>OTHER INFORMATION

Item 28. Exhibits

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
| (a) | (1) | [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/809593/000113322824009731/abf-efp10878_ex99a1.htm), dated August 27, 2024, is incorporated by reference to Post-Effective Amendment No. 418, filed October 28, 2024 ("PEA 418") |
|  | (2)(i) | [Certificates of Designation](https://www.sec.gov/Archives/edgar/data/809593/000089843214001388/exh-a1b.htm) for American Beacon AHL Managed Futures Strategy Fund and American Beacon Global Evolution Frontier Markets Income Fund, are incorporated by reference to Post-Effective Amendment No. 208, filed December 19, 2014  |
|  | (2)(ii) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322818004811/h10055706_ex99a14.htm) for American Beacon Frontier Markets Income Fund, is incorporated by reference to Post-Effective Amendment No. 317, filed July 31, 2018 |
|  | (2)(iii) | [Amendment to Designation of Series](https://www.sec.gov/Archives/edgar/data/809593/000113322823000743/abf-html5991_ex99a2iii.htm) for American Beacon Developing World Income Fund, dated January 4, 2023, is incorporated by reference to Post-Effective Amendment No. 401, filed February 27, 2023 ("PEA No. 401") |
|  | (3)(i) | [Certificates of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322815006547/e427440_ex99-a4.htm) for American Beacon Bridgeway Large Cap Growth Fund and American Beacon Sound Point Floating Rate Income Fund, are incorporated by reference to Post-Effective Amendment No. 239, filed December 23, 2015  |
|  | (3)(ii) | [Amendment to Designation of Series](https://www.sec.gov/Archives/edgar/data/809593/000113322823000743/abf-html5991_ex99a3ii.htm) for American Beacon FEAC Floating Rate Income Fund, dated January 3, 2023, is incorporated by reference to PEA No. 401 |
|  | (3)(iii) | [Amendment to Designation of Series](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99a3iii.htm) for American Beacon Man Large Cap Growth Fund and American Beacon Man Large Cap Value Fund, is incorporated by reference to Post-Effective Amendment No. 414, filed May 24, 2024 ("PEA No. 414") |
|  | (3)(iv) | [Amendment to Designation of Series](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99a3iv.htm) for American Beacon DoubleLine Floating Rate Income Fund, dated June 30, 2025, is incorporated by reference to Post-Effective Amendment No. 430, filed September 29, 2024 ("PEA No. 430") |
|  | (4) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322816008695/e435916_ex99-a5.htm) for American Beacon Garcia Hamilton Quality Bond Fund, is incorporated by reference to Post-Effective Amendment No. 253, filed April 1, 2016  |
|  | (5) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322816013645/e452406_ex99-a8.htm) for American Beacon ARK Disruptive Innovation Fund, is incorporated by reference to Post-Effective Amendment No. 266, filed November 9, 2016  |
|  | (6) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322817001709/e462761_ex99-a10.htm) for American Beacon TwentyFour Strategic Income Fund, is incorporated by reference to Post-Effective Amendment No. 286, filed March 30, 2017 |
|  | (7) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322817003717/e467665_ex99-a11.htm) for American Beacon ARK Transformational Innovation Fund, is incorporated by reference to Post-Effective Amendment No. 291, filed May 26, 2017  |
|  | (8) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322817005535/e474779_ex99-a12.htm) for American Beacon Shapiro Equity Opportunities Fund and American Beacon Shapiro SMID Cap Equity Fund, is incorporated by reference to Post-Effective Amendment No. 297, filed September 11, 2017 |
|  | (9)(i) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322819002662/abf-html1029_ex99a13.htm) for American Beacon AHL Target Risk Fund, dated June 6, 2018, is incorporated by reference to Post-Effective Amendment No. 348, filed April 30, 2019 ("PEA No. 348")  |
|  | (9)(ii) | [Certificate of Designation](http://www.sec.gov/Archives/edgar/data/809593/000113322818005933/h10057806_ex99a15.htm) for American Beacon Tocqueville International Value Fund and American Beacon AHL TargetRisk Fund, dated September 10, 2018, is incorporated by reference to Post-Effective Amendment No. 321, filed October 17, 2018 |
|  | (9)(iii) | [Amendment to Designation of Series](https://www.sec.gov/Archives/edgar/data/809593/000113322823000743/abf-html5991_ex99a9iii.htm) for American Beacon EAM International Small Cap Fund, dated January 23, 2023, is incorporated by reference to PEA No. 401 |
|  | (9)(iv) | [Amendment to Designation of Series](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99a9iv.htm) for American Beacon IMC International Small Cap Fund, dated February 24, 2025, is incorporated by reference to Post-Effective Amendment No. 427, filed February 27, 2025 ("PEA No. 427") |
|  | (10) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322819002662/abf-html1029_ex99a15.htm) for American Beacon SSI Alternative Income Fund, dated March 5, 2019, is incorporated by reference to PEA No. 348 |
|  | (11)(i) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322819007052/abf-html1853_ex99a16.htm) for American Beacon TwentyFour Short Term Bond Fund, dated December 2, 2019, is incorporated by reference to Post-Effective Amendment No. 358, filed December 23, 2019 |
|  | (11)(ii) | [Amended Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322821005494/abf-html4112_ex99a14ii.htm) for American Beacon TwentyFour Sustainable Short Term Bond Fund, dated October 7, 2021, is incorporated by reference to Post-Effective Amendment No. 391, filed October 28, 2021 ("PEA No. 391") |
|  | (11)(iii) | [Amended Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_ex99a11iii.htm) for American Beacon TwentyFour Short Term Bond Fund, dated November 21, 2025, is incorporated by reference to Post-Effective Amendment No. 437, filed December 29, 2025 ("PEA No. 437") |
|  | (12) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322820005750/abf-html2947_99a15.htm) for American Beacon NIS Core Plus Bond Fund, dated August 17, 2020, is incorporated by reference to Post-Effective Amendment No. 377, filed September 10, 2020 ("PEA No. 377") |
|  | (13) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99a13.htm) for American Beacon AHL Multi-Alternatives Fund, dated May 25, 2023, is incorporated by reference to Post-Effective Amendment No. 407, filed August 16, 2023 ("PEA No. 407") |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
|  | (14) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322824007696/abf-html8186_ex99a14.htm) for American Beacon Ninety One Emerging Markets Equity Fund, American Beacon Ninety One Global Franchise Fund, and American Beacon Ninety One International Franchise Fund, dated June 25, 2024, is incorporated by reference to Post-Effective Amendment No. 415, filed August 14, 2024 ("PEA No. 415") |
|  | (15) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99a15.htm) for American Beacon DoubleLine Select Income Fund, dated September 24, 2025, is incorporated by reference to PEA No. 430 |
| (b) |  | [Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/809593/000113322824009731/abf-efp10878_ex99b.htm), effective as of August 27, 2024, is incorporated by reference to PEA No. 418 |
| (c) |  | Rights of holders of the securities being registered are contained in Articles III, VIII, X, XI and XII of the Registrant's [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/809593/000113322824009731/abf-efp10878_ex99a1.htm) and Articles II, III, VI, VII and VIII of the Registrant's [Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/809593/000113322824009731/abf-efp10878_ex99b.htm) |
| (d) | (1)(A)(i) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d1ai.htm) by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to Post-Effective Amendment No. 411, filed February 9, 2024 ("PEA No. 411") |
|  | (1)(A)(ii) | [First Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d1aii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated January 9, 2024, is incorporated by reference to PEA No. 411 |
|  | (1)(A)(iii) | [Second Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824001057/abf-html7245_ex99d1aiii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated January 26, 2024, is incorporated by reference to Post-Effective Amendment No. 412, filed February 23, 2024 |
|  | (1)(A)(iv) | [Third Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d1aiv.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated February 27, 2024, is incorporated by reference to Post-Effective Amendment No. 413, filed April 29, 2024 ("PEA No. 413") |
|  | (1)(A)(v) | [Fourth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d1av.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated March 14, 2024, is incorporated by reference to PEA No. 413 |
|  | (1)(A)(vi) | [Fifth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99d1avi.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated April 15, 2024, is incorporated by reference to PEA No. 414 |
|  | (1)(A)(vii) | [Sixth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99d1avii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated October 21, 2024, is incorporated by reference to Post-Effective Amendment No. 419, filed November 14, 2024 ("PEA No. 419") |
|  | (1)(A)(viii) | [Seventh Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99d1aviii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated February 24, 2025, is incorporated by reference to PEA No. 427 |
|  | (1)(A)(ix) | [Eighth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99d1aix.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated June 20, 2025, is incorporated by reference to PEA No. 430 |
|  | (1)(A)(x) | [Ninth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_99d1ax.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated November 19, 2025, is incorporated by reference to PEA No. 437 |
|  | (1)(B) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d1c.htm) between American Beacon Cayman Managed Futures Strategy Fund, Ltd. and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (1)(C) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d1d.htm) between American Beacon Cayman TargetRisk Company, Ltd. and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (1)(D) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d1e.htm) between American Beacon Cayman Multi-Alternatives Company, Ltd. and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (2)(A)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2ai.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Barrow, Hanley, Mewhinney & Strauss, LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (2)(A)(ii) | [First Amendment to Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2aii.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Barrow, Hanley, Mewhinney & Strauss, LLC, dated March 14, 2024, is incorporated by reference to PEA No. 413 |
|  | (2)(B) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2b.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Brandywine Global Investment Management, LLC, dated March 14, 2024, is incorporated by reference to PEA No. 413 |
|  | (2)(C) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2c.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Causeway Capital Management LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (2)(D)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2di.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Hotchkis and Wiley Capital Management LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (2)(D)(ii) | [First Amendment to Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2dii.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Hotchkis and Wiley Capital Management LLC, dated March 14, 2024, is incorporated by reference to PEA No. 413 |

---

**3** 

------

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| <br> (2)(E) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2e.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Lazard Asset Management LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(F)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2f.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Strategic Income Management, LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(F)(ii) | [First Amendment to Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824011451/abf-efp12686_ex99d2fii.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Strategic Income Management, LLC, effective as of November 19, 2024, is incorporated by reference to Post-Effective Amendment No. 422, filed December 23, 2024 ("PEA No. 422") |
| <br> (2)(G) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2g.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Massachusetts Financial Services Company, dated March 14, 2024, is incorporated by reference to PEA No. 413 |
| <br> (2)(H) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2h.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Stephens Investment Management Group, LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(I) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2j.htm) among American Beacon Funds, American Beacon Advisors, Inc., and The London Company of Virginia, LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(J) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2k.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Global Evolution USA, LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(K) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2l.htm) among American Beacon Funds, American Beacon Advisors, Inc., and AHL Partners LLP, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(L) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2m.htm) among American Beacon Cayman Managed Futures Strategy Fund, Ltd., American Beacon Advisors, Inc., and AHL Partners LLP, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(M) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2n.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Garcia Hamilton & Associates, L.P., dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(N) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2o.htm) among American Beacon Funds, American Beacon Advisors, Inc., and ARK Investment Management LLC, dated January 9, 2024, is incorporated by reference to PEA No. 411 |
| <br> (2)(O) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2p.htm) among American Beacon Funds, American Beacon Advisors, Inc., and TwentyFour Asset Management (US) LP, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(P)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2qi.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Shapiro Capital Management, LLC, dated January 26, 2024, is incorporated by reference to PEA No. 413 |
| <br> (2)(P)(ii) | [First Amendment to Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2qii.htm) among American Beacon Funds, American Beacon Advisors, Inc., and Shapiro Capital Management, LLC, dated February 27, 2024, is incorporated by reference to PEA No. 413 |
| <br> (2)(Q) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2s.htm) among American Beacon Funds, American Beacon Advisors, Inc. and abrdn Investments Limited, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(R) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2t.htm) among American Beacon Cayman TargetRisk Company, Ltd., American Beacon Advisors, Inc., and AHL Partners LLP, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(S) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2u.htm) among American Beacon Funds, American Beacon Advisors, Inc. and SSI Investment Management LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(T) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2v.htm) among American Beacon Funds, American Beacon Advisors, Inc. and American Century Investment Management, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(U) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2w.htm) among American Beacon Funds, American Beacon Advisors, Inc. and National Investment Services of America, LLC, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(V) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99d2x.htm) among American Beacon Funds, American Beacon Advisors, Inc. and DePrince, Race & Zollo, Inc., dated March 14, 2024, is incorporated by reference to PEA No. 413 |
| <br> (2)(W) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2y.htm) among American Beacon Funds, American Beacon Advisors, Inc. and Global IMC LLC (formerly known as EAM Global Investors LLC), effective December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(X) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99d2aa.htm) among American Beacon Cayman Multi-Alternatives Company, Ltd., American Beacon Advisors, Inc., and AHL Partners LLP, dated December 29, 2023, is incorporated by reference to PEA No. 411 |
| <br> (2)(Y) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99d2aa.htm) among American Beacon Funds, American Beacon Advisors, Inc. and Numeric Investors LLC, dated April 16, 2024, is incorporated by reference to PEA No. 414 |
| <br> (2)(Z)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99d2bb.htm) among American Beacon Funds, American Beacon Advisors, Inc. and Ninety One North America, Inc., dated August 21, 2024, is incorporated by reference to PEA No. 419 |
| <br> (2)(Z)(ii) | First Amendment to Investment Advisory Agreement among American Beacon Funds, American Beacon Advisors, Inc. and Ninety One North America, Inc., effective November 12, 2025, is incorporated by reference to PEA No. 437 |
| (2)(AA) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825004554/abf-efp15461_ex99d2bb.htm) among American Beacon Funds, American Beacon Advisors, Inc. and Westwood Management Corp., dated March 5, 2025, is incorporated by reference to Post-Effective Amendment No. 428, filed April 28, 2025 ("PEA No. 428") |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
|  | (2)(BB)(i) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99d2bbi.htm) among American Beacon Funds, American Beacon Advisors, Inc. and DoubleLine Capital LP, dated June 18, 2025, is incorporated by reference to PEA No. 430 |
|  | (2)(BB)(ii) | [Form of Amendment to Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99d2bbii.htm) among American Beacon Funds, American Beacon Advisors, Inc. and DoubleLine Capital LP, is incorporated by reference to PEA No. 430 |
| (e) | (1) | [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99e.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (2) | [First Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99e2.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., dated May 1, 2024, is incorporated by reference to PEA No. 414 |
|  | (3) | [Second Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99e3.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., effective October 21, 2024, is incorporated by reference to PEA No. 419 |
|  | (4) | [Third Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99e4.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., effective February 18, 2025, is incorporated by reference to PEA No. 427 |
|  | (5) | [Fourth Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99e5.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., dated June 20, 2025, is incorporated by reference to PEA No. 430 |
| (f) |  | Bonus, profit sharing or pension plans – (none) |
| (g) | (1) | [Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/0000950134-98-001610.txt) between Registrant and State Street Bank and Trust Company, dated December 1, 1997, is incorporated by reference to Post-Effective Amendment No. 24, filed February 26, 1998 |
|  | (2) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322819003565/abf-html1235_ex99g2.htm) between Registrant and State Street Bank and Trust Company, dated May 9, 2019, is incorporated by reference to Post-Effective Amendment No. 353, filed May 30, 2019 |
|  | (3) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322819006464/abf-html1768_ex99g3.htm) between Registrant and State Street Bank and Trust Company, dated May 13, 2019, is incorporated by reference to Post-Effective Amendment No. 355, filed October 25, 2019 |
|  | (4) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322819006663/abf-html1789_ex99g4.htm) between Registrant and State Street Bank and Trust Company, dated October 15, 2019, is incorporated by reference to Post-Effective Amendment No. 357, filed November 22, 2019 ("PEA No. 357") |
|  | (5) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820000563/abtfstbf-html1952_ex99g5.htm) between Registrant and State Street Bank and Trust Company, effective January 22, 2020, is incorporated by reference to Post-Effective Amendment No. 362, filed February 14, 2020 |
|  | (6) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820003233/abf-html2557_ex99g6.htm) between Registrant and State Street Bank and Trust Company, dated April 15, 2020, is incorporated by reference to Post-Effective Amendment No. 368, filed May 28, 2020 ("PEA No. 368") |
|  | (7) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820005384/abtfstbf-html2924_ex99g7.htm) between Registrant and State Street Bank and Trust Company, dated July 31, 2020, is incorporated by reference to Post-Effective Amendment No. 374, filed August 28, 2020 ("PEA No. 374") |
|  | (8) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820005750/abf-html2947_99g8.htm) between Registrant and State Street Bank and Trust Company, dated August 27, 2020, is incorporated by reference to PEA No. 377 |
|  | (9) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99g9.htm) between Registrant and State Street Bank and Trust Company, dated October 8, 2020, is incorporated by reference to Post-Effective Amendment No. 381, filed October 28, 2020 ("PEA No. 381") |
|  | (10) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007859/abahltrcf-html3098_ex99g10.htm) between Registrant and State Street Bank and Trust Company, effective November 2, 2020, is incorporated by reference to Post-Effective Amendment No. 383, filed December 14, 2020 ("PEA No. 383") |
|  | (11) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322821004606/abftff-html3965_ex99g11.htm) between Registrant and State Street Bank and Trust Company, effective August 3, 2021, is incorporated by reference to Post-Effective Amendment No. 389, filed August 27, 2021 ("PEA No. 389") |
|  | (12) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823000743/abf-html5991_ex99g12.htm) between Registrant and State Street Bank and Trust Company, dated February 14, 2023, is incorporated by reference to PEA No. 401 |
|  | (13) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99g13.htm) between Registrant and State Street Bank and Trust Company, dated August 4, 2023, is incorporated by reference to PEA No. 407 |
|  | (14) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99g14.htm) between Registrant and State Street Bank and Trust Company, dated May 15, 2024, is incorporated by reference to PEA No. 414 |
|  | (15) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99g15.htm) between Registrant and State Street Bank and Trust Company, dated October 29, 2024, is incorporated by reference to PEA No. 419 |
|  | (16) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99g16.htm) between Registrant and State Street Bank and Trust Company, dated February 24, 2025, is incorporated by reference to PEA No. 427 |
|  | (17) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99g17.htm) between Registrant and State Street Bank and Trust Company, effective June 20, 2025, is incorporated by reference to PEA No. 430 |
| (h) | (1)(A) | [Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823001391/abdwif-html6119_99h1a.htm) between SS&C GIDS, Inc. and American Beacon Funds, effective February 1, 2023, is incorporated by reference to Post-Effective Amendment No. 402, filed March 22, 2023 |
|  | (1)(B) | [First Amendment to Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99h1b.htm) between SS&C GIDS, Inc. and American Beacon Funds, effective August 3, 2023, is incorporated by reference to PEA No. 407 |

---

**5** 

------

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| <br> (1)(C) | [Amendment to Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99h1c.htm) between SS&C GIDS, Inc. and American Beacon Funds, effective May 1, 2024, is incorporated by reference to PEA No. 414 |
| <br> (1)(D) | [Amendment to Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99h1d.htm) between SS&C GIDS, Inc. and American Beacon Funds, effective November 1, 2024, is incorporated by reference to PEA No. 419 |
| <br> (1)(E) | [Amendment to Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99h1e.htm) between SS&C GIDS, Inc. and American Beacon Funds, effective February 24, 2025, is incorporated by reference to PEA No. 427 |
| <br> (1)(F) | [Amendment to Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99h1f.htm) between SS&C GIDS, Inc. and American Beacon Funds, effective July 8, 2025, is incorporated by reference to PEA No. 430 |
| <br> (2)(A) | [Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99h2a.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund, and American Beacon Advisors, Inc., dated April 30, 2017, is incorporated by reference to PEA No. 407 |
| <br> (2)(B) | [First Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2b.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund, and American Beacon Advisors, Inc., dated May 8, 2018, is incorporated by reference to PEA No. 381 |
| <br> (2)(C) | [Second Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2c.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund, and American Beacon Advisors, Inc., dated August 26, 2018, is incorporated by reference to PEA No. 381 |
| <br> (2)(D) | [Third Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2d.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., dated March 26, 2019, is incorporated by reference to PEA No. 381 |
| <br> (2)(E) | [Fourth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2e.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., dated October 15, 2019, is incorporated by reference to PEA No. 381 |
| <br> (2)(F) | [Fifth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2f.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., dated January 13, 2020, is incorporated by reference to PEA No. 381 |
| <br> (2)(G) | [Sixth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2g.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective April 30, 2020, is incorporated by reference to PEA No. 381 |
| <br> (2)(H) | [Seventh Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2h.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective July 31, 2020, is incorporated by reference to PEA No. 381 |
| <br> (2)(I) | [Eighth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2i.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective September 10, 2020, is incorporated by reference to PEA No. 381 |
| <br> (2)(J) | [Ninth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007047/abf-html3062_ex99h2j.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective September 30, 2020, is incorporated by reference to PEA No. 381 |
| <br> (2)(K) | [Tenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820007859/abahltrcf-html3098_ex99h2k.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective November 2, 2020, is incorporated by reference to PEA No. 383 |
| <br> (2)(L) | [Eleventh Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322821004606/abftff-html3965_ex99h2l.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective August 2, 2021, is incorporated by reference to PEA No. 389 |
| (2)(M) | [Twelfth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322822003708/abf-html5066_99h2m.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective May 23, 2022, is incorporated by reference to Post-Effective Amendment No. 395, filed May 27, 2022 |

---

**6**

------

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| (2)(N) | [Thirteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823000743/abf-html5991_ex99h2n.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective January 31, 2023, is incorporated by reference to PEA No. 401 |
| (2)(O) | [Fourteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99h2o.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of August 15, 2023, is incorporated by reference to PEA No. 407 |
| (2)(P) | [Fifteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99h2p.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of January 19, 2024, is incorporated by reference to PEA No. 411 |
| (2)(Q) | [Sixteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99h2q.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of May 1, 2024, is incorporated by reference to PEA No. 414 |
| (2)(R) | [Seventeenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99h2r.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of October 21, 2024, is incorporated by reference to PEA No. 419 |
| (3)(A) | [Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322817006171/h10047366_ex99h2a.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated February 16, 2017, is incorporated by reference to Post-Effective Amendment No. 300, filed October 23, 2017 ("PEA No. 300")  |
| (3)(B) | [Joinder and First Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322817006171/h10047366_ex99h2b.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated June 21, 2017, is incorporated by reference to PEA No. 300 |
| (3)(C) | [Second Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322817006171/h10047366_ex99h2c.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated September 18, 2017, is incorporated by reference to PEA No. 300 |
| (3)(D) | [Third Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322819003430/abssiaif-html1220_ex99h2d.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated December 31, 2018, is incorporated by reference to Post-Effective Amendment No. 351, filed May 15, 2019  |
| (3)(E) | [Fourth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820005384/abtfstbf-html2924_ex99h2e.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated September 6, 2019, is incorporated by reference to PEA No. 374 |
| (3)(F) | [Fifth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820003233/abf-html2557_ex99h2e.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated May 12, 2020, is incorporated by reference to PEA No. 368 |
| (3)(G) | [Sixth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820003788/abtfstbf-html2642_ex99h2f.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated May 27, 2020, is incorporated by reference to Post-Effective Amendment No. 370, filed June 18, 2020 |
| (3)(H) | [Seventh Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322822007946/abf-html5779_ex99h3h.htm) between the American Beacon Funds and State Street Bank and Trust Company, dated November 29, 2022, is incorporated by reference to Post-Effective Amendment No. 399, filed December 23, 2022 ("PEA No. 399") |
| (3)(I) | [Eighth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823000743/abf-html5991_ex99h3i.htm) between the American Beacon Funds and State Street Bank and Trust Company, effective January 31, 2023, is incorporated by reference to PEA No. 401 |
| (3)(J) | [Ninth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99h3j.htm) between the American Beacon Funds and State Street Bank and Trust Company, effective August 4, 2023, is incorporated by reference to PEA No. 407 |
| (3)(K) | [Tenth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99h3k.htm) between the American Beacon Funds and State Street Bank and Trust Company, effective May 1, 2024, is incorporated by reference to PEA No. 414 |
| (3)(L) | [Eleventh Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824010265/abnoff-efp11230_ex99h3l.htm) between the American Beacon Funds and State Street Bank and Trust Company, effective October 14, 2024, is incorporated by reference to PEA No. 419 |
| (3)(M) | [Twelfth Amendment to Securities Lending Authorization Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99h3m.htm) between the American Beacon Funds and State Street Bank and Trust Company, effective February 24, 2025, is incorporated by reference to PEA No. 427 |
| (4) | [Administration Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322816014863/e455395_ex99-h3.htm) between American Beacon Cayman Managed Futures Strategy Fund, Ltd. and American Beacon Advisors, Inc., dated April 30, 2015, is incorporated by reference to Post-Effective Amendment No. 269, filed December 23, 2016 |
| (5)(A) | [Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322819006663/abf-html1789_ex99h4.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, dated June 10, 2019, is incorporated by reference to PEA No. 357 |
| (5)(B) | [First Amendment to Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322820003233/abf-html2557_ex99h4b.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, effective April 30, 2020, is incorporated by reference to PEA No. 368 |
| (5)(C) | [Second Amendment to Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322822007946/abf-html5779_ex99h5c.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, dated August 19, 2022, is incorporated by reference to PEA No. 399 |

---

**7** 

------

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| (5)(D) | [Third Amendment to Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322822007946/abf-html5779_ex99h5d.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, dated October 25, 2022, is incorporated by reference to PEA No. 399 |
| (5)(E) | [Fourth Amendment to Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99h5e.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, effective as of August 9, 2023, is incorporated by reference to PEA No. 407 |
| (5)(F) | [Fifth Amendment to Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99h5f.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, dated December 7, 2023, is incorporated by reference to PEA No. 414 |
| (5)(G) | [Sixth Amendment to Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99h5g.htm) by and among American Beacon Funds, American Beacon Institutional Funds Trust, American Beacon Advisors, Inc. and Parametric Portfolio Associates LLC, effective as of May 1, 2024, is incorporated by reference to PEA No. 414 |
| (6) | [Service Plan Agreement](https://www.sec.gov/Archives/edgar/data/809593/000095012309029012/d68564exv99wxhyx5y.htm) for the American Beacon Funds Investor Class, dated March 6, 2009, is incorporated by reference to Post-Effective Amendment No. 77, filed August 3, 2009  |
| (7) | [Service Plan Agreement](https://www.sec.gov/Archives/edgar/data/809593/000095013403006938/d04117bexv99wxhyxxviy.txt) for the American Beacon Funds Advisor Class (formerly known as the AAdvantage Funds Service Class), dated May 1, 2003, is incorporated by reference to Post-Effective Amendment No. 45, filed May 1, 2003 ("PEA No. 45") |
| (8)(A) | [Service Plan Agreement](https://www.sec.gov/Archives/edgar/data/809593/000089843210000386/classa-serviceplan.htm) for the American Beacon Funds A Class, dated February 16, 2010, is incorporated by reference to Post-Effective Amendment No. 84, filed March 16, 2010 |
| (8)(B) | [Amended and Restated Schedule A to the Service Plan Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99h8b.htm) for the American Beacon Funds A Class, effective June 20, 2025, is incorporated by reference to PEA No. 430 |
| (9)(A) | [Service Plan Agreement](https://www.sec.gov/Archives/edgar/data/809593/000089843210000866/serviceplan.htm) for the American Beacon Funds C Class, dated May 25, 2010, is incorporated by reference to Post-Effective Amendment No. 90, filed June 15, 2010 ("PEA No. 90") |
| (9)(B) | [Amended and Restated Schedule A to the Service Plan Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99h9b.htm) for the American Beacon Funds C Class, effective June 20, 2025, is incorporated by reference to PEA No. 430 |
| (10)(A) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99h10a.htm) for American Beacon NIS Core Plus Bond Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon International Equity Fund, American Beacon IMC International Small Cap Fund (formerly known as American Beacon EAM International Small Cap Fund) R5 Class Shares, American Beacon AHL TargetRisk Fund, American Beacon Man Large Cap Growth Fund (formerly named the American Beacon Bridgeway Large Cap Growth Fund), American Beacon Stephens Mid-Cap Growth Fund, American Beacon Stephens Small Cap Growth Fund, effective December 15, 2023, is incorporated by reference to PEA No. 411 |
| (10)(B) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825005669/abf-efp15900_ex99h10b.htm) for American Beacon NIS Core Plus Bond Fund, effective January 1, 2026, is incorporated by reference to Post-Effective Amendment No. 429, filed May 28, 2025 ("PEA No. 429") |
| (10)(C) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_99h10c.htm) for American Beacon ARK Transformational Innovation Fund, American Beacon Shapiro Equity Opportunities Fund, American Beacon Shapiro SMID Cap Equity Fund, American Beacon SSI Alternative Income Fund, American Beacon TwentyFour Strategic Income Fund, and American Beacon TwentyFour Short Term Bond Fund (formerly American Beacon TwentyFour Sustainable Short Term Bond Fund), effective November 1, 2025, is incorporated by reference to PEA No. 437 |
| (10)(D)(i) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_ex99h10di.htm) for American Beacon DoubleLine Floating Rate Income Fund (formerly American Beacon FEAC Floating Rate Income Fund), American Beacon SiM High Yield Opportunities Fund, American Beacon Ninety One Emerging Markets Equity Fund, American Beacon Ninety One Global Franchise Fund, American Beacon Ninety One International Franchise Fund and American Beacon The London Company Income Equity Fund, effective January 1, 2026, is incorporated by reference to PEA No. 437 |
| (10)(D)(ii) | [Form of Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99h10dii.htm) for American Beacon DoubleLine Floating Rate Income Fund, is incorporated by reference to PEA No. 430 |
| (10)(D)(iii) | [Form of Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99h10diii.htm) for American Beacon DoubleLine Select Income Fund, is incorporated by reference to Post-Effective Amendment No. 430 |
| (10)(E) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99h10i.htm) for American Beacon Garcia Hamilton Quality Bond Fund, American Beacon International Equity Fund R6 Class shares, and American Beacon IMC International Small Cap Fund (formerly known as American Beacon EAM International Small Cap Fund), effective February 20, 2025, is incorporated by reference to PEA No. 427 |
| (10)(F) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99h10e.htm) for American Beacon IMC International Small Cap Fund (formerly known as American Beacon EAM International Small Cap Fund) Y and Investor Class Shares, effective March 1, 2024, is incorporated by reference to PEA No. 413 |
| (10)(G) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824004873/abf-html7780_ex99h10d.htm) for American Beacon AHL Multi-Alternatives Fund, effective January 1, 2024, is incorporated by reference to PEA No. 413 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
|  | (10)(H) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825004554/abf-efp15461_ex99h10j.htm) for American Beacon Man Large Cap Growth Fund, American Beacon Stephens Small Cap Growth Fund, American Beacon Stephens Mid-Cap Growth Fund, American Beacon AHL TargetRisk Fund and American Beacon AHL Multi-Alternatives Fund, effective January 1, 2026, is incorporated by reference to PEA No. 428 |
|  | (10)(I) | [Fee Waiver/Expense Reimbursement Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_99h10l.htm) for American Beacon AHL Managed Futures Strategy Fund, effective August 25, 2025, is incorporated by reference to PEA No. 437 |
|  | (10)(J)(i) | [Investment Adviser Fee Waiver Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99h10c.htm) for American Beacon SSI Alternative Income Fund, effective December 29, 2023, is incorporated by reference to PEA No. 411 |
|  | (10)(J)(ii) | [Amendment to Investment Adviser Fee Waiver Agreement](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99h10kii.htm) for American Beacon SSI Alternative Income Fund, effective July 1, 2025, is incorporated by reference to PEA No. 430 |
| (i) |  | Opinion and Consent of Counsel — (to be filed by amendment) |
| (j) |  | Consent of Independent Registered Public Accounting Firm — (to be filed by amendment) |
| (k) |  | Financial statements omitted from prospectus — (none) |
| (l) |  | [Letter of Investment Intent](https://www.sec.gov/Archives/edgar/data/809593/0000950134-97-009393.txt), is incorporated by reference to Post-Effective Amendment No. 23, filed December 18, 1997 |
| (m) | (1) | [Distribution Plan](https://www.sec.gov/Archives/edgar/data/809593/000095013403006938/d04117bexv99wxmyxiiiy.txt) pursuant to Rule 12b-1 for the Advisor Class (formerly known as the Service Class), dated May 1, 2003, is incorporated by reference to PEA No. 45 |
|  | (2)(A) | [Distribution Plan](https://www.sec.gov/Archives/edgar/data/809593/000095012310050533/d73079a1exv99wm.htm) pursuant to Rule 12b-1 for the A Class, dated February 16, 2010, is incorporated by reference to Post-Effective Amendment No. 88, filed May 17, 2010  |
|  | (2)(B) | [Amended and Restated Schedule A to the Distribution Plan](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99m2b.htm) pursuant to Rule 12b-1 for the A Class, effective June 20, 2025, is incorporated by reference to PEA No. 430 |
|  | (3)(A) | [Distribution Plan pursuant to Rule 12b-1 for the C Class](https://www.sec.gov/Archives/edgar/data/809593/000089843210000866/distplan.htm), dated May 25, 2010, is incorporated by reference to PEA No. 90 |
|  | (3)(B) | [Amended and Restated Schedule A to the Distribution Plan](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99m3b.htm) pursuant to Rule 12b-1 for the C Class, effective June 20, 2025, is incorporated by reference to PEA No. 430 |
| (n) |  | [Amended and Restated Plan](https://www.sec.gov/Archives/edgar/data/809593/000113322821005494/abf-html4112_ex99n.htm) Pursuant to Rule 18f-3, dated November 12, 2019, is incorporated by reference to PEA No. 391 |
| (p) | (1) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322823004897/abahl-html6696_ex99p1.htm) of American Beacon Advisors, Inc., American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, and Resolute Investment Distributors, Inc., dated August 11, 2023, is incorporated by reference to PEA No. 407 |
|  | (2) | [Code of Ethics](abf-efp21703_ex99p2.htm) of Barrow, Hanley, Mewhinney & Strauss, Inc., as revised February 14, 2025 - (filed herewith) |
|  | (3) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322824000854/abf-html7215_ex99p3.htm) of Brandywine Global Investment Management, LLC, dated February 2023, is incorporated by reference to PEA No. 411 |
|  | (4) | [Code of Ethics](abf-efp21703_ex99p4.htm) of Causeway Capital Management LLC, dated April 25, 2005, as revised June 30, 2025 - (filed herewith) |
|  | (5) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322822000955/abf-html4417_ex99p5.htm) of Hotchkis and Wiley Capital Management, LLC, dated September 1, 2021, is incorporated by reference to Post-Effective Amendment No. 393, filed February 22, 2022 |
|  | (6) | [Code of Ethics](abf-efp21703_ex99p6.htm) and Personal Investment Policy of Lazard Asset Management LLC - (filed herewith) |
|  | (7) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_99p7.htm) of Strategic Income Management, LLC, dated April 2025, is incorporated by reference to PEA No. 437 |
|  | (8) | [Code of Ethics](abf-efp21703_ex99p8.htm) of Massachusetts Financial Services Company, dated April 2, 2025 - (filed herewith) |
|  | (9) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322823003101/abf-html6249_ex99p11.htm) for Stephens Investment Management Group, LLC, dated February 2023, is incorporated by reference to Post-Effective Amendment No. 403, filed April 27, 2023 |
|  | (10) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_99p10.htm) for The London Company of Virginia, LLC, dated February 19, 2025, is incorporated by reference to PEA No. 437 |
|  | (11) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825005669/abf-efp15900_ex99p11.htm) for Global Evolution USA, LLC, dated January 2025, is incorporated by reference to PEA No. 429 |
|  | (12) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99p13.htm) for AHL Partners LLP, amended October 11, 2023, is incorporated by reference to PEA No. 414 |
|  | (13) | [Code of Ethics](abf-efp21703_ex99p13.htm) for Garcia Hamilton & Associates, L.P., dated September 2025 - (filed herewith) |
|  | (14) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99p14.htm) for ARK Investment Management LLC, dated June 26, 2025, is incorporated by reference to PEA No. 430 |
|  | (15) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99p15.htm) for TwentyFour Asset Management (US) LP, dated March 2025, is incorporated by reference to PEA No. 430 |
|  | (16) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825001596/abf-efp14632_ex99p17.htm) for Shapiro Capital Management, LLC, dated October 15, 2024, is incorporated by reference to PEA No. 427 |
|  | (17) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99p18.htm) for abrdn Investments Limited, is incorporated by reference to PEA No. 414 |

---

**9** 

------

---

| | |
|:---|:---|
| **Number** | **Exhibit Description** |
| (18) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99p18.htm) for SSI Investment Management LLC, dated June 2025, is incorporated by reference to PEA No. 430 |
| (19) | [Code of Ethics](abf-efp21703_ex99p19.htm) for American Century Investment Management, Inc., dated October 29, 1999, as revised July 1, 2025 - (filed herewith) |
| (20) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825005669/abf-efp15900_ex99p20.htm) for National Investment Services of America, LLC, dated June 2024, is incorporated by reference to PEA No. 429 |
| (21) | [Code of Ethics](abf-efp21703_ex99p21.htm) for DePrince, Race & Zollo, Inc., dated November 2025 - (filed herewith) |
| (22) | [Code of Ethics](abf-efp21703_ex99p22.htm) for Global IMC LLC (formerly known as EAM Global Investors LLC), effective October 31, 2025 - (filed herewith) |
| (23) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322824005650/abf-html7943_ex99p25.htm) for Numeric Investors LLC, amended October 11, 2023, is incorporated by reference to PEA No. 414 |
| (24) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825014202/abf-efp21227_ex99p24.htm) for Ninety One North America, Inc., effective November 1, 2025, is incorporated by reference to PEA No. 437 |
| (25) | [Code of Ethics](abf-efp21703_ex99p25.htm) for Westwood Management Corp., updated August 7, 2025 - (filed herewith) |
| (26) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/809593/000113322825011636/abf-efp18558_ex99p26.htm) for DoubleLine Capital LP, effective October 1, 2025, is incorporated by reference to Post-Effective Amendment No. 434, filed November 3, 2025 |
| Other Exhibits | Other Exhibits |
|  | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/809593/000113322825010284/abdsif-efp17884_ex99other.htm) for Trustees of American Beacon Funds, American Beacon Select Funds and American Beacon Institutional Funds Trust, effective as of January 31, 2025 and August 25, 2025, is incorporated by reference to PEA No. 430 |

---

**Item 29. Persons Controlled by or under Common Control with Registrant**

The Trust through the American Beacon AHL Managed Futures Strategy Fund, a separate series of the Trust, wholly owns and controls the American Beacon Cayman Managed Futures Strategy Fund, Ltd. ("Managed Futures Subsidiary"), a company organized under the laws of the Cayman Islands. The Managed Futures Subsidiary's financial statements will be included, on a consolidated basis, in the American Beacon AHL Managed Futures Strategy Fund's annual and semi-annual reports to shareholders.

The Trust through the American Beacon AHL TargetRisk Fund, a separate series of the Trust, wholly owns and controls the American Beacon Cayman TargetRisk Company, Ltd. ("TargetRisk Subsidiary"), a company organized under the laws of the Cayman Islands. The TargetRisk Subsidiary's financial statements will be included, on a consolidated basis, in the American Beacon AHL TargetRisk Fund's annual and semi-annual reports to shareholders.

The Trust through the American Beacon AHL Multi-Alternatives Fund, a separate series of the Trust, wholly owns and controls the American Beacon Cayman Multi-Alternatives Company, Ltd. ("Multi-Alternatives Subsidiary"), a company organized under the laws of the Cayman Islands. The Multi-Alternatives Subsidiary's financial statements will be included, on a consolidated basis, in the American Beacon AHL Multi-Alternatives Fund's annual and semi-annual reports to shareholders.

**Item 30. Indemnification**

*Article XI of the Amended and Restated Declaration of Trust of the Trust provides that:*

**Limitation of Liability**

*Section 1.* Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest of the Trust, the Trustees and officers of the Trust shall not be responsible for or liable in any event for neglect or wrongdoing of them or any officer, agent, employee or investment advisor of the Trust, and shall not be liable for errors of judgment or mistakes of fact or law, but nothing contained herein shall protect any Trustee or officer against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

**Indemnification**

*Section 2.*

(a) Subject to the exceptions and limitations contained in paragraph (b) below:

(i) every person who is, or has been, a Trustee or officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has an interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each Series to the fullest extent permitted by law, including the 1940 Act and the rules and regulations thereunder as amended from time to time and interpretations thereunder, against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof;

(ii) subject to the provisions of this Section 2, each Covered Person shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the records, books and accounts of the Trust or, as applicable, any Series, upon an opinion or other advice of legal counsel, or upon reports made or advice given to the Trust or, as applicable, any Series, by any Trustee or any of its officers, employees, or a service provider selected with reasonable care by the Trustees or officers of the Trust, regardless of whether the person rendering such report or advice may also be a Trustee, officer or employee of the Trust or, as applicable, any Series.

**10**

------

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

(iii) as used herein, the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

(b) To the extent required under the 1940 Act and the rules and regulations thereunder as amended from time to time and interpretations thereunder, but only to such extent no indemnification shall be provided hereunder to a Covered Person:

(i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust 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

(ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither interested persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such Covered Person and shall inure to the benefit of the heirs, executors and administrators of such Covered Person. Nothing contained herein shall affect any rights to indemnification to which any Covered Person or other person may be entitled by contract or otherwise under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other Person.

(d) To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

(e) To the maximum extent permitted by applicable law, including Section 17(h) of the 1940 Act and the rules and regulations thereunder as amended from time to time and interpretations thereunder, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 2 shall be paid by the Trust or the applicable Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or a Series, as applicable, if it is ultimately determined that he or she is not entitled to indemnification under this Section 2; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission.

The advancement of any expenses pursuant to this Section 2(e) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.

(f) Any repeal or modification of this Article XI or adoption or modification of any other provision of this Declaration of Trust inconsistent with this Article XI shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption.

(g) Notwithstanding any other provision in this Declaration of Trust to the contrary, any liability and/or expense against which any Covered Person is indemnified under this Section 2 and any advancement of expenses that any Covered Person is entitled to be paid under Section 2(e) shall be deemed to be joint and several obligations of the Trust and each Series, and the assets of the Trust and each Series shall be subject to the claims of any Covered Person therefor under this Article XI; provided that (a) any such liability, expense or obligation may be allocated and charged by the Trustees between or among the Trust and/or any one or more Series (and Classes) in such manner as the Trustees in their sole discretion deem fair and equitable; and (b) the Trustees may determine that any such liability, expense or obligation should not be allocated to one or more Series (and Classes), and such Series or Classes shall not be liable therefor as provided under Article III, Section 4.

(h) Without limiting the foregoing, the Trust may, in connection with any transaction permitted by this Declaration of Trust, including the acquisition of assets subject to liabilities or a merger or consolidation pursuant to Article XII, Section 2, assume the obligation to indemnify any person including a Covered Person or otherwise contract to provide such indemnification, and such indemnification shall not be subject to the terms of this Article XI, Section 2 unless otherwise required under applicable law.

According to Article XII, Section 1 of the Amended and Restated Declaration of Trust, nothing in the Amended and Restated Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association. Trustees are not liable personally to any person extending credit to, contracting with or having any claim against the Trust, a particular Portfolio or the Trustees. A Trustee, however, is not protected from liability due to willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Article V, Section 5 provides that, subject to the provisions of Article XI, the Trustees shall not be liable for any act or omission in accordance with certain advice of counsel or other experts or for failing to follow such advice. Article XI, Section 1 provides that the Trustees are not liable for errors of judgment or mistakes of fact or law, but a Trustee is not protected from liability due to willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, for any act or omission in accordance with advice of counsel or other experts or for failing to follow such advice.

*Numbered Paragraph 10 of the Management Agreement provides that:*

10. *Limitation of Liability of the Manager.* The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by a Trust or any Fund in connection with the matters to which this Agreement relate except a loss resulting from the willful misfeasance, bad faith or gross

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negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Any person, even though also an officer, partner, employee, or agent of the Manager, who may be or become an officer, Board member, employee or agent of a Trust shall be deemed, when rendering services to a Trust or acting in any business of a Trust, to be rendering such services to or acting solely for a Trust and not as an officer, partner, employee, or agent or one under the control or direction of the Manager even though paid by it. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and, therefore, nothing in this Agreement is intended to limit the obligations of the Manager under such laws. This Paragraph 10 does not in any manner preempt any separate written indemnification commitments made by the Manager with respect to any matters encompassed by this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with abrdn Investment Limited provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of and to the extent of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with AHL Partners LLP provides, in relevant part, that:*

9. *Liability.* The Adviser shall have no liability to the Trust, its shareholders, the Manager or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such affiliated person or controlling person may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement, relating to its trading activities or information provided to the Manager regarding the Adviser, by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and therefore, nothing in this Agreement is intended to limit the obligations of the Adviser under such laws.

*Numbered Paragraph 9 of the Investment Advisory Agreement with American Century Investment Management, Inc. provides, in relevant part, that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with ARK Investment Management LLC provides, in relevant part, that:*

9. *Liability of the Parties.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person of the Adviser within the meaning of Section 2(a)(3) of the Investment Company Act ("Affiliated Person"), and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager ("Controlling Person"), against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such Affiliated Person or Controlling Person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust or the Funds that may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any Affiliate Person acting on behalf of the Adviser. The indemnification in this Section shall survive the termination of this Agreement.

The Manager agrees to indemnify and hold harmless, the Adviser, any Affiliated Person of the Adviser, and each Controlling Person of the Adviser, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Adviser or its Affiliated Persons or Controlling Person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Manager's responsibilities to the Trust or the Funds that may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard by the Manager or by any of its directors, officers, employees, agents, or any Affiliated Person acting on behalf of the Manager of the Manager's obligations and/or duties under its agreements with the Trust or the Funds. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Barrow, Hanley, Mewhinney & Strauss, Inc. provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement except with respect to claims which occur due to any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Brandywine Global Investment Management, LLC provides that:*

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

9. *Liability of Adviser.* No provision of this Agreement shall be deemed to protect the Adviser against any liability to the Trust or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Causeway Capital Management LLC provides that:*

9. *Liability of Adviser.* No provision of this Agreement shall be deemed to protect the Adviser against any liability to the Trust or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with DePrince, Race & Zollo, Inc. provides that:*

9. Liability of Adviser; Indemnification. The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with DoubleLine Capital LP provides that:*

9. Liability of Adviser; Indemnification. The Adviser shall have no liability to the Manager, the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, caused by : (i) any willful misfeasance, bad faith, gross negligence of the Adviser, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser (such conduct "Adviser's Disabling Conduct"); or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund or the Trust, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser expressly for use therein.

The Manager agrees to indemnify and hold harmless the Adviser, any affiliated persons thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Adviser or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, including as result of any action or omission to act based on any instruction or direction from the Trust, the Manager or the Trustees, however arising except liabilities arising out of "Adviser's Disqualifying Conduct."

The indemnifications in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Garcia Hamilton & Associates, L.P. provides that:*

9. Liability of Adviser. The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Global Evolution USA, LLC provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser. The indemnification in this Section shall survive the termination of this Agreement.

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*Numbered Paragraph 9 of the Investment Advisory Agreement with Global IMC LLC (formerly known as EAM Global Investors LLC) provides that:*

9. Liability of Adviser; Indemnification. The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Hotchkis and Wiley Capital Management LLC provides that:*

9. *Liability of Adviser.* No provision of this Agreement shall be deemed to protect the Adviser against any liability to the Trust or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Lazard Asset Management LLC provides that:*

9. *Liability of Adviser.* No provision of this Agreement shall be deemed to protect the Adviser against any liability to the Trust or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Massachusetts Financial Services Company provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any other third party arising out of or related to this Agreement except with respect to claims which occur due to any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with National Investment Services of America, LLC provides that*

9. (a) *Liability of Adviser and Indemnification by Adviser*. The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, from and against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser, or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Ninety One North America, Inc. provides that:*

9. *Liability of Adviser; Indemnification*. The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Numeric Investors LLC provides that:*

*9. Liability.* The Adviser, its affiliates or their respective officers, directors, employees and agents (collectively, the "Covered Persons") shall have no liability to the Trust, its shareholders, the Manager or any third party arising out of or related to this Agreement, provided, however, that the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and

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each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its Shareholders, the Manager or such affiliated person or controlling person may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of any Covered Person's responsibilities to the Trust and the Manager which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, any Covered Person's obligations and/or duties under this Agreement, relating to its trading activities or information provided to the Manager regarding the Covered Persons. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and therefore, nothing in this Agreement is intended to limit the obligations of any Covered Person under such laws. Neither the Manager nor the Trust shall have any liability to the Covered Persons or any third party arising out of or related to this Agreement, provided however, that the Manager and the Trust agree to indemnify and hold harmless, the Covered Persons against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Covered Persons may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of the Manager's or the Trust's responsibilities to the Covered Persons which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Manager's or the Trust's obligations and/or duties under this Agreement by either of the Manager or the Trust or by any of their directors, officers, employees, agents, or any affiliate acting on behalf of either. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Shapiro Capital Management, LLC provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Form of Investment Advisory Agreement with SSI Investment Management LLC provides that:*

9. *Liability of Adviser and Manager.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement. Each of the Adviser and the Manager agrees to indemnify and hold harmless, the other party, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the other party, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the other party or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the indemnifying party's responsibilities to the Trust based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the indemnifying party's obligations and/or duties under this Agreement by the indemnifying party or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the indemnifying party. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Stephens Investment Management Group, LLC provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement except with respect to claims which occur due to any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Strategic Income Management, LLC provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any other third party arising out of or related to this Agreement except with respect to claims which occur due to any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with The London Company of Virginia, LLC provides that:*

9. *Liability of Adviser.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement except with respect to claims which occur due to any willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with TwentyFour Asset Management (US) LP provides that:*

9. *Liability.* The Adviser, including its officers, directors, employees and agents shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser agrees to indemnify and hold harmless, the Manager, its officers, directors, employees and agents (each such person, a "Manager Indemnified Persons") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and related expenses) ("Losses"), to which a Manager Indemnified Persons may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Adviser's responsibilities to the Trust which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser, provided, however that the Manager's obligation under this paragraph 9 shall be reduced to the extent that the Losses experienced by a Manager Indemnified Person are caused by or are otherwise directly related to a Manager Indemnified Person's own willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties under this Agreement.

The Manager, including its officers, directors, employees and agents shall have no liability to the Adviser, its shareholders or any third party arising out of or related to this Agreement, provided however, the Manager agrees to indemnify and hold harmless, the Adviser, its officers, directors, employees

**15** 

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and agents (each such person, an "Adviser Indemnified Persons") against any and all Losses, to which an Adviser Indemnified Persons may become subject under the securities laws, any other federal or state law, at common law or otherwise, arising out of the Manager's responsibilities to the Trust, its shareholders or any third party, provided, however that the Manager's obligation under this paragraph 9 shall be reduced to the extent that the Losses experienced by an Adviser Indemnified Person are caused by or are otherwise directly related to an Adviser Indemnified Person's own willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties under this Agreement.

Without limiting the generality of the foregoing, neither the Adviser nor the Manager will be liable for any indirect, special, incidental or consequential damage.

The indemnification in this Section shall survive the termination of this Agreement.<br>*Numbered Paragraph 9 of the Investment Advisory Agreement with Westwood Management Corp. provides that:*

*9. Liability of Adviser; Indemnification.* The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Section 4.2 of the Distribution Agreement provides that:*

(a) Notwithstanding anything in this Agreement to the contrary, Resolute shall not be responsible for, and the Client shall on behalf of each applicable Fund or Class thereof, indemnify and hold harmless Resolute, its employees, directors, officers and managers and any person who controls Resolute within the meaning of section 15 of the Securities Act or section 20 of the Securities Exchange Act of 1934, as amended, (for purposes of this Section 4.2(a), "Resolute Indemnitees") from and against, any and all losses, damages, costs, charges, reasonable counsel fees, payments, liabilities and other expenses of every nature and character (including, but not limited to, direct and indirect reasonable reprocessing costs) arising out of or attributable to all and any of the following (for purposes of this Section 4.2(a), a "*Resolute Claim*")

(i) any material action (or omission to act) of Resolute or its agents taken in connection with this Agreement; provided, that such action (or omission to act) is taken in good faith and without willful misfeasance, negligence or reckless disregard by Resolute, or its affiliates, of its duties and obligations under this Agreement;

(ii) any untrue statement of a material fact contained in the Registration Statement or arising out of or based upon any alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon, and in conformity with, information furnished to the Client in connection with the preparation of the Registration Statement or exhibits to the Registration Statement by or on behalf of Resolute;

(iii) any material breach of the Clients' agreements, representations, warranties, and covenants in Sections 2.9 and 5.2 of this Agreement; or

(iv) the reliance on or use by Resolute or its agents or subcontractors of information, records, documents or services which have been prepared, maintained or performed by the Client or any agent of the Client, including but not limited to any Predecessor Records provided pursuant to Section 2.9(b).

(b) Resolute will indemnify, defend and hold the Client and their several officers and members of their Governing Bodies and any person who controls the Client within the meaning of section 15 of the Securities Act or section 20 of the Securities Exchange Act of 1934, as amended, (collectively, the "Client Indemnitees" and, with the Resolute Indemnitees, an "Indemnitee"), free and harmless from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every nature and character (including the cost of investigating or defending such claims, demands, actions, suits or liabilities and any reasonable counsel fees incurred in connection therewith), but only to the extent that such claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses result from, arise out of or are based upon all and any of the following (for purposes of this Section 4.2(c), a "Client Claim" and, with a Resolute Claim, a "Claim"):

(i) any material action (or omission to act) of Resolute or its agents taken in connection with this Agreement, provided that such action (or omission to act) is taken in good faith and without willful misfeasance, negligence or reckless disregard by Resolute, or its affiliates, of its duties and obligations under this Agreement.

(ii) any untrue statement of a material fact contained in the Registration Statement or any alleged omission of a material fact required to be stated or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon, and in conformity with, information furnished to the Client in writing in connection with the preparation of the Registration Statement by or on behalf of Resolute; or

(iii) any material breach of Resolute's agreements, representations, warranties and covenants set forth in Section 2.4 and 5.1 hereof.

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(c) The Client or Resolute (for purpose of this Section 4.2(d), an "Indemnifying Party") may assume the defense of any suit brought to enforce any Resolute Claim or Client Claim, respectively, and may retain counsel chosen by the Indemnifying Party and approved by the other Party, which approval shall not be unreasonably withheld or delayed. The Indemnifying Party shall advise the other Party that it will assume the defense of the suit and retain counsel within ten (10) days of receipt of the notice of the claim. If the Indemnifying Party assumes the defense of any such suit and retains counsel, the other Party shall bear the fees and expenses of any additional counsel that they retain. If the Indemnifying Party does not assume the defense of any such suit, or if other Party does not approve of counsel chosen by the Indemnifying Party, or if the other Party has been advised that it may have available defenses or claims that are not available to or conflict with those available to the Indemnifying Party, the Indemnifying Party will reimburse any Indemnitee named as defendant in such suit for the reasonable fees and expenses of any counsel that the Indemnitee retains. An Indemnitee shall not settle or confess any claim without the prior written consent of the applicable Client, which consent shall not be unreasonably withheld or delayed.

(d) An Indemnifying Party's obligation to provide indemnification under this section is conditioned upon the Indemnifying Party receiving notice of any action brought against an Indemnitee within twenty (20) days after the summons or other first legal process is served. Such notice shall refer to the Person or Persons against whom the action is brought. The failure to provide such notice shall not relieve the Indemnifying Party of any liability that it may have to any Indemnitee except to the extent that the ability of the party entitled to such notice to defend such action has been materially adversely affected by the failure to provide notice.

(e) The provisions of this section and the parties' representations and warranties in this Agreement shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any Indemnitee and shall survive the sale and redemption of any Shares made pursuant to subscriptions obtained by Resolute. The indemnification provisions of this section will inure exclusively to the benefit of each person that may be an Indemnitee at any time and their respective successors and assigns (it being intended that such persons be deemed to be third party beneficiaries under this Agreement).

*Section 4.3 of the Distribution Agreement provides that:*

Notwithstanding anything in this Agreement to the contrary, except as specifically set forth below:

(a) Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, acts of God; action or inaction of civil or military authority; public enemy; war; terrorism; riot; fire; flood; sabotage; epidemics; labor disputes; civil commotion; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; insurrection; or elements of nature;

(b) Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party;

(c) No affiliate, director, officer, employee, manager, shareholder, partner, agent, counsel or consultant of either Party shall be liable at law or in equity for the obligations of such Party under this Agreement or for any damages suffered by the other Party related to this Agreement;

(d) There are no third-party beneficiaries of this Agreement;

(e) Each Party shall have a duty to mitigate damages for which the other Party may become responsible;

(f) The assets and liabilities of each Fund are separate and distinct from the assets and liabilities of each other Fund, and no Fund shall be liable or shall be charged for any debt, obligation or liability of any other Fund, whether arising under this Agreement or otherwise; and in asserting any rights or claims under this Agreement, Resolute shall look only to the assets and property of the Fund to which Resolute's rights or claims relate in settlement of such rights or claims; and

(g) Each Party agrees promptly to notify the other party of the commencement of any litigation or proceeding of which it becomes aware arising out of or in any way connected with the issuance or sale of Shares.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

*Supplemental Limited Indemnification from the Manager*

ABA shall indemnify and hold harmless Indemnitee, in his or her individual capacity, from and against any cost, asserted claim, liability or expense, including reasonable legal fees (collectively, "Liability") based upon or arising out of (i) any duty of ABA under the Management Agreement (including ABA's failure or omission to perform such duty), and (ii) any liability or claim against Indemnitee arising pursuant to Section 11 of the Securities Act of 1933, as amended, Rule 10b-5 under the Securities Exchange Act of 1934, as amended, and any similar or related federal, state or common law statutes, rules or interpretations. ABA's indemnification obligations under this Letter Agreement shall be limited to civil and administrative claims or proceedings.

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**Item 31.** **I. Business and Other Connections of Investment Manager**

**American Beacon Advisors, Inc. (the "Manager")** offers investment management and administrative services to the Registrant. It acts in the same capacity to other investment companies, including those listed below.

Set forth below is information as to any other business, profession, vocation or employment of a substantial nature in which each officer and director of American Beacon Advisors, Inc. is, or at any time during the past two fiscal years has been, engaged for his/her own account or in the capacity of director, officer, employee, partner or trustee.

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| | |
|:---|:---|
| **Name; Current Position with American Beacon Advisors, Inc.** | **Other Substantial Business and Connections** |
| Patrick J. Bartels; Director | Redan Advisors LLC: Managing Member |
| Sonia L. Bates; Assistant Treasurer, Vice President, Tax and Fund Reporting | Resolute Investment Services, Inc.: Vice President, Fund and Tax Reporting (2023-2025)<br>American Private Equity Management, LLC: Assistant Treasurer (2012-2024)<br>American Beacon Cayman Managed Futures Strategy Fund, Ltd.: Treasurer (2022-Present)<br>American Beacon Cayman TargetRisk Company, Ltd.: Treasurer (2022-Present)<br>American Beacon Cayman Trend Company, Ltd.: Treasurer (2023-Present)<br>American Beacon Funds Complex: Principal Accounting Officer and Treasurer (2021-Present) |
| Rosemary K. Behan; Senior Vice President, Secretary and General Counsel | Resolute Investment Holdings, LLC: Secretary (2015-2025)<br>Resolute Topco, Inc.: Secretary (2015-Present)<br>Resolute Acquisition, Inc.: Secretary (2015-Present)<br>Resolute Investment Managers, Inc.: Senior Vice President (2021-Present)<br>Resolute Investment Distributors, Inc.: Secretary (2017-Present)<br>Resolute Investment Services, Inc.: Senior Vice President (2021-2025), Secretary and General Counsel (2015-2025) <br>American Private Equity Management, LLC: Secretary (2008-2024) <br>American Beacon Cayman Managed Futures Strategy Fund, Ltd.: Secretary (2014-Present)<br>American Beacon Cayman Multi-Alternatives Company, Ltd.: Secretary (2023-Present)<br>American Beacon Cayman TargetRisk Company, Ltd.: Secretary (2018-Present)<br>American Beacon Cayman Trend Company, Ltd.: Secretary (2023-Present)<br>American Beacon Funds Complex: Vice President, Secretary, and Chief Legal Officer (2006-Present) |
| Paul B. Cavazos; Senior Vice President and Chief Investment Officer | American Beacon Funds Complex: Vice President (2016-Present)<br>American Private Equity Management, L.L.C.: Vice President (2017-2024) |
| N. Clay Colbert, Assistant Treasurer and Controller | Resolute Investment Managers, Inc.: Controller (2025-Present) and Assistant Treasurer (October 2025-Present) |
| Jame Donath; Director | Greenscape Financial Group: Chairman <br>Orange Grove Bio: Senior Advisor <br>114 Tenants Corp: President of the Board <br>Norwood UK Restructuring Dinner: Co-Founder  |
| Richard M. Goldman; Director | Becket Capital: Founder and Managing Partner <br>AlphaTrai Asset Management: Director <br>Marblegate Acquisition Corporation: Independent Corporate Director  |

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| | |
|:---|:---|
| **Name; Current Position with American Beacon Advisors, Inc.** | **Other Substantial Business and Connections** |
| Rebecca L. Harris; Chief Operating Officer and Senior Vice President | Resolute Investment Managers, Inc.: Chief Operating Officer (June 2024-Present) Senior Vice President (2021-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024) <br>Resolute Investment Services: Senior Vice President (2021-May 2024, June 2024-2025), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024)<br>Resolute Acquisition, Inc.: Senior Vice President (January-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024)<br>Resolute Topco, Inc.: Senior Vice President (January-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024) Chief Executive Officer (May-June 2024)<br>National Investment Services of America, LLC: Director (2022-Present)<br>RSW Investments Holdings LLC: Director (2022-Present)<br>Shapiro Capital Management LLC: Director (2022-Present)<br>SSI Investment Management LLC: Director (2022-Present)<br>American Beacon Advisors, Inc.: Chief Operating Officer (June 2024-Present), Senior Vice President (2021-May 2024), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024)<br>American Beacon Funds Complex: President (May 2024-June 2024), Vice President (2022-May 2024, June 2024-Present)  |
| Melinda G. Heika; Senior Vice President, Treasurer and Chief Financial Officer | Resolute Topco, Inc.: Treasurer (2015-Present)<br>Resolute Investment Holdings, LLC: Treasurer (2015-2024)<br>Resolute Acquisition, Inc.: Treasurer (2015-Present)<br>Resolute Investment Managers, Inc.: Senior Vice President (2021-Present), Treasurer and CFO (2017-Present)<br>Resolute Investment Services, Inc.: Senior Vice President (2021-2025), Treasurer and CFO (2017-2025)<br>American Private Equity Management, L.L.C.: Treasurer (2012-2024)<br>American Beacon Cayman Managed Futures Strategy Fund, Ltd.: Director (2014-Present, Vice President (2022-Present), Treasurer (2014-2022)<br>American Beacon Cayman TargetRisk Company, Ltd.: Director and Vice President (2022-Present), Treasurer (2018-2022)<br>American Beacon Cayman Multi-Alternatives Company, Ltd.: Director and Vice President (2023-Present)<br>American Beacon Cayman Trend Company, Ltd.: Director and Vice President (2023-Present)<br>American Beacon Funds Complex: Vice President (2021-Present) |
| Kirstin Hill; Director | Social Finance: President & COO |
| Terri L. McKinney; Senior Vice President, Enterprise Services | Resolute Investment Managers, Inc.: Senior Vice President, Enterprise Services (2021-Present)<br>Resolute Investment Services, Inc.: Senior Vice President, Enterprise Services (2021-2025)<br>Resolute Investment Distributors, Inc.: Director and Vice President (2024-Present) <br>American Beacon Funds Complex: Vice President (2010-Present) |
| Teresa A. Oxford; Assistant Secretary and Deputy General Counsel | Resolute Investment Managers, Inc.: Deputy General Counsel (2024-Present), Assistant Secretary (2017-Present), Associate General Counsel (2018-2024)<br>Resolute Investment Services, Inc: Deputy General Counsel (2024-2025), Assistant Secretary (2018-2025), Associate General Counsel (2018-2024)<br>Resolute Investment Distributors, Inc.: Assistant Secretary (2024-Present)<br>American Beacon Funds Complex: Assistant Secretary (2015-Present) |
| Bo Ragsdale; Vice President, Information Technology | Resolute Investment Managers, Inc.: Vice President, Information Technology (2021-Present)<br>Resolute Investment Services, Inc.: Vice President, Information Technology (2021-2025) |
| Christina E. Sears; Vice President and Chief Compliance Officer | Resolute Investment Managers, Inc.: Vice President (2017-Present)<br>Resolute Investment Services, Inc.: Vice President (2019-2025)<br>Resolute Investment Distributors, Inc.: Vice President (2017-Present)<br>American Private Equity Management, LLC: Chief Compliance Officer (2012-2024)<br>RSW Investments Holdings, LLC: Chief Compliance Officer (2019-Present)<br>Shapiro Capital Management LLC: Chief Compliance Officer (2024-Present)<br>American Beacon Funds Complex: Chief Compliance Officer (2004-Present), Assistant Secretary (1999-Present) |

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| | |
|:---|:---|
| **Name; Current Position with American Beacon Advisors, Inc.** | **Other Substantial Business and Connections** |
| Samuel J. Silver; Vice President and Chief Fixed Income Officer | American Beacon Funds Complex: Vice President (2011-Present) |
| Gregory J. Stumm; Director, President and Chief Executive Officer | Resolute Acquisition, Inc.: Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024)<br>Resolute Topco, Inc.: Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present)<br>Resolute Investment Services, Inc.: Director (June 2024-2025), President (June 2024-2025), Chief Executive Officer (June 2024-2025), Senior Vice President (2022-2024)<br>Resolute Investment Managers, Inc.: Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024)<br>Resolute Investment Distributors, Inc.: President (2024-Present), Chief Executive Officer (2024-Present), Director (2022-Present), Senior Vice President (2022-2024)<br>National Investment Services of America, LLC: Director (June 2024-Present)<br>RSW Investments Holdings LLC: Director (June 2024-Present)<br>Shapiro Capital Management, LLC: Director (June 2024-Present)<br>SSI Investment Management, LLC: Director (June 2024-Present)<br>American Beacon Advisors, Inc.: Senior Vice President (2022-2024)<br>American Beacon Funds Complex: President (June 2024-Present), Vice President (2022-June 2024) |

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The principal address of each of the entities referenced above, other than RSW Investment Holdings LLC, Shapiro Capital Management LLC, SSI Investment Management LLC, and National Investment Services of America, LLC is 220 East Las Colinas Blvd., Suite 1200, Irving, Texas 75039. The principal address of RSW Investment Holdings LLC is 47 Maple Street, Suite 304, Summit, New Jersey 07901. The principal address of Shapiro Capital Management LLC is 3060 Peachtree Road NW #1555, Atlanta, Georgia 30305. The principal address of SSI Investment Management LLC is 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067. The principal address of National Investment Services of America, LLC is 777 E. Wisconsin Avenue, Suite 2350, Milwaukee, Wisconsin 53202.

**II. Business and Other Connections of Investment Advisers**

The investment advisers listed below provide investment advisory services to the Trust.

**American Beacon Advisors, Inc.**, 220 East Las Colinas Blvd., Suite 1200, Irving, TX 75039.

**abrdn Investments Limited ("aIL")** is a registered investment adviser and is an investment sub-adviser for the American Beacon Developing World Income Fund. The principal address of aIL is 1 George Street, Edinburgh UK, EH2 2LL. Information as to the officers and directors of abrdn is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 162309), and is incorporated herein by reference.

**AHL Partners LLP ("AHL")** is a registered investment adviser and is an investment sub-advisor for the American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL Multi-Alternatives Fund, and American Beacon AHL TargetRisk Fund. The principal address of AHL is 2 Swan Lane, London, UK EC4R 3AD. Information as to the officers and directors of AHL is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 167882), and is incorporated herein by reference.

**American Century Investment Management, Inc. ("American Century")** is a registered investment adviser and is an investment sub-advisor for the American Beacon International Equity Fund. The principal address for American Century is 4500 Main Street, Kansas City, MO 64111. Information as to the Officers and Directors of American Century is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 105778), and is incorporated herein by reference.

**ARK Investment Management LLC ("ARK")** is a registered investment adviser and is an investment sub-advisor for the American Beacon ARK Transformational Innovation Fund. The principal address for ARK is 200 Central Avenue, Suite 220, St. Petersburg, FL 33701. ARK was formed in June 2013 and registered as an investment adviser with the U.S. Securities and Exchange Commission in January 2014. Information as to the Officers and Directors of ARK is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 169525), and is incorporated herein by reference.

**Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow")** is a registered investment adviser and is an investment sub-advisor for the American Beacon Balanced Fund, American Beacon Large Cap Value Fund and American Beacon Small Cap Value Fund. The principal business address of Barrow is 2200 Ross Avenue, 31st Floor, Dallas, TX 75201-2761. Information as to the officers and directors of Barrow is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 105519), and is incorporated herein by reference.

**Brandywine Global Investment Management, LLC ("Brandywine")** is a registered investment adviser and is an investment sub-advisor for the American Beacon Small Cap Value Fund. The principal address of Brandywine is 1735 Market Street, Suite 1800, Philadelphia, PA 19103. Information as to the officers and directors of Brandywine is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 110783), and is incorporated herein by reference.

**Causeway Capital Management LLC ("Causeway")**, a Delaware limited liability company, is a registered investment adviser and is an investment sub-advisor for the American Beacon International Equity Fund. The principal address of Causeway is 11111 Santa Monica Boulevard, 15th Floor, Los

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Angeles, CA 90025. Information as to the officers and directors of Causeway is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 113308), and is incorporated herein by reference.

**DePrince, Race & Zollo, Inc. ("DRZ")**, a Florida corporation, is a registered investment adviser and is an investment sub-advisor for the American Beacon Small Cap Value Fund. The principal office of DRZ is 250 Park Avenue South, Winter Park, FL 32789. Information as to the officers and directors of DRZ is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 112099), and is incorporated herein by reference.

**DoubleLine Capital LP ("DoubleLine")**, a Delaware limited partnership, is a registered investment adviser and is an investment sub-advisor for the American Beacon DoubleLine Floating Rate Income Fund and the American Beacon DoubleLine Select Income Fund. The principal address of DoubleLine is 2002 N. Tampa Street, Suite 200, Tampa, FL 33602. Information as to the officers and directors of DoubleLine is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 152606), and is incorporated herein by reference.

**Garcia Hamilton & Associates, L.P. ("Garcia Hamilton")** is a registered investment adviser and is the investment sub-adviser for the American Beacon Garcia Hamilton Quality Bond Fund. The principal address of Garcia Hamilton is 1401 McKinney Street, Suite 1600, Houston, TX 77010. Information as to the officers and directors of Garcia Hamilton is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 108017), and is incorporated herein by reference.

**Global Evolution USA, LLC ("Global Evolution")** is a registered investment adviser and is an investment sub-advisor for the American Beacon Developing World Income Fund. The principal address of Global Evolution is 250 Park Avenue, 15th floor, New York, NY 10177, United States. Global Evolution's parent company is Global Evolution Financial ApS and is located at Buen 11, 2nd floor, DK-6000 Kolding, Denmark. Information as to the officers and directors of Global Evolution is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 161677), and is incorporated herein by reference.

**Global IMC LLC ("Global IMC")** (formerly known as EAM Global Investors LLC), is a registered investment adviser and is an investment sub-advisor for the American Beacon IMC International Small Cap Fund. The principal address of Global IMC is 215 Highway 101, Suite 216, Solana Beach, CA 92075. Information as to the officers and directors of Global IMC is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 170870), and is incorporated herein by reference.

**Hotchkis and Wiley Capital Management LLC ("Hotchkis")** is a registered investment adviser and is an investment sub-advisor for the American Beacon Balanced Fund, American Beacon Large Cap Value Fund, and American Beacon Small Cap Value Fund. The principal address of Hotchkis is 601 South Figueroa Street, 39th Floor, Los Angeles, CA 90017-5439. Information as to the officers and directors of Hotchkis is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 114649), and is incorporated herein by reference.

**Lazard Asset Management LLC ("Lazard")** is a registered investment adviser and is an investment sub-advisor for the American Beacon International Equity Fund. The principal address of Lazard is 30 Rockefeller Plaza, 55th Floor, New York, NY 10112. Information as to the officers and directors of Lazard is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 122836), and is incorporated herein by reference.

**Massachusetts Financial Services Company ("MFS")** is a registered investment adviser and is an investment sub-adviser for the American Beacon Large Cap Value Fund. The principal address of MFS is 111 Huntington Avenue, Boston, MA 02199. 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), located at Sun Life Financial Centre, 150 King Street West, Toronto, Ontario, Canada. Information as to the officers and directors of MFS is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 110045), and is incorporated herein by reference.

**National Investment Services of America, LLC ("NIS")** is a registered investment adviser and is an investment sub-advisor for the American Beacon NIS Core Plus Bond Fund. The principal address of NIS is 777 E. Wisconsin Avenue, Suite 2350, Milwaukee, WI 53202. NIS is a majority-owned subsidiary of Resolute Investment Managers, Inc., which is a 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. Information as to the officers and directors of NIS is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 307169), and is incorporated herein by reference.

**Ninety One North America, Inc ("Ninety One")** is a registered investment adviser and is an investment sub-advisor for the American Beacon Ninety One Emerging Markets Equity Fund, American Beacon Ninety One Global Franchise Fund, American Beacon Ninety One International Franchise Fund and American Beacon Developing World Income Fund. The principal address of Ninety One is 65 East 55th Street, 30th Floor, New York, NY 10022. Information as to the officers and directors of Ninety One is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 167922), and is incorporated herein by reference.

**Numeric Investors LLC ("Numeric")**, is a registered investment advisory firm formed in 1989. Numeric is a limited liability company that is a wholly-owned indirect subsidiary of Man Group plc ("Man") and is an investment sub-advisor to the American Beacon Man Large Cap Growth Fund and American Beacon Man Large Cap Value Fund. The principal address of Numeric is 200 Pier 4 Boulevard, Fifth Floor, Boston, MA, 02210. Information as to the Officers and Directors of Numeric is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 131684) and is incorporated herein by reference.

**Shapiro Capital Management LLC ("Shapiro")** is a registered investment adviser and is an investment subadvisor for the American Beacon Shapiro SMID Cap Equity Fund and American Beacon Shapiro Equity Opportunities Fund. The principal address of Shapiro is 3060 Peachtree Road NW #1555, Atlanta, GA 30305. Shapiro is a majority-owned subsidiary of Resolute Investment Managers, Inc., which is a 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

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firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco. Shapiro was founded in 1990. Information as to the Officers and Directors of Shapiro is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 105581), and is incorporated herein by reference.

**SSI Investment Management LLC ("SSI")** is a registered investment adviser and is the investment sub-advisor for the American Beacon SSI Alternative Income Fund. The principal address of SSI is 2121 Avenue of the Stars, Suite 2050, Los Angeles, CA 90067. SSI is a majority-owned subsidiary of Resolute Investment Managers, Inc., which is a 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. Information as to the officers and directors of SSI is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 104889), and is incorporated herein by reference.

**Stephens Investment Management Group, LLC ("SIMG")** is a registered investment adviser and is the investment sub-advisor for the American Beacon Stephens Mid-Cap Growth Fund and American Beacon Stephens Small Cap Growth Fund. The principal address of SIMG and Stephens Inc. is 111 Center Street, Little Rock, AK 72201. Information as to the officers and directors of SIMG is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 136369), and is incorporated herein by reference.

**Strategic Income Management, LLC ("SiM")** is a registered investment adviser and is the investment sub-advisor for the American Beacon SiM High Yield Opportunities Fund. The principal address of SiM is 1200 Westlake Avenue North, Suite 713, Seattle, WA 98109. Information as to the officers and directors of SiM is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 151956), and is incorporated herein by reference.

**The London Company Of Virginia, LLC ("London Company")** is a registered investment adviser and is the investment sub-adviser for the American Beacon The London Company Income Equity Fund. The principal place of business address of London Company is 1800 Bayberry Court, Suite 301, Richmond, VA 23226. Information as to the officers and directors of London Company is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 106654), and is incorporated herein by reference.

**TwentyFour Asset Management (US) LP ("TwentyFour")** is a registered investment adviser and an indirect wholly owned subsidiary of Vontobel Holding AG and is the investment sub-advisor for the American Beacon TwentyFour Strategic Income Fund and the American Beacon TwentyFour Short Term Bond Fund. The principal address of TwentyFour is 66 Hudson Boulevard, 34th Floor, Suite 3401, New York, NY 10001. Information as to the officers and directors of TwentyFour is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 285791), and is incorporated herein by reference.

**Westwood Management Corp. ("Westwood")** is a registered investment adviser and a wholly owned subsidiary of Westwood Holdings Group, Inc. and is an investment sub-advisor for the American Beacon Small Cap Value Fund. The principal address of Westwood is 200 Crescent Court, Suite 1200, Dallas, TX 75201. Information as to the officers and directors of Westwood is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 110269), and is incorporated herein by reference.

**Item 32. Principal Underwriter**

(a) Resolute Investment Distributors, Inc. (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1 American Beacon Funds

2 American Beacon Select Funds - American Beacon U.S. Government Money Market Select Fund

(b) The following are the Officers and Managers of the Distributor, the Registrant's underwriter. The Distributor's main business address is 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant**  |
| Gregory J. Stumm | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Director, Chief Executive Officer and President | President |
| Terri L. McKinney | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Senior Vice President | Vice President |
| Rosemary K. Behan | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Secretary | Vice President, Chief Legal Officer and Secretary |
| Christina E. Sears | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Vice President | Chief Compliance Officer and Assistant Secretary |
| Teresa A. Oxford | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Assistant Secretary | Assistant Secretary |

---

(c) Not applicable.

**Item 33. Location of Accounts and Records**

The books and other documents required by Section 31(a) under the Investment Company Act of 1940 are maintained in the physical possession of 1) the Trust's custodian and fund accounting agent at State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts 02114-2016; 2) the Manager at American Beacon Advisors, Inc., 220 East Las Colinas Blvd., Suite 1200, Irving, Texas 75039; 3) the Trust's transfer agent, SS&C GIDS, Inc., 330 West 9th St., Kansas City, Missouri 64105; 4) Mastercraft, 3021 Wichita Court, Fort Worth, Texas 76140; or 5) the Trust's investment advisers at the addresses listed in Item 31 above.

**22**

------

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**23** 

------

**SIGNATURES**

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 Post-Effective Amendment No. 438 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Irving and the State of Texas, on December 29, 2025.

---

| | |
|:---|:---|
| AMERICAN BEACON FUNDS | AMERICAN BEACON FUNDS |
| By: | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 438 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>**  | **<u>Title</u>**  | **<u>Date</u>**  |
| /s/ Gregory J. Stumm | President (Principal Executive Officer) | December 29, 2025 |
| Gregory J. Stumm |  |  |
| /s/ Sonia L. Bates | Treasurer (Principal Financial Officer | December 29, 2025 |
| Sonia L. Bates | and Principal Accounting Officer) |  |
| Gilbert G. Alvarado<sup>\*</sup> | Trustee | December 29, 2025 |
| Gilbert G. Alvarado |  |  |
| Gerard J. Arpey<sup>\*</sup> | Trustee | December 29, 2025 |
| Gerard J. Arpey |  |  |
| Eugene J. Duffy<sup>\*</sup> | Trustee | December 29, 2025 |
| Eugene J. Duffy |  |  |
| Claudia A. Holz<sup>\*</sup> | Trustee | December 29, 2025 |
| Claudia A. Holz |  |  |
| Douglas A. Lindgren<sup>\*</sup> | Chair and Trustee | December 29, 2025 |
| Douglas A. Lindgren |  |  |
| Barbara J. McKenna<sup>\*</sup> | Trustee | December 29, 2025 |
| Barbara J. McKenna |  |  |
| Janet C. Smith <sup>\*</sup> | Trustee | December 29, 2025 |
| Janet C. Smith |  |  |
| Paul Zemsky<sup>\*</sup> | Trustee | December 29, 2025 |
| Paul Zemsky |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Rosemary K. Behan |
|  | Rosemary K. Behan |
|  | Attorney-In-Fact |

---

**24**

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Type** | **Description** |
| 99.(p)(2) | [Code of Ethics of Barrow, Hanley, Mewhinney & Strauss, Inc., as revised February 14, 2025](abf-efp21703_ex99p2.htm) |
| 99.(p)(4) | [Code of Ethics of Causeway Capital Management LLC, dated April 25, 2005, as revised June 30, 2025](abf-efp21703_ex99p4.htm) |
| 99.(p)(6) | [Code of Ethics and Personal Investment Policy of Lazard Asset Management LLC](abf-efp21703_ex99p6.htm) |
| 99.(p)(8) | [Code of Ethics of Massachusetts Financial Services Company, dated April 2, 2025](abf-efp21703_ex99p8.htm) |
| 99.(p)(13) | [Code of Ethics for Garcia Hamilton & Associates, L.P., dated September 2025](abf-efp21703_ex99p13.htm) |
| 99.(p)(19) | [Code of Ethics for American Century Investment Management, Inc., dated October 29, 1999, as revised July 1, 2025](abf-efp21703_ex99p19.htm) |
| 99.(p)(21) | [Code of Ethics for DePrince, Race & Zollo, Inc., dated November 2025](abf-efp21703_ex99p21.htm) |
| 99.(p)(22) | [Code of Ethics for Global IMC LLC (formerly known as EAM Global Investors LLC), effective October 31, 2025](abf-efp21703_ex99p22.htm) |
| 99.(p)(25) | [Code of Ethics for Westwood Management Corp., updated August 7, 2025](abf-efp21703_ex99p25.htm) |

---

**25**

## Ex-99.(P)(2)

**Exhibit 99.(p)(2)**

Code of Ethics and Conduct

Barrow, Hanley, Mewhinney & Strauss, LLC

and

BH Credit Management LLC

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

![](exp2_002.jpg)

**CODE OF ETHICS AND CONDUCT**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Introduction** | **Introduction** | **1** |
| **Definitions** | **Definitions** | **2** |
| **1.** | **Policy for Possession of Material Non-Public Information** | **6** |
| **2.** | **Duty of Confidentiality** | **8** |
| **3.** | **Procedures for Access Persons** | **9** |
| **4.** | **Exempted Transactions** | **10** |
| **5.** | **Compliance Procedures** | **14** |
| **6.** | **CCO's Authority and Duties** | **14** |
| **7.** | **Reporting of Violations** | **19** |
| **8.** | **Reporting to the Board of Managers** | **19** |
| **9.** | **Sanctions** | **19** |
| **10.** | **Retention of Records** | **20** |
| **Exhibits** | **Exhibits** | **21** |
|  | **Initial Report of Access Persons** | **A** |
|  | **Annual Report of Access Persons** | **B** |
|  | **Quarterly Transactions Report of Access Persons** | **C** |
|  | **Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** | **D** |
|  | **Personal Political Contribution Pre-Clearance Form of Access Persons** | **E** |
|  | **List of Reportable Funds of Access Persons** | **F** |

---

i

![](exp2_002.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Barrow
 Hanley's Code of Ethics and Conduct is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Protect
 the reputation of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Guard
 against violations of the securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Discourage
 excessive risk-taking in employees' personal investments and/or in a client's
 account.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Abuse
 of their position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As
 a fiduciary, employees should avoid conflicts of interest where possible. This Code requires
 disclosure and reporting of any unavoidable conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,

![](exp2_002.jpg)

step relatives, adoptive relatives, and legal guardians), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. **"Firm"** means Barrow Hanley Global Investors, BH Credit Management, LLC, and their
related general partner entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. **"Gift"** means cash or any item of value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "**Managed Fund**" means any Reportable Fund for which the Firm serves as an Investment Adviser
 or Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. **"Person"** means natural person or company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. **"Political Action Committee" ("PAC")** means an organization whose purpose is to
 solicit and make Political Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 purpose of influencing any election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

![](exp2_002.jpg)

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directing
 fundraising efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

![](exp2_002.jpg)

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.

---

| | |
|:---|:---|
| 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: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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".

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

![](exp2_002.jpg)

the value of such company's shares, or impact the investment market(s), and investments of a Person, or client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

![](exp2_002.jpg)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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.

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

![](exp2_002.jpg)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Information
 about the Firm's clients and prospective clients' investments and account transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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: S:\BHMS_Shared\Compliance\Forms

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;&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;&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;&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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: S:\BHMS_Shared\Compliance\Forms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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).

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

![](exp2_002.jpg)

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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

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

![](exp2_002.jpg)

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Exempted Transactions** 

Certain prohibitions and restrictions for Access Persons and Family Members in Section 3., B. and D. above, do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance Procedures** 

All access persons are subject to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: S:\BHMS_Shared\Compliance\Policies.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;1. Managed
 Funds in the Firm's 401K Plan or VDP Plan

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Initial
 holdings report must be made within ten days of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

&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. 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;&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;&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;&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;&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:

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Reporting of Violations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 CCO and CEO will consider reports made to the Board and determine what sanctions, if any,
 should be imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Summarize
 existing procedures concerning personal investing and any changes in the procedures made
 during the past year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Identify
 any violations requiring significant remedial action during the past year; and

![](exp2_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Sanctions** 

This Code provides disciplinary measures for violations, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

![](exp2_001.jpg)

**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;&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;&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;&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;&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):

---

| | | | |
|:---|:---|:---|:---|
| **security name/type/ticker/cusip**<br> **interest rate & maturity date** | **number of shares** | **principal value** | **type of interest (direct or indirect)** |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit A

![](exp2_001.jpg)

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Initial Report of Access Person**

*(Continued)*

&nbsp;&nbsp;&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;&nbsp;&nbsp;6. I
and/or a Family Member have made the following Political Contributions in the previous 2 years:

---

| | | |
|:---|:---|:---|
| **name of candidate** | **date of contribution** | **type of political activity/**<br> **contribution** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | **Barrow Hanley Global Investors** |
| Date: | Signature: | |
|  |  | 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;&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;&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.

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.

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.

5. During the year I have abided by the requirements of Barrow Hanley's *Code of Ethics and Conduct*.

6. As of December 31, 20___, I and/or a Family Member had a direct or indirect Beneficial
 Ownership in the following Reportable Securities:

---

| | | | |
|:---|:---|:---|:---|
| **security name/type/ticker/cusip**<br> **interest rate & maturity date** | **number of shares** | **principal<br> value** | **type of interest (direct or indirect)** |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit B

![](exp2_001.jpg)

**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;&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: | **Barrow Hanley Global Investors** |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit B

![](exp2_001.jpg)

**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;&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 trans-action** | **number of shares** | **dollar amount of transaction** | **nature of transaction**<br> (Purchase, Sale, Other) | **price** | **broker/**<br> **dealer or bank name** |

---

&nbsp;&nbsp;&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

![](exp2_001.jpg)

**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;&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 contribution** | **type of political activity/**<br> **contribution** |

---

&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;6. During the quarter identified above, all potential Conflicts of Interest
were reported to Compliance.

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | **Barrow Hanley Global Investors** |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit C

![](exp2_001.jpg)

**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 amount**<br> **of transaction** | **nature**<br> **of**<br> **transaction**<br> (Purchase, Sale, Other) | **price**<br> (or Proposed Price) | **broker**<br> **/dealer**<br> **or bank through**<br> **whom effected** | **authorized** | **authorized** |
| **security name/type/ticker/cusip**<br> **interest rate & maturity date** | **number**<br> **of**<br> **shares** | **dollar amount**<br> **of transaction** | **nature**<br> **of**<br> **transaction**<br> (Purchase, Sale, Other) | **price**<br> (or Proposed Price) | **broker**<br> **/dealer**<br> **or bank through**<br> **whom effected** | **yes** | **no** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | **Barrow Hanley Global Investors** |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit D

![](exp2_001.jpg)

**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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **name of candidate** | **amount** | **state and county of election** | **what office is candidate seeking?** | **is covered person eligible to vote for candidate?** | **authorized** | **authorized** |
| **name of candidate** | **amount** | **state and county of election** | **what office is candidate seeking?** | **is covered person eligible to vote for candidate?** | **yes** | **no** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | **Barrow Hanley Global Investors** |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

Exhibit E

![](exp2_001.jpg)

**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.)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **U.S. Registered Funds – 25**<br>American Beacon Balanced Fund<br> American Beacon Diversified Fund<br> American Beacon Large Cap Value Fund<br> American Beacon Small Cap Value Fund<br> Barrow Hanley Concentrated Emerging Markets<br> ESG Opportunities Fund<br> Barrow Hanley Credit Opportunities Fund<br> Barrow Hanley Emerging Markets Value Fund<br> Barrow Hanley Floating Rate Fund<br> Barrow Hanley International Value Fund<br> Barrow Hanley Total Return Bond Fund<br> Barrow Hanley US Value Opportunities Fund<br> Brinker - Destinations International Equity Fund<br> Edward D. Jones - Bridge Builder Large Value Fund<br> Equitable - 1290 VT Equity Income Portfolio<br> GuideStone Value Equity Fund<br> MassMutual Small Cap Value Equity Fund<br> Mercer Emerging Markets Equity Fund<br> MML Income & Growth Fund<br> Principal LargeCap Value III Fund<br> Principal Overseas Fund<br> Timothy Plan Defensive Strategies Fund<br> Timothy Plan Fixed Income Fund<br> Timothy Plan Growth & Income Fund<br> Timothy Plan High Yield Bond Fund<br> Touchstone Value Fund<br>**Non-Registered Funds – 3**<br> Cayman Islands<br> EQ Offshore Aggressive Multimanager Fund<br> EQ Offshore Conservative Multimanager Fund<br> EQ Offshore Moderate Multimanager Fund<br>| &nbsp;&nbsp;&nbsp; **Non-U.S. Registered Funds – 18**<br> *Australia*<br> Barrow Hanley Concentrated Global Share Fund<br> (unhedged)<br> Barrow Hanley Concentrated Global Share Fund<br> (hedged)<br> Barrow Hanley Emerging Markets Fund<br> Barrow Hanley Global Equity Trust<br> Colonial First State Investments Ltd -<br> Commonwealth Global Shares Fund 5<br> Commonwealth Global Shares Fund 8<br> Hostplus Pooled Superannuation Trust<br> Mercer Emerging Market Shares Fund<br> Perpetual Global Share Fund<br> Perpetual Private RI International Shares Fund<br> Perpetual Select International Share Fund<br>*Canada*<br> Leith Wheeler Emerging Markets Equity Fund<br> Leith Wheeler International Equity Plus Fund<br> Leith Wheeler International Equity Plus Fund<br>*Ireland*<br> Barrow Hanley Global ESG Value Equity Fund<br> Barrow Hanley Concentrated Emerging Markets<br> ESG Fund<br> Barrow Hanley US ESG Value Opportunities<br> Fund<br> MGI Emerging Markets Equity Fund<br> Old Mutual Value Global Equity Fund<br>*United Kingdom*<br> F&C Investment Trust plc<br>*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

![](exp2_001.jpg)

**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**

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Role** |
| Green Century Balanced Fund | Retail | GCBLX | Sub-Advisor |
| Green Century Balanced Fund | Institutional | GCBUX | Sub-Advisor |
| JHF ESG Large Cap Core Fund | A | JHJAX | Sub-Advisor |
| JHF ESG Large Cap Core Fund | C | JHJCX | Sub-Advisor |
| JHF ESG Large Cap Core Fund | I | JHJIX | Sub-Advisor |
| JHF ESG Large Cap Core Fund | R6 | JHJRX | Sub-Advisor |
| Trillium ESG Global Equity Fund | Investor | PORTX | Sub-Advisor |
| Trillium ESG Global Equity Fund | Institutional | PORIX | Sub-Advisor |
| Trillium ESG Small/Mid Cap Fund | Institutional | TSMDX | Sub-Advisor |

---

**TSW Advised and Sub-Advised Registered Funds**

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Role** |
| TSW High Yield Bond Fund | I | TSWHX | Sub-Adviser |
| TSW Large Cap Value Fund | I | TSWEX | Sub-Adviser |
| TSW Emerging Markets Fund | I | TSWMX | Sub-Adviser |
| MassMutual Mid Cap Value Fund | I | MLUZX | Sub-Adviser |
| Transamerica International Equity | I | TSWIX | Sub-Adviser |
| Transamerica International Equity | A | TRWAZ | Sub-Adviser |
| Transamerica International Equity | C | TRWCX | Sub-Adviser |
| Transamerica International Small Cap | I | TISVX | Sub-Adviser |
| Transamerica Mid Cap Value Opportunities | I | MVTIX | Sub-Adviser |
| 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

![](exp2_001.jpg)

**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\***

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Role** |
| JOHCM Emerging Markets Opportunities Fund | Institutional; Advisor; Investor | JOEMX;<br> JOEIX;<br> JOEAX | Advisor |
| JOHCM Emerging Markets Discovery Fund | Institutional; Advisor<br>| JOMMX;<br> JOMEX | Advisor |
| JOHCM International Opportunities Fund | Institutional | JOPSX | Advisor |
| JOHCM International Select Fund | Institutional; Investor | JOHIX;<br> JOHAX | Advisor |
| JOHCM Global Select Fund | Institutional; Advisor | JOGIX;<br> JOGEX | Advisor |
| Regnan Global Equity Impact Solutions | Institutional | REGIX | Advisor |
| SEI Institutional International Trust – Emerging Markets Equity Fund | Class F; Class Y | SIEMX;<br> SEQFX | Sub-Advisor |

---

*As of January 1, 2025*

 

<sup>\*</sup>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)(4)

**Exhibit 99.(p)(4)**

**<u>CODE OF ETHICS</u>**

**CAUSEWAY CAPITAL MANAGEMENT TRUST**

and

**CAUSEWAY CAPITAL MANAGEMENT LLC**

**I. <u>INTRODUCTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Standards of Conduct</u>. This Code of Ethics has been adopted by the Trust and the Adviser in compliance with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Capitalized terms used in this Code are defined in Appendix 1 to this Code. All Appendixes referred to herein are attached to and are a part of this Code.

This Code is based on the principles that the trustees, managers, officers, and employees of the Trust and the Adviser have a fiduciary duty to the Trust and that the board of managers, officers, and employees of the Adviser or its parent holding company also have a fiduciary duty to the Adviser's other clients. Fiduciaries owe their clients duties of loyalty, honesty, good faith and fair dealing. As fiduciaries, Covered Persons must at all times:

&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. <u>Place the interests of the Funds and Private Accounts first</u>. Covered Persons must scrupulously avoid serving their own personal interests ahead of the interests of the Funds and Private Accounts. Covered Persons may not induce or cause a Fund or Private Account to take action, or not to take action, for personal benefit, rather than for the benefit of the Fund or Private Account. For example, a Covered Person would violate this Code by causing a Fund or Private Account to purchase a Security he or she owned for the purpose of increasing the price of that Security or by Market Timing Funds or Private 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; 2. <u>Avoid taking inappropriate advantage of their positions</u>. Covered Persons may not, for example, use their knowledge of portfolio transactions to profit by the market effect of such transactions. Receipt of investment opportunities, perquisites, or gifts from persons seeking business with the Trust or the Adviser could call into question the exercise of a Covered Person's independent judgment.

&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. <u>Conduct all personal Securities Transactions in full compliance with this Code including the reporting requirements</u>. All personal Securities Transactions must be conducted consistent with this Code and in such a manner as to avoid actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. Doubtful situations should be brought to the attention of the Compliance Officer (or a designee) and resolved in favor of the Funds and Private 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;4. <u>Comply with all applicable federal securities laws</u>. Covered Persons must comply with all applicable federal securities laws. It is prohibited for a Covered Person, in connection with the purchase or sale, directly or indirectly, by the person of a Security held or to be acquired by a Fund or Private Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To employ any device, scheme or artifice to defraud a Fund or Private Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To make any untrue statement of a material fact to a Fund or Private Account or omit to state a material fact necessary in order to
make the statements made to a Fund or Private Account, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Fund or Private Account;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To engage in any manipulative practice with respect to a Fund or Private Account.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not act as a shield from liability for personal trading or other conduct that violates a fiduciary duty to Fund shareholders or Private Account clients. Access Persons and Investment Personnel should bring to the attention of the Compliance Officer (or a designee) any known circumstances or situations that may create an actual, potential or perceived conflict of interest.

**Violations of the Code must be reported promptly to the Compliance Officer. Failure to comply with the Code may result in sanctions, including termination of employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Appendixes to the Code</u>. The Appendixes to this Code are attached to and are a part of the Code. The Appendixes include the following:

&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. <u>Definitions</u> (Appendix 1),

&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. <u>Contact Persons</u> (Appendix 2),

&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. <u>Certification of Compliance with Code of Ethics</u> (Appendix 3 and 3-I),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Personal Securities Holdings and Accounts Disclosure Form</u> (Appendix 3-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;4. <u>Form Letter to Broker, Dealer or Bank</u> (Appendix 4).

&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. <u>Report of Securities Transactions</u> (Appendix 5)

&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. <u>Initial Public Offering / Private Placement Clearance Form</u> (Appendix 6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Application of the Code to Independent Fund Trustees</u>. The following provisions do not apply to Independent Fund Trustees and their Immediate Families.

&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. Personal Securities Transactions (Section II)

&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. Initial, Quarterly and Annual Holdings Reporting Requirements (Section III.A)

**II. <u>PERSONAL SECURITIES TRANSACTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Prohibited Transactions</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; 1. <u>Prohibited Securities Transactions</u>. The following Securities Transactions are prohibited and will not be authorized by the Compliance Officer (or a designee) absent exceptional circumstances. The prohibitions apply only to the categories of persons specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Pending Buy or Sell Orders (Investment Personnel and Access Persons)</u>. Any purchase or sale of Securities (except Funds) by Investment Personnel or Access Persons on any day during which any Fund or Private Account has a pending "buy" or "sell" order in the same Security (or Equivalent Security) until that order is executed or withdrawn. This prohibition applies whether the Securities Transaction is in the same direction (<u>e.g.</u>, two purchases) or the opposite direction (a purchase and sale) as the transaction of the Fund or Private Account. See exemption in Section II.B.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Seven-Day Blackout (Investment Personnel and Access Persons)</u>. Purchases or sales of Securities (except Funds and registered open-end investment companies that are not ETFs) by Investment Personnel or Access Persons within seven calendar days before and after a purchase or sale of the same Securities (or Equivalent Securities) by any Fund or Private Account. For example, if a Fund or Private Account trades a Security on day one, day eight is the first day any Investment Personnel or Access Persons may trade that Security (or Equivalent Security) for an account in which he or she has a beneficial interest. This prohibition applies whether the Securities Transaction is in the same direction or the opposite direction as the transaction of the Fund or Private Account. This prohibition also does not apply where a personal trade follows or precedes a Fund or Private Account trade to purchase or sell a basket of securities to invest cash or raise cash (<u>e.g</u>., program trades or cash equitization trades). Investment Personnel and Access Persons may not cause a Fund or Private Account to refrain from trading in order to avoid the application of this prohibition. See exemption in Section II.B.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. <u>Intention to Buy or Sell for a Fund or Private Account (Investment Personnel and Access Persons)</u>. Purchases or sales of Securities (except Funds) by an Access Person or Investment Person at a time when that Access Person or Investment Person intends, or knows of another's intention, to purchase or sell that Security (or an Equivalent Security) on behalf of a Fund or Private Account. This prohibition also applies whether the Securities Transaction is in the same direction or the opposite direction as the transaction of the Fund or Private Account. This prohibition does not apply with respect to Fund or Private Account trades to purchase or sell a basket of securities to invest cash or raise cash (<u>e.g.</u>, program trades or cash equitization trades).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. <u>Sixty Day Short-Term Trading Profit Restriction (Investment Personnel and Access Persons)</u>. Investment Personnel are prohibited from profiting from any purchase and sale, or sale and purchase, of a Security or Equivalent Security within sixty calendar days. All Access Persons are prohibited from profiting from any purchase and sale, or sale and purchase, of a Fund or Private Account within sixty calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. <u>Restricted List (Investment Personnel and Access Persons)</u>. Investment Personnel and Access Persons are prohibited from purchases or sales of Securities on the Adviser's Restricted List, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. <u>Holdings Restriction (Investment Personnel and Access Persons)</u>. Investment Personnel and Access Persons are prohibited from purchasing Securities or Equivalent Securities (except Funds and ETFs) currently held or sold short by any Fund or Private Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g. <u>Excessive Trading (Investment Personnel and Access Persons)</u>. Excessive trading is strongly discouraged. Excessive trading means trading with a frequency that potentially imposes an administrative burden on the Compliance department, interferes with regular job duties, or adversely affects clients, as determined by the Compliance Officer in his or her discretion. In general, any Access Person requesting preclearance

for more than 10 Securities Transactions in a month should expect additional scrutiny regarding his or her trades. The Compliance Officer or a designee monitors trading activity, and may report such activity to Adviser management and/or limit the number of Securities Transactions by an Access Person during a given period. Notwithstanding the foregoing, this rule does not apply to Securities Transactions in an account that is managed by a broker or adviser with discretionary authority over the account.

&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. <u>Always Prohibited Securities Transactions</u>. The following Securities Transactions for Funds or Private Accounts are prohibited for all Access Persons and Investment Persons and will not be authorized under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Inside Information</u>. Any transaction in a Security while in possession of material nonpublic information regarding the Security or the issuer of the Security. For more detailed information, see the Adviser's Insider Trading Policy in its Compliance Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Market Manipulation</u>. Transactions intended to raise, lower, or maintain the price of any Security or to create a false appearance of active trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. <u>Others</u>. Any other transactions deemed by the Compliance Officer (or a designee) to involve a conflict of interest, possible diversions of a corporate opportunity, an appearance of impropriety, or an administrative burden, or determined by the Compliance Officer (or designee) in his or her discretion to be prohibited for any other reason. For example, Access Persons and Investment Personnel should not execute Securities Transactions for their own account with the same individual employee at a broker-dealer firm that Causeway uses for trading for Funds and Private 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; 3. <u>Initial Public Offerings (Investment Personnel and Access Persons)</u>. Any purchase of Securities by Investment Personnel or Access Persons in an initial public offering (other than a new offering of a registered open-end investment company) or purchase of cryptocurrency tokens or Initial Coin Offerings (which may be analogous to IPOs) is only permitted if the Compliance Officer grants permission in advance after considering, among other facts, whether the investment opportunity should be reserved for a Fund or Private Account and whether the opportunity is being offered to the person by virtue of the person's position as an Investment Person or Access Person. If authorized, the Compliance Officer will maintain a record of the reasons for such authorization (see Appendix 6).

&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. <u>Private Placements (Investment Personnel and Access Persons)</u>. Acquisition of Beneficial Interests in Securities in a Private Placement by Investment Personnel or Access Persons is only permitted if the Compliance Officer (or a designee) grants permission in advance after considering, among other facts, whether the investment opportunity should be reserved for a Fund or Private Account and whether the opportunity is being offered to the person by virtue of the person's position as an Investment Person or Access Person. If a Private Placement transaction is permitted, the Compliance Officer will maintain a record of the reasons for such approval (see Appendix 6). Investment Personnel who have acquired securities in a Private Placement are required to disclose that investment to the Compliance Officer when they play a part in any subsequent consideration of an investment in the issuer by a Fund or Private Account, and the decision to purchase securities of the issuer by a Fund or Private Account must be independently authorized by a Portfolio Manager with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Exemptions.</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; 1. The following Securities Transactions are exempt from the restrictions set forth in Section II.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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Mutual Funds/CITs</u>. Securities issued by any registered open-end investment companies or collective investment trusts (excluding Funds, mutual fund clients and collective investment trusts for which the Adviser serves as investment adviser or subadviser and ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>No Knowledge</u>. Securities Transactions where neither the Access Person nor Investment Person nor an Immediate Family member knows of the transaction before it is completed (for example, Securities Transactions effected for an Access Person or Investment Person by a trustee of a blind trust or by an automated or "robo" adviser without Access Person or Investment Person input or approval, or discretionary trades involving an investment partnership or investment club in which the Access Person or Investment Person is neither consulted nor advised of the trade before it is executed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. <u>Certain Corporate Actions</u>. Any acquisition of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. <u>Rights</u>. Any acquisition of Securities through the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its Securities, to the extent the rights were acquired in the issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. <u>Charities and Inheritances</u>. Any disposition of Securities (or Equivalent Securities) donated or transferred to charitable or similar organizations, or any acquisition of Securities (or Equivalent Securities) through inheritance or similar estate transfer processes. This exception does not apply to a donation where the Access Person or Investment Person knows that the recipient will immediately sell the Securities (or Equivalent Securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. <u>Miscellaneous</u>. Any transaction in the following: (1) bankers' acceptances, (2) bank certificates of deposit, (3) commercial paper, (4) high quality short-term debt, including repurchase agreements, (5) Securities that are direct obligations of the U.S. Government, (6) municipal bonds, and (7) other Securities as may from time to time be designated in writing by the Compliance Officer on the grounds that the risk of abuse is minimal or non-existent.

&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. Personal Transactions in Securities that also are being purchased, sold or held by a Fund or Private Account are exempt from the prohibitions of Sections II.A.1. a and b if the Investment Person or Access Person does not, in connection with his or her regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of Securities by that Fund or Private Account.

&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. <u>Application to Commodities, Futures, Options on Futures and Options on Broad-Based Indexes</u>. Commodities, futures (including currency futures and futures on securities comprising part of a broad-based, publicly traded market based index of stocks, but not including futures on single securities) and options on futures and options on broad-based indexes are not subject to the prohibited transaction provisions of Section II.A., but are subject to the Code's transaction reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Application to Currencies and Cryptocurrencies</u>. Currencies, such as US Dollars or euros, are not Securities and are not subject to the Code. Similarly, cryptocurrencies, such as Bitcoin, which are a virtual or digital representation of value, are not Securities and are not subject to the Code. However, purchases of cryptocurrency tokens and ICOs are subject to preclearance, and, depending on the instrument, derivatives on tokens are subject to preclearance.

**III. <u>REPORTING AND PRECLEARANCE REQUIREMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Reporting and Preclearance Requirements for Access Persons and Investment Personnel</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;1. <u>Preclearance Procedures</u>. Access Persons and Investment Persons must obtain approval from the Compliance Officer prior to entering into any Securities Transactions (including IPOs and Private Placements) or purchases or sales of cryptocurrency tokens or ICOs (which are subject to the same procedures as Securities Transactions below), except that preclearance is not required for the exempt Securities Transactions set forth in Section II.B or for Securities Transactions in Funds or federal Thrift Savings Plan funds. An Access Person's or Investment Person's first failure to preclear a Securities Transaction within a five year period will not be considered a violation and will receive a warning, unless the Securities Transaction involves a violation of the prohibitions of Section II.A. Access Persons and Investment Persons may preclear Securities Transactions only where they have a present intent to transact in the Security.

To preclear a Securities Transaction, an Access Person or Investment Person shall communicate his or her request to the Compliance Officer, either through the automated preclearance system or a manual process, and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Issuer name;

&nbsp;&nbsp;&nbsp;&nbsp;&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) Type of security (stock, bond, note, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Nature of transaction (purchase or sale).

Approval of a Securities Transaction, once given, is effective only for two business days or until the employee discovers that the information provided at the time the transaction was approved is no longer accurate, whichever is shorter.

&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. <u>Initial Holdings and Accounts Report</u>. Every Access Person and Investment Person must submit within 10 calendar days of becoming an Access Person or Investment Person an Initial Holdings and Accounts Report (see Appendix 3-A) to the Compliance Officer listing all Securities accounts and Securities that he or she holds in such accounts in which that Access Person or Investment Person (or Immediate Family member) has a Beneficial Interest. The information in the Initial Holdings and Accounts Report must be current as of a date not more than 45 calendar days prior to the date the person becomes an Access Person or Investment Person.

&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. <u>Quarterly Reporting Requirements</u>. Every Access Person and Investment Person (and Immediate Family member) must arrange for the Compliance Officer or a designee to receive directly from any broker, dealer, or bank that effects any Securities Transaction, duplicate copies of each confirmation for each such transaction and periodic statements for each brokerage account in which such Access Person or Investment Person (and Immediate Family member) has a Beneficial Interest. Attached hereto as Appendix 4 is a form of letter that may be used to request such

documents from such entities. All copies must be received no later than 30 calendar days after the end of the calendar quarter. Each confirmation or statement must disclose the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&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) the title (and exchange ticker symbol or CUSIP number, interest rate and maturity date, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the number of shares and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the nature of the transaction (<u>e.g.</u>, purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the price of the Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the name of the broker, dealer or bank through which the trade was effected.

If an Access Person or Investment Person (or Immediate Family member) is not able to arrange for duplicate confirmations and periodic statements to be sent that contain the information required above, or if a transaction is consummated without an intermediary, he or she must submit a quarterly transaction report (see Appendix 5) within 30 calendar days after the completion of each calendar quarter to the Compliance Officer or a designee.

&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. Every Access Person or Investment Person who establishes a Securities account during the quarter in which that Access Person or Investment Person (or Immediate Family member) has a Beneficial Interest must submit an Account Report (see Appendix 5) to the Compliance Officer or a designee. This report must be submitted to the Compliance Officer or a designee within 30 calendar days after the completion 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;5. <u>Annual Holdings and Accounts Report</u>. Every Access Person and Investment Person must annually submit an Annual Holdings and Accounts Report (see Appendix 3-A) listing all Securities accounts and Securities in which that Access Person or Investment Person (or Immediate Family member) has a Beneficial Interest. The information in the Annual Holdings Report must be current as of a date no more than 45 calendar days before the report is submitted.

&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. An Access Person or Investment Person is not required to report Securities accounts that may only hold open-end mutual funds (except ETFs) or collective investment trusts; however, an Access Person or Investment Person is required to report Securities accounts that are permitted to hold other Securities or ETFs even if the Securities account does not currently hold other Securities or ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reporting Requirements for Independent Fund Trustees</u>

Each Independent Fund Trustee (and his or her Immediate Family) must report to the Compliance Officer or a designee any trade in a Security by any account in which the Independent Fund Trustee has any Beneficial Interest if the Independent Fund Trustee knew or, in the ordinary course of fulfilling his or her duty as a Trustee of the Trust, should have known that during the 15-calendar day period immediately preceding or after the date of the transaction in a Security by the Trustee such Security (or an Equivalent Security) was or would be purchased or sold by a Fund or such purchase or sale by a Fund was or would be considered by the Fund, except with respect to purchases or sales of a basket of securities to invest cash or raise cash (<u>e.g.</u>, program trades or cash equitization trades). Independent Fund Trustees who need to report such transactions should refer to the procedures outlined in Section III.A.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exemptions, Disclaimers and Availability of Reports</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; 1. <u>Exemptions</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; (a) A Securities Transaction involving the following circumstances or Securities is exempt from the reporting requirements discussed above: (1) neither the Access Person or Investment Person nor an Immediate Family member had any direct or indirect influence or control over the transaction; (2) Securities directly issued by the U.S. Government; (3) bankers' acceptances; (4) bank certificates of deposit; (5) commercial paper; (6) high quality short-term debt instruments, including repurchase agreements; and (7) shares issued by open-end mutual funds or collective investment trusts (excluding Funds, mutual fund and collective investment trust clients for which the Adviser serves as investment adviser or subadviser and ETFs).

&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) An Access Person or Investment Person shall not be required to make a transaction report under Section III.A. to the extent that information in the report would duplicate information recorded by the Adviser pursuant to Rule 204-2(a)(13) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) With respect to transactions effected pursuant to an Automatic Investment Plan, Access Persons and Investment Persons need not make quarterly transaction reports under Section III.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; 2. <u>Disclaimers</u>. Any report of a Securities Transaction for the benefit of a person other than the individual in whose account the transaction is placed may contain a statement that the report should not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Security to which the report relates.

&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. <u>Availability of Reports</u>. All information supplied pursuant to this Code may be made available for inspection to the Board of Trustees of the Trust, the management of the Adviser, the Compliance Officer, any party to which any investigation is referred by any of the foregoing, the SEC, any self-regulatory organization of which the Adviser is a member, any state securities commission or regulator, and any attorney or agent of the foregoing or of the Trust. Information supplied pursuant to this Code may also be maintained by a third-party vendor engaged by the Adviser to facilitate administration of the Code, provided the vendor has agreed to maintain the confidentiality of such information.

**IV. <u>FIDUCIARY DUTIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u>. Covered Persons are prohibited from revealing information relating to the investment intentions or activities of the Funds or Private Accounts except to persons whose responsibilities require knowledge of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Corporate Opportunities</u>. Access Persons and Investment Persons may not take personal advantage of any opportunity properly belonging to the Funds or Private Accounts. This includes, but is not limited to, acquiring Securities for one's own account that would otherwise be acquired for a Fund or Private Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Undue Influence</u>. Covered Persons may not cause or attempt to cause any Fund or Private Account to purchase, sell or hold any Security in a manner calculated to create any personal benefit to the Covered Person. If a Covered Person (or Immediate Family member) stands to benefit materially from an investment decision for a Fund or Private Account which the Covered Person is recommending or participating in, the Covered Person must disclose to those persons with authority to make investment

decisions for the Fund or Private Account (or, if the Covered Person in question is a person with authority to make investment decisions for the Fund or Private Account, to the Compliance Officer) any Beneficial Interest that the Covered Person (or Immediate Family member) has in that Security or an Equivalent Security, or in the issuer thereof, where the decision could create a material benefit to the Covered Person (or Immediate Family member) or the appearance of impropriety. The person to whom the Covered Person reports the interest, in consultation with the Compliance Officer, must determine whether or not the Covered Person will be restricted in making investment decisions.

**V. <u>COMPLIANCE WITH THIS CODE OF ETHICS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Compliance Officer Review</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; 1. <u>Monitoring of Personal Securities Transactions</u>. The Compliance Officer or a designee will review personal Securities Transactions and holdings reports made pursuant to Section III.

&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. <u>Investigating Violations of the Code</u>. The Compliance Officer will investigate any suspected violation of the Code and report the results of each investigation to the Chief Operating Officer of the Adviser. The Chief Operating Officer together with the Compliance Officer will review the results of any investigation of any reported or suspected violation 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; 3. <u>Annual Reports</u>. At least annually, the Compliance Officer must furnish to the Trust's Board of Trustees, and the Board of Trustees must consider, a written report that (1) describes any issues arising under this 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, and (2) certifies that the Fund and the Adviser have adopted procedures reasonably necessary to prevent Covered Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Remedies</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; 1. <u>Sanctions</u>. If the Compliance Officer and the Chief Operating Officer of the Adviser determine that a Covered Person has committed a violation of the Code following a report of the Compliance Officer, the Compliance Officer and the Chief Operating Officer of the Adviser may impose sanctions and take other actions as they deem appropriate, including a letter of caution, suspension of personal trading rights, suspension of employment (with or without compensation), fine, civil referral to the SEC, criminal referral, and termination of the employment of the violator for cause. Absent exceptional circumstances, an Access Person's first violation of the Code within a five year period would result in a 30- calendar day suspension of personal trading privileges, a second violation within a five year period would result in a 90- calendar day suspension of personal trading privileges, and a third violation within a five year period would result in a 2-year suspension of trading privileges. For these purposes, violations would be measured from the date the violation occurred and include, for accumulation purposes, past violations. A suspension of trading privileges would generally entail a prohibition from purchasing Securities, but would not prohibit purchases of registered open-end investment companies or collective investment trusts and would not prohibit sales of Securities or purchases of Securities to cover short positions.

The Compliance Officer and the Chief Operating Officer of the Adviser also may require the Covered Person to reverse the trade(s) in question and forfeit any profit or absorb any loss derived therefrom. The amount of profit shall be calculated by the Compliance Officer and the Chief Operating Officer of the Adviser. Such profit and any other monetary fine imposed hereunder shall

be paid by the Covered Person to the Adviser and forwarded by the Adviser to a charitable organization selected by the Compliance Officer and the Chief Operating Officer of the Adviser. The Compliance Officer and the Chief Operating Officer of the Adviser may not review his or her own transaction.

&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. <u>Sole Authority</u>. The Compliance Officer and the Chief Operating Officer of the Adviser have sole authority, subject to the review set forth in Section V.B.1 above, to determine the remedy for any violation of the Code, including appropriate disposition of any monies forfeited pursuant to this provision. Failure to promptly abide by a directive to reverse a trade or forfeit profits may result in the imposition of additional sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exceptions to the Code</u>. Exceptions to the Code will rarely, if ever, be granted. The Compliance Officer may grant exceptions to the requirements of the Code on a case by case basis if the Compliance Officer finds that the proposed conduct involves negligible opportunity for abuse, or upon a showing by the employee that he or she would suffer extreme financial hardship should an exception not be granted. Should the subject of the exception request involve a Securities Transaction, a change in the employee's investment objectives, tax strategies, or special new investment opportunities would not constitute acceptable reasons for an exception. Any exceptions granted must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Compliance Certification</u>. The Adviser shall provide each Covered Person with a copy of the Code of Ethics and any amendments. Each Access Person and Investment Person shall certify that he or she has received, read and understands the Code and any amendments by executing the Certification of Compliance with the Code of Ethics form (see Appendix 3). In addition, on an annual basis, all Access Persons and Investment Persons will be required to re-certify on such form (see Appendix 3) that they have read and understand the Code and any amendments, that they have complied with the requirements of the Code, and that they have reported all Securities Transactions required to be disclosed or reported pursuant to the requirements of the Code. Independent Fund Trustees and members of the board of managers of the Adviser's parent holding company should complete Appendix 3-I only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Inquiries Regarding the Code</u>. The Compliance Officer will answer any questions about the Code or any other compliance-related matters.

DATED: April 25, 2005

REVISED: November 1, 2005; January 30, 2006; January 28, 2008; February 1, 2010; August 2, 2010; August 10, 2010; July 1, 2013; June 30, 2015; June 30, 2016; December 29, 2017; June 29, 2018; June 3, 2019; June 30, 2020; October 1, 2020; June 30, 2021; June 30, 2022; December 30, 2022; June 30, 2025

 **Appendix 1**

**DEFINITIONS**

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Access Person</u>" means any officer, general partner or Advisory Person of the Trust, the Adviser, or Causeway (Shanghai) Information Consulting Co., Ltd.; provided, that the employees of SEI Investments Global Funds Services and its affiliates (collectively, "SEI") shall not be deemed to be "Access Persons" as their trading activity is covered by the Code of Ethics adopted by SEI in compliance with Rule 17j-1 under the 1940 Act. Unless otherwise determined by the Compliance Officer in writing, Independent Fund Trustees and members of the board of managers of the Adviser's parent holding company who are not Advisory Persons are deemed not to be Access Persons under this Code on the grounds that they do not have regular access to information or recommendations regarding the purchase or sale of Securities by Funds or Private Accounts and the risk of abuse is deemed minimal.

"<u>Adviser</u>" means Causeway Capital Management LLC.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended.

"<u>Advisory Person</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any trustee, member of the board of managers of the Adviser's parent holding company, or officer, general partner or employee of the Adviser, Causeway (Shanghai) Information Consulting Co., Ltd., or the Trust (or of any company in a Control relationship with any of such companies) who, in connection with his or her regular functions or duties, makes, participates in, or obtains or has access to information regarding the purchase or sale of Securities by, or the nonpublic portfolio holdings of, the Funds or Private Accounts, or has access to or whose functions relate to the making of any recommendations with respect to such purchases or sales, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any natural person in a Control relationship to the Trust or the Adviser who obtains information concerning recommendations made to the Funds or Private Accounts with respect to the purchase or sale of Securities by the Funds or Private Accounts.

"<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 Interest</u>" means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. A Covered Person is deemed to have a Beneficial Interest in Securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts, UTMA accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether a Covered Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Officer. Such questions will be resolved in accordance with, and this definition shall be subject to, the definition of "beneficial owner" found in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

"<u>Code</u>" means this Code of Ethics, as it may be amended from time to time.

i

"<u>Compliance Officer</u>" means the Chief Compliance Officer of the Adviser and the Trust and the persons holding the titles designated in Appendix 2, as such Appendix shall be amended from time to time.

"<u>Control</u>" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

"<u>Covered Person</u>" means any Access Person, Investment Person, Independent Fund Trustee, member of the board of managers of the Adviser's parent holding company, or member, officer or employee of the Adviser, Causeway (Shanghai) Information Consulting Co., Ltd., or the Adviser's parent holding company (or of any company in a Control relationship with any of such companies).

"<u>Equivalent Security</u>" means any Security issued by the same entity as the issuer of a subject Security, including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, futures on single securities, bonds, and other obligations of that company or security otherwise convertible into that security. Options on securities and futures on single securities are included even if, technically, they are issued by the Options Clearing Corporation, a futures clearing authority, or a similar entity.

"<u>ETF</u>" means exchange-traded fund.

"<u>Fund</u>" means a portfolio of the Trust.

"<u>Immediate Family</u>" of a person means any of the following persons who reside in the same household as such person:

---

| | | |
|:---|:---|:---|
| child | grandparent | son-in-law |
| stepchild | spouse | daughter-in-law |
| grandchild | sibling | brother-in-law |
| parent | mother-in-law | sister-in-law |
| stepparent | father-in-law |  |

---

Immediate Family includes adoptive relationships and any other relationship (whether or not recognized by law) which the Compliance Officer determines could lead to the possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety which this Code is intended to prevent.

"<u>Independent Fund Trustee</u>" means a trustee of the Trust who is not an "interested person" as that term is defined in Section 2(a)(19) of the 1940 Act.

"<u>Initial Coin Offering</u>" or "ICO", which may also be referred to as a "token" offering, is similar to an IPO and used to raise capital, often providing the buyer certain rights once issued.

"<u>Initial Public Offering</u>" or "IPO" is an offering of securities registered under the Securities Act of 1933 by an issuer who immediately before the registration of such securities was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

"<u>Investment Personnel</u>" and "<u>Investment Person</u>" mean (1) employees of the Adviser, Causeway (Shanghai) Information Consulting Co., Ltd., or the Trust (or of any company in a Control relationship with any of such companies) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities, or (2) any natural person who Controls the Adviser or the Trust and who obtains information concerning recommendations made to the Funds or Private Accounts regarding the purchase and sale of Securities by the Funds or Private Accounts. References to Investment Personnel include without limitation Portfolio Managers.

ii

"<u>Market Timing</u>" means transactions deemed by the Compliance Officer to constitute the short-term buying and selling of shares of Funds or Private Accounts to exploit pricing inefficiencies.

"<u>Portfolio Manager</u>" means a person who has or shares principal day-to-day responsibility for managing the portfolio of a Fund or Private Account.

"<u>Private Account</u>" means the portion of a portfolio of a private client or mutual fund client for which the Adviser serves as investment adviser or subadviser.

"<u>Private Placement</u>" means a limited offering exempt from registration pursuant to Rules 504, 505 or 506 or under Section 4(2) or 4(6) of the Securities Act of 1933.

"<u>Restricted List</u>" means the list of companies maintained by the Compliance Officer about which the Adviser or its affiliates potentially possess material nonpublic information.

"<u>SEC</u>" means the Securities and Exchange Commission.

"<u>Security</u>" means a security as defined in Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act, including, but not limited to, stock, notes, bonds, debentures, and other evidences of indebtedness (including loan participations and assignments), limited partnership interests, investment contracts, and all derivative instruments of the foregoing, such as options and warrants. "Security" does not include futures and options on futures (except for single security futures and options on futures), but the purchase and sale of such instruments are nevertheless subject to the reporting requirements of the Code. "Security" also does not include currencies or cryptocurrencies, but the purchase and sale of ICOs and tokens are nevertheless subject to the reporting requirements of the Code.

"<u>Securities Transaction"</u> means a purchase or sale of Securities in which a person (or Immediate Family member of such person) has or acquires a Beneficial Interest.

"<u>Trust</u>" means Causeway Capital Management Trust, an investment company registered under the 1940 Act for which the Adviser serves as investment adviser.

iii

 **Appendix 2**

**CONTACT PERSONS**

COMPLIANCE OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Senior Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Senior Compliance Associate

No Compliance Officer is permitted to preclear or review his/her own transactions or reports under this Code.

 **Appendix 3**

**CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS**

I acknowledge that I have received the Code of Ethics dated December 30, 2022, and certify that:

&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. I have read the Code of Ethics and any amendments and I understand that it applies to me and to all accounts in which I or a member of my Immediate Family has any Beneficial Interest.

&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. In accordance with Section III.A of the Code of Ethics, I will report or have reported all Securities Transactions in which I have, or a member of my Immediate Family has, a Beneficial Interest, except for transactions exempt from reporting under Section III.C.

&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. I have listed on Appendix 3-A of this form all accounts and securities in which I have, or any member of my Immediate Family has, any Beneficial Interest.

&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. I will comply or have complied with the Code of Ethics in all other respects.

&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. I agree to disgorge and forfeit any profits on prohibited transactions in accordance with the requirements of the Code of Ethics.

---

| |
|:---|
| Access Person's/Investment Person's Signature |
| Print Name |

---

Date:____________________

**Appendix 3-A**

**PERSONAL SECURITIES HOLDINGS and ACCOUNTS DISCLOSURE FORM**

(for use as an Initial or Annual Holdings and Accounts Report)

Pursuant to Section III.A.1 or III.A.3 of the Code of Ethics, please list all Securities accounts and, if not included in a listed Securities account, all Securities in which you (or your Immediate Family member) have a Beneficial Interest. You do not need to list those Securities that are exempt pursuant to Section III.C.

---

| |
|:---|
| Is this an Initial or Annual Report? |
| Name of Access Person/Investment Person: |
| Name of Account Holder(s): |
| Relationship to Access Person/Investment Person: |

---

**<u>SECURITIES ACCOUNTS:</u>**

□ N/A - Neither I nor an Immediate Family member has a Beneficial Interest in any Securities Account.

□ Listed below are my reportable securities accounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Account Number</u> | &nbsp;&nbsp;<u>Name of Broker/Dealer/Bank</u> |

---

(Attach separate sheets as necessary)

**<u>SECURITIES HOLDINGS:</u>**

☐ N/A - All Securities are held in the Securities Accounts listed above.

☐ The below Securities are held outside of the Securities Accounts listed above:

(Attach separate sheets as necessary)

I certify that this Report constitutes all the Securities accounts and Securities that must be reported pursuant to this Code.

---

| | |
|:---|:---|
| Access Person/Investment Person Signature |  |
| Print Name | Date |

---

 **Appendix 3-I**

**CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS**

**(Independent Fund Trustees**

**and**

**members of the board of managers of the Adviser's parent holding company)**

I acknowledge that I have received the Code of Ethics dated December 30, 2022, and certify that:

&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. I have read the Code of Ethics and any amendments, and I understand that it applies to me and to all accounts in which I or a member of my Immediate Family has any Beneficial Interest.

&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. I will report or have reported all Securities Transactions required to be reported under Section III.B of the Code in which I have, or a member of my Immediate Family has, a Beneficial Interest (Independent Fund Trustees only).

&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. I will comply or have complied with applicable provisions of the Code of Ethics in all other respects.

---

| |
|:---|
| Signature |
| Print Name |

---

Date:____________________

**Appendix 4**

**Form of Letter to Broker, Dealer or Bank**

Subject: Account # _________________

Dear ________________:

Causeway Capital Management LLC ("Adviser"), my employer, is a registered investment adviser. In connection with the Code of Ethics adopted by the Adviser, I am required to request that you send duplicate confirmations of individual transactions as well as duplicate periodic statements for the referenced account to my employer. Please note that the confirmations and/or periodic statements must disclose the following information:

1) date of the transaction;

2) the title of the security (including exchange ticker symbol or CUSIP number, interest rate and maturity date, as applicable);

3) the number of shares and principal amount;

4) the nature of the transaction (*e.g*., purchase or sale);

5) the price of the security; and

6) the name of the firm effecting the trade.

If you are unable to provide this information, please let me know immediately. Otherwise, please address the confirmations and statements directly to:

Your cooperation is most appreciated. If you have any questions regarding these requests, please contact me or the Adviser's Chief Compliance Officer/General Counsel, Kurt J. Decko at (310) 231-6100.

Sincerely, <br>

**Appendix 5**

---

| |
|:---|
| &nbsp;&nbsp;**REPORT OF SECURITY TRANSACTIONS** |
| &nbsp;&nbsp; **FOR QUARTER ENDED<u> </u>**<br>|

---

<u>Investment Persons and Access Persons:</u> You do not need to report transactions in 1) direct obligations of the U.S. Government, 2) bankers' acceptances, bank CDs, commercial paper, high quality short-term debt instruments, including repurchase agreements, 3) shares of an open-end investment company or collective investment trust(excluding Funds, mutual fund and collective investment trust clients for which the Adviser serves as investment adviser or subadviser and ETFs), 4) transactions for which you had no direct or indirect influence or control; and 5) transactions effected pursuant to an Automatic Investment Plan.

<u>Independent Fund Trustees</u>: If you are an Independent Fund Trustee, then you only need to report a transaction if you, at the time of that transaction, knew or, in the ordinary course of fulfilling your official duties as a Trustee to the Trust, should have known that, during the 15-calendar day period immediately before or after your transaction in a Security:

1) a Fund purchased or sold such Security or

2) a Fund or the Adviser considered purchasing or selling such Security.

Note that purchases or sales of a basket of securities by a Fund to invest cash or raise cash (<u>e.g.</u>, program trades or cash equitization trades) do not trigger a reporting obligation.

Disclose all Securities Transactions for the period covered by this report:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> Title of<br> Security\* | &nbsp;&nbsp;<br> Number <br> Shares | &nbsp;&nbsp; <br> Date of<br> Transaction | &nbsp;&nbsp;Price at<br> Which<br> Effected | &nbsp;&nbsp; <br> Principal Amount | &nbsp;&nbsp;<br> Bought<br> or Sold | &nbsp;&nbsp;<br> Name of<br> Broker/Dealer/Bank |

---

\* Please disclose the interest rate or maturity date and exchange ticker symbol or CUSIP number, as applicable.

Did you establish any securities accounts during the period covered by this report? ___ Yes ___ No

If Yes, please complete the following:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<br> Name of Broker | &nbsp;&nbsp; Date of<br> Account Opening | &nbsp;&nbsp; <br> Account Number |

---

---

| | |
|:---|:---|
| <u> </u> | The above is a record of every Securities Transaction or account opened which I had, or in which I acquired, any direct or indirect Beneficial Interest during the period indicated above. |
| <u> </u> | I certify that the Compliance Officer has received confirmations or account statements pertaining to all Securities Transactions executed that disclose the information required above, and has received notice of any accounts opened, during the period covered by this report. |
| <u> </u> | I have nothing to report for the period covered by this report. |

---

Date:   Signature:  

**Appendix 6**

**INITIAL PUBLIC OFFERING / PRIVATE PLACEMENT**

**CLEARANCE FORM**

(for the use of the Compliance Officer only)

The Code for the Trust and the Adviser prohibits any acquisition of Securities in an Initial Public Offering (other than shares of open-end investment companies) and Private Placement by any Investment Person or Access Person unless permitted by the Compliance Officer. In these instances, a record of the rationale supporting the approval of such transactions must be completed and retained for a period of five years after the end of the fiscal year in which approval is granted. This form should be used for such recordkeeping purposes; the Compliance Officer's signature on an appropriate preclearance form for such securities also shall suffice for record keeping purposes.

Name:

---

| |
|:---|
| Date of Request |
| Name of IPO / Private Placement: |
| Date of Offering: |
| Number of Shares/Interests |
| Price: |
| Name of Broker/Dealer/Bank |

---

<u> </u> I have cleared the IPO / Private Placement transaction described above. <br>Reasons supporting the decision to approve the above transaction:

---

| |
|:---|
| Name of Compliance Officer |
| Signature of Compliance Officer |
| Date |

---

## Ex-99.(P)(6)

**Exhibit 99.(p)(6)**

**LAM Compliance Manual**

**Appendix L**

**Code of Ethics and Personal Investment Policy**

**CODE OF ETHICS AND PERSONAL INVESTMENT POLICY** 

**For** 

**Lazard Asset Management LLC** 

**Lazard Asset Management Securities LLC** 

**Lazard Asset Management (Canada), Inc.** 

**And** 

**Certain Registered Investment Companies** 

This Code of Ethics and Personal Investment Policy (the "Policy" or this "Code") has been adopted by Lazard Asset Management LLC, Lazard Asset Management Securities LLC, Lazard Asset Management (Canada), Inc. (collectively "LAM"), and the U.S.-registered investment companies advised, managed or sponsored by LAM that have adopted this Policy ("LAM Funds"), to set forth (A) the standards of business conduct expected of Covered Persons (as defined below) and (B) certain procedures designed to minimize conflicts and potential conflicts of interest between LAM employees and LAM's Clients (including the LAM Funds), and between LAM Fund directors or trustees ("Directors") and the LAM Funds. The Policy is intended to comply with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), Rule 17j-1 under the Investment Company Act of 1940 ("1940 Act") and NFA Compliance Rule 2-9. Section II of the Policy, in particular, is designed to prevent fraudulent or manipulative practices, including such practices respecting purchases or sales of Securities held or to be acquired by LAM Client accounts. It is also designed to prevent such practices, including short-term trading or "market timing," as they relate to Covered Persons' investments in open-end mutual funds whether or not managed by LAM.

All employees of LAM, including employees who serve as Fund officers or directors, are treated as access persons under the Advisers Act. They are herein referred to as "Covered Persons," and are required to adhere to this Policy as well as all laws and regulations applicable to LAM's business activities. Consultants to LAM also may be deemed Covered Persons by LAM's Chief Compliance Officer and his/her designees. Additionally, all Directors of the Funds are subject to this Policy as indicated below.

**I.** **Statement of Principles** 

LAM is an investment adviser registered with the Securities and Exchange Commission and offers discretionary and non-discretionary asset management services to its Clients, including the Funds. Accordingly, LAM and its employees serve as fiduciaries to these Clients. This fiduciary relationship requires LAM and Covered Persons to adhere to the highest standards of ethical conduct and seek to avoid even the appearance of improper behavior. In addition, when acting as fiduciaries LAM and Covered Persons must place the interests of the firm's Clients above their own. (Detailed descriptions of LAM's fiduciary duties are set forth in Section 1 of the LAM Compliance Manual.)

In order to promote compliance with these fiduciary duties, and to manage potential conflicts of interest, LAM has adopted without limitation:

• The
 personal investment procedures set forth in Section II of this Policy;

• Restrictions
 on the provision and receipt of gifts and business entertainment, as set forth in Section 33
 of the LAM Compliance Manual;

• The
 political contribution pre-clearance requirements set forth in Section 36 of the LAM
 Compliance Manual;

• The
 outside business activity pre-clearance requirements set forth in Section 34 of the
 LAM Compliance Manual;

• The
 policies promoting best execution and prohibiting directed brokerage consistent with Rule
 12b-1(h)(1) under the 1940 Act, as set forth in Section 16 of the Compliance Manual;

• The
 insider trading and Lazard Information Barrier policies set forth in Section 32 of the
 LAM Compliance Manual; and

• Policies
 requiring adherence to anti-corruption laws, including the U.S. Foreign Corrupt Practices
 Act, as set forth in Section 4 of the LAM Compliance Manual.

LAM employees are also bound by the Lazard Ltd Code of Business Conduct and Ethics, a copy of which is published on Lazard.com.

Ensuring compliance with the firm's policies and applicable laws is the responsibility of every Covered Person. LAM employees are required to report suspected violations to their supervisors or the LAM Legal & Compliance Department. As a matter of policy, LAM will not retaliate against individuals who report suspected violations in good faith. (Details of LAM's non-retaliation policy may be found in Section 1 of the LAM Compliance Manual.)

**II.** **Personal Investment Policy & Procedures** 

**A.** **Overview** 

All Covered Persons owe a fiduciary duty to LAM's Clients when conducting their personal investment transactions. Covered Persons must place the interest of Clients first and avoid activities, interests and relationships that might interfere with the duty to make decisions in the best interests of the Clients. The fundamental standard to be followed in personal securities transactions is that Covered Persons and Directors may not take inappropriate advantage of their positions.

Covered Persons are reminded that they also are subject to other policies of LAM, including the policies noted above concerning insider trading and the receipt of gifts and entertainment. It bears noting that Covered Persons must never trade in a security while in possession of material, non-public information about the issuer or the market for those securities, even if the Covered Person has satisfied all other requirements of this policy.

LAM's Chief Compliance Officer shall be responsible for supervising the firm's implementation of this Code and all record-keeping functions mandated hereunder, including the review of all initial and annual holding reports as well as the quarterly transactions reports described below. The Chief Compliance Officer may delegate certain of the functions under this Policy to others in the Legal & Compliance Department, and shall promptly report to LAM's General Counsel or the Chief Executive Officer all material violations of, or material deviations from, this Policy. This Policy will be delivered as appropriate to the Directors, who also will be asked to approve any material amendments to the Policy.

**B.** **Definitions** 

**"Investment Personnel"** of a LAM Fund or LAM, for purposes of this Policy, includes:

1. Any
 employee of the LAM Fund or LAM (or of any company in a control relationship to the LAM Fund
 or LAM) 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 LAM Fund.

2. Any
 natural person who controls the LAM Fund or LAM and who obtains information concerning recommendations
 made to the LAM Fund regarding the purchase or sale of securities by the LAM Fund.

**"Personal Securities Accounts,"** for purposes of this Policy include any account in or through which a Security can be purchased or sold, which includes, but is not limited to, a brokerage account; a custody account; a bank account; an individual retirement account; a 401(k) plan account that allows investments in Securities beyond open-end mutual funds; and variable annuity accounts or variable life insurance policies that allow investments in Securities beyond open-end mutual funds. Such Personal Securities Accounts include:

1. Accounts
 in the Covered Person's or Director's name or accounts in which the Covered Person
 or Director has a direct or indirect beneficial interest (a definition of Beneficial Ownership
 is included in Exhibit A);

2. Accounts
 in the name of the Covered Person's or Director's spouse;

3. Accounts
 in the name of children under the age of 18, whether or not living with the Covered Person
 or Director, and accounts in the name of relatives or other individuals living with the Covered
 Person or Director or for whose support the Covered Person or Director is wholly or partially
 responsible (together with the Covered Person's or Director's spouse and minor
 children, "Related Persons"); <sup>44</sup>

4. Accounts
 in which the Covered Person or Director or any Related Person directly or indirectly controls,
 participates in, or has the right to control or participate in, investment decisions.

For purposes of this Policy, Personal Securities Accounts <u>do not include</u> the following, and each such Account and any transaction in Securities in such Account are not subject to Section II.C through Section II.I of this Policy<sup>45</sup>:

1. Estate
 or trust accounts in which a Covered Person or Related Person has a beneficial interest,
 but no power to affect investment decisions, and fully discretionary accounts managed by
 LAM, another registered investment adviser, a registered representative of a registered broker-dealer
 or another person/entity approved by the Legal & Compliance Department are permitted
 to be excepted from the definition if, (i) for Covered Persons and Related Persons,
 the Covered Person receives permission from the Legal & Compliance Department, and
 (ii) for all persons covered by this Code, there is no communication between the adviser
 (or such other approved person/entity) to the account and such person with regard to investment
 decisions prior to execution;

2. Other
 accounts over which the Covered Person or Related Person has no direct or indirect influence
 or control, provided the Covered Person obtains consent to maintain the account, and permission
 to be excepted from the definition, by the Legal & Compliance Department;

3. 401(k)
 plan account and similar retirement accounts that permit the participant to invest only in
 open-end mutual funds and where the Covered Person or Related Person agrees not to invest
 in any LAM Funds or Sub-Advised Funds;<sup>46</sup>

4. Accounts
 that may only invest in open-end mutual funds that are not LAM Funds or Sub-Advised Funds,
 or similar accounts (*e.g.,* direct investment accounts at mutual fund sponsor firms,
 variable annuity/life contracts issued by investment companies registered under the 1940
 Act) where the Covered Person or Related Person agrees not to invest in any LAM Funds or
 Sub-Advised Funds.

5. Qualified
 state tuition programs (also known as "529 Programs") where investment options
 and frequency of transactions are limited by state or federal laws.

------

<sup>44</sup> Unless otherwise indicated, all provisions of this Code apply to Related Persons.

<sup>45</sup> Except that Investment Personnel of a LAM Fund or LAM are not exempt from Section II.D.1 through Section II.D.5 of this Policy with respect to transactions in Securities through such accounts.

<sup>46</sup> In particular, LAM employee 401(k) accounts at Fidelity are not Personal Securities Accounts. However, Fidelity Broker-Link brokerage accounts that are linked to employee 401(k) accounts are Personal Securities Accounts.

A "Security" or "Securities," for purposes of this Policy, generally includes any instrument defined in Section 2(a)(36) of the 1940 Act, including the following:

1. stocks

2. corporate
 bonds

3. shares
 of closed-end funds, exchange-traded funds (commonly referred to as "ETFs"), exchange-traded
 notes ("ETNs") and unit investment trusts

4. shares
 of open-end mutual funds (including the LAM Funds or any mutual fund for which LAM serves
 as a sub-adviser ("Sub-Advised Funds"))<sup>47</sup>

5. interests
 in hedge funds

6. interests
 in private equity funds

7. limited
 partnerships

8. private
 placements or unlisted securities

9. debentures,
 and other evidences of indebtedness, including senior debt and, subordinated debt

10. investment,
 commodity or futures contracts

11. all
 derivative instruments such as swaps, options, warrants and structured securities

For purposes of this Policy, a Security does not include:

1. money
 market mutual funds

2. U.S.
 Treasury obligations (including state and municipal securities collateralized by U.S. Treasury
 obligations)

3. mortgage
 pass-throughs (e.g., Ginnie Maes) that are direct obligations of the U.S. government

4. bankers'
 acceptances

5. bank
 certificates of deposit

6. commercial
 paper

7. high
 quality short-term debt instruments (meaning 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 statistical rating organization, such as S&P or Moody's),
 including repurchase agreements.

8. Lazard-sponsored
and managed employee securities companies or "ESC Funds"

------

<sup>47</sup> A current list of Sub-Advised Funds is maintained by LAM's operations group and shared with the Legal & Compliance Department and is available to employees upon request.

**C.** **Opening and Maintaining Employee Accounts** 

All Covered Persons and their Related Persons must generally maintain their Personal Securities Accounts at a broker-dealer approved by the Legal & Compliance Department which will electronically transmit Personal Securities Account information to the Compliance Science System (the "Approved Broker-Dealers"). Covered Persons and their Related Persons who have Personal Securities Accounts at a broker-dealer that is not capable of transmitting information to the Compliance Science System electronically generally will be required to transfer such Accounts to an Approved Broker-Dealer (including Fidelity Investments and Charles Schwab). A list of Approved Broker-Dealers is set forth in **Exhibit B**.

In rare cases, LAM's Chief Compliance Office or his/her designee may allow Covered Persons or Related Persons to maintain Personal Securities Accounts at firms other than Approved Broker-Dealers where (A) Approved Broker-Dealers do not offer a particular investment product or service desired by the Covered Person or Related Person, or (B) a Related Person must maintain their Accounts at a specific broker-dealer, by reason of their employment, or (C) in other exceptional circumstances. Covered Persons may submit a request for exemption to the Legal & Compliance Department. For any Personal Securities Account not maintained at an Approved Broker-Dealer, Covered Persons and their Related Persons must arrange to have duplicate copies of trade confirmations and statements provided to the Legal & Compliance Department at the following address: Lazard Asset Management LLC, Attn: Chief Compliance Officer, 30 Rockefeller Plaza, 56th Floor, New York, NY 10112-6300. All other provisions of this policy will continue to apply to any Personal Securities Account that is not maintained at an Approved Broker-Dealer.

It is the responsibility of Covered Persons to disclose all relevant Personal Securities Accounts to LAM's Legal & Compliance Department. Pursuant to Section H below, new Covered Persons must disclose their Personal Securities Accounts, and those of their Related Persons, through the Compliance Science System (or directly to the Legal & Compliance Department) within ten (10) calendar days of joining LAM. Existing Covered Persons must disclose new Personal Securities Accounts for which they or their Related Persons have a beneficial interest promptly to the Legal & Compliance Department, before any trading in Securities takes place.

**D.** **Restrictions** 

All trades by Covered Persons or Related Persons in Securities through Personal Securities Accounts must be pre-approved through the Compliance Science System (or directly by the Legal & Compliance Department where access to the System is not possible) pursuant to the procedures and exceptions set forth in Section E below (the "Pre-Clearance Requirement").

1. **Conflicts with Client Activity.** Subject to the exceptions below, no Security may be purchased or
 sold in any Personal Securities Account seven (7) calendar days before or after a LAM
 Client account trades in the same security (the "Blackout Period").

2. **Conflicts with LAM Restricted List.** No Security on the LAM Restricted List may be purchased or
 sold in any Personal Securities Account.

3. **90 Day Holding Period.** Securities transactions, including transactions in LAM Funds or Sub-Advised
 Funds and any derivatives, must be for investment purposes rather than for speculation. Consequently,
 subject to Section E below, Covered Persons or their Related Persons may not purchase and
 sell the same Securities within ninety (90) calendar days (i.e., a security acquired
 may be sold on the 91 st day but not the 89 th day after acquisition), calculated on a First In, First Out (FIFO) basis (the "90 Day
 Hold"). Profits from sales that occur within the 90 Day Hold are subject to disgorgement
 or other sanctions pursuant to Section J below.

4. **Public Offerings.** No transaction for a Personal Securities Account may be made in Securities
 sold in an initial public offering or secondary offering.

5. **Private Placements.** Securities offered pursuant to a private placement (e.g., hedge funds, private
 equity funds or any other pooled investment vehicle the interests or shares of which are
 offered in a private placement) may not be purchased or sold by a Covered Person or Related
 Person without the prior approval of LAM's Chief Compliance Officer or his/her designee.
 Pre-approval of such investments must be requested by Covered Persons through the Compliance Science System. In connection with any decision to approve such a private placement, the
 Legal & Compliance Department will prepare a report of the decision that explains
 the reasoning for the decision and an analysis of any potential conflict of interest. Any
 Covered Person receiving approval to acquire Securities in a private placement must disclose
 that investment when the Covered Person participates in a subsequent consideration of an
 investment in such issuer by or for a LAM Client and any decision by or made on behalf of
 the LAM Client to invest in such issuer will be subject to an independent review by investment
 personnel of LAM with no personal interest in the issuer.

6. **Private Funds.** Private funds are sold on a private placement basis and as noted above are subject
 to prior approval by LAM's Legal & Compliance Department through the Compliance Science System. In considering whether or not to approve an investment in a hedge fund,
 the Chief Compliance Officer or his or her designee, will review a copy of the fund's
 offering memorandum, subscription documents and other governing documents ("Offering
 Documents"), along with any side letters, as deemed appropriate in order to ensure that
 the proposed investment is being made in a manner that does not conflict with LAM's
 fiduciary duties.

Upon receipt of a request by a Covered Person to invest in a hedge fund, the Legal & Compliance Department will contact the Fund of Funds Group (the "Team") and identify the fund in which the Covered Person has requested permission to invest. The Team will advise the Legal & Compliance Department if the fund is on the Team's approved list or if the Team is otherwise interested in investing Client assets in the fund. If the fund is not on the Team's approved list and the Team is not interested in investing in the fund, the Chief Compliance Officer will generally approve the Covered Person's investment, unless other considerations warrant denying the investment. If the fund is on the approved list or the Team may be interested in investing in the fund, then the Legal & Compliance Department will determine whether the fund is subject to capacity constraints. If the fund is subject to capacity constraints, then the Covered Person's request will be denied and priority will be given to the

Team to invest Client assets in the fund. If the fund is not subject to capacity constraints, then the Covered Person will generally be permitted to invest along with the Team. If the fund is on the approved list or the Team may be interested in investing in the fund, then the Covered Person's investment will be reviewed by the Chief Compliance Officer or his or her designee as described above.

7. **Short Sales.** Covered Persons are prohibited from engaging directly in short sales of any security.
 However, provided the investment is otherwise permitted under this Policy and has received
 all necessary approvals, an investment in a hedge fund interest or other permitted Security
 that engages in short selling is permitted. Covered Persons are prohibited from buying or
 otherwise taking a "long" position in a put option when they do not hold the underlying
 stock since this can result in a short sale on the expiration date of the contract.

8. **Inside Information.** No transaction may be made in violation of the Material Non-Public Information
 Policies and Procedures ("Inside Information") as outlined in <u>Section 32</u> of the LAM Compliance Manual.

9. **Lazard Ltd Stock (LAZ).** All trading in shares of LAZ by Covered Persons or Related Persons must
 be pre-cleared pursuant to Section F below, unless such trading is conducted by Lazard on
 behalf of Covered Persons or Related Persons through company programs. Trading in LAZ shares
 is subject to special trading prohibitions, the dates and conditions of which are determined
 by Lazard senior management; typically, LAZ trading will be prohibited beginning two weeks
 before each calendar quarter end through a date that is two business days after a public
 earnings announcement. Covered Persons are prohibited from entering into options contracts
 related to LAZ shares.

10. **Levered ETFs and ETNs.** Covered Persons and Related Persons are prohibited from trading in securities
 of levered ETFs or ETNs in their Personal Securities Accounts. These financial instruments
 are inconsistent with the provisions of this Code, insofar as they generally are designed
 to be held for short-term periods and can invite speculative trade decisions. Examples of
 prohibited levered ETFs and ETNs are set forth in **Exhibit C <u>.</u>** 

11. **Directorships.** Covered Persons may not serve on the board of directors of any corporation or entity
 (other than a related Lazard entity) without the prior approval of LAM's Chief Compliance
 Officer or General Counsel, pursuant to Section 34 of the LAM Compliance Manual.

12. **Control of Issuer.** Covered Persons and Related Persons may not acquire any security, directly
 or indirectly, for purposes of obtaining control of the issuer.

13. **Prohibited Investment Platforms.** Covered Persons are prohibited from maintaining Personal Securities Accounts on the retail-trading platform

**E.** **Exemptions** 

The Chief Compliance Officer or his/her designee may determine that one of the following exemptions to the Policy applies:

1. <u>Exemptions from Pre-Clearance Requirement, Blackout Period and/or 90 Day Hold</u>.

a) Investments
 in open-end mutual funds **other than** LAM Funds or Sub-Advised Funds are exempt from
 these three requirements. However, Covered Persons and Related Persons are required to trade
 in such fund shares in compliance with the applicable prospectus. For purposes of clarity,
 investments in LAM Funds and Sub-Advised Funds remain subject to the Blackout Period (to
 the extent applicable), Pre-Clearance Requirement and 90 Day Hold.

b) Investments
 in non-levered broad-based ETFs and ETNs to this Policy are also exempt from these three
 requirements; however, sales of any ETFs or ETNs in response to a margin call are subject
 to the Pre-Clearance Requirement.

c) Sales
 attributable to tax-loss harvesting by a Covered Person or Related Person are subject to
 the Pre-Clearance Requirement but are not subject to the 90 Day Hold or the Blackout Period.

d) Transactions
 in connection with corporate actions are also exempt from each of the Pre-Clearance Requirement,
 the Blackout Period and, as applicable, the 90 Day Hold.

e) Direct
 investment programs, which allow the purchase of Securities directly from the issuer without
 the intermediation of a broker-dealer are exempt from the Blackout Period and the 90 Day
 Hold, provided that: (i) the timing and size of the purchases are established by a pre-arranged
 schedule (e.g., dividend reinvestment plans); and (ii) the Covered Persons obtains Pre-Clearance
 prior to participating in such program. Covered Persons also must provide Required Reporting
 Information relating to such investments in the annual report as specified in Section H.4.

f) The
 Pre-Clearance Requirement, Blackout Period and/or 90 Day Hold generally shall not apply to
 transactions for which the Covered Person or Related Person does not have, or has relinquished,
 control. Examples include trades related to (1) deferred compensation award vestings
 (exempt from all three); (2) the exercise of Security-related rights on a pro rata basis
 (exempt from all three); and (3) a commitment to trade predetermined amounts of a Security
 on a specific future date, pre-arranged with the Legal & Compliance Department (exempt
 from Blackout Period only).

2. <u>Exceptions to the Pre-Clearance and/or Blackout Period</u> 

<u>a)</u> <u>Discretionary Exceptions</u>. Purchases or sales of Securities which receive the prior approval of the
 Chief Compliance Officer or, in his or her absence, another senior member of the Legal &
 Compliance Department, may be exempted from the Blackout Period if such purchases or sales
 are determined to be unlikely to have any material negative economic impact on or give rise
 to an appearance of impropriety with respect to any Client account managed or advised by
 LAM. For example, the Chief Compliance Officer or his/her designee may find no conflicts
 or improprieties where Client activity within a Blackout Period is related to non-material
 inflows or outflows rather than discretionary investment decisions.

<u>b)</u> <u>De Minimis Exemptions</u>. The Blackout Period shall not apply to any transaction in (1) an
 equity Security which does not exceed an aggregate transaction amount of $50,000 of the security,
 provided the issuer has a market capitalization greater than US $5 billion; (2) an
 equity Security which does not exceed an aggregate transaction amount of $25,000 of the security,
 provided the issuer has a market capitalization between US $500 million and US $5 billion;
 and (3) fixed income Securities, or series of related transactions, involving up to
 $25,000 face value of that fixed income security, provided that the issuer has a market capitalization
 of greater than US $5 billion for its equity Securities.

For purposes of clarity, any Securities subject to an exception above must be included on reports required to be submitted to the Legal & Compliance Department consistent with this Policy. ***Exceptions are not applicable to trades in any Security on the LAM Restricted List or trades in LAZ when a corporate trading prohibition is applicable.***

**F.** **Prohibited Recommendations** 

No Investment Personnel shall recommend or execute any Securities transaction for any LAM Client account under his/her discretionary management, without having disclosed, through the Compliance Science System or otherwise in writing, to the Chief Compliance Officer or his/her designee any direct or indirect interest in such Securities or issuers (including any such interest held by a Related Person). Similarly, no Investment Personnel shall execute any Securities transaction for his/her Personal Securities Account without having disclosed through the Compliance Science System or otherwise in writing, to the Chief Compliance Officer or his/he designee, any direct or indirect interest that LAM Client accounts under his/her discretionary management may have. The interest could be in the form of:

1. Any
 direct or indirect beneficial ownership of any Securities of such issuer;

2. Any
 contemplated transaction by the person in such Securities;

3. Any
 position with such issuer or its affiliates; or

4. Any
 present or proposed business relationship between such issuer or its affiliates and the Investment
 Personnel or any party in which such Investment Personnel have a significant interest.

The Exceptions in Section E(2), above, may apply to the pre-clearance requests subject to this Section F, within the discretion of the Chief Compliance Officer or his/her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Transaction Approval Procedures – Compliance Science System** 

All Security transactions by Covered Persons and Related Persons in Personal Securities Accounts must receive prior approval from the LAM Legal & Compliance Department as described below. To pre-clear a transaction, Covered Persons must on behalf of themselves or a Related Person:

1. Electronically
 complete and "sign" the relevant trade request form in the Compliance Science system,
 completing all fields accurately <u>[lam.complysci.com</u> ].

2. After
 the request is processed, the Covered Person will be notified by the Compliance Science System
 if the order is approved or not approved. If the order is approved, the Covered Person or
 Related Person is responsible to transmit the order to the broker-dealer where his or her
 account is maintained.

Trade approvals from the Compliance Science System are <u>only valid for the business day in which they are issued</u>. If the approved trade is not executed by the broker-dealer of the Covered Person or Related Person on the business day the approval is received, the proposed trade must be re-submitted to the Compliance Science System for re-approval.

Pre-clearance requests <u>will be processed though the Compliance Science System each business day from approximately 8:30 a.m. ET through 3:45 p.m. ET</u>. The Legal & Compliance Department endeavors to preclear transactions promptly; however, transactions may not always be approved on the day in which they are received. This is especially the case where pre-clearance requests are received late in the business day. Certain factors, such as time of day the order is submitted or length of time it takes to confirm Client activity, all play a role in the length of time it takes to preclear a transaction.

**H.** **Required Reporting** 

1. **Initial Certification.** Within 10 days of becoming a Covered Person, such Covered Person must
 submit to the Legal & Compliance Department an acknowledgement that they have received
 a copy of this Policy, and that they have read and understood its provisions.

2. **Initial Holdings Report.** Within 10 days of becoming a Covered Person, the Covered Person must
 submit to the Legal & Compliance Department a statement of all Securities in which
 such Covered Person has any direct or indirect beneficial ownership. This statement must
 include (i) the title, number of shares and principal amount of each Security, (ii) the
 name of any broker, dealer, insurance company, or bank with whom the Covered Person maintained
 an account in which any Securities were held for the direct or indirect benefit of such Covered
 Person and (iii) the date of submission by the Covered Person; (i), (ii) and (iii),
 together with any other information required by the Compliance Science System, being the
 "Required Reporting Information". The Required Reporting Information provided in
 this statement must be current as of a date no more than 45 days prior to the Covered Person's
 date of employment at LAM.

3. **Quarterly Report.** Within 30 days after the end of each calendar quarter, each Covered Person must
 provide a statement including the Required Reporting Information to the Legal &
 Compliance Department via the Compliance Science System relating to Securities transactions
 executed during the previous quarter for all Personal Securities Accounts and any new Personal
 Securities Accounts in which any Securities were held established during the previous quarter
 for the direct or indirect benefit of the Covered Person. Any such report may contain a statement
 that the report shall not be construed as an admission by the person making such report that
 he or she has any direct or indirect beneficial ownership in the security to which the report
 relates.

4. **Annual Report.** Each Covered Person shall submit within 45 days after the end of each calendar
 year an annual report to the Legal & Compliance Department via the Compliance Science
 System showing, as of the end of the calendar year the Required Reporting Information for
 each account in which any Securities are held for the direct or indirect benefit of the Covered
 Person or Related Persons. For purposes of clarity, a Covered Person's investments in
 any direct investment program must be reported on the Covered Person's annual report.

5. **Annual Certification.** All Covered Persons are required to certify annually via the Compliance Science System that they have (i) read and understand this Policy and recognize that
 they are subject to its terms and conditions, (ii) complied with the requirements of
 this policy and (iii) disclosed or reported all Personal Securities Accounts and transactions
 required to be disclosed or reported pursuant to this Code. LAM will maintain a copy of this
 Policy on the intranet site accessible to all Covered Persons, and its annual certification
 request will identify the location of the Policy to all Covered Persons. Amendments to the
 Policy, if any, will be transmitted to Covered Persons electronically.

**I.** **Fund Directors.** 

Each Director who is not an "interested person" (as defined in the 1940 Act) of a LAM Fund and who would be required to provide reports pursuant to Section II.H of this Policy solely by reason of being a Director is excepted from such reporting requirements pursuant to Rule 17j-1(d)(2), except that the Director shall make a quarterly report to the Legal & Compliance Department of transactions in Securities if the Director knew or, in the ordinary course of fulfilling his or her official duties as a Director should have known, that during the 15-day period immediately before or after the Director's transaction a LAM Fund on whose board the Director serves purchased or sold a Security, or the LAM Fund or LAM considered purchasing or selling the Security.

**J.** **Sanctions.** 

The Legal & Compliance Department shall track all violations of this Policy and may impose appropriate sanctions, including without limitation warnings, disgorgement of trading profits to charity, and suspension of personal trading privileges. The Department shall report all material violations to LAM's Chief Executive Officer or General Counsel, who may impose such sanctions as deemed appropriate, including, among other things, a letter of censure, fines, or suspension / termination of the violator's employment.

**K.** **Retention of Records.** 

All records relating to personal Securities transactions hereunder and other records meeting the requirements of applicable law, including a copy of this policy and any other policies covering the subject matter hereof, shall be maintained in the manner and to the extent required by applicable law, including Rule 204-2 under the Advisers Act and Rule 17j-1 under the 1940 Act. The Legal & Compliance Department shall have the responsibility for maintaining records created under this policy.

**L.** **Board Review.** 

The Chief Compliance Officer shall provide to the Board of Directors of each Fund, on a quarterly basis, a written report regarding activity under this policy, and at least annually, a written report and certification meeting the requirements of Rule 17j-1 under the 1940 Act.

**M.** **Other Codes of Ethics.** 

To the extent that any officer of any Fund is not a Covered Person hereunder, or an investment subadviser of or, for an open-end Fund only, principal underwriter for any Fund and their respective access persons (as defined in Rule 17j-1) are not Covered Persons hereunder, those persons must be covered by separate codes of ethics which are approved in accordance with applicable law.

**Exhibit A** 

**<u>EXPLANATION OF BENEFICIAL OWNERSHIP</u>**

You are considered to have "Beneficial Ownership" of Securities if you have or share a direct or indirect *"Pecuniary Interest"* in the Securities.

You have a "Pecuniary Interest" in Securities if you have the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the Securities.

The following are examples of an indirect Pecuniary Interest in Securities:

1. Securities
 held by members of your *immediate family* sharing the same household; however, this
 presumption may be rebutted by convincing evidence that profits derived from transactions
 in these Securities will not provide you with any economic benefit. "Immediate family"
 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 includes any adoptive relationship.

2. Your
 interest as a general partner in Securities held by a general or limited partnership.

3. Your
 interest as a manager-member in the Securities held by a limited liability company.

4. A
 performance-related fee, other than an asset-based fee, received by any broker, dealer, bank,
 insurance company, investment company, investment adviser, investment manager, trustee or
 person or entity performing a similar function.

You do *not* have an indirect Pecuniary Interest in Securities held by a corporation, partnership, limited liability company or other entity in which you hold an equity interest, *unless* you are a controlling equity holder or you have or share investment control over the Securities held by the entity.

The following circumstances constitute Beneficial Ownership by you of Securities held by a trust:

1. Your
 status as a trustee where either you or a member of your immediate family is a trust beneficiary.

2. Your
 status as a trust beneficiary and you have or share investment control over trust transactions.

3. Your
 status as a settler of a trust if you have the right to revoke the trust without the consent
 of a beneficiary and you have or share investment control over the Securities in the trust.

*The foregoing is only a summary of the meaning of "beneficial ownership". For purposes of the attached policy, "beneficial ownership" 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 and the rules and regulations thereunder.* 

**Exhibit B** 

**APPROVED BROKER-DEALERS** 

**PREFERRED BROKERS**

Fidelity

Charles Schwab

**OTHER APPROVED BROKERS**

Ameriprise Financial

Chase Investment Services Corp.

Citigroup

Commonwealth Financial Network

Dreyfus Brokerage Services

E\*Trade

Edward Jones

Goldman Sachs

Interactive Brokers

JP Morgan Private Bank

Merrill Lynch

Morgan Stanley

RBC Wealth Mgmt/Advisor Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price

TD Ameritrade

UBS

Vanguard

**Exhibit C** 

**<u>PROHIBITED LEVERED ETFs AND ETNs (EXAMPLES)</u>**

*Note: This is not an exhaustive list of prohibited levered ETFs and ETNs.* 

---

| | |
|:---|:---|
| **Ticker** | **Name** |
| AGA | DB AGRICULTURE DOUBLE SHORT |
| AGLS | ADVSHRS ACCUVEST GBL LNG SHR |
| AGQ | PROSHARES ULTRA SILVER |
| AMJL | CREDIT SUISSE X-LINKSMP2XLVGALRN |
| BAR | DIREXION DAILY GOLD BULL 3X |
| BARS | DIREXION DAILY GOLD BEAR 3X |
| BDCL | ETRACS 2X WELLS FARGO BDCI |
| BDD | DB BASE METALS DOUBLE LONG |
| BGU | DIREXION DAILY LARGE CAP BULL 3X |
| BGZ | DIREXION DAILY LARGE CAP BEAR 3X |
| BIB | PROSHARES ULTRA NASD BIOTECH |
| BIS | PROSHARES ULTRASHORT NAS BIO |
| BOIL | PROSHARES ULTRA BLOOMBERG NA |
| BOM | DB BASE METALS DOUBLE SHORT |
| BRIL | DIREXION DAILY BRIC BULL 3X |
| BRIS | DIREXION DAILY BRIC BEAR 3X |
| BRZS | DIREXION DAILY BRAZIL BEAR 3 |
| BRZU | DIREXION DAILY BRAZIL BULL 3 |
| BUNT | DB 3X GERMAN BUND FUTURES |
| BXDC | BARCLAYS ETN+SHORT C S&P 500 |
| BXDD | BARCLAYS ETN+SHORT D S&P 500 |
| BXUB | BARCLAYS ETN+LONG B S&P 500 |
| BXUC | BARCLAYS ETN+LONG C S&P 500 |
| BZQ | PROSHARES ULTRASHORT MSCI BR |
| CEFL | ETRACS MONTH PAY 2X LEV C/E |
| CHAU | DIREXION DAILY CSI 300 CHI A BULL 2X |
| CLAW | DIREXION DLY HOMEBLD SUP BEAR 3X |
| CMD | ULTRASHORT DJ-UBS COMMODITY PR |
| COWL | DIREXION DLY AGRI BULL 3X |
| COWS | DIREXION DAILY AGRI BEAR 3X |
| CROC | PROSHARES ULTRASHORT AUD |
| CSMB | X-LINKS 2XLEVRG MERGER ARB |
| CURE | DIREXION HEALTHCARE BULL 3X |

---

---

| | |
|:---|:---|
| CZI | DIREXION CHINA BEAR 3X SHARES |
| CZM | DIREXION CHINA BULL 3X SHARES |
| DAG | DB AGRICULTURE DOUBLE LONG |
| DDM | PROSHARES ULTRA DOW30 |
| DEE | DB COMMODITY DOUBLE SHORT |
| DGAZ | VELOCITYSHARES 3X INVERSE NA |
| DGLD | VELOCITYSHARES 3X INVERSE GO |
| DGP | DB GOLD DOUBLE LONG ETN |
| DIG | PROSHARES ULTRA OIL & GAS |
| DPK | DIREXION DAILY DEV M BEAR 3X |
| DPST | DIREXION DLY REG BANKS BULL 3X |
| DRIP | DIREXION DLY SP OIL GAS EXP BEAR 3X |
| DRN | DIREXION DLY REAL EST BULL3X |
| DRR | MARKET VECTORS DBL SHORT EUR |
| DRV | DIREXION DLY REAL EST BEAR3X |
| DSLV | VELOCITYSHARES 3X INVERSE SI |
| DSTJ | JPMORGAN 2X SHORT TREASURY |
| DSXJ | JPMORGAN 2X SHORT 10 YR TREA |
| DTO | DB CRUDE OIL DOUBLE SHORT |
| DUG | PROSHARES ULTRASHORT OIL&GAS |
| DUST | DIREXION DAILY GOLD MINERS I |
| DVHL | ETRACS MON PAY 2XLEV HI INC |
| DVYL | ETRACS 2X DJ SEL DVD ETN |
| DWTIF | VELOCITYSHARES 3X INVERSE CR |
| DXD | PROSHARES ULTRASHORT DOW30 |
| DXO | POWERSHARES DB CRUDE OIL 2X |
| DYY | DB COMMODITY DOUBLE LONG |
| DZK | DIREXION DLY DEV MKT BULL 3X |
| DZZ | DB GOLD DOUBLE SHORT ETN |
| EDC | DIREXION DLY EMG MKT BULL 3X |
| EDZ | DIREXION DLY EMG MKT BEAR 3X |
| EET | PROSHARES ULT MSCI EMER MKTS |
| EEV | PROSHARES ULTSHRT MSCI EM |
| EFO | PROSHARES ULTRA MSCI EAFE |
| EFU | PROSHARES ULTSHRT MSCI EAFE |
| EMLB | IPATH LONG ENHANCED MCSI EM IN |
| EMSA | IPATH SE MSCI EM INDEX ETN |
| EPV | PROSHARES ULTRASHORT FTSE EU |
| ERX | DIREXION DAILY ENERGY BUL 3X |
| ERY | DIREXION DLY ENERGY BEAR 3X |
| EUO | PROSHARES ULTRASHORT EURO |
| EURL | DIREXION DAILY FTSE EUROPE B |
| EURZ | DIREXION DAILY FTSE EUROPE B |

---

---

| | |
|:---|:---|
| EWV | PROSHARES ULTSHRT MSCI JAPAN |
| EZJ | PROSHARES ULTRA MSCI JAPAN |
| FAS | DIREXION DAILY FIN BULL 3X |
| FAZ | DIREXION DAILY FINL BEAR 3X |
| FBG | FI ENHANCED BIG CAP GR ETN |
| FBGX | FI ENHANCED LARGE CAP GROWTH |
| FCGL | DIREXION DAILY NATURAL GAS |
| FEEU | FI ENHANCED EUROPE 50 ETN |
| FIBG | CS FI ENHANCED BIG CAP GROW |
| FIEG | FI ENHANCED GLOBAL HI YLD |
| FIEU | CS FI ENHANCED EUROPE 50 ETN |
| FIGY | FI ENHANCED GLOBAL HIGH YLD |
| FINU | PROSHARES ULTRAPRO FINANCIAL |
| FINZ | PROSHARES ULTRAPRO SHORT FIN |
| FLGE | FI LARGE CAP GROWTH ENHANCED |
| FOL | FACTORSHARES 2X: OIL-S&P500 |
| FSA | FACTORSHARES 2X: TBD-S&P500 |
| FSE | FACTORSHARES 2X: S&P500-TBD |
| FSG | FACTORSHARES 2X: GOLD-S&P500 |
| FSU | FACTORSHARES 2X: S&P500-USD |
| FXP | PROSHARES ULTRASHORT FTSE CH |
| GASL | DIREXION DLY NAT GAS BULL 3X |
| GASX | DIREXION DLY NAT GAS BEAR 3X |
| GDAY | PROSHARES ULT AUSTRALIAN DOL |
| GLDL | DIREXION DAILY GOLD BULL 3X |
| GLDS | DIREXION DAILY GOLD BEAR 3X |
| GLL | PROSHARES ULTRASHORT GOLD |
| GUSH | DIREXION DLY SP OIL GAS EXP BULL 3X |
| HAKD | DIREXION DAILY CYBER SEC BEAR 2X |
| HAKK | DIREXION DAILY CYBER SEC BULL 2X |
| HBU | PROSHARES ULTRA HOMEBUILDERS |
| HBZ | PROSHARES ULTRA SHORT HOMEBLD |
| HOML | ETRACS MON RESET 2X LEV ISE EHB |
| HYDD | DIREXION DAILY HIGH YIELD BEAR 2X |
| IGU | PROSHARES ULTRA INVEST GRADE |
| INDL | DIREXION DAILY MSCI INDIA BU |
| INDZ | DIREXION DAILY INDIA BEAR 3X |
| IPLT | 2X INVERSE PLATINUM ETN |
| ITLT | POWERSHARES DB 3X ITAL TR BD |
| J10L | GUGGENHEIM INVERSE 2X S&P 50 |
| J10U | GUGGENHEIM 2X S&P 500 ETF |
| JDST | DIREXION DLY JR GOLD BEAR 3X |
| JGBD | DB 3X INVERSE JAPANESE GOVT |

---

---

| | |
|:---|:---|
| JGBT | DB 3X JAPANESE GOVT BND FUT |
| JNUG | DIRXN DAILY JR BULL GOLD 3X |
| JPNL | DIREXION DAILY JAPAN 3X BULL |
| JPNS | JAPAN DAILY JAPAN 3X BEAR |
| JPX | PROSHARES U/S MSCI PAC X-JPN |
| KOLD | PROSHARES ULTRASHORT BLOOMBE |
| KORU | DIREXION DAILY SK BULL 3X |
| KORZ | DIREXION DAILY SOUTH KOREA |
| KRU | PROSHARES ULTRA S&P REGIONAL |
| LABD | DIREXION DAILY SP BIOTECH BEAR 3X |
| LABU | DIREXION DAILY SP BIOTECH BULL 3X |
| LBJ | DIREXION DLY LAT AMER BULL3X |
| LBND | DB 3X LONG 25+ YEAR TREASURY |
| LHB | DIREXION DLY LATIN AMER 3X |
| LMLP | ETRACS MNTH PAY 2XL WF MLP |
| LPLT | 2X LONG PLATINUM ETN |
| LRET | ETRACS MON PAY 2XLEV MSCI SU REIT |
| LSKY | ETRACS MONTHLY 2XLEVERAGED ISE |
| LTL | PROSHARES ULTRA TELECOMMUNIC |
| MATL | DIREXION DLY BAS MAT BULL 3X |
| MATS | DIREXION DLY BAS MAT BEAR 3X |
| MDLL | DIREXION DAILY MID CAP BULL 2X |
| MFLA | IPATH LE MSCI EAFE INDEX ETN |
| MFSA | IPATH SE MSCI EAFE INDEX ETN |
| MIDU | DIREXION DLY MID CAP BULL 3X |
| MIDZ | DIREXION DLY MID CAP BEAR 3X |
| MLPL | ETRACS 2X LEV LG ALERIAN MLP |
| MLPQ | ETRACS 2X MON LEV ALER MLP INFRA |
| MLPZ | ETRACS 2X MON LEV SP MLP INDEX B |
| MORL | ETRACS MONTHLY PAY 2XLEVERAG |
| MVV | PROSHARES ULTRA MIDCAP400 |
| MWJ | DIREXION DAILY MID CAP BULL 3X SHA |
| MWN | DIREXION DAILY MID CAP BEAR 3X SH |
| MZZ | PROSHARES ULTSHRT MIDCAP400 |
| NAIL | DIREXION DAILY HOMEBL SUP BULL 3X |
| NUGT | DIREXION DAILY GOLD MINERS I |
| PILL | DIREXION DLY PHARMA MED BULL 2X |
| PILS | DIREXION DLY PHARMA MED BEAR 2X |
| PST | PROSHARES ULTRASHORT 7-10 YR |
| QID | PROSHARES ULTRASHORT QQQ |
| QLD | PROSHARES ULTRA QQQ |
| REA | RYDEX 2X ENERGY |
| REC | RYDEX INV 2X S&P ENERGY |

---

---

| | |
|:---|:---|
| RETL | DIREXION DLY RETAIL BULL 3X |
| RETS | DIREXION DLY RETAIL BEAR 3X |
| REW | PROSHARES ULTRASHORT TECH |
| RFL | RYDEX 2X FINANCIAL |
| RFN | RYDEX INV 2X FINANCIAL |
| RHM | RYDEX 2X HEALTH CARE |
| RHO | RYDEX INV 2X HEALTH CARE |
| RMM | RYDEX 2X S&P MIDCAP 400 ETF |
| RMS | RYDEX INVERSE 2X S&P MIDCAP |
| ROLA | IPATH LX RUSSELL 1000 ETN |
| ROM | PROSHARES ULTRA TECHNOLOGY |
| ROSA | IPATH SX RUSSELL 1000 ETN |
| RRY | RYDEX 2X RUSSELL 2000 ETF |
| RRZ | RYDEX INVERSE 2X RUSS 2000 |
| RSU | GUGGENHEIM 2X S&P 500 ETF |
| RSU | GUGGENHEIM 2X S&P 500 ETF |
| RSW | GUGGENHEIM INVERSE 2X S&P 50 |
| RSW1 | GUGGENHEIM INVERSE 2X S&P 50 |
| RTG | RYDEX 2X TECHNOLOGY |
| RTLA | IPATH LX RUSSELL 2000 ETN |
| RTSA | IPATH SX RUSSELL 2000 ETN |
| RTW | RYDEX INV 2X TECHNOLOGY |
| RUSL | DIREXION RUSSIA BULL 3X |
| RUSS | DIREXION DLY RUSSIA BEAR 3X |
| RWXL | UBS ETRACS M PY 2XLVG DJ INTL RELES |
| RXD | PROSHARES ULTRASHORT HEALTH |
| RXL | PROSHARES ULTRA HEALTH CARE |
| SAA | PROSHARES ULTRA SMALLCAP600 |
| SBND | DB 3X SHORT 25+ YEAR TREAS |
| SCC | PROSHARES ULTRASHORT CONS SV |
| SCO | PROSHARES ULTRASHORT BLOOMBE |
| SDD | PROSHARES ULTRASHORT SC600 |
| SDK | PROSHARES ULTSHRT RUS MC GRW |
| SDOW | PROSHARES ULTPRO SHRT DOW30 |
| SDP | PROSHARES ULTSHRT UTILITIES |
| SDS | PROSHARES ULTRASHORT S&P500 |
| SDYL | ETRACS 2X S&P DVD ETN |
| SFK | PROSHARES ULTSHRT R1000 GRW |
| SFLA | IPATH LX S&P 500 ETN |
| SFSA | IPATH SX S&P 500 ETN |
| SICK | DIREXION DLY HLTHCRE BEAR 3X |
| SIJ | PROSHARES ULTSHRT INDUSTRIAL |
| SINF | PROSHARES ULTRAPRO SHORT 10Y |

---

---

| | |
|:---|:---|
| SJF | PROSHARES ULTSHRT R1000 VALU |
| SJH | PROSHARES ULTRASHRT R2000 VA |
| SJL | PROSHARES ULTSHRT MC VALUE |
| SKF | PROSHARES ULTSHRT FINANCIALS |
| SKK | PROSHARES ULTSHRT RUS 2000 G |
| SMDD | PROSHARES ULTPRO SHRT MC400 |
| SMHD | ETRACS MON PAY 2X LEV US SM CAP H |
| SMK | PROSHARES ULTRASHORT MSCI ME |
| SMLL | DIREXION DAILY SM CAP BULL 2X |
| SMN | PROSHARES ULTSHRT BASIC MAT |
| SOXL | DIREXION DAILY SEMI BULL 3X |
| SOXS | DIREXION DAILY SEMICON 3X |
| SPLX | ETRACS MNTHLY RESET 2XS&P500 |
| SPUU | DIREXION DAILY S&P 500 2X |
| SPXL | DIREXION DAILY S&P 500 BULL |
| SPXS | DIREXION DAILY S&P 500 BEAR |
| SPXU | PROSH ULTRAPRO SHORT S&P 500 |
| SQQQ | PROSHARES ULTRAPRO SHORT QQQ |
| SRS | PROSHARES ULTRASHORT RE |
| SRTY | PROSHARES ULTRAPRO SHRT R2K |
| SSDL | ETRACS MONTHLY 2X LEV ISE SSD IND |
| SSG | PROSHARES ULTSHRT SEMICONDUC |
| SSO | PROSHARES ULTRA S&P500 |
| SYTL | DIREXION DAILY 7-10 YR TREA BULL 2X |
| SZK | PROSHARES ULTSHRT CONS GOODS |
| TBT | PROSHARES ULTRASHORT 20+Y TR |
| TBZ | PROSHARES ULTRASHORT 3-7 TSY |
| TECL | DIREXION DAILY TECH BULL 3X |
| TECS | DIREXION DAILY TECH BEAR 3X |
| TLL | PROSHARES ULTRASHORT TELECOM |
| TMF | DIREXION DLY 20+Y T BULL 3X |
| TMV | DIREXION DLY 20+Y TR BEAR 3X |
| TNA | DIREXION DLY SM CAP BULL 3X |
| TPS | PROSHARES ULTRASHORT TIPS |
| TQQQ | PROSHARES ULTRAPRO QQQ |
| TTT | PROSHARES ULT -3X 20+ YR TSY |
| TVIX | VELOCITYSHARES 2X VIX SH-TRM |
| TVIZ | VELOCITYSHARES 2X VIX MED-TM |
| TWM | PROSHARES ULTRASHORT R2000 |
| TWQ | PROSHARES ULTSHRT RUSS 3000 |
| TYD | DIREXION DLY 7-10Y T BULL 3X |
| TYH | DIREXION DAILY TECHNOLOGY BULL3X |
| TYO | DIREXION DLY 7-10Y T BEAR 3X |

---

---

| | |
|:---|:---|
| TYP | DIREXION DAILY TECHNOLOGY BEAR3X |
| TZA | DIREXION DLY SM CAP BEAR 3X |
| UBR | PROSHARES ULTRA MSCI BRAZIL |
| UBT | PROSHARES ULTRA 20+ YEAR TSY |
| UCC | PROSHARES ULTRA CONS SERVICE |
| UCD | PROSHARES ULTRA BLOOMBERG CO |
| UCO | PROSHARES ULTRA BLOOMBERG CR |
| UDNT | POWERSHARES DB 3X SHRT USD |
| UDOW | PROSHARES ULTRAPRO DOW30 |
| UGAZ | VELOCITYSHARES 3X LG NAT GAS |
| UGE | PROSHARES ULTRA CONSUM GOODS |
| UGL | PROSHARES ULTRA GOLD |
| UGLD | VELOCITYSHARES 3X LONG GOLD |
| UINF | PROSHARES-ULTRAPRO 10 YR TIP |
| UJB | PROSHARES ULTRA HIGH YIELD |
| UKF | PROSHARES ULTRA RUS 1000 GR |
| UKK | PROSHARES ULTRA RUSS 2000 GR |
| UKW | PROSHARES ULTRA RUSS MC GRWT |
| ULE | PROSHARES ULTRA EURO |
| UMDD | PROSHARES ULTRAPRO MIDCAP400 |
| UMX | PROSHARES ULTRA MSCI MEXICO |
| UPRO | PROSHARES ULTRAPRO S&P 500 |
| UPV | PROSHARES ULTRA FTSE EUROPE |
| UPW | PROSHARES ULTRA UTILITIES |
| URE | PROSHARES ULTRA REAL ESTATE |
| URR | MARKET VECTORS DBLE LNG EURO |
| URTY | PROSHARES ULTRAPRO RUSS2000 |
| USD | PROSHARES ULTRA SEMICONDUCT |
| USLV | VELOCITYSHARES 3X LNG SILVER |
| UST | PROSHARES ULTRA 7-10 YEAR TR |
| UUPT | POWERSHARES DB 3X LNG USD |
| UVG | PROSHARES ULTRA RUS 1000 VAL |
| UVT | PROSHARES ULTRA RUSS2000 VAL |
| UVU | PROSHARES ULTRA MID CAP VAL |
| UVXY | PROSHARES ULTRA VIX ST FUTUR |
| UWC | PROSHARES ULTRA RUSSELL 3000 |
| UWM | PROSHARES ULTRA RUSSELL2000 |
| UWTIF | VELOCITYSHARES 3X LONG CRUDE |
| UXI | PROSHARES ULTRA INDUSTRIALS |
| UXJ | PROSHARES ULT MSCI PAC X-JPN |
| UYG | PROSHARES ULTRA FINANCIALS |
| UYM | PROSHARES ULTRA BASIC MATERI |
| VZZ | IPATH LE SP500 VIX M/T FUTUR |

---

---

| | |
|:---|:---|
| VZZB | IPATH LE SP500 VIX M/T FUTURES |
| WDRW | DIREXION DLY REG BANKS BEAR 3X |
| XPP | PROSHARES ULTRA FTSE CHINA50 |
| YANG | DIREXION DAILY FTSE CHINA BE |
| YCL | PROSHARES ULTRA YEN |
| YCS | PROSHARES ULTRASHORT YEN |
| YINN | DIREXION DAILY FTSE CHINA BU |
| ZSL | PROSHARES ULTRASHORT SILVER |

---

## Ex-99.(P)(8)

**Exhibit 99.(p)(8)**

**MFS<sup>®</sup> Code of Ethics Policy**

---

| | |
|:---|:---|
| April 2, 2025 | **Personal Investing** |

---

**Applies to**

All MFS full-time, part-time and temporary employees globally

All MFS contractors, interns and co-ops who have been notified by Compliance that they are subject to this policy

All MFS entities

**Questions?**

iComply@mfs.com

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>.

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.

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.

Personal Investing \| Page 1

**Rules That Apply to Everyone**

**Your fiduciary duty**

**Always place client interests ahead of your own.** You must never:

&nbsp;&nbsp;&nbsp;&nbsp;• Take advantage of your position at MFS to misappropriate investment opportunities from MFS clients.

&nbsp;&nbsp;&nbsp;&nbsp;• Seek to defraud an MFS client or do anything that could have the effect of creating fraud or manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;• 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? |

---

– A brokerage account.

– 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).

– 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? |

---

– You beneficially own the account.

The account is beneficially owned by your spouse or domestic partner.

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.

The account is beneficially owned by anyone who you claim as a tax deduction.

– 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.

**HELPFUL TO KNOW**

**Beneficial ownership**

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 <u>here</u>.

**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).

**HELPFUL TO KNOW**

**Mobile Investing Apps**

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.

Personal Investing \| **Page 2**

**HELPFUL TO KNOW**

**Discretionary accounts and automatic investment plans**

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 Compliance they are:

&nbsp;&nbsp;&nbsp;&nbsp;• exempt from quarterly transaction and annual holdings certifications (though you must still provide account statements).

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• exempt from certain "Ethical Personal Investing" trading rules such as excessive trading and trading of MFS funds
(pp. 3-4).

Request approval for these accounts using the Account Exception form found in iComply.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• 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).

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**IMPORTANT TO KNOW**

Securities exempt from options and short selling rules

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• Options
(but not ETFs) based on non-reportable securities (*e.g.* commodities, currencies,
US Treasuries)

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.

Personal Investing \| **Page 3**

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Directly
 through MFS Service Center (for US open-end funds) or State Street (Lux) (for Meridian Funds)

&nbsp;&nbsp;&nbsp;&nbsp;• Through
 an MFS Approved Broker (US employees)

&nbsp;&nbsp;&nbsp;&nbsp;• Non-US
 employees may invest through a financial institution of their choice

&nbsp;&nbsp;&nbsp;&nbsp;• Through
 an MFS-sponsored benefit plan account

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**HELPFUL TO KNOW** 

**Changes in job status and life events**

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.

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.

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.

**HELPFUL TO KNOW**

**Virtual Currency/Cryptocurrency Accounts and Cryptocurrencies**

&nbsp;&nbsp;&nbsp;&nbsp;• Virtual
 currency/cryptocurrency accounts do not require reporting

&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrencies,
 as well as options and futures on cryptocurrencies, do not require
 pre-clearance nor reporting

&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency
 investment trusts require both pre-clearance and reporting. They are also subject
 to the 60-day profit rule among other rules

&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency
 ETFs do not require pre-clearance, but are subject to reporting

&nbsp;&nbsp;&nbsp;&nbsp;• Initial
 Coin Offerings are considered as private placements, requiring compliance
 pre-approval and reporting

Personal Investing \| **Page 4**

**Rules that Apply Only to Access Persons**

**Pre-clearing personal trades**

**WHICH ACCESS LEVEL ARE YOU?**

**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.

**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.

*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.*

**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.

Personal Investing \| **Page 5**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• Disclose
 trading opportunities for client accounts prior to trading personally in any securities of
 that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;• 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).

&nbsp;&nbsp;&nbsp;&nbsp;• Refraining
 from personally trading any reportable securities you think any of your client accounts might
 wish to trade within the next seven calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;• 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***

**Additional Information for all Personnel Subject to this Policy**

**BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES**

**Accounts of parents or children**

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Accounts of domestic partners or roommates**

&nbsp;&nbsp;&nbsp;&nbsp;• 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;• 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;• You have a roommate: Generally, roommates are presumed to be temporary and to have no beneficial interest in one another's
accounts and securities.

**UGMA/UTMA accounts**

&nbsp;&nbsp;&nbsp;&nbsp;• 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;• 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.

**Transfer on death (TOD) accounts**

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Trusts**

&nbsp;&nbsp;&nbsp;&nbsp;• 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;• You are a trustee for an account and you or a family member is a beneficiary: You are a beneficial owner of the account.

&nbsp;&nbsp;&nbsp;&nbsp;• You are a beneficiary of the account and can make investment decisions without consulting a trustee: You are a beneficial owner
of the account.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• You are the settlor of a revocable trust: You are a beneficial owner of the account.

&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic partner is a trustee and a beneficiary: Beneficial ownership is determined on a case-by-case basis.

**Investment powers over an account**

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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;• 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.

**HELPFUL TO KNOW**

**How we enforce this policy**

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.

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.

Personal Investing *\| **Page 7***

**Additional Information for all Personnel Subject to this Policy**

---

| | | |
|:---|:---|:---|
| <u>Security types and transactions that must be reported and/or pre-cleared</u> | Report<br> <u>All personnel</u> | Pre-clear<br> Access<br> <u>persons only</u> |
| *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.* | *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.* | *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** |  |  |
| Money market funds (MFS or other) | No | No |
| Open-end funds and other pooled products that are advised or sub-advised by MFS (and are not money market funds) | Yes | No |
| Open-end funds that are not advised or sub-advised by MFS | No | No |
| 529 Plans holding MFS advised or sub-advised funds | Yes | No |
| Closed-end funds (including venture capital trusts, investment trusts and MFS closed-end funds) | Yes | Yes |
| Exchange-traded funds (ETFs), including MFS ETFs, and exchange-traded notes (ETNs), including options, futures, structured notes and other derivatives related to these exchange-traded securities | Yes | No |
| Private funds | Yes | Yes |
| **Equities** |  |  |
| Sun Life Financial Inc. (publicly traded shares) | Yes | Yes |
| Equity securities, including real estate investment trusts (REITS), and including options, futures, structured notes or other derivatives on equities | Yes | Yes |
| **Fixed income** |  |  |
| Corporate and municipal bond securities, including options, futures or other derivatives | Yes | Yes |
| US Treasury securities and other obligations backed by the full faith and credit of the US government | No | No |
| 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) | Yes | Yes |
| Government securities issued by Australia, Canada, Japan, Singapore, France, Germany, Italy, The Netherlands, Spain and the UK | Yes | No |
| All other government securities issued from countries not shown above, and options, futures or other derivatives on these securities. | Yes | Yes |
| Money market instruments, such as certificates of deposit and commercial paper | No | No |
| **Other types of assets** |  |  |
| Initial and subsequent investments (including capital calls) in any private placement or other unregistered securities (including real estate limited partnerships or cooperatives) | Yes | Yes |
| Private MFS stock and private shares of Sun Life of Canada (US) Financial Services Holdings, Inc. | No | No |
| Limited offerings, IPOs, secondary offerings | Yes | Yes |
| Derivatives (such as options, futures or swaps) on security indexes | Yes | No |
| Derivatives (such as options, futures or swaps) on commodities and currencies, including virtual currencies | Only if notified by<br> Compliance | Only if notified by<br> Compliance |
| Virtual Currency/Cryptocurrencies (including options and futures on cryptocurrencies) | No | No |
| **Other types of transactions** |  |  |
| Involuntary transactions (see definition below) | No | No |
| Gifts of securities, including charitable donations, transfers of ownership, and inheritances | Yes | No |

---

Personal Investing \| **Page 8**

**Terms with special meanings**

Within this policy, the following terms carry the specific meanings indicated below.

**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.

**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.

**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.

Personal Investing *\| **Page 9***

## Ex-99.(P)(13)

**Exhibit 99.(p)(13)**

![Text Box: Garcia Hamilton & Associates, LP](image_001.jpg)

**CODE OF ETHICS**

Date of Last Review: September 2025

10/22/2025 12:32 PM

<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>Contents</u>

**Contents**

**I.** **General Principles** **3** 

**II.** **Personal Securities Transactions** **5** 

**III.** **Insider Trading** **9** 

**IV.** **Pay to Play Compliance** **11** 

**V.** **Investor Complaints, Violations, and Whistleblowing** **14** 

---

| | |
|:---|:---|
| 10/22/2025 12:32 PM | **Page 2 of 15** |

---

<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>I. General Principles</u>

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **General Principles** 

**A. Responsibility.** It is the responsibility of Garcia Hamilton & Associates, L.P.'s ("GH&A") management to ensure that the Firm conducts its business with the highest level of ethical standards and in keeping with its fiduciary duties to its clients. Accordingly, this Code of Ethics (the "Code") provides details of regulatory and business ethical standards to which all employees must adhere. For the purposes of this Code, employees include any partners, officers, directors, and individuals employed by or associated with the Firm, including contract workers and temporary employees, who manage client accounts, make recommendations, solicit investment advisory business, or supervise individuals who perform the above functions.

**B. Duty to Clients.** The Firm has a duty to exercise its authority and responsibility for the benefit of its clients, to place the interests of its clients first, and to refrain from having outside interests that conflict with the interests of its clients. The Firm must avoid any circumstances that might adversely affect or appear to affect its duty of complete loyalty, good faith, care, and honesty to its clients.

**C. Prohibited Acts.** Employees must comply with applicable federal securities laws. Employees are prohibited, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any client accounts, from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing
 any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Making
 any untrue statement of a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Omitting
 to state a material fact necessary in order to make a statement, in light of the circumstances
 under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging
 in any fraudulent or deceitful act, practice or course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Engaging
 in any manipulative practices.

**Conflicts of Interest.** The Firm has a duty to disclose potential and actual conflicts of interest to their clients. All employees have a duty to report potential and actual conflicts of interest to the Firm. Therefore, all employees are required to disclose annually any board position they or their spouse hold for a foundation, endowment, charity or similar organization, private company, publicly traded company, or government entity. In addition, prior to acceptance of any position in an outside enterprise, i.e., a publicly-held company or government entity, or serving as a member of an investment committee of any Board, an employee must submit a Notice of Intent to Accept Position via the Firm's compliance software, the Ascendant Compliance Management (ACM) system, for review and acceptance or denial.

**Gifts and gratuities.** Gifts and gratuities (other than de minimis gifts of $100 or less) from persons or entities doing business with the Firm are required to be reported via ACM so that the Firm can consider whether it may give the appearance that a potential conflict in selecting one service provider over another is present, based on receipt of such a gift. Gifts and gratuities that would be considered not permissible are those that fall outside the Firm's Gift and Business Entertainment policy for which the employee has not sought and received pre-clearance.

Employees should refer to GH&A's Gift and Business Entertainment Policy in the Firm's Compliance Manual for specific procedures surrounding gifts and business entertainment, including examples of permissible and non- permissible gifts and employee reporting requirements.

If an employee is not certain if a gift qualifies as a de minimis gift, the Chief Compliance Officer should be consulted.

**D. Political and other Sensitive Payments.** Employees must not participate individually or on behalf of the Firm, a subsidiary, or any client, directly or indirectly, in any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use
 of the Firm's funds for political purposes or for payments to government officials
 or employees (other than disbursement in the ordinary course of business for such legal purposes
 such as payment of taxes).

---

| | |
|:---|:---|
| 10/22/2025 12:32 PM | **Page 3 of 15** |

---

<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>I. General Principles</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making
 political or charitable donations for the purpose of obtaining or retaining advisory contracts
 with government entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider
 the Firm's current or anticipated business relationships as a factor in soliciting
 political or charitable donations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment
 or receipt of bribes, kickbacks, or payment or receipt of any other amount with an understanding
 that part or all of such amount will be refunded or delivered to a third party in violation
 of any law applicable to the transaction. If an employee is solicited to make or receive
 an illegal payment in connection with the Firm's business, they should contact the
 Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paying
 third parties to solicit government entities for advisory business unless such third parties
 are registered broker-dealers or registered investment advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinating
 or soliciting from others campaign contributions to elected officials who are in a position
 to influence the selection of the adviser or payments to political parties in the state or
 locality where the adviser is seeking government business.

**E. Use of Disclaimers.** The Firm shall not attempt to limit liability for willful conduct or gross negligence through the use of disclaimers.

**F. Suitability.** The Firm shall only recommend those investments that are suitable for a client, based upon the client's investment policy and guidelines as understood by the Firm.

**G. Duty to Supervise.** The Firm is responsible for ensuring adequate supervision over the activities of all persons who act on its behalf. Specific duties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establishing
 procedures that could be reasonably expected to prevent and detect violations of the law
 by its advisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Analyzing
 its operations and creating a system of controls to ensure compliance with applicable securities
 laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensuring
 that all advisory personnel fully understand the Firm's policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Establishing
 a review system designed to provide reasonable assurance that the Firm's policies and
 procedures are effective and are being followed.

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>II. Personal Securities Transactions</u>

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Personal Securities Transactions** 

Advisers Act Rule 204-2

![](image_006.gif)

**A. Purpose.** The following procedures are designed to ensure that conflicts with client interests are avoided and that the Firm's employees conduct their personal trading activities in a manner consistent with the Firm's fiduciary obligations and regulatory requirements.

**B. Responsibility.** The Chief Compliance Officer shall maintain current and accurate records of certain personal securities transactions of all Firm employees, as more fully described below. Currently, all employees are deemed to be Access Persons subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Access Person.** The term "access person" includes any supervised person of the Firm
 who (1) 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 (2) is involved in making securities recommendations to clients, or who has access
 to such recommendations that are nonpublic. In addition, as the Firm's primary business
 is providing investment advice, all of the Firm's employees, directors, officers and
 partners are presumed to be access persons.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Holdings Report.** Each employee must submit to the Chief Compliance Officer via ACM a report of
 all holdings in Reportable Securities, as defined below, in which such employee has any direct
 or indirect beneficial ownership, within 10 days of their employment. Additionally, each
 employee must attest that all reportable accounts are set up and all holdings are reported
 within ACM on a quarterly basis. All information provided must be current as of a date no
 more than 45 days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Quarterly Transaction Report.** Each employee must submit a report of their personal securities transactions
 during the calendar quarter to the Chief Compliance Officer via ACM no later than 30 days
 after the end of each calendar quarter.

The following reporting requirements should be noted:

---

| | |
|:---|:---|
| a. | Holdings and transactions in Reportable Securities only are required to be reported. |
|  | **Reportable Securities** includes items you may not think of as "securities," such as: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange
 Traded Funds (ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed
 end funds (fixed number of shares)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited
 Partnerships (publicly traded)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private
 investment funds, hedge funds, and investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To
 be clear, the only <u>securities not required to be reported</u> are *:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers'
 acceptances, bank certificates of deposit, commercial paper, money market instruments, and
 high quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• futures
 transactions (other than futures on individual securities);

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>II. Personal Securities Transactions</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;• shares
 of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions
 effected in any account over which an employees has any direct or indirect influence or control,
 are required to be reported. An employee is deemed to have direct or indirect influence or
 control over: the employee's spouse, minor children, parents, and adults living in
 the same household; trusts over which the employee has discretionary authority; as well as
 managed accounts and automatic investment plans, as defined below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Transactions
 effected in any account over which neither the Firm nor its employees have any direct or
 indirect influence or control are not required to be reported.

A "**managed account**" is an account for which the employee has the ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirm
 or approve a securities transaction prior to the consummation of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make
 any suggestions regarding a securities transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct
 any specific securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consult
 with the third-party discretionary manager as to the particular allocation of investments
 to be made in the account.

An "**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.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Other Requirements/Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-clearance of trades and review.** Employees must submit a Pre-clearance Form to the Chief Compliance
 Officer via ACM for pre-clearance of transactions in all Covered Securities, before a trade
 is executed by the employee. **Covered Securities** include all Reportable Securities
 as defined in Section D.2.(a). The Chief Compliance Officer, in turn, will submit a pre-clearance
 form for their own personal trades to a the Chief Operating Officer for approval.

<u>Pre-Clearance Exemptions:</u>

Transactions listed below are exempted from pre-clearance. All such transactions, however, remain subject to the reporting requirements set forth within the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions
 effected in managed accounts (as defined above) or automatic investment plan (as defined
 above);and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 transactions effected in securities listed in Section D.2.(b) above.

The Chief Compliance Officer or their designee must pre-approve all personal securities transactions requests via ACM prior to an employee executing the order. In addition, the Chief Compliance Officer or designee shall conduct a periodic review of all employees' personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Length of Time of Approval.** Approvals to trade in a security are valid for twenty-four hours,
 after which a new approval must be obtained if the initial trade was not executed. The exception
 to this rule is a limit order which is valid for thirty days, after which a new approval
 must be obtained.

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>II. Personal Securities Transactions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Duplicate Brokerage Confirmation and Statements.** For accounts not set up to feed electronically
 in ACM, duplicate confirmation of trades in the Covered Securities and duplicate statements,
 monthly or quarterly, as applicable to the account, should be sent by the brokerage firm
 to the Chief Compliance Officer in a timely manner at: Garcia Hamilton & Associates,
 L.P., Chief Compliance Officer, P.O. Box 52130, Houston, TX 77052-2130. Such duplicate monthly
 or quarterly account statements can be submitted in lieu of attaching copies of your documents
 to the Quarterly Personal Trading/Conflicts of Interest Reports, provided that all of the
 required information is contained in the statements. For accounts set up to feed electronically
 in ACM, the system will receive and review statements and confirmation of trades, flagging
 any that require pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Special Issues.** Trading in a new issue while it is in its initial public offering ("IPO")
 stage is specifically prohibited. The Firm's employees may begin trading a new issue
 as soon as the secondary market trading in that security has begun. Likewise, employees'
 personal trading in limited, private offerings or private placement ("limited offerings")
 must be submitted for pre-approval by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Blackout Periods.** GH&A prohibits employees from executing a securities transaction on a day
 during which any client has a pending or executed "buy" or "sell"
 in the same security, excepting transactions effected in managed accounts for which the employee
 certifies that theydo not suggest or provide direction on any particular purchases, sales
 or allocations of investments in the account or transactions executed in an account pursuant
 to an automatic investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Short-term Trading.** Short-term trading by employees is strongly discouraged. Accordingly, any short-term
 trading profits on transactions in Reportable Securities realized on a shorter than 30-day
 duration shall be disgorged and donated to a charity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Firm Managed Employee Portfolios.** The pre-clearance procedure is replaced in these portfolios
 by the portfolio manager's trade order. The securities of employee and employee family
 members are traded in accordance with GH&A's trading policy for proprietary and
 affiliated accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Reporting of Violations.** If a person who is subject to this Code becomes aware of a violation of
 the Code, the individual is required to report it to the Chief Compliance Officer promptly.
 It is the Firm's policy to investigate the potential violation promptly and confidentially.
 Retaliation against the individual who reports a violation is prohibited and constitutes
 a further violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Acknowledgment.** The Firm requires that all employees acknowledge in writing that they understand and
 agree to comply with the Firm's policy on personal securities transactions upon hire
 as well as annually via ACM. In addition, receipt of any amendments to the Code will require
 an acknowledgement by employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Education.** The Firm will provide employees with training at least annually regarding the Firm's
 Code of Ethics and related issues to remind employees of their obligations, any amendments
 and regulatory changes.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **General Sanction Guidelines** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Preclearance of Personal Trades.** The Chief Compliance Officer may issue a verbal warning or Letter
 of Warning to the employee at first offense, dependent on the severity of the offense. A
 repeat violator shall receive a Letter of Warning and reprimands including administrative
 warnings, demotions, disgorgement of profits, monetary penalties, suspensions or dismissal
 of the person involved. These are guidelines only, so the Firm can apply any appropriate
 sanction depending upon the circumstances, up to and including dismissal.

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>II. Personal Securities Transactions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Late Filing of the Required Reports.** The Chief Compliance Officer may issue a verbal warning
 or Letter of Notification to the employee at first offense, dependent on the severity of
 the offense. A repeat violator shall receive Letter of Notification and reprimands including
 administrative warnings, demotions, suspensions or dismissal of the person involved. These
 are guidelines only, so the Firm can apply any appropriate sanction depending upon the circumstances,
 up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***It should be emphasized that all required filings and reports under this policy shall be monitored by the Chief Compliance Officer or designee. The Chief Compliance Officer will receive and review report of violations periodically. Violators will be subject to reprimand, monetary fine, termination or reporting to regulators, depending on the degree of the offense.*** 

**G. Confidentiality.** All reports and documents are strictly confidential and will not be discussed with any unauthorized associates of the Firm. They will be made available, however, to the Securities and Exchange Commission or other regulatory body upon proof that they are empowered to review such documents. Other than those limited purposes, the reports will be kept confidential by the Compliance Department once they have been reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Recordkeeping.** GH&A will maintain in its records the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 copy of the Code that is or was in effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records
 of violations of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actions
 taken as a result of the violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copies
 of employees' acknowledgment of receipt of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 reports and forms required to be filed by employees under the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 record of all persons who are or were required to file reports under this Code, or who are
 or were responsible for reviewing these reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance
 requests, approval records, and any reasons supporting the decisions to approve purchase
 of a limited offering

The retention period is five years from the end of the fiscal year in which the transaction occurs, in an easily accessible place, the first two years in an appropriate office. The retention period for acknowledgment of the Code is five years after the individual ceases to be an access person.

---

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>III. Insider Trading</u>

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Insider Trading** 

**A. Supervisory Responsibility.** The Chief Compliance Officer shall be responsible for implementing, monitoring and enforcing the Firm's policies and procedures against insider trading embodied in this section of the Code.

**B. Section 204A of the Adviser Act.** *Section 204A* requires all investment advisers to establish, maintain and enforce written procedures designed to prevent the misuse of material, non-public information in violation of the Securities and Exchange Act of 1934. This conduct is frequently referred to as "insider trading."

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Insider.** The term "insider" is broadly defined. It includes officers, directors and
 employees of the Firm. In addition, a person can be a "temporary insider" if
 that person enters into a special confidential relationship in the conduct of a Firm's
 affairs and, as a result, is given access to information solely for the Firm's purposes.
 A temporary insider can include, among others, the Firm's attorneys, accountants, consultants,
 bank lending officers, and the employees of such organizations. In addition, the Firm may
 become a temporary insider of a client it advises or for which it performs other services.
 If a client expects the Firm to keep the disclosed non-public information confidential and
 the relationship implies such a duty, then the Firm will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Insider Trading.** The term "insider trading" is not defined in federal securities
 laws, but generally is used to refer to the effecting of securities transactions while in
 possession of material, non-public information (whether or not one is an "insider")
 or to the communication of material, non-public information to others. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Trading
 by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Trading
 by a non-insider (also called a "temporary insider") while in possession of material
 non-public information, where the information was either disclosed to the non-insider in
 violation of an insider's duty to keep the information confidential or was misappropriated;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Communicating
 material non-public information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Material Information.** The term "material information" is generally defined as information
 that a reasonable investor would most likely consider important in making their investment
 decisions, or information that is reasonably certain to have a substantial effect on the
 price of a Firm's securities, regardless of whether the information is related directly
 to their business. Material information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend
 changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings
 estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes
 in previously released earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant
 merger or acquisition proposals or agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major
 litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidation
 problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proprietary
 products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extraordinary
 management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Non-Public Information.** Information is non-public until it has been effectively communicated to
 the marketplace. For example, information found 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 information.

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>III. Insider Trading</u>

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **The Firm's Policy on Insider Trading** 

All employees are prohibited from trading either personally or on behalf of others, on material non-public information or communicating material non-public information to others in violation of Section 204A. After an employee has received information, they should refrain from trading while in possession of that information unless they first determine that the information is either public, non-material, or both. The employee should also refrain from disclosing the information to others, such as family, relatives, business or social acquaintances that do not need to know such information for legitimate business reasons. If the employee has any questions at all as to whether the information is material and nonpublic, they must resolve the question before trading, recommending trading, or divulging the information.

In addition, employees are prohibited from trading either personally or on behalf of others in companies where an employee of the firm serves in a fiduciary capacity. A list of such restricted companies shall be maintained and distributed to all employees as changes occur.

If any doubt at all remains, employees should consult the Chief Compliance Officer prior to trading or disclosure of the information.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Prevention of Insider Trading.** To prevent insider trading from occurring, the Chief Compliance Officer
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. design
 an appropriate educational program and provide educational materials to familiarize employees
 with the Firm's policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. answer
 questions and inquiries regarding the Firm's policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. review
 the Firm's policy on a regular basis and update it as necessary to reflect regulatory
 and industry changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. resolve
 issues as to whether information received by an employee constitutes material and non- public
 information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon
 determination that an employee has possession of material non-public information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. implement
 measures to prevent dissemination of such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. restrict
 employees from trading on any affected securities.

**F. Detection of Insider Trading.** In order to detect insider trading and inappropriate personal securities transactions, the Chief Compliance Officer shall, from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. review
 the trading activity reports filed by employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. review
 the trading activity of accounts managed by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. coordinate
 the review of such reports when necessary, with other appropriate employees of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Sanctions** 

**Any violation of the Insider Trading Policy can be expected to result in serious sanctions by the Firm. Immediately upon learning of a potential insider trading violation, the Chief Compliance Officer shall prepare a written report to the management of the Firm providing full details and recommendations for further action, including reprimands, demotions, monetary penalties, suspensions, dismissal or reporting to the regulatory authorities.**

**H. Acknowledgement.** The Firm requires that all employees acknowledge in writing that they have reviewed and agree to comply with the Firm's policy and procedures on Insider Trading upon hire as well as annually.

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>IV. Pay to Play Compliance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Pay to Play Compliance** 

Advisers Act Rule 206(4)-5

![](image_003.gif)

**A. Purpose.** The following procedures are designed to ensure that conflicts with government client interests are avoided and that the Firm's employees conduct their personal political contribution activities in a manner consistent with the Firm's fiduciary obligations and regulatory requirements.

**B. Responsibility.** The Chief Compliance Officer shall be responsible for implementing, monitoring and enforcing the Firm's policies and procedures regarding political contributions and payments to third party solicitors by employees embodied in this section of the Code.

**C. Rule 206(4)-5 of the Adviser Act.** Rule 206(4)-5 of the Investment Advisers Act of 1940 prohibits the Firm from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Providing
 advisory services for compensation for two years after a covered associate (defined below)
 makes a contribution to certain elected officials who are in a position to influence the
 selection of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Providing
 or agreeing to provide, directly or indirectly, payment to any third party for solicitation
 of advisory business from any government entity on behalf of the Firm, unless the third-party
 is an SEC- registered investment adviser or broker-dealer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Coordinating
 or soliciting from others campaign contributions to elected officials who are in a position
 to influence the selection of the Firm or payments to certain political parties in the state
 or locality where the adviser is seeking government business.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Covered Associate.** Only a "covered associate" must comply with this Section. Covered
 associates include (a) the Firm's general partners, limited partners, managing members,
 executive officers, (b) any employee that solicits from a government entity for the Firm
 and any person who supervises such persons, (c) any spouse or dependent child(ren) of any
 general partners or limited partners,or (d) any Political Action Committee (PAC) controlled
 by the Firm or other covered associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Government Entity.** A "government entity" includes all state and local governments, their
 agencies and instrumentalities, and all public pension plans and other collective government
 funds, including participant-directed plans such as 403(b), 457 and 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Contribution.** A "contribution" includes a gift, subscription, loan, advance or deposit
 of money or anything of value made for the purpose of influencing any election for federal,
 state or local office, payment of debt incurred in connection with any such election or transition,
 or inaugural expenses of a successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Indirect Contribution.** A contribution given on behalf of a covered associate of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Payment.** A "payment" is defined as any gift, subscription, loan, advance or deposit
 of money or anything of value. Payments may also include *quid pro quo* arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regulated Person.** A "regulated person" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An
 SEC-registered investment advisor; provided, that such person and its covered associates
 have not, within two years of soliciting a government entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Made
 a contribution to an official of that government entity; or

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>IV. Pay to Play Compliance</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;b. Coordinated,
 or solicited any persons to make, any contribution to an official of a government entity
 to which the investment adviser that hired the solicitor is providing or seeking to provide
 investment advisory services, or payment to a political party of a state or locality where
 the investment adviser that hired the solicitor is providing or seeking to provide investment
 advisory services to a government entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An
 SEC-registered broker-dealer that is a member of a registered national securities association
 such as FINRA that has a rule (a) that prohibits members from engaging in distribution or
 solicitation activities if certain political contributions have been made; and (b) that the
 SEC finds both to impose substantially equivalent or more stringent restrictions on broker-dealers
 than the Rule imposes on investment advisers and to be consistent with the objectives of
 the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Policy on Political Contributions and Payments to Third Party Solicitors.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Political Contributions.** Each covered associate must submit a Pre-Clearance Form via ACM to the
 Chief Compliance Officer for pre-clearance of  **<u>all</u>** political contributions made
 on the state and local level prior to making any such contribution. Forms should include
 details regarding the jurisdiction in which the candidate is seeking public office and the
 position that the official or candidate holds or is seeking. Each form should include a signed
 certification that no contribution will be made to elected officials, current candidates,
 or political parties where the Firm is providing or seeking government business. The Chief
 Compliance Officer will conduct a review to determine whether the official or candidate to
 whom the Covered Associate proposes to make a political contribution is in a position to
 influence the selection of the Firm for advisory services to government clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Payments to Third Party Solicitors.** Each covered associate must submit a Pre-Clearance Form to
 the Chief Compliance Officer for pre-clearance of  **<u>all</u>** payments to any third-party
 for solicitation of advisory business prior to making any such payment. Any such payment
 will be approved only if the third party is a regulated person. The Chief Compliance Officer
 will carefully screen new candidates to determine whether the third parties meet the definition
 of a regulated person. The Chief Compliance Officer will also conduct regular monitoring,
 not less than once every quarter, of current third party solicitors to which payments are
 made by covered associates, to determine if such third parties continue to meet the requirements
 of a regulated person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **De Minimis Exceptions.** The Chief Compliance Officer will determine, based on their review
 of a submitted Pre-Clearance Form, whether or not a contribution meets the de minimis contribution
 exceptions outlined here: (a) contributions of $350 or less to officials for whom the Covered
 Associate is entitled to vote or (b) contributions of $150 or less for whom the Covered Associate
 is not entitled to vote. Contributions over the de minimis amount submitted on a Pre-Clearance
 Form may be approved on a case-by-case basis following review by the Chief Compliance Officer
 and the Managing Partner. Funneling contributions through family members, or any third party,
 as a means to circumvent the rule is illegal and strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Coordinated or Solicited Contributions or Payments.** There is no de minimis exception for coordinated
 or solicited contributions or payments described in paragraph C.(c) above, which are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Quarterly Transaction Report.** Each employee must submit a report of their personal political contributions
 and/or payments to third party solicitors during the calendar quarter to the Chief Compliance
 Officer via ACM no later than 30 days after the end of each calendar quarter.

The following reporting requirements should be noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 name of the Covered Associate if other than the employee submitting the Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 jurisdiction in which the candidate or official is seeking public office; and

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>IV. Pay to Play Compliance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 position that the candidate or official holds or is seeking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 dollar value of the contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Indication
 regarding entitlement of the Covered Associate to vote for the candidate or official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Certifications.** The Chief Compliance Officer or designee shall conduct a periodic review of all employees'
 personal political contributions certifications. In addition, the Chief Compliance Officer
 may conduct e-mail review to independently verify compliance with the policy.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Record Keeping.** The firm will maintain in its records the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Names,
 titles and addresses of all covered associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details
 of all government entities to which the investment adviser provides or had provided investment
 advisory services in the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 direct and indirect contributions made by the investment advisor or any of its covered associates
 to an official of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records
 of Pre-Clearance Forms and certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 name and address of each regulated person to whom the investment adviser provides or agrees
 to provide payment to solicit a government entity for investment advisory services on its
 behalf.

**H. Confidentiality.** All reports and documents are strictly confidential and will not be discussed with any unauthorized associates of the Firm. They will be made available, however, to the Securities and Exchange Commission or other regulatory body upon the Firm's reasonable belief that they are empowered to review such documents. Other than those limited purposes, the reports will be kept confidential by the Compliance Department once they have been reviewed.

**I. New Covered Associates.** New covered associates must disclose all state and local political contributions from the time they entered into employment negotiations with the Firm.

**J. Reporting of Violations.** If a person who is subject to this Code becomes aware of a violation of the Code, the individual is required to report it to the Chief Compliance Officer promptly. It is the Firm's policy to investigate the potential violation promptly and confidentially. Retaliation against the individual who reports a violation is prohibited and constitutes a further violation of the Code.

**K. Acknowledgment.** The Firm requires that all employees acknowledge in writing that they understand and agree to comply with the Firm's policy on political contributions upon hire as well as annually. In addition, receipt of any amendments to the Code will require an acknowledgment by employees.

**L. Education.** The Firm will provide employees with periodic training regarding the Firm's Code of Ethics and related issues to remind employees of their obligations, any amendments and regulatory changes.

---

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>V. Investor Complaints, Violations, and Whistleblowing</u>

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Investor Complaints, Violations, and Whistleblowing** 

**A. Purpose.** The following policy and procedures are designed to 1) effect compliance with all applicable laws, rules and regulations to which the Firm is subject, and 2) ensure protection from retaliation for individuals who report possible violations of Federal securities laws internally or externally.

**B. Rule 21F-17(a).** Rule 21F-17(a) of the Exchange Act. Section 21F of the Securities and Exchange Act of 1934 ("Exchange Act") authorizes the Commission to provide certain incentives and protections for securities whistleblowers. As part of the implementation of these whistleblower provisions, the Commission adopted Rule 21F-17(a) under the Exchange Act, which prohibits any person from taking any action to impede an individual from communicating directly with Commission staff about a possible securities law violation. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, a Registered Investment Adviser ("RIA") must adopt and implement procedures for receiving and reviewing employee whistleblower complaints. GH&A is committed to high standards of ethical, moral and legal business conduct. In line with this commitment, and the Firm's emphasis to open communication, this policy aims to provide an avenue for Firm employees to raise concerns and reassurance that they will be protected from reprisals or victimization for whistleblowing.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Policy on Investor Complaints, Violations, and Whistleblowing.** 

This policy is intended to cover protections for Firm employees who raise concerns regarding issues including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investor
 Complaints/Concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incorrect
 financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlawful
 activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activities
 that are not in line with GH&A's policy, including the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activities,
 which otherwise amount to serious improper conduct

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Requirement to Report Violations** - All supervised persons shall promptly report to the Chief Compliance
 Officer or to their designee evidence of: (i) a violation of any Federal or state securities
 laws; (ii) a breach of fiduciary duty arising under any Federal
or state securities laws; or (iii) a similar violation of Federal of state law by the Firm of any of the Firm's supervised persons.
Employees should report possible violations through the Firm's internal whistleblower procedures before reporting them to any external
regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The
 Firm has made anonymous whistleblower reporting available via Lighthouse Services. Reports
 can be made online at lighthouseservices.com/garciahamiltonassociates or by calling 833-290-0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Employees
 can also report directly to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Requirement to Review Violations** - The CCO shall review all such reports and provide such reports
 to the Executive Management Committee. Upon receipt of such reports, the CCO will determine
 if an internal investigation is necessary. The Firm may consult with legal counsel to determine
 whether an investigation and/or self-reporting to any regulatory body is recommended and/or
 necessary.

Should supervised persons of the Firm feel that their concerns are not promptly and adequately addressed by the Firm's internal compliance system, employees may also direct inquiries or reports to the SEC through its website or by mailing or faxing a Form TCR to: SEC Office of the Whistleblower (c/o ENF-CPU); 14420 Albemarle Point Place, Suite 102, Chantilly, VA 20151-1750 or Fax: (703) 813-9322.

It is understandable that whistleblowers are sometimes worried about possible repercussions. The Firm aims to encourage openness and will support individuals who raise genuine concerns in good faith under the Code, even if they turn out to be mistaken. Personnel will not suffer detrimental treatment as a result of raising a concern in good faith. Detrimental treatment includes dismissal, demotion, disciplinary action, threats or other unfavorable treatment connected with raising a concern. If any employees believe that they have suffered any such treatment, they should inform the CCO immediately.

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<u>Garcia Hamilton & Associates, LP - GH&A Code of Ethics</u> <u>V. Investor Complaints, Violations, and Whistleblowing</u>

All covered associates are prohibited from threatening or retaliating against whistleblowers in any way. Anyone involved in such conduct will be subject to disciplinary action. Alternatively, if the Firm concludes that a whistleblower has maliciously made deliberately false allegations, in bad faith or with a view to personal gain, the whistleblower may be subject to disciplinary action

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Oversight.** 

The Chief Compliance Officer shall be responsible for implementing, monitoring, and enforcing the Firm's policies and procedures regarding investor complaints, unlawful activities, and whistleblower reports

**F. Acknowledgement.** The Firm requires that all employees acknowledge in writing that they understand and agree to comply with the Firm's investor complaint, violations, and whistleblowing policy upon hire as well as annually. In addition, receipt of any amendments to the Code will require an acknowledgement by employees.

**G. Education.** The Firm will provide employees with periodic training regarding the Firm's Code of Ethics and related issues to remind issues to remind employees of their obligations, any amendments and regulatory changes.

---

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## Ex-99.(P)(19)

**Exhibit 99.(p)(19)**

---

| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

**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 July 1, 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 | Snapshot of the Policy | 2 |
| Requirements for All Employees | Requirements for All Employees | 2 |
| Requirements for Access, Investment and Portfolio Persons | Requirements for Access, Investment and Portfolio Persons | 2 |
| Trading Prohibitions for Investment and Portfolio Persons | 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 | APPENDIX 1: DEFINITIONS | 19 |
| APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | 23 |
| APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | 26 |
| APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | 28 |
| APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | 31 |
| APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | 33 |
| SCHEDULE A: BOARD APPROVAL DATES | SCHEDULE A: BOARD APPROVAL DATES | 35 |
| SCHEDULE B: SUBADVISED FUNDS | SCHEDULE B: SUBADVISED FUNDS | 36 |
| SCHEDULE C: BROKERS | SCHEDULE C: BROKERS | 37 |
| PROHIBITED BROKERS | PROHIBITED BROKERS | 37 |
| APPROVED ELECTRONIC BROKERS | APPROVED ELECTRONIC BROKERS | 37 |

---

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 1

---

| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place
our client's interest first

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply
 with federal securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 violations to Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose
 personal security transactions on a quarterly basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose
 conflicts of interest annually

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain
 approval (preclearance) to trade in reportable securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 2

---

| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 3

---

| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Why Do We Have a Code of Ethics?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 4

---

| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

---

| | | |
|:---|:---|:---|
| *Fewest Restrictions* |  | *Most <br> Restrictions* |
| **Non-Access Person** | **Access Person Investment Person** | **Portfolio Person** |

---

The standard profile for each of the categories is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investment Persons** 

Investment Persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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: July 1, 2025

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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;• 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;&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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Restrictions
 on Personal Investing Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 6

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|:---|:---|
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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;&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>.

Policy updated: July 1, 2025

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|:---|:---|
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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Preclearance of Personal Securities Transactions<br> [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 request 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;&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.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 8

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|:---|:---|
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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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar
 value

&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. 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Additional Trading Restrictions<br> [Portfolio and Investment Persons]** 

<sup>5</sup> See Appendix 4 for a description of the preclearance process.

Policy updated: July 1, 2025

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|:---|:---|
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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. The following additional trading restrictions mitigate this risk. Preclearance should be submitted in ComplianceAlpha following the instructions in Appendix 4.

&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. <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>60-Day Rule (Short-Term Trading Profits).</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Seven-Day Blackout Period<br> [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;&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.

Policy updated: July 1, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&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;&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;&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.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 11

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|:---|:---|
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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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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.

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

Policy updated: July 1, 2025

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 tax payer 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&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 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

<sup>6</sup> See Appendix 3 for a listing of code-exempt securities that must be reported.

Policy updated: July 1, 2025

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvested
 dividends;

Policy updated: July 1, 2025

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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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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;&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.

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

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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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Policy updated: July 1, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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 and Insider Trading Policy also contain limitations on outside employment and directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 proposed 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicia
 of fraud, neglect, or indifference to Code provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency
 of violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extent
 of harm to client interests;

Policy updated: July 1, 2025

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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;• Extent
 of unjust enrichment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tenure
 and prior record of the violator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Warning
 (notice sent to manager) and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Attendance
 at a Code of Ethics training session and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Suspension
 of trading privileges.

&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. Penalties
 for material or more frequent non-material violations will be based on the circumstances
 of the violation. These penalties could include, but are not limited to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Suspension
 of trading privileges and/or

b) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Suspension
 or termination of employment.

In addition, you may be required to surrender any profit realized from any transaction(s) in violation of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. ACI's
 Quarterly Report to Fund Directors/Trustees

ACI will prepare a quarterly report to the Board of Directors/Trustees of each Fund Client of any material violation of this Code of Ethics.

Policy updated: July 1, 2025

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your
 spouse or domestic partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your
 minor children; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 relative who shares your home.

Policy updated: July 1, 2025

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasury
 stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange
 traded fund (ETFs) or similar vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit
 Investment Trusts (UIT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 of open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares
 of closed-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence
 of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral-trust
 certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preorganization
 certificate or subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable
 share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment
 contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting-trust
 certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate
 of deposit for a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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.

Policy updated: July 1, 2025

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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.

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 member of your immediate family OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You
 directly or beneficially own a controlling interest in or otherwise control the company;
 OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 23

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Examples of Beneficial Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 24

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

*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;&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;&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 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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 25

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investments stock and stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable
 mutual funds (Access Persons only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money
 market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank
 Certificates of Deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial
 paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers
 acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Code-Exempt Securities Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange
 Traded Products\*, Closed-End Funds and Unit Investment Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 26

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|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
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---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. |

---

Commodity futures contracts for agricultural products (corn, soybeans, wheat, etc.) only. Futures contracts on precious metals or energy resources are ***not*** Code-exempt.

\*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]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Prohibited Securities (Portfolio, Investment, Access Persons)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single
 Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracts for Difference (CFDs)

We may modify this list of securities at any time. Please contact Compliance to request the most current list.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 27

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

**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;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance
 Request

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate
 Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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 equity transaction is subject to the following tests.

---

| | |
|:---|:---|
| **Step 1:** | **Restricted Security List** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 28

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

---

| | |
|:---|:---|
| **Step 3:** | **Client Trades Test** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 29

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

**Preclearance Process Flowchart**

![](imgsac02.jpg)

\*De Minimis

A. Is the market cap = to $1B and
 the per day trade value </= to $5,000 for the security and related securities?</FONT

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</FONT

C. Is the market cap >/= to $7.5B and the per day trade
 value = to $25,000 for the security and related securities?</FONT

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 30

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

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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;1. Log-in
 to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&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;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;&nbsp;&nbsp;&nbsp;&nbsp;a. Select
 your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide
 Date Opened, Account Owner Type, and Investment Discretion.

&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;&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;&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;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.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 31

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

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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;&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;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 32

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

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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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;2. From
 the Employee Dashboard, click on the green action button.

&nbsp;&nbsp;&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;&nbsp;&nbsp;4. Click
 on "Other"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select
 the appropriate template (Managed/Trust Account or Account Exemption) and click continue.

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 33

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

---

&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;8. Click
 Submit.

&nbsp;&nbsp;&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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 34

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

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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 Target Maturities Trust | December 14, 2017 |
| American Century World Mutual Funds, Inc. | December 1, 2017 |

---

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 35

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

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**SCHEDULE B: SUBADVISED FUNDS**

***(Last updated July 1, 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.

[Fund List Redacted]

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 36

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| | |
|:---|:---|
| **Code of Ethics** | ![](img004a.jpg) |
| | **POLICY** |
|  | **POLICY** |

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**SCHEDULE C: BROKERS**

***(Last updated July 1, 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.

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)

First Republic

Goldman Sachs Wealth Management

GW & Wade Asset Management (through National Financial Services)

Interactive Brokers

JP Morgan Private Client

Lion Street (through Pershing)

Policy updated: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 37

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| **Code of Ethics** | ![](img004a.jpg) |
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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: July 1, 2025

COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 38

## Ex-99.(P)(21)

**Exhibit 99.(p)(21)**

**DePrince, Race & Zollo, Inc.**

**Code of Ethics**

**I. Introduction**

The policies in this Code of Ethics reflect DePrince, Race & Zollo, Inc.'s ("DRZ") assumption and expectation of loyalty to the interests of DRZ and its clients on the part of each of DRZ's access person. All of DRZ's employees are considered access persons for purposes of this Code of Ethics. In the course of their service to DRZ, access persons must be under no influence which may cause them to serve their own or someone else's financial interests over those of DRZ or its clients.

DRZ's policies reflect its desire to detect and prevent situations involving actual or potential conflicts of interest, as well as situations involving only an appearance of conflict or of unethical conduct. DRZ's business is one dependent upon public confidence. The mere appearance of possibility of doubtful loyalty is as important to avoid as actual disloyalty itself. The appearance of impropriety could besmirch DRZ's name and damage its reputation to the detriment of all those with whom we do business.

The following policies and procedures have been designed and implemented to address personal trading of DRZ's employees, Rule 204A-1 under the Investment Advisers Act of 1940 as well as Rule 17j-1 under the Investment Company Act of 1940 ("Investment Company Act").

**II. Risks**

In developing this policy and procedures, DRZ considered the material risks associated with administering the Code of Ethics. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees
 being able to cherry pick clients' trades and systematically move profitable trades to a personal account and let less profitable
 trades remain in clients' accounts.

• Employees
 misallocating client trades to favor or disadvantage certain clients or groups of clients.

• One
 or more employees engage in an excessive volume of personal trading (as determined by the CCO and senior management) that detracts
 from their ability to perform services for clients.

• Employees
 taking advantage of their position by accepting excessive gifts or other gratuities (including access to IPO investments) from individuals
 seeking to do business with DRZ.

• Employees
 taking investment opportunities away from clients.

• Employees
 improperly attempting to personally trade before client trades have been implemented.

• The
 personal trading of employees does not comply with certain provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 of the
 Investment Company Act, as amended.

• Employees
 attempting to obtain and use material non-public information or failing to appropriately report the receipt of such information to
 DRZ's compliance personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees serving as trustees or as directors of outside organizations. (This could present a conflict in a number of ways, for example, if DRZ wants to recommend the organization for investment or if the organization is one of DRZ's service providers.)

• Employees using firm property, including research, supplies, and equipment for personal benefit.

• Employees improperly transferring confidential or sensitive information.

DRZ has established the following guidelines as an attempt to mitigate these risks.

**III. Statement of General Principles**

As a matter of policy, no access person shall engage in any act, practice or course of conduct that would violate the provisions of the Advisers Act or, with respect to those clients that are Investment Companies, Section 17(j) of the Investment Company Act and Rule 17j-1 thereunder. At all times DRZ's access persons are required to place the financial interests of DRZ's clients before their own. Accordingly, personal financial transactions by access persons of DRZ must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an access person's position of trust and responsibility. Further, access persons should not take inappropriate advantage of their positions with or on behalf of any client of DRZ.

Without limiting in any manner the fiduciary duty owed by access persons to DRZ's clients or the provisions of this Code of Ethics, it should be noted that DRZ allows access persons to purchase or sell securities owned by the clients in the open marketplace; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in this Code of Ethics. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the clients' portfolios. Nonetheless, DRZ's compliance personnel will monitor all employee personal trading of reportable securities to ensure that such trading complies with this Code of Ethics.

Access persons must exercise extreme care to ensure that prohibitions of this Code of Ethics are not violated when making personal investment decisions with respect to any security. Further, personal investing by an access person should be conducted in such a manner so as to eliminate the possibility that the access person's attention is diverted at the expense of attention that should be devoted to management of a client's portfolio.

Technical compliance with procedures, prohibitions and limitations of this Code of Ethics will not automatically insulate personal securities transactions which show a pattern of abuse by an access person from scrutiny. When considering personal investment activity, access persons should, at all times, ensure that they comply with their fiduciary duty to any client of DRZ.

DRZ and the Board of Directors reserve the right to apply stricter standards and procedures in practice. Such additional standards may from time to time be communicated to the firm's employees. Under no circumstances will the standards, policies or procedures in this Code of Ethics be lessened without a formal revision of the Compliance Manual and approval from the Board of Directors.

**IV. Background**

Section 17(j) of the Investment Company Act, provides, among other things, that it is unlawful for any affiliated person of DRZ to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by a client, which is an investment company, in contravention of such rules and regulations as the SEC may adopt to define and prescribe

means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the SEC has adopted Rule 17j-1 which states that it is unlawful for any affiliated person of DRZ in connection with the purchase or sale of a security held or to be acquired (as defined in the Rule) by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to employ any device, scheme or artifice to defraud a client, which is an investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make to a client, which is an investment company, any untrue statement of a material fact or omit to
state to a client a material fact necessary in order to make the statements made, in light of the circumstances under which they were
made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to engage in any act, practice or course of business which operates or would operate as fraud or deceit
upon a client, which is an investment company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to engage in any manipulative practice with respect to a client, which is an investment company

**V. Definitions**

For purposes of this Code of Ethics, the following definitions shall apply regardless if term is capitalized:

The term "access person" shall mean any director, officer or advisory person (as defined below) of DRZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term "advisory person" shall mean (i) every employee of DRZ (or of any company in a control
relationship to DRZ) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding
the purchase or sale of a security (as defined below) by a client, 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 DRZ who obtains information concerning recommendations
made to a client with regard to the purchase or sale of a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The term "beneficial ownership" or "beneficial interest" shall mean a direct or
indirect "pecuniary interest" (as defined in subparagraph (a) (2) of Rule 16a-1 under the Securities Exchange Act of 1934,
as amended) that is held or shared by a person directly or indirectly (through any contract, arrangement, understanding, relationship
or otherwise) in a security. While the definition of "pecuniary interest" in subparagraph (a) (2) of Rule 16a-1 is complex,
the term generally means the opportunity directly or indirectly to provide or share in any profit derived from a transaction in a security.
An indirect pecuniary interest in securities by a person would be deemed to exist as a result of: (i) ownership of securities by any of
such person's immediate family members sharing the same household (including but not limited to: spouse, child, stepchild, grandchild,
parent, stepparent, grandparent, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law); (ii) the
person's partnership interest in the portfolio securities held by a general or limited partnership; (iii) the existence of certain
performance-related fees (not simply an asset-based fee) received by such person as broker, dealer, investment adviser or manager to a
securities account; (iv) the person's right to receive dividends from a security provided such right is separate or separable from
the underlying securities; (v) the person's interest in securities held by a trust under certain circumstances; and (vi) the person's
right to acquire securities through the exercise or conversion of a "derivative security" (which term excludes (a) a broad-based
index option or future, (b) a right with an exercise or conversion privilege at a price that is not fixed, and (c) a security giving rise
to the right to receive such other security only pro rata and by virtue of a merger, consolidation or exchange offer involving the issuer
of the first security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The term "control" shall mean the power to exercise a controlling influence over the management
or policies of DRZ, unless such power is solely the result of an official position with DRZ, all as determined in accordance with Section
2 (a) (9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The term "client" shall mean an entity (natural person, corporation, investment company or
other legal structure having the power to enter into legal contracts), which has entered into a contract with DRZ to receive investment
management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The term "investment company" shall mean a management investment company registered as such
under the 1940 Act and for which DRZ is the investment adviser or sub-adviser regardless of whether the investment company has entered
into a contract for investment management services with DRZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The term "investment personnel" shall mean all portfolio and co-portfolio managers of DRZ
and other advisory persons who assist the portfolio and co-portfolio managers in making investment decisions for a client, including,
but not limited to, analysts of DRZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The term "material non-public information" with respect to an issuer shall mean information,
not yet released to the public that would have a substantial likelihood of affecting a reasonable investor's decision to buy or
sell any securities of such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The term "purchase" shall include the writing of an option to purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. DRZ defines "reportable security" as any security, except:

&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

&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;• Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end investment companies registered in the U.S., other than funds advised or underwritten by DRZ or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;• Interests in 529 college savings plans; and

&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end registered investment companies, none of which are advised or underwritten by DRZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The term "Chief Compliance Officer" or "CCO" shall mean the officer or employee
designated to oversee DRZ's compliance program. The CCO shall oversee DRZ's process to receive and review reports of purchases
and sales by access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The term "Compliance Associate" or "CA" shall mean the employee of DRZ designated
from time to time to receive and review reports of purchases and sales by the CCO, and who shall act in all respects in the manner prescribed
herein for the CCO should the CCO be unavailable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The term "sale" shall include the writing of an option to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The term "security" shall have the meaning set forth in Section 2 (a) (36) of the 1940 Act,
except that it shall not include shares of registered open-end investment companies for which DRZ does not serve as the investment adviser
or sub-adviser, securities issued by the United States government, short-term securities which are "government securities"
within the meaning of Section 2 (a) (16) of the 1940 Act, bankers' acceptances, bank certificates of deposit, commercial paper and
such other money market instruments as may designated from time to time by DRZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. A security is "being considered for purchase or sale" when a recommendation to purchase or
sell a security has been made and communicated and, with respect to the
person making the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The term "significant remedial action" shall mean any action that has a material effect upon
an access person, such as firing, suspending or demoting the access person, imposing a substantial fine or requiring the disgorging of
profits.

**VI. Substantive Restrictions on Personal Trading Activities**

A. <u>Prohibited Activities</u>

While the scope of actions which may violate the Statement of General Principles set forth above cannot be completely and exactly defined, such actions would always include at least the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In general, preclearance requests from an **access person** to, directly or indirectly, trade a security
on the same day when DRZ is initiating the same position for client accounts will be denied. Example: DRZ does not own ABC security in
any client portfolios. On January 15, DRZ decides to purchase ABC security for clients thereby prohibiting any employee to personally
trade in ABC security on that day. If the targeted holding/block cannot be completed that day and runs the course of several days, employees
will be prohibited from personally trading in that security for that entire period of time.

In addition, DRZ's compliance personnel shall conduct periodic post trade analysis of employees' personal trading to monitor for front running or other potential issues that may be contrary to the requirements this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal trades in reportable securities must be pre-cleared by the CCO or the CA prior to their execution.

Reportable securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Stocks (including exchange-traded funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any security of a public company for which a DRZ employee sits on the Board of Directors or in a similar
position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Public Offerings ("IPOs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Private Placements (securities of private operating companies or passive interests in pooled investment
vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Derivatives linked to any of the securities described in a. through d. above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Open-end mutual funds for which DRZ is the adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Bonds or other fixed income investments that are not specifically excluded from the definition of "reportable
security".

If the **access person** is seeking preclearance for an IPO or private placement, the employee may complete the "Limited Offering & IPO Request and Reporting Form", annexed hereto as APPENDIX C. Once pre-clearance is granted, **the approval is only valid for one day**. The CCO/CA may deny any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper.

Investment personnel who have been authorized to acquire securities in a private placement must disclose such investment to the CCO and/or senior management when they are involved in DRZ's subsequent consideration of an investment in the issuer. In such circumstances, the DRZ's decision to purchase securities of the issuer must be independently reviewed by a DRZ portfolio manager or co-portfolio manager with no personal interest in the issuer. The review must be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No employee shall, directly or indirectly, communicate to any person who is not an employee any material
non-public information relating to any client of DRZ or any issuer of any security owned by any client of DRZ, including, without limitation,
the purchase or sale or considered purchase or sale of a security on behalf or any client of DRZ, except to the extent necessary to implement
securities transactions on behalf of the client of DRZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No access persons shall serve on the board of directors of any publicly traded or private company, absent
prior written authorization and determination by DRZ's Board of Directors that the board service would not conflict with client
interests. All access persons are prohibited from accepting any service, employment, engagement, connection, association or affiliation
in or with any enterprise, business of otherwise which is likely to materially interfere with the effective discharge of responsibilities
to DRZ and its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access persons shall not, directly or indirectly, purchase for accounts the beneficially own, any security
sold in an initial public offering of an issuer without obtaining prior written approval from the CCO or CA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Investment personnel shall not recommend any securities transaction with the intention of impacting the
security's current or future market price for their personal benefit. If such circumstances exist, the investment person must disclose
any beneficial ownership interest in such securities or the issuer thereof to the CCO, CA or his/her supervisor including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• his or her beneficial ownership of any securities of such issuer;

• any contemplated transaction by such person in such securities;

• any position with such issuer or its affiliates; and

• any present or proposed business relationship between such issuer or its affiliates and such person or any party in which such person has a significant interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No access person may purchase or sell directly or indirectly, for his or her own account or any account
in which he or she may have a beneficial interest, any security that is subject to a firm-wide restriction. The CCO may authorize exceptions
to this policy subject on a case-by-case determination.

B. <u>Exempt Transactions and Conduct</u>

This Code of Ethics shall not be deemed to be violated by any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales for an account over which the access person has no direct or indirect influence or
control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases or sales which are non-volitional on the part of the access person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases which are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases made by exercising rights distributed by an issuer pro-rata to all holders of a class of its
securities, to the extent such rights were acquired by the access person from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's
acquisition of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases or sales that have appropriately authorized in accordance with the pre-clearance procedures
in this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases or sales made in good faith on behalf and at the instruction of a client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Purchases or sales in DRZ's profit sharing plans in which the CCO/CA will monitor the investment
patterns to detect behavior that is inconsistent with the provisions of this Code of Ethics.

**VII. Compliance Procedures**

A. <u>Records of Securities Transactions</u>

Upon the written request of the CCO or CA, access persons are required to direct their brokers to supply to DRZ a timely electronic transactional data feed or duplicate copies of confirmations of all reportable securities transactions and copies of periodic statements for all securities accounts in which the access person has a beneficial ownership interest.

B. <u>Personal Reporting Requirements</u>

1. DRZ maintains personal trading information including holdings and transactional reports on the ComplySci Personal Trading system ("ComplySci"). On a periodic basis as required by Rule 204A-1, each **access person** must log onto the ComplySci system using their unique log-in information to review, acknowledge and certify that the information maintained is accurate and complete.

Alternatively, an access person may submit to the CCO/CA a report in the form annexed hereto as APPENDIX D or in similar form (such as a computer printout), which sets forth at least the information described in subparagraph 2 of this Section VII. B. The report shall reflect all reportable securities transactions during each quarterly period in which such access person has, or by reason of such transactions acquires or disposes of beneficial ownership of a reportable security. Such report shall also describe any new brokerage accounts established during the quarter.

2. Every report submitted by the access person, shall be provided to the CCO or CA not later than thirty (30) days after the end of each calendar quarter in which the transaction(s) to which the report relates was effected and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the account holder, 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 the principal amount of each security involved;

• the nature of each transaction (i.e., purchases, sale or other type of acquisition or disposition);

• the price at which each transaction was effected;

• the name of the broker, dealer or bank with or through whom each transaction was effected; and

• the date the access person submits the report.

If the **access person** had no reportable securities transactions during a quarterly period, the access person must nonetheless submit a certification via the ComplySci system. Alternatively the access person can submit to the CCO/CA a report on APPENDIX D, or similar form, within the time-frame specified above confirming that no reportable securities transaction were effected.

**Employees are reminded that they must also report <br> transactions by members of the Employee's immediate family <br> including spouse, children and other members of the<br> household in accounts over which the Employee has <br> Beneficial ownership, direct influence, indirect influence or <br> control.**

C. <u>Disclosure of Personal Holdings</u>

1. Each **access person** shall submit to the CCO/CA, an initial holdings report no later than 10 days after the person becomes an **access person,** which contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The title, number of shares and principal amount of each reportable security in which the **access person** had any direct or indirect beneficial ownership when the person became an **access person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with whom the **access person** maintained an account in which any securities (including the securities which are exempted from the definition of securities or reportable securities in Section IV.14.) were held for the direct or indirect benefit of the **access person** as of the date the person became an **access person**.

2. Each **access person** shall log onto the ComplySci system using their unique log-in information and review, acknowledge and certify that the information reflected on their annual holdings report is accurate and complete. The holdings report shall contain the following information, (with such information current as of a date no more than 30 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The title, number of shares and principal amount of each reportable security in which the **access person** had any direct or indirect beneficial ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with whom the **access person** maintained an account in which any securities (including the securities which are exempted from the definition of reportable securities in Section IV.B.) were held for the direct or indirect benefit of the **access person**.

D. <u>Review of Reports</u>

DRZ's personal security transaction policy is designed to ensure compliance with Rule 204A-1and mitigate material conflicts of interest associated with employees' personal trading activities. Accordingly, DRZ will closely monitor employees' investment patterns.

DRZ's Compliance staff will use the following procedures, among others, to monitor employee trading:

1. At the end of each calendar quarter, the CCO/CA shall review **access persons'** personal transactions against transactions in client accounts during the quarter. The CCO/CA shall compare all reported personal securities transaction with completed portfolio transactions of clients to determine whether any violations of this Code of Ethics may have occurred. Before making any determination that a violation has been committed by any person, the CCO/CA shall give such person an opportunity to supply additional explanatory material.

3. If the CCO/CA determines that a material violation of this Code of Ethics has or may have occurred, he shall submit a written determination, together with the related report by the **access person** and any additional explanatory material provided by the access person to DRZ's Board of Directors.

Frequent personal trading by employees is discouraged and may be questioned by the CCO, the employee's supervisor or a Co-CEO at any time, in their sole discretion.

E. <u>Annual Certification of Compliance</u>

All **access persons** shall certify annually that they (i) have read and understand this Code of Ethics and recognize that they are subject hereto, (ii) have complied with the requirements of this Code of Ethics and (iii) have disclosed or reported all personal securities transactions, holdings and accounts which are required to be disclosed or reported pursuant to the requirements of this Code of Ethics.

F. <u>Joint Participation</u>

**Access persons** should be aware that a specific provision of the Investment Company Act prohibits such persons, in the absence of an order of the Commission, from effecting a transaction in which an investment company is a "joint or a joint and several participant" with such person. **Access persons** are prohibited from engaging in joint ventures or creating joint enterprises with an investment company whose assets are managed by DRZ.<sup>1</sup> Any transaction which suggests the possibility of a question in this area should be presented to the CCO for further review with legal counsel.

G. <u>Reports to Mutual Funds</u>

No less frequently than annually, DRZ must furnish to the board of directors of any United States mutual fund client, a written report that;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Describes any issues arising under this Code of Ethics or procedures since the last report to the board,
including, but not limited to, information about material violations of the Code of Ethics or procedures and sanctions imposed in response
to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Certifies that DRZ has adopted procedures reasonably necessary to prevent **access persons** from violating
the Code of Ethics.

A copy of this Code of Ethics shall be submitted to the board of each mutual fund, prior to DRZ commencing operations as the fund's investment advisor or sub-advisor, for review and approval. Thereafter, all material changes to this Code of Ethics shall be submitted to each mutual fund board for review and approval not later than (6) months following the date of implementation of such material change.

**VIII. SANCTIONS**

Any violation of this Code of Ethics shall result in the imposition of such sanctions as DRZ may deem appropriate under the circumstances, which may include, but are not limited to, removal, suspension of demotion from office, imposition of a fine, a letter of censure, suspension or permanent termination of personal trading privileges and/or restitution to the affected client of an amount equal to the net advantage the offending person shall have gained by reason of such violation.

The sanction of disgorgement of any profits realized may be imposed for violation of the prohibition against **access persons**, directly or indirectly, executing a personal securities transaction on a day during which a client has a completed or pending initial "buy" order. Additionally, in the event DRZ's post trade analysis finds that personal trading is not in compliance with this Code of Ethics, the same or similar sanctions shall be applicable.

**IX. RECORDKEEPING REQUIREMENTS**

DRZ shall maintain and preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A copy of the Code of Ethics (and any prior code of ethics that was in effect at any time during the past
five years) for a period of five years;

<sup>1</sup> See Section 17d and Rule 17d-1 under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A record of any violation of this Code of Ethics 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;&nbsp;&nbsp;&nbsp;&nbsp;c. A copy of each report (or computer printout) submitted under this Code of Ethics for a period of five
years, those reports submitted during the previous two years must be maintained and preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A list of all persons who are, or within the past five years were, required to make reports pursuant to
this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The names of each person who is serving or who has served as CCO or CA within the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. A copy of each report made by DRZ to any mutual fund with respect to this Code of Ethics must be maintained
for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. A record of any decision, and the reasons supporting the decision, to approve the acquisition by **access persons** of initial public offerings or private placements, for at least five years after the end of the fiscal year in which the approval
is granted.

**X. GIFTS AND ENTERTAINMENT**

DRZ holds its Employees to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes are broadly written, so Employees should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

<u>Gifts and Entertainment Given to Advisers of Mutual Funds</u> - Regardless of the value, all gifts and entertainment given to employees of the adviser to a mutual fund for which is a client or perspective client of DRZ must be pre-approved by the CCO using the Form at Appendix A. Circumstances such as last minute plans which involve events of little or immaterial value, do not require pre-approval, but must be reported to the CCO the next business day.

<u>Employees' Receipt of Business Related Meals, Tickets to Sporting Events, Other Entertainment and Trips</u> - Employees may attend business related meals, sporting events, other entertainment events or trips at the expense of a giver, provided that the expense is reasonable, not lavish or extravagant in nature. If the event is highly publicized such that the tickets may be selling in excess of their face value, the employee must consider the mark-up for the reporting requirements. Any single event with a value in excess of $500 to one person must be reported to the CCO on the Gifts/Entertainment form at Appendix A.

<u>Employees' Receipt of Business Related Gifts</u> - Employees must report to the CCO their receipt of business related gifts over $500 by completing Appendix A. Reasonable business related gifts received on behalf of the Company shall not require reporting. Examples of reasonable gifts include holiday gift baskets and lunches brought to DRZ's offices by service providers.

<u>DRZ's Business Related Gift and Entertainment Giving Policy</u> – In the normal course of business, DRZ may provide gifts and entertainment to various individuals or entities such as clients, vendors, consultants, and service providers so long as they are not lavish or excessive. Employees must report to the CCO all gifts or entertainment in excess of $500 provided to one client representative by completing Appendix A.

<u>Gifts Given to Taft-Hartley Funds</u> - DRZ manages Taft-Hartley funds, any gratuity provided by DRZ to labor unions or union representatives that have an "interest" in the Taft-Hartley fund (including the members covered by the Taft-Hartley fund) in excess of $250 per fiscal year are required to be reported on Appendix A and Department Labor Form LM-10 within 90 days following the end of DRZ's fiscal year. Accordingly, DRZ will monitor all gratuities as discussed and make the appropriate filings on DOL Form LM-10 when applicable.

The Department of Labor has issued further guidance on the filing of Form LM-10 through its website (<u>www.dol.gov</u>).

<u>ERISA</u> - Employees are reminded that notwithstanding this policy, because DRZ manages accounts subject to the Employee Retirement Investment Securities Act ("ERISA") as well as state and local government retirement accounts, gratuities received or provided should be kept to immaterial amounts and should be infrequent. Any proposed gratuity including meals, entertainment, gifts or any other item of economic value which suggests the possibility of a question in this area should be presented to the CCO for further review.

<u>Gifts and Entertainment Given to State and Local Pension Officials</u> – DRZ must be mindful that myriad state and municipal regulations exist around the exchange of gifts and entertainment with such officials. Lavish gifts or entertainment that do not have legitimate business purposes are prohibited. Accordingly, Employees should consider consulting with the CCO before providing any gifts or entertainment in connection with state and municipal pension, and similar plans.

All expenses paid by DRZ must be reported to DRZ's Chief Financial Officer ("CFO"). The CFO will make all accounting records available to the CCO or CA. The CCO and CA shall be responsible for monitoring all reportable entertainment and gifts.

**XI. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u> 

All information obtained from any access person hereunder shall be kept in strict confidence by DRZ, except that reports of securities transactions hereunder will be made available to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Notice to Access Persons</u> 

DRZ shall provide all access persons with a copy of this Code of Ethics. The Code of Ethics and a complete copy of DRZ's Compliance Manual shall be made available on the shared network drive available to all employees. All **access persons** are required to provide DRZ with a signed acknowledgement form indicating that they have received a copy and agree to comply with all provisions of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exceptions</u> 

The CCO reserves the right to make, on a case by case basis, exceptions to any provisions under this Code of Ethics. Any exceptions made hereunder will be maintained in writing by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Further Information</u> 

Any question with regard to the applicability of the provisions of this Code of Ethics generally or with regard to any securities transaction or transactions should be consulted with the CCO or CA.

**DePrince, Race & Zollo, Inc.**

Insider Trading Policy

**General**

Section 204A of the Investment Advisers Act of 1940 ("Advisers Act") requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of material, nonpublic information by such investment adviser or any person associated with such investment adviser. In accordance with Section 204A, DRZ has instituted procedures to prevent the misuse of nonpublic information.

Although "insider trading" is not defined in securities laws, it is generally described as trading either personally or on behalf of others on the basis of material non-public information or communicating material non-public information to others for the purpose of personal benefit in violation of one's fiduciary duty to an employer, client or more broadly in violation of the law.

**Risks**

In developing this policy and procedures, DRZ considered the firm's exposure to the possibility of receiving material non-public information and acting on such information. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee engages in various personal trading practices that wrongly make use of material non-public information resulting in harm to clients or unjust enrichment to the employee (These practices include trading ahead of clients passing or trading non-public proposed or intended information on to other persons).

• DRZ's investment personnel receive material non-public information and do not immediately inform DRZ's compliance department. As a result trading in the name is not properly restricted or monitored.

• An employee passes along material non-public information to others with no expectation of immediate and direct monetary benefit but with intention to benefit later through other means. Such intentions also violate applicable prohibitions on insider trading.

• Employees are not aware of what constitutes inside information.

DRZ has established the following guidelines as an attempt to mitigate these risks.

**Whom Does The Policy Cover?**

This policy covers all of DRZ's employees as well as any transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the employee is an officer, director or 10% or greater stockholder and a partnership of which the employee is a partner unless the employee has no direct or indirect control over the partnership.

**<u>Policy</u>**

DRZ's policies strictly prohibits any employee from trading any security, either for his or her personal account or on behalf of others (including mutual funds and accounts managed by DRZ), while in possession of material

nonpublic information specific to the issuer of the security or while in possession of material non-public information specific to the security itself, or communicating material nonpublic information to others in violation of the law. This prohibited conduct is often referred to as "insider trading."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Policy extends to each employee's activities within and outside their duties at DRZ. Each employee must read and retain this statement.

• Failure to comply with these procedures may cause an employee to be subject to disciplinary action, even if the Insider Trading and Securities Fraud Enforcement Act of 1988 or other securities law provisions have not been found specifically to have been violated.

**What Is Insider Trading?**

The Policy recognizes that the term "insider trading" (i) is not defined in the federal securities laws, and (ii) generally is used to refer to trading while in possession of material nonpublic information (whether or not one is an "insider") and/or communication of material nonpublic information to others with the knowledge that the other party may use the information in a prohibited manner. The law in this area is not static, but is generally understood to prohibit, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. trading by an insider while in possession of material nonpublic information;

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. trading while in possession of material nonpublic information concerning a tender offer (as detailed in Rule 14e-3 under the Securities
Exchange Act of 1934); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. wrongfully communicating, or "tipping," material nonpublic information to others.

**The Insider Concept**

As a general guide for employees, components of what amounts to "insider trading" are defined below:

The concept of "insider" is broad. It includes officers, directors, trustees, 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 those organizations. In addition, DRZ may become a temporary insider of a company to which it provides investment advice. According to the U.S. Supreme Court, for someone to be considered a temporary insider or insider by the company, the company must expect the outsider to keep the nonpublic information that has been disclosed to the outsider confidential *and* the relationship must at least imply such a duty before the outsider will be considered an insider.

**What Information Is Material?**

Trading on information is not a basis for liability unless the information is material. Information generally is considered "material" if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision; or

• the information is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates not previously disseminated, material changes in previously-released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information does not have to relate to a company's business. For example, in *Carpenter v. United States*, 484 U.S. 19 (1987), the U.S. Supreme Court considered material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the newspaper and whether or not those reports would be favorable.

**What Information is Non-Public?**

Information is nonpublic until it has been effectively communicated to the market place. One must be able to point to some fact to show that the information is public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, on Bloomberg or in other publications of general circulation ordinarily would be considered public. Further, in certain circumstances, information disseminated to certain segments of the investment community may be deemed "public;" for example, research communicated through institutional information dissemination services such as First Call. (However, the fact that research has been disseminated through such a service does not automatically mean that it is public.) The amount of time since the information was first disseminated ordinarily is a factor regarding whether the information is considered public. Non-public information does not change to public information solely by selective dissemination. Examples of the ways in which non-public information might be transmitted include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In person;

• In writing;

• By telephone;

• During a presentation;

• By email, instant messaging, or Bloomberg messaging;

• By text message or through Twitter; or

• On a social networking site such as Facebook or LinkedIn.

Employees must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Non-public Information. Employees should consult with the CCO if there is any question as to whether material information is non-public.

**Basis for Liability**

Described below are circumstances under which a person or entity (including an investment adviser and its employees) may be deemed to have traded on inside information, and prohibitions applicable, in particular to investment advisers.

---

| | |
|:---|:---|
| • | Fiduciary duty theory. In 1980, the U.S. Supreme Court found that there is no general duty to disclose before trading on material nonpublic information, but that such a duty arises where there is a fiduciary relationship between the parties to the transaction; in such case, one party has a right to expect that the other party will not disclose any material nonpublic information and will refrain from trading. Chiarella v. United States, 445 U.S. 22 (1980). |
|  | Insiders such as employees of an issuer are ordinarily considered to have a fiduciary duty to the issuer and its shareholders. In *Dirks v. SEC*, 463 U.S. 646 (1983), the U.S. Supreme Court stated alternative theories by which such fiduciary duties are imposed on non-insiders: they can enter into a confidential relationship with the company as, among other things, attorneys and accountants ("temporary insiders," as described above), or they can acquire a fiduciary duty to the company's shareholders as "tippees" if they are aware or should have been aware that they have been given confidential information by an insider or temporary insider who has violated his or her fiduciary duty to the company's shareholders. |

---

---

| | |
|:---|:---|
|  | In the "tippee" situation, a breach of duty occurs only if the insider or temporary insider personally benefits, directly or indirectly, from the disclosure. The benefit does not have to be of a financial nature, but can be a gift, a reputational benefit that will translate into future earnings, or even evidence of a relationship that suggests a quid pro quo. |
| • | <u>Misappropriation theory</u>. Another basis for insider trading liability is the "misappropriation theory." Under this theory, liability is established when trading occurs based on material nonpublic information that was stolen or misappropriated from another person. In United States v. O'Hagan (1977), the U.S. Supreme Court upheld this theory of liability in a case involving an attorney who traded on information learned from his law firm about an impending takeover of one of the firm's clients. As this case illustrates, the misappropriation theory can be used to reach an individual who knowingly trades on the basis of confidential information obtained from the individual's employer or the employer's agents even though there in no fiduciary relationship between the parties in question. |

---

**Penalties for Insider Trading**

Penalties for insider trading are severe both for the individuals involved as well as for their employers. A person can be subject to some or all of the penalties listed below, even if he or she does not personally benefit from the violation. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jail sentences

• Civil injunctions

• Civil treble damages

• Disgorgement of profits

• Criminal fines of up to three times the profit gained or loss avoided, whether or not the person actually benefited, and

• Fines for the employer or other controlling person of up to the greater of $1.0 million or three times the amount of the profit gained or loss avoided.

In addition, investment advisers and broker-dealers may be subject to substantial monetary penalties for a failure to supervise, if their personnel engage in insider trading. In connection with this violation, the SEC or other regulatory authority must establish that the firm either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "knew or recklessly disregarded" evidence that an officer, employee or other "controlled person" was likely to engage in insider trading and failed to take appropriate steps to prevent it; or

• knowingly or recklessly failed to establish written policies and procedures designed to prevent insider trading, and such failures substantially contributed to or permitted the occurrence of the violation.

In this regard, Section 204A of the Advisers Act requires investment advisers to (a) establish, and (b) enforce written supervisory procedures "reasonably designed" (taking into account the nature of the investment adviser's business) to prevent trading on material nonpublic information by the adviser and its employees. Unless both (a) and (b) are complied with, the adviser may be subject to monetary penalties.

Thus, in addition to any of the penalties noted above, any violation of these policies or procedures should be expected to result in serious sanctions by DRZ, which may include: censure, suspension without pay, and termination of employment.

**DRZ Procedures to Prevent Insider Trading**

The following procedures have been established to aid in the prevention of insider trading. Every employee must follow these procedures or risk sanctions, including: dismissal, substantial personal liability and criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Questions to Ask</u> 

Prior to trading for yourself or others, including advisory client accounts managed by DRZ, in the securities of a company about which you may have material non-public information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is this information that an investor would consider important in making an investment decision? Is this information that would affect the market price of the securities if generally disclosed?

• To whom has this information been provided? Has it been effectively communicated to the marketplace?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Action Required</u> 

If you are at all uncertain as to whether any information you have is "inside information," you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediately report the matter to DRZ's CCO/CA. If the CCO/CA believes that the information is in fact material non-public information, the CCO shall immediately communicate with DRZ's portfolio managers to ensure that trading in the specific name is restricted. The Compliance staff will generally input the restriction into the Order Management System and ComplySci.

• Refrain from purchasing or selling the securities; and

• Not communicate the information inside or outside DRZ, other than as set forth directly above.

After the employee and appropriate officer of DRZ have reviewed the issue the CCO will determine whether any additional measures should be taken. DRZ may consult with outside counsel to the extent appropriate. The employee will be instructed to halt all trading in the security until the CCO has determined that information is no longer material and/or has been communicated to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Certification</u> 

All employees of DRZ are required to certify that he or she has read and understood DRZ's Insider Trading Policies and Procedures and acknowledge that he or she is subject to them. Further, each DRZ employee is required to certify, in writing, that he or she has complied with all of the requirements of these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Rumors</u> 

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws. Such conduct is contradictory to DRZ's Code of Ethics, as well as the DRZ's expectations regarding appropriate behavior of its employees. Employees are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between employees of DRZ and other market participants and trading counterparties. Employees should consult with the CCO regarding questions about the appropriateness of any communications.

**Questions or Concerns**

Any questions or concerns regarding DRZ's Insider Trading Policies and Procedures should be directed to DRZ's CCO, DRZ's Chairman or Co-CEOs.

## Ex-99.(P)(22)

**Exhibit 99.(p)(22)**

**The Informed Momentum Company LLC**

**Global IMC LLC**

**Code of Ethics**

**Effective October 31, 2025**

I CODE OF ETHICS AND STANDARDS OF BUSINESS CONDUCT

Pursuant to Rule 204A-1 of the Investment Advisers Act of 1940 (the "Adviser's Act"), an investment adviser is required to establish, maintain and enforce a written code of ethics that must set forth standards of conduct expected of advisory personnel and address conflicts that arise from personal trading by advisory personnel.

**Scope of Policy**

IMC has adopted the following *Code of Ethics and Standard of Business Conduct* ("the Code"). IMC will provide to Supervised Persons a copy of the Code and any amendments to the Code. Supervised Persons of IMC will be required to acknowledge, in writing, receipt of a copy of the Code and any amendments thereto. IMC will additionally comply with the provisions of any Code of Ethics adopted by Funds for which IMC acts as adviser or sub-adviser.

The CCO is responsible for the implementation and monitoring of IMC's Code of Ethics (including associated practices, disclosures and recordkeeping) as well as compliance with the Codes of Ethics of any Reportable Fund.

The CCO may delegate responsibility for the performance of these activities (provided that it maintains records evidencing individual delegates) but oversight and ultimate responsibility remain with the CCO.

<u>Who is Covered by the Code</u>

This Code applies to all employees, officers and partners of IMC or other persons (hereinafter "Supervised Persons") as determined by its Chief Compliance Officer ("CCO"). It is the responsibility of each Supervised Person to immediately report to the CCO, any known or suspected violations of this Code, the Compliance Manual and the policies and procedures contained therein, or of any other activity of any Supervised Person or consultant that could constitute a violation of law. If you are aware of any activity in this regard, contact the CCO immediately. Failure to report a potential violation could result in disciplinary action against the non-reporting Covered Person. IMC will ensure that Supervised Persons are not subject to retaliation in their employment as a result of reporting a known or suspected violation.

<u>Other General</u>

The CCO has the authority to grant written waivers of the provisions of this Code in appropriate instances. However, (i) it is expected that waivers will be granted only in rare instances and, (ii) some provisions of the Code are prescribed by SEC rules and cannot be waived. These provisions include, but are not limited to, the requirements that Access Persons file reports and obtain pre-approval of investments in IPOs and Limited Offerings.

The CCO will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments to this Code will be provided to you.

**Code of Business Conduct**

In reflection of the Code, IMC adopts the following standards of business conduct.

**Acting as a Fiduciary**

IMC is an investment adviser and as such is a fiduciary that owes its clients a duty of undivided loyalty. Supervised persons of IMC will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act for the benefit of their clients, and place their client's
interests before their own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exercise independence in making investment decisions for
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct personal securities transactions in a manner that
is consistent with the Code and act to avoid actual or potential conflicts of interest or abuse of their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Safeguard and keep confidential nonpublic personal information
of clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with applicable federal securities laws.

**Compliance with Securities Laws & Rules**

Supervised Persons will comply with all applicable federal securities laws. Furthermore, Supervised Persons will not engage in any professional conduct involving unlawful acts, dishonesty, fraud, deceit, or misrepresentation.

*Federal securities laws* means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 ("Investment Company Act"), the Investment Advisers Act of 1940 ("Advisers Act"), Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

**Conflicts of Interest**

Supervised Persons will make best efforts in identifying actual and potential conflicts of interest. Supervised Persons will seek to avoid conducting personal or private business that conflicts with, or gives the appearance of conflicting with, the interests of the firm or its clients. Where potential conflicts cannot be eliminated, Supervised Persons will fully disclose those to IMC, and IMC will fully disclose material facts concerning that conflict to the client(s). IMC considers a "conflict of interest" to be any situation in which the Supervised Persons' own interests could interfere with the Supervised Persons' responsibilities as a representative of IMC. Supervised Persons must disclose the conflict to the CCO and recuse themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the relationship between Adviser or any of its clients and the customer involved. Supervised Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

**Outside Business Activities**

Supervised Persons have a duty of loyalty to the firm and his or her efforts should be devoted to the firm's business. IMC encourages Supervised Persons' participation in outside business activities that enhance the professionalism of its Supervised Persons and the reputation of the firm, and that are civic, charitable, and professional in nature. Simultaneously, IMC recognizes that outside business activities may raise conflicts of interest. Supervised Persons must disclose, at the time they become a Supervised Person of IMC and upon any change thereafter, all outside business activities. Supervised Persons may not engage in any outside business without first receiving prior approval for the activity from the CCO. This pre-approval must be sought in writing with a clear description of the activities to be performed and any compensation to be received. The MyComlianceOffice system provides for an online pre-approval form for the Supervised Person to complete for each activity. Decisions by the CCO will be documented within the system.

Outside business activities requiring disclosure include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being employed by or compensated by any other entity;

• Being active in any other business, including part-time, evening, or weekend
employment;

• Being active in any civic or charitable organization;

• Serving as an officer, director or partner in any other entity;

• Owning an interest in any non-publicly traded company or other private,
non-real property investment; or

• Acting as a trustee for client accounts.

Supervised Persons will also comply with the requirements regarding disclosure of conflicts of interest imposed by law and by rules or organizations governing their activities and will comply with any prohibitions on their activities if conflicts of interest exist.

**Maintenance of Independence and Objectivity**

Supervised Persons will use particular care and good judgment to achieve and maintain independence and objectivity in the performance of their roles and responsibilities. Supervised Persons will avoid giving or receiving any gift, donation, benefit, service or other favor that might affect, or be seen to potentially affect, the performance of their roles and responsibilities, or which might compromise the credibility of IMC.

**Political Contributions, Gifts and Entertainment**

IMC recognizes the potential conflicts of interest when the firm and/or its Supervised Persons make political contributions or give and/or receive gifts (for the purpose of this Code "gifts" include but are not limited to any type of merchandise, prizes, travel expenses, meals and certain types of entertainment) or other items of value to/from any person or entity that does business with or on behalf of IMC. Therefore, IMC has adopted the following policies and procedures regarding political contributions and giving and/or receiving gifts:

*Political Contributions*

Covered Associates are prohibited from making any direct or indirect (e.g. through another person, firm, family member, or political action committee) political contribution, either personally or on behalf of IMC, to any political party, elected official or candidate with the intention of obtaining or maintaining any business for IMC. Any political contribution made by a Covered Associate in excess of $150 per calendar year per elected official or candidate, state or local political party, or political action committee must be pre-approved by the CCO. See the Political Contributions policy in the P&P for complete policies and procedures with respect to political contributions.

*Preferential Treatment*

 

Supervised Persons must make investment decisions, undertake commitments, and perform their duties and obligations without favoritism of any kind and award business or contracts strictly on the basis of merit. A Supervised Person should not actively seek nor accept a discount on any item for personal use from a business contact. If such a person extends preferential treatment (for example, offers a discount) to a Supervised Person in a personal transaction, the Supervised Person must have the preferential treatment pre-approved by the CCO before proceeding with the transaction.

**Gifts and Entertainment**

Payment for entertainment or meals where the Supervised Person is not accompanied by the person purchasing the entertainment or meals is considered a gift, subject to the rules discussed above. Acceptance of meals and entertainment where the host is present is generally permitted. However, the acceptance of particularly lavish entertainment or entertainment with excessive frequency is generally inappropriate and should be refused. Entertainment in poor taste or that adversely reflects on the morals or judgment of the individuals attending the event is considered inappropriate and also should be refused. Individuals involved in the purchase of equipment, supplies, and services may not accept entertainment or meals from a vendor or potential vendor except if business is to be discussed.

 ****

*Giving Gifts or Entertainment*

Supervised Persons will not give a gift and/or entertainment to any client, potential client, vendor, potential vendor or anyone else that does business or seeks to do business with the firm that is worth more than $250.00 per person annually, without receiving prior written approval from the CCO. All gifts and/or entertainment given over $50.00 must be reported to the CCO. No standing or recurring gifts or cash gifts are allowed.

*Receiving Gifts or Entertainment*

Supervised Persons will not accept any gift and/or entertainment or other item from any client, potential client, vendor, potential vendor or anyone else that does business with or seeks to do business with the firm that is worth more than $250.00 in value, without written approval from the CCO. All gifts and/or entertainment received over $50.00 must be reported to the CCO through the MyComplianceOffice portal.

**Personal Securities Holdings and Transactions**

Supervised Persons, who are Access Persons, as that term is defined below, will disclose to IMC their holdings and transactions in securities or other investments for which they are a beneficial owner, as defined below, and as per the instructions in the firm's policies and procedures.

Supervised Persons, who are Access Persons, must report within 15 days any new personal securities accounts to the CCO or Compliance Manager and will provide the necessary information to ensure the account is connected into the MyComplianceOffice system.

Furthermore, Supervised Persons, who are Access Persons, will obtain written pre-approval for certain personal investments in accordance with the firm's policies and procedures.

*Definition of Access Person*

An access person is defined as any Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Who 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

• Who is involved in making securities recommendations to clients, or who
has access to such recommendations that are nonpublic.

For the purposes of this Code, IMC considers all its employees to be Access Persons.

*Beneficial Owner*

For purposes of the Code, an individual is a "beneficial owner" if the individual, directly or indirectly, has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect pecuniary interest in the securities;

• the power to vote or direct the voting of the shares of the securities
or investments;

• the power to dispose or direct the disposition of the security or investment.

The above definition applies to securities held in accounts of the Supervised Person and/or the Supervised Person's immediate family members living in the same household.

 

*Supervision*

Supervised Persons with supervisory responsibility, authority, or the ability to influence the conduct of others will exercise reasonable supervision over those subject to their supervision or authority in order to prevent any violations of applicable statutes, regulations, or provisions of the Code. In so doing, Supervised Persons may rely on procedures established by IMC that are reasonably designed to prevent and detect such violations.

**Preserving Confidentiality**

IMC has implemented policies and procedures, which are outlined in the firm's policies and procedures manual, to limit the sharing of and access to nonpublic personal information regarding the firm's clients to IMC personnel who need that information to provide services to those clients.

Supervised Persons will at all times preserve the confidentiality of information communicated by clients, unless they receive information concerning illegal activities on the part of the client. If that happens, the Supervised Person should give the information directly to the CCO for further action.

**Insider Information**

No Supervised Person, while in the possession of material nonpublic information about a company, will for his/her portfolio or for the portfolios of others buy or sell the securities of that company until that information becomes publicly disseminated and the market has had an opportunity to react.

No Supervised Person will communicate or "tip" material nonpublic information about a company to any person except for lawful purposes.

Supervised Persons will adhere to the firm's policies and procedures regarding insider information as outlined in the firm's compliance manual. Any improper trading or other misuse of material nonpublic information by any Supervised Person may be grounds for immediate dismissal.

**Portfolio Investment Recommendations and Actions**

Supervised Persons will deal fairly and objectively with clients and prospects when disseminating investment recommendations, disseminating material changes in prior investment recommendations, and taking investment action.

**Priority of Transactions**

Transactions for clients will have priority over transactions in securities or other investments of which IMC or any Supervised Persons is the beneficial owner so that such personal or proprietary transactions do not operate adversely to their clients' interests.

**Prohibition against Misrepresentation**

Supervised Persons will not make statements, orally or in writing, that misrepresent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The services that they or the firm is capable of performing;

• Their qualifications or the qualifications of the firm; or

• The individual's academic or professional credentials.

Supervised Persons will not make or imply, orally or in writing, any assurances or guarantees regarding any investment, except to communicate accurate information regarding the terms of the investment instrument and the issuer's obligations under the instrument.

**Reporting Violations**

Supervised Persons must promptly report any violation or suspected violation of the Code or of any securities laws, or rules to the CCO. No retaliation or retribution of any kind will be taken against a Supervised Person for reporting a violation or potential violation in good faith.

All reports will be promptly investigated and, if deemed necessary, appropriate action will be taken. The CCO will be responsible for leading any investigations and reporting violations and investigative findings to the appropriate supervisor and senior management. IMC senior management may utilize any or all of the sanctions described below.

**Sanctions/Disciplinary Policy**

IMC senior management may use any or all of the following sanctions against any Supervised Person found to have violated either the Code or the firm's written compliance policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letter of Caution

• Admonishment

• Fine, disgorgement

• Suspension

• Termination

• Report Violation to Regulatory Authorities

## Ex-99.(P)(25)

**Exhibit 99.(p)(25)** ![](p23.jpg)

**CODE OF ETHICS**

Westwood Holdings Group, Inc.

Westwood Management Corp.

Westwood Trust

Westwood Advisors, L.L.C.

Broadmark Asset Management, LLC

Salient Advisors, LP

Salient Capital, LP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The purpose of this Code of Ethics is to promote honest and ethical conduct, focus the Board of Directors and management of Westwood Holdings Group, Inc. ("WHG") and its subsidiaries on areas of ethical risk, provide guidance to directors, officers and employees to help them recognize and deal with ethical issues, provide mechanisms to report unethical conduct and help to preserve the culture of honesty and accountability at the Companies (as defined below).

This Code of Ethics establishes rules of conduct for persons who are associated with the Companies. The Code governs their personal investment and other investment-related activities and is designed to prevent violations of the applicable federal securities laws and mitigate conflicts of interest.

The basic rule is very simple: Put the client's interests first. The rest of the rules elaborate this principle. This Code is intended to assist the Companies in fulfilling their obligations under the law. Article II sets forth to whom the Code applies, Article III deals with personal investment activities, Article IV deals with other sensitive business practices, and subsequent parts deal with reporting and administrative procedures.

The Code is very important to the Companies and their employees. Violations can not only cause the Companies embarrassment, loss of business, legal restrictions, fines and other punishments, but for employees can lead to demotion, suspension, termination, ejection from the securities business, and large fines.

Annually, each Covered Person will receive a copy of this Code and any amendments thereto and will provide the Chief Compliance Officer with a written acknowledgment of their receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Applicability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Code applies to each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Companies named or described at the top of page one of the Code and all entities that are
 under common management with these Companies or otherwise agree to be subject to the Code
 ("Affiliates").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 officer, employee-director, or employee of any Company or Affiliate, and, as may be determined
 by the Chief Compliance Officer on a case-by-case basis, any other non-employee, consultant,
 or long-term contract employee of any Company or Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In
 the case of any non-employee, consultant, or long-term contract employee, the Chief Compliance
 Officer shall notify such individual as to whether he or she is considered a
Covered Person or a Limited Access Person (each as defined below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Beneficial Ownership.</u> Ownership of a security where a Covered Person, directly or indirectly, through
 any contract, arrangement, understanding, relationship, or otherwise has or shares (1) Voting
 power which includes the power to vote, or to direct the voting of, such security; and/or,
 (2) Investment power which includes the power to dispose, or to direct the disposition of,
 such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Chief Compliance Officer.</u> The person designated as WHG's Chief Compliance Officer. Actions
 and approvals to be taken by the Chief Compliance Officer under this Code may be delegated
 by the Chief Compliance Officer to other members of the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Clients.</u> Investment advisory accounts maintained with any of the Companies or Affiliates by any
 person, other than Covered Person Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Companies.</u> The companies named or described at the top of page one of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance Monitoring System.</u> My Compliance Office (also known as MCO) or such other similar system
 or software as the Companies may use from time to time for their electronic compliance monitoring
 activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covered Persons.</u> The Companies and the persons described in item (A) above. Any reference to
 "Covered Person" shall include all "Limited Access Persons" except
 as otherwise specified in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Covered Person Account.</u> Includes all advisory, brokerage, trust or other securities futures, and/or commodities accounts or forms of
 direct Beneficial Ownership in which one or more Covered Persons and/or one or more members
 of a Covered Person's immediate family have a substantial proportionate economic interest
 excluding 529 Plans and any accounts with Westwood Trust for the benefit of the employee
 or their immediate family over which such individuals do not have investment discretion.
 Immediate family includes a Covered Person's spouse and minor children and any family
 member living in the same household as the Covered Person. A substantial proportionate economic
 interest will generally be 10% of the equity in the account in the case of a Covered Person
 and 25% of the equity in the account in the case of all Covered Persons in the aggregate
 whichever is first applicable. Investment partnerships and similar indirect means of ownership
 other than registered open-end investment companies are also treated as accounts.

The following accounts are not considered Covered Person 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;&nbsp;&nbsp;&nbsp;&nbsp;a) Accounts
 in which one or more Covered Persons and/or their immediate family have a substantial proportionate
 interest which are maintained with persons who have no affiliation with the Companies and
 with respect to which no Covered Person has, in the judgment of the Chief Compliance Officer
 after reviewing the terms and circumstances, any direct or indirect influence or control
 over the investment or portfolio execution process are not Covered Person Accounts (a "Managed
 Account")

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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;b) Bona
 fide error accounts of the Companies and the Affiliates are not considered Covered Person
 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;&nbsp;&nbsp;&nbsp;&nbsp;c) Accounts
 of immediate family members of Limited Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limited Access Person</u>. A part-time employee, independent contractor or consultant, or intern
 who may engage in investment advisory, investment management, or sales/client service activities
 as approved by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Executive Manager.</u> The Chief Executive Officer ("CEO"), the co-Directors of Equity
 Portfolios, the Director of Equity Research of WHG, the Director of Multi Asset Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Fund Clients.</u> Clients that are the private funds and the registered investment companies or
 series thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Managed Investment Solutions Accounts.</u> Accounts managed by Westwood's Chicago-based Market Investment Solutions team which are designed to replicate or track a securities index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Portfolio Managers.</u> Covered Persons who are principally responsible for investment decisions with
 respect to any Westwood Strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Security.</u> Any financial instruments treated as a security for investment purposes and any related
 instruments such as futures, forward or swap contracts entered with respect to one or more
 securities. However, the term Security does not include securities issued by the Government
 of the United States (e.g., Treasury bonds, Treasury notes, and Treasury bills), bankers'
 acceptances, bank certificates of deposit, and commercial paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Westwood Strategy.</u> Products managed and controlled by (a) Westwood Management Corp., other than
 the Custom Asset Allocation accounts and Market Index Solutions Accounts, (b) Westwood Advisors, L.L.C., (c) Westwood Trust,
 with respect to its proprietary model accounts only, (d) Salient Advisors, LP, or (e) Broadmark
 Asset Management, LLC. For the sake of additional clarity, a strategy that is managed by
 an unaffiliated sub-advisor or independent third party is not considered a Westwood Strategy
 unless the sub-advisor or third party is deemed to be a Limited Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Personal Account Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Holdings Report</u> 

No later than 10 business days after beginning employment or otherwise becoming a Covered Person, each Covered Person must submit an Initial Holdings Report through the Compliance Monitoring System containing the following information for all accounts that can hold securities excluding 529 Plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 title, number of shares and principal amount of each Security in which the Covered Person
 had any direct or indirect Beneficial Ownership when the person became a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 name of any broker, dealer or bank with whom the Covered Person maintained an account in
 which any Securities were held for the direct or indirect benefit of the Covered Person as
 of the date the person became a Covered Person; and

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| 3 Investing Where It Counts | \| | ![](p232.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Monitoring of Covered Accounts</u> 

Covered Persons must direct brokerage and other firms with which they have Covered Person Accounts to furnish to the Chief Compliance Officer on a timely basis duplicate copies of confirmations of, and account statements concerning, all personal Securities transactions or to allow an electronic feed of such statements and confirmations to the Compliance Monitoring System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quarterly Transaction Reports</u> 

Every Covered Person must submit a quarterly transaction affirmation through the Compliance Monitoring System, containing the information set forth in paragraph C.2. below with respect to transactions in any Security in which such Covered Person has or by reason of such transactions acquires, any direct or indirect Beneficial Ownership in the Security, subject to the exceptions listed below in paragraph E. The required Transaction Report information is provided in the Compliance Monitoring System quarterly transaction affirmation for all personal brokerage accounts that are directly linked in the system. For those accounts that are not directly linked in the Compliance Monitoring System, the Covered Person must certify that they have reported all brokerage accounts containing reportable securities in the system and that they have requested from the broker that Westwood receive duplicate statements and transaction confirmations for all non-linked accounts. If the necessary transaction and brokerage account information is not being provided to Westwood through either of the above methods, the Covered Person must create and upload a Transaction Report into the Compliance Monitoring System as part of their quarterly transaction affirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Transaction Report must be submitted to the Chief Compliance Officer no later than 30 days
 after the end of the calendar quarter in which the transaction or account to which the report
 relates was effected or established, and the report must contain the date that the report
 is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 Transaction Report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares and the principal amount of each
 Security involved;

&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. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 date the Covered Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This
 report must contain the following information with respect to accounts established:

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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;a. The
 name of the broker, dealer or bank with whom the account was established; and

&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. The
 date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In
 addition to the quarterly transaction affirmation, employees with Managed Accounts will be
 required to certify in the Compliance Monitoring System on a quarterly basis that they have
 fully delegated investment responsibility for such accounts to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Electronic
 or duplicate brokerage statements in lieu of reports.

A Covered Person will be deemed to have complied with the quarterly transaction report requirements of this Article III insofar as the Chief Compliance Officer receives in a timely fashion monthly or quarterly brokerage statements uploaded to the Compliance Monitoring System on which all transactions required to be reported hereunder are described or an electronic feed of such statements and confirmations through the Compliance Monitoring System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Transaction
 Report Exceptions

A Covered Person is not required to submit a report in the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 Covered Person need not make a report with respect to any transactions over which such person
 does not have any direct or indirect influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 Covered Person need not make a report with respect to any transactions effected pursuant
 to an automatic investment plan (this includes dividend reinvestment plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Ownership Admission</u> 

Any report submitted to comply with the requirements of this Article III may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Annual Holdings Report</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each
 Covered Person must certify on an annual basis that he or she has disclosed or reported all
 personal Securities transactions required to be disclosed or reported under the Code and
 that he or she is not subject to any regulatory disability described in the annual certification
 form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 Annual Holdings Reports will be submitted through the Compliance Monitoring System. The report
 will contain the following information (which information must be current as of a date no
 more than 30 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares and principal amount of each Security in which the Covered Person had any
 direct or indirect Beneficial Ownership;

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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;b. The
 name of any broker, dealer or bank with whom the Covered Person maintains
an account in which any Securities are held for the direct or indirect benefit of the Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 following Covered Person Accounts are only required to be reported and monitored annually
 as part of the Annual Holdings Report and are not subject to the intra-year monitoring set
 forth above in paragraph B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Managed
 Accounts -accounts in which one or more Covered Persons and/or their immediate family have
 a substantial proportionate interest which are maintained with persons/entities who have
 no affiliation with the Companies and with respect to which no Covered Person has, in the
 judgment of the Chief Compliance Officer after reviewing the terms and circumstances, any
 direct or indirect influence or control over the investment or portfolio execution process.

&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. 401(k)
 accounts that can only hold mutual funds or substantially similar investment options and
 not individual securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Personal
 Trading Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Basic Restriction on Investing Activities</u> 

If a Security is owned in any Westwood Strategy, excluding municipal securities, such Security or related Security (such as an option, warrant or convertible security) may not be purchased or sold for any Covered Person Account subject to the previously owned related Security exception set forth in paragraph (B) and permitted exceptions set forth in paragraph (H) below. If a Covered Person owns a Security that is subsequently purchased in any Westwood Strategy, the Covered Person may not sell such Security until it is sold out of all Westwood Strategies subject to the permitted exceptions set forth in paragraph (H) below. If a purchase or sale order is pending for any Westwood Strategy by any Company or Affiliate, any request to purchase or sell such Security or any related Security (such as an option, warrant or convertible security) for a Covered Person Account will be denied unless the request complies with the permitted exceptions set forth in paragraph (H) below. If a Security is under active consideration for purchase in any Westwood Strategy by any Company or Affiliate, any request to purchase or sell such Security or any related Security (such as an option, warrant or convertible security) for a Covered Person Account may be denied at the discretion of the Chief Compliance Officer and the Executive Manager.

For further restrictions on the purchase or sale of WHG securities, please refer to the Amended and Restated Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Investments Owned Prior to Employment (Amnesty Period)</u> 

If a Security or a related Security that is owned in a Westwood Strategy is also owned by a Covered Person when such person becomes a new employee, such Covered Person will have two weeks from the date of their employment orientation (the "Amnesty Period") to decide whether they want to sell their position in the Security, and all sales must occur within the Amnesty Period. After Amnesty Period, all future transactions in such Security will be subject to paragraph (A). Covered Persons must obtain pre-clearance approval for any Security or related Security traded during the two-week window.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Public Offerings</u> 

No Security or related Security may be acquired in an initial public offering ("IPO") for any Covered Person Account, unless the IPO is granted as part of an employee benefit plan to a non-employee Covered Person (for example, an employee's spouse is awarded IPO shares from his or her employer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Blackout Period</u> 

No Security or related Security may be bought, sold or exercised for any Covered Person Account during the period commencing three (3) business days prior to and ending three (3) business days after the purchase or sale (or entry of an order for the purchase or sale) of that Security or any related Security pursuant to an investment strategy for the account of any Client unless the transaction falls under the exception set forth in paragraph III.(B) or complies with the permitted exceptions set forth in paragraph (H). A client transaction is considered to be pursuant to an investment strategy when it is effected as a result of a change to Westwood's investment strategy. A client transaction is generally not considered to be pursuant to an investment strategy if it is effected to trim or add to an existing position to bring the account into greater alignment with the strategy or as a result of contributions or withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Short-Term Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No
 shares of WHG stock or any Security or related Security that is held within a Westwood Strategy
 may, within a 60-day period, be bought and sold or sold and bought at a profit for any Covered
 Person Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For
 the purpose of the short-term trading restriction, the expiration of an option within 60
 days of the initial purchase or sale is not considered a sale of a Security. If WHG stock
 or any Security or related Security that is held within a Westwood Strategy is, within a
 60-day period, bought and sold or sold and bought for a profit in violation of this provision
 in any Covered Person Account, then any resulting profits must be disgorged. For purposes
 of disgorgement, profit recognition is based upon the difference between the most recent
 purchase and sale prices for the most recent transactions. Accordingly, profit recognition
 for disgorgement purposes may differ from the capital gains calculations for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 use of any disgorged profits will be at WHG's discretion, and the employee will be
 responsible for any tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Exempt Transactions</u> (No Preclearance Required)

The following transactions are exempt from the restrictions set forth in paragraphs (A) (securities in Westwood strategy), (B) (restrictions following 2-week amnesty) and (D) (blackout period) above and do not require pre-clearance under paragraph (H) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participation
 in an ongoing automatic investment plan including 401K plans or an issuer's dividend
 reinvestment or stock purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Participation
 in any transaction over which no Covered Person had any direct or indirect influence or control,
 involuntary transactions (such as mergers, inheritances, gifts, etc.);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 donation of Company stock does not require pre-clearance approval so long as the director,
 officer or employee donating the stock complies with the Company's Insider Trading
 Policy and does not possess material nonpublic information about the Company at the time
 of donation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases
 and sales of shares of registered open-end investment companies other than shares of investment
 companies advised or sub-advised by the Companies ("Non-Affiliated Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Westwood Strategies Advised by Limited Access Persons</u> 

In the case of a Limited Access Person, the requirements, and prohibitions of paragraphs (A) through (F) shall only apply to any Westwood Strategies which are advised by the Limited Access Person or about which the Limited Access Person has knowledge of pending or proposed trades. For the sake of additional clarity, any such Westwood Strategy advised by a Limited Access Person shall be considered to be a Westwood Strategy for purposes of this Code with respect to any other Covered Person (for example, employee transactions in securities owned in a Westwood Strategy advised by a Limited Access Person are subject to the de minimis exception set forth in Section (H)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Permitted Limited Exceptions (Preclearance Required)</u> 

Purchases and sales of the following Securities for Covered Person Accounts are subject to the pre-clearance requirements of paragraph (H) above but exempt from the restrictions set forth in paragraphs (A) (securities in a Westwood strategy), (D) (blackout period) and (E) (short term trading) above if such purchases and sales comply with the pre-clearance requirements of paragraph (H) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *De minimis* trades of any Security or related Security (such as an option, warrant or convertible
 security) that is owned in a Westwood Strategy, subject to the following parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 issuer of the security must have a common equity market capitalization greater than $5 billion
 USD;

&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. The
 transaction is limited to 100 shares or $10,000 USD (whichever value is greater);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Examples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• XYZ
 stock is in a Westwood strategy and has a market capitalization of greater than $5 billion
 at a stock price of $105.100 shares of XYZ have a value of $10,500. This is greater than
 $10,000. Therefore, the permissible de minimis trade that could be approved is up to 100
 shares resulting in a trade of $10,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ABC
 stock is in a Westwood strategy and has a market capitalization of greater than $5 billion
 at a stock price of $85.100 shares of ABC is worth $8,500 and $10,000 would buy 117 shares
 of ABC. Therefore, the permissible de minimis trade that could be approved is up to 117 shares
 resulting in a trade of $9,945.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Covered
 Persons are limited to a maximum of 3 such de minimis trades per month; de minimis bond trades
 may be consolidated within a calendar month, with approval; and

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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;d. Subject
 to these parameters, a Covered Person may sell a Security that is owned in a Westwood Strategy
 or buy a Security that Westwood is selling out of a Strategy; however, a Covered Person cannot
 take a position contrary to the position taken in a Westwood Strategy (e.g., cannot short
 a Security or hold a long PUT position in a Security where Westwood holds long position in
 the Security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shares
 of registered open-end investment companies and certain other pooled vehicles advised or
 sub-advised by the Companies ("Affiliated Funds"). For reference, a list of such
 funds which require pre-clearance is set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exchange
 traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 exercise of voluntary corporate actions is exempt if the pre-clearance procedures for the
 purchase of the security to which the actions relate were satisfied.

In addition to the exceptions set forth above, purchases and sales of Securities for Covered Person Accounts that are established for the sole purpose of product development are exempt from the restrictions set forth in paragraphs (A), (D), and (E) above and do not need to comply with the requirements of paragraph (H) below if such accounts are disclosed as Managed Accounts in the Compliance Monitoring System and are subject to regular review by the Risk Management team to ensure compliance with the investment strategy for which the product is being developed and to ensure the product development account is not being favored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Pre-Clearance of Personal Securities Transactions</u> 

Unless exempt from pre-clearance as set forth in this Code, no Security or related Security (such as an option, warrant or convertible security) may be bought, sold or exercised for a Covered Person Account (other than a Covered Person Account of a Limited Access Person as provided below) unless (i) the Covered Person obtains prior approval from an Executive Manager and the Chief Compliance Officer; (ii) the approved transaction is completed on the same day or within two (2) business days after approval is received; and (iii) the Chief Compliance Officer or an Executive Manager does not rescind such approval prior to execution of the transaction. (See paragraph (K) below for details of the Pre-Clearance Process.) Pre-clearance of personal securities transactions is typically executed through the Compliance Monitoring System.

The pre-clearance requirements set forth in the preceding paragraph (I) do not apply to the purchase, sale or exercise of a Security in a Covered Person Account of a Limited Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Westwood Private Funds and Other Private Placements</u> 

The purchases or sales of Securities by Covered Persons that are not publicly traded (including shares or other participation in Westwood-affiliated or third party private funds) ("Private Securities Transactions") will be reviewed on a case-by-case basis by the Chief Compliance Officer. The Covered Person requesting approval of a Private Securities Transaction shall (1) provide full details of the proposed transaction

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) include the applicable private placement memorandum or similar document and (3) disclose whether the Covered Person might receive any compensation from the proposed Private Securities Transaction or from the fund or issuer of the securities. The Chief Compliance Officer may approve the Private Securities Transaction if the Chief Compliance Officer concludes that (1) the Covered Person's investment in the Security would not disadvantage a Client's investment in the Security or operate to usurp a Client's opportunity to make an investment in the Security, and (2) the proposed Private Securities Transaction would be otherwise consistent with the Covered Person's and any Company's regulatory requirements including supervisor approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Pre-Clearance Process</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;1. No
 Security may be purchased or sold for any Covered Person Account (other than accounts of
 Limited Access Persons as provided below) unless the particular transaction has been approved
 as required by this Code in the Compliance Monitoring System or in writing by an Executive
 Manager and the Chief Compliance Officer.

&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. For
 Covered Person Accounts covered by paragraph K.1. above, an electronic pre-clearance request
 must be submitted through the Compliance Monitoring System, and an emailed notification of
 pre-clearance must be received prior to the entry of an order. If an employee cannot
enter an electronic pre-clearance request through the Compliance Monitoring System for any reason, a pre-clearance request can be
made by completing and submitting a Trading Approval Form, attached as Exhibit B, to the Chief Compliance Officer for approval by the
Chief Compliance Officer or Executive Manager prior to the entry of an order.

After reviewing the proposed trade and the level of potential investment interest on behalf of Clients in the Security in question, the Chief Compliance Officer or Executive Manager shall approve (or disapprove) a pre-clearance request on behalf of a Covered Person. Transactions described in paragraph (H) above will generally be approved unless it is believed for any reason that the Covered Person Account should not trade in such Security at such time. The Chief Compliance Officer may establish automated processes for approving certain types of transactions in lieu of manual pre-trade reviews. The Compliance staff generally shall seek to approve or deny trades submitted before 11 am central on the same business day and by the next business day for trades submitted after 11 am.

&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. Once a Covered Person's pre-clearance request is approved, the transaction must be executed within two (2) full business days after receiving approval ("Approved Period"). For example, a trade approved Monday morning before or during market hours could be executed Monday, Tuesday or Wednesday. A trade approved Monday evening after market hours could be executed Tuesday or Wednesday. If the Covered Person's trading order request is not approved, or is not executed within the Approved Period, the clearance lapses, although such trading order request may be resubmitted after such lapse. An exception to this rule applies when pre-clearance is requested for a transaction in WHG stock during an open Trading Window, in which case the pre-clearance remains effective throughout the Trading Window and expires when either the requested number of shares has been executed or the Trading Window closes.

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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;4. 4. Trading pre-clearance approval for the Chief Compliance Officer must be obtained from the General Counsel or Associate General Counsel and an Executive Manager.

&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. The
 Chief Compliance Officer shall review all pre-clearance requests, all initial, quarterly
 and annual disclosure certifications and the trading activities on behalf of all Westwood
 Strategies with a view to ensuring that all Covered Persons are complying with the spirit
 as well as the detailed requirements of this Code. The Chief Compliance Officer shall periodically
 review confirmations from brokers to assure that all transactions effected for Covered Person
 Accounts are effected in compliance with this 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;6. No
 Security may be purchased or sold for any Covered Person Account of a Limited Access Persons
 pursuant to an update of an investment strategy for which the Limited Access Persons provided
 investment advise or about which the Limited Access Person has knowledge prior to the implementation
 of the corresponding update in Client Accounts. For the sake of further clarity, a Limited
 Access Person may only enter into investment strategy update transactions in their Covered
 Person Accounts at the same time or after such updates are transacted in Client Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Investment-Related Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Material Nonpublic Information</u> 

A Covered Person may come in contact with material nonpublic information about WHG or any other issuer in the ordinary course of business or based on a personal or professional affiliation with an issuer. In no case may a Covered Person conduct personal trades in the securities of an issuer while in possession of material nonpublic information about the issuer; and, at times, trading in the securities of any such issuer may be limited or restricted for all Covered Persons and/or for the firm as a whole even if only one Covered Person is aware of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Wall Cross Securities.</u> In the ordinary course of business, a Covered Person may receive access
 to material nonpublic information about another issuer related to a "wall-crossed"
 or "pre-marketed" public offering deal. Upon receipt of such information, the
 Covered Person shall immediately inform the Compliance Department that he or she possesses
 such information and/or that a Westwood strategy may participate in the deal. The Compliance
 Department shall then add the security to a firm-wide Wall Cross restricted list in the trade
 order management system(s) and to the restricted lists in the Compliance Monitoring System
 to restrict all firm and personal trades involving any such security. The restricted lists
 in these systems will automatically block any trades until the Compliance Department removes
 the security from the restricted lists. Securities shall only be removed from the lists once
 the information has been made public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Employee-Affiliated Securities.</u> A Covered Person may receive access to material nonpublic information about
 another issuer based on a personal or professional affiliation with the issuer (an "Employee-Affiliated
 Security"). For example, a Covered Person may serve on the board of directors of another
 issuer, or a Covered Person's spouse may be employed by an issuer and have access to
 material nonpublic information. The Compliance Department identifies any such affiliations
 based on the outside business activities and initial and ongoing holdings disclosures that
 all Covered Persons are required to make in the Compliance Monitoring System. When an

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Employee-Affiliated Security is identified, the Compliance Department shall place the security on a watch list in the trade order management system(s) and the Compliance Monitoring System. Firm-level and personal trade requests involving any such security will be automatically restricted and flagged for review by the Compliance Department, at which point the Chief Compliance Officer shall review the proposed trade and determine whether it is appropriate to lift the restriction for the trade under the circumstances. In making such determination, the Chief Compliance Officer shall consider (a) the nature of the affiliation with the issuer, (b) any limitations the issuer has placed on transactions in its securities, (c) the likelihood that the employee affiliated with the security is aware of material nonpublic information and/or could have shared it, (d) who is requesting the trade and whether the trade is for a Covered Person Account or a Client account, (e) the size, timing, and direction of the trade, (f) past practice, and (g) such other factors as may be relevant under the circumstances. The Chief Compliance Officer shall document the reasons for the determination. The security shall remain on the watch list until the affiliation has ended, at which point the Chief Compliance Officer or other senior member of the Compliance Department will authorize the removal of the restrictions on the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Conflicts of Interest** 

Covered Persons are prohibited from engaging in any activity, practice, or act which conflicts with, or appears to conflict with, the interests of the Companies, its customers, or vendors.

Covered Persons are required to fully disclose any potential conflict of interest to the Compliance Department via the Compliance Monitoring System.

A conflict of interest exists when you, knowingly or unknowingly, engage in any activity that may compromise you, another employee, or the Company in its relationship with a customer, vendor, or competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Gifts & Entertainment.</u> Potential conflicts of interest with a customer, vendor, or competitor
 may include soliciting business for personal gain, accepting gifts other than those of nominal
 value (not more than $100), or requesting favors, discounts, or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts
 Received: No Covered Person shall accept any gift or other item of more than $100 in value
 from any Client, competitor, or any person or entity that does business with or on behalf
 of any 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;b. Entertainment
 Received: Covered Persons shall report accepted offers of entertainment (dinners, sports/concert
 events, etc.) from any person or entity that does business with or on behalf of any 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;c. Gifts
 Given: No Covered Person shall give gifts or other items of more than $100 in value to any Client, competitor, vendor or any person or entity that does business with or on behalf of any Client when acting in their capacity as representatives of the Companies, except with the approval of the President, Chief Executive Officer or Chief Compliance Officer; Covered Persons shall report all gifts or other items of value given to any Client, competitor, vendor or any person or entity that does business with or on behalf of any Client in all instances where such Covered Persons are acting in their capacity as representatives of the Companies;

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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;d. Entertainment
 Given: Covered Persons shall report all offers of entertainment accepted by any Client, competitor,
 vendor or any person or entity that does business with or on behalf of any Client in all
 instances where such Covered Persons are acting in their capacity as representatives of the
 Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Reporting
 of gifts and entertainment given or received shall be made through the Compliance Monitoring
 System or through our expense management system in the case of reimbursable gifts that are
 given, which must include detail of the gift or entertainment, recipients or attendees and
 value of the gift or entertainment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Westwood's
 Compliance Department (in conjunction with all employees servicing Clients) shall track all
 gifts and entertainment, if any, offered to and accepted by Taft-Hartley Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Outside Business Activities</u>.

Potential conflicts of interest may arise in connection with a Covered Person's activities outside the scope of their employment with the Company. All Covered Persons are required to disclose their outside business activities upon hire and are required to obtain pre-clearance approval for any new outside business activities engaged in after hire. No Covered Person shall participate in any outside business activity without prior written authorization from his or her supervisor and the Chief Compliance Officer based upon a determination that the activity would not be inconsistent with the interests of the Company or Clients or in violation of this Code or the Code of Business

Conduct. Generally, outside business activities requiring disclosure and/or pre-clearance approval fall under the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Outside
 Activities: Activities that must be reported and/or pre-cleared include (i) any outside activity
 involving work for another financial services firm or (ii) any recurring outside activity,
 whether for compensation or not, that regularly obligates the Covered Person to consistently
 take time off work.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Service
 as a Director or Trustee: No Covered Person shall serve (i) as a director on the board of
 a publicly traded company, or any company with which the Companies do or may do business,
 or any company in which any Westwood Strategy has an interest, or on the board of a professional
 organization, (ii) as a trustee at a charitable or other non-profit organization with which
 the Companies do or may do business, or (iii) in any other position that may involve a level
 of influence or control over the financial (C)
 dealings or decisions of any such organization, without prior written authorization from
 the Chief Compliance Officer and the Covered Person's supervisor based upon a determination
 that the board service would not be inconsistent with the interests of the Clients or in
 violation of this Code or the Code of Business Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>SEC Pay-to-Play Rule – Political Contributions</u> 

Covered Persons are permitted to make political contributions to elected officials, candidates, and others in a manner that is consistent with regulatory requirements and Westwood's Policies & Procedures Manual. Any Covered Person (other than Limited Access Persons who comply with paragraph (C)9 below) who is a "Covered Associate," as defined in the SEC Rule 204-2 (the "Pay-to-Play Rule", is referred to as a "Rule 204-2 Covered Associate." Rule 204-2 Covered Associate shall generally mean any:

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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;(i) Any
 executive officer of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Covered Person who solicits a government entity for the investment advisory services and any person who supervises, directly or indirectly, such Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any political action committee controlled by the investment adviser or by any person described in (i) or (ii) above.

Whether a Covered Person is a Rule 204-2 Covered Associate will be determined by the Chief Compliance Officer on a case by case basis.

It is never appropriate to make or solicit political contributions or provide gifts or entertainment for the purpose of improperly influencing the actions of public officials. Accordingly, our policy is to restrict, monitor, and require prior approval of any political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Every
 204-2 Covered Associate who is newly hired or Covered Person who becomes a Rule 204-2 Covered
 Associate must provide information to the Chief Compliance Officer no later than 30 days
 after his or her date of hire regarding any political contributions made within the preceding
 two years of his or her date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prior
 to accepting a new advisory client that is a government entity, the Chief Compliance Officer
 will review any political contributions made by Rule 204-2 Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&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. No
 political contribution may be made by any Rule 204-2 Covered Associates unless the contribution
 has been approved by the Chief Compliance Officer in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&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. An
 electronic pre-clearance request must be submitted through the Compliance Monitoring System
 (including the name and title of the recipient, the amount, and the anticipated date of the
 contribution), and an emailed notification of pre-clearance must be received before the contribution
 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&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. After
 reviewing the proposed contribution to the candidate and the level of potential involvement
 the Companies may have with such candidate or a government entity with which such candidate
 is or may become affiliated, the Chief Compliance Officer, and an Executive Manager when
 appropriate, will approve (or disapprove) a pre-clearance request as expeditiously as possible.
 Proposed contributions will generally be approved unless it is believed for any reason that
 the Rule 204-2 Covered Associate's contribution may currently or in the future violate
 the Pay-to-Play Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Contribution
 pre-clearance approval for the Chief Compliance Officer must be obtained from both another
 member of the Legal Team and an Executive Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&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. On
 an annual basis, all Rule 204-2 Covered Associates must submit disclosure certifications
 regarding their political contributions and must ensure that all required information (including
 the name and title of each recipient, the amount, and the exact date each contribution was
 ultimately made) is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&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. On
 an annual basis, all Covered Persons must submit a certification with respect to their activities
 on behalf of the Companies with respect to any sales activities involving government entities.

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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. No
 Limited Access Persons may solicit any "government entity" as defined in the
 SEC's Pay-To-Play Rules, including any sales, marketing, client service activities
 or communications directed at a client or prospective client that is a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disclosure of Conflicts</u> 

Full disclosure to the Compliance Department of any potential conflict of interest is required as soon as such potential conflict is discovered. If you believe that unusual circumstances justify your engaging in an activity that may result in a conflict of interest, you may request in writing that the Compliance Department review the situation and grant a waiver in consultation with senior management, which consists of the Chief Executive Officer, Chief Compliance Officer, and Director of Fiduciary Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reports and Additional Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Reporting of Violations</u> 

Violations of the Code of Ethics must be promptly reported to the Chief Compliance Officer.

&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. Anonymous
 reporting is acceptable; and

&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. All
 violations will be reviewed by the Compliance Department and/or the Westwood Holdings Group,
 Inc. Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Board Reporting for Fund Clients</u> 

At least annually (or quarterly in the case of Items 4 and 5 below), each of the Companies that has a Fund Client or that provides principal underwriting services for a Fund Client, shall, together with each Fund Client, furnish a written report to the Board of Directors of the Fund Client that:

&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. Describes
 any issues arising under the Code since the last 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;2. Certifies
 that Companies have developed procedures concerning Covered Persons' personal trading
 activities and reporting requirements relevant to such Fund Clients that are reasonably necessary
 to prevent violations 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;3. Recommends
 changes, if any, to the Fund Clients' or the Companies' Codes of Ethics or procedures;

&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. Provides
 a summary of any material or substantive violations of this Code by Covered Persons with
 respect to such Fund Clients which occurred during the past quarter and the nature of any
 remedial action taken; and

&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. Describes
 any material or significant violations or "exceptions" to any provisions of this
 Code of Ethics as determined under Article VI below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Certifications** 

Annually, each Covered Person must certify that he or she has read and understood the Code and recognizes that he or she is subject to such Code. A Covered Person's initial Code of Ethics certification will be submitted through the Compliance Monitoring System. All other certifications will be submitted through the Compliance Monitoring System.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Sanctions** 

Upon discovering that a Covered Person has not complied with the requirements of this Code, the Compliance Department will determine appropriate sanctions. The Chief Compliance Officer will consult on sanctions with senior management and the Covered Person's supervisor if necessary. In addition, the Board of Directors of the relevant Company or of the relevant Fund Client, whichever is most appropriate under the circumstances, may impose on that person whatever sanctions the Board deems appropriate, including, among other things, disgorgement of profit, censure, suspension, or termination of employment. Violations of requirements of this Code by employees or Covered Persons and any sanctions imposed in connection therewith shall be reported not less frequently than quarterly to the Board of Directors of any relevant Company or Fund Client, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Waivers** 

The Compliance Department, in consultation with senior management, when necessary, reserves the right to grant, on a case-by-case basis, waivers to any provisions under this Code that would not be violations of Rule 204A-1. Any waivers made hereunder will be maintained in writing by the Compliance Department.

Requests for waivers to the personal investing restrictions set forth in Article III of this Code must be submitted in writing to the Chief Compliance Officer along with any Trading Approval request required for the transaction. Following are guidelines that will be considered when reviewing requests for personal investing restriction waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Access
 to research/analyst information: an employee requesting a waiver should have little or no
 access to research/analyst information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** De
 minimis trade: if an employee requests a waiver for a transaction in a security that is held
 in a Westwood Strategy, the transaction must, in the opinion of the Chief Compliance Officer,
 be a de minimis trade, i.e., a small number of shares in a security with sufficient market
 capitalization and trading volume such that is not likely to adversely affect the price of
 the security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Expiration
 of stock options: the exercise of stock options granted by a previous employer that are about
 to expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Preservation of Documents** 

This Code, a copy of each report by a Covered Person, a record of any violation of this Code and any action taken as a result of the violation, a record of all written acknowledgments for each Covered Person, any written report made hereunder by the Companies or the Chief Compliance Officer, lists of all persons required to make reports, a list of any waivers, and the reasons therefor, with respect to Article III, and any records with respect to transactions pursuant to Article III above, shall be preserved with the records of the relevant Company and any relevant Fund Client for the period required by Rule 204A-1 and Rule 17j-l.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII.** **Other Laws, Rules and Statements of Policy** 

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of such person adopted by the Companies, the Affiliates or the Fund Clients.

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All activities of the Company must be conducted in full compliance with all applicable laws and regulations. Senior management should be informed regarding all matters pertinent to the Company's position regarding such laws and regulations. The Company expects all employees to follow the spirit as well as the letter of the law. In addition, Covered Persons are expected to fully comply with the Company's Amended and Restated Insider Trading Policy that prohibits illegal insider trading and the use of material non-public information. All employees are expected to cooperate fully with the Company's internal and outside auditors, attorneys, and regulatory examiners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII.** **Further Information** 

If any person has any question with regard to the applicability of the provisions of this Code generally or with regard to any Securities transaction or transactions, they should consult the Chief Compliance Officer.

***Updated August 7, 2025***

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**Exhibit A**

**List of Affiliated Funds That Require Pre-Clearance for Personal Investing Activities**

Westwood Quality Value Fund – WHGLX & WWLAX

Westwood Quality MidCap Fund – WWMCX

Westwood Quality SMidCap Fund – WHGMX

Westwood Quality SmallCap Fund – WHGSX

Westwood Quality AllCap Fund – WQAIX

Westwood Alternative Income Fund – WMNIX

Westwood Income Opportunity Fund – WHGIX & WWIAX

Westwood Multi-Asset Income Fund – WHGHX & WSDAX

Westwood Salient MLP & Energy Infrastructure – SMPLX

Westwood Real Estate Income Fund – KIFYX

Westwood Broadmark Tactical Growth Fund – FTGWX

Westwood Broadmark Tactical Plus Fund – SBTIX

Morningstar U.S. Equity Fund – MSTQX

Teton Westwood Equity Fund

Teton Westwood Balanced Fund

Westwood LBRTY Global Equity ETF – BFRE

Westwood Enhanced Energy Income ETF – WEEI

Westwood Enhanced Midstream Income ETF – MDST

Principal Investors Fund – LargeCap Value Fund III

RBC Private U.S. Value Equity Pool

Timothy Plan Large/Mid-Cap Value Fund

Timothy Plan Small-Cap Value Fund

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**Exhibit B**

<u>PRE-CLEARANCE TRADING APPROVAL FORM</u>

I, ____________________________________________ (name), am a Covered Person or authorized officer thereof and seek pre-clearance to engage in the transaction described below, for the benefit of myself or another Covered Person:

<u>Acquisition or Disposition</u> (circle one)

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|:---|
| Name of Account: |
| Account Number: |
| Date of Request: |
| Security (Name & Ticker): |
| Amount or # of Shares: |
| Broker: |

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If the transaction involves a Security that is not publicly traded, a description of proposed transaction, source of investment opportunity and any potential conflicts of interest:

I hereby certify that, to the best of my knowledge, the transaction described herein is not prohibited by the Code of Ethics and that the opportunity to engage in the transaction did not arise by virtue of my activities on behalf of any Client.

Signature:   Print Name:  

<u>Approved or Disapproved:</u> (circle one)

Date of Approval:  

Signature:   Print Name:  

Compliance Approval:  

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